Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 35,629 $ 7,530
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation 3,042 936
Depreciation and amortization 14,245 2,846
Amortization of license fee revenue (24) (24)
Amortization of right of use assets 357
Income tax expense 312
Impairment of cryptocurrencies 26,390
Change in fair value of derivative asset (43,683)
Change in fair value of contingent consideration 176
Realized gain on sale/exchange of cryptocurrencies (9,236)
Unrealized loss on marketable equity securities 1,611
Cryptocurrencies - mining, net (56,662) (22,941)
Changes in assets and liabilities:    
Proceeds from sale of cryptocurrencies 9,418  
Accounts receivable (621)
Costs and estimated earnings in excess of billings (1,196)
Prepaid expenses and other current assets (13,817) 628
Future power credits 4,667
Accounts payable (8,768) 2,186
Billings in excess of costs and estimated earnings (301)
Accrued compensation (3,298)
Accrued expenses (2,628) 2,850
Customer deposits (22)
Deferred revenue (540)
Lease liability (369)
Net cash used in operating activities (45,318) (5,989)
Cash flows from investing activities    
Deposits on equipment (103,161) (56,353)
Purchases of property and equipment, including construction in progress (37,079) (2,270)
Patent costs incurred (26) (38)
Net cash used in investing activities (140,266) (58,661)
Cash flows from financing activities    
Proceeds from the issuance of common stock / At-the-market offering 84,817
Offering costs for the issuance of common stock / At-the-market offering (2,137)
Proceeds from exercise of common stock warrants 806
Payments on contingent consideration liability (4,843)
Repurchase of common shares to pay employee withholding taxes (8,307) (1,206)
Net cash (used in) provided by financing activities (13,150) 82,280
Net (decrease) increase in cash and cash equivalents (198,734) 17,630
Cash and cash equivalents at beginning of period 312,315 223,382
Cash and cash equivalents at end of period 113,581 241,012
Supplemental disclosure of cash flow information:    
Cash paid for interest
Cash paid for taxes
Supplemental disclosure of noncash investing and financing activities:    
Reclassification of deposits to property and equipment 38,965 18,716
Conversion of preferred stock to common stock 11 11
Construction in progress included in accrued expenses $ 946