|3 Months Ended|
Mar. 31, 2022
|Subsequent Events [Abstract]|
Note 18. Subsequent Events
Acquisition of Corsicana Facility Land Site:
Subsequent to March 31, 2022, the Company announced that it has initiated a large-scale development to expand its Bitcoin mining and hosting capabilities in Navarro County, Texas with the acquisition of the 265-acre site where the anticipated 1 GW Corsicana Facility will be constructed. The initial development phase of the Corsicana Facility involves the development of 400 MW of Bitcoin mining capacity on the 265-acre site dedicated to immersion-cooled Bitcoin mining and hosting, with operations expected to commence following completion of construction in July 2023.
This first phase of the development of the Corsicana Facility includes land acquisition, site preparation, substation development, transmission construction, along with construction of ancillary buildings and four buildings utilizing the Company’s immersion-cooling infrastructure and technology. The Company estimates that the total cost of the first phase of the Expansion will be approximately $333 million, which is scheduled to be invested over the remainder of 2022, 2023, and the first quarter of 2024.
Sales of Common Stock:
Subsequent to March 31, 2022, in connection with the Company’s 2022 ATM Offering (see Note 2. “Liquidity and Financial Condition” to these unaudited Notes to Condensed Consolidated Financial Statements), the Company received net proceeds of approximately $140.3 million from the sale of 9.9 million shares of common stock.
Employee Equity Grants:
Subsequent to March 31, 2022, the Company granted 382,080 restricted stock units at a fair value of approximately $6.1 million under the 2019 Equity Plan, including: (a) 184,680 service-based RSUs with a fair value of approximately $3.0 million, which are eligible to vest in quarterly tranches following the grant date, subject to the recipient’s continued employment with the Company through the vesting date; and (b) 197,400 performance-based RSUs with a fair value of approximately $3.1 million, which are eligible to vest based on the Company’s achievement of certain performance objectives, as specified under the performance-based restricted stock unit plan adopted on August 12, 2021 under the 2019 Equity Plan.
Subsequent to March 31, 2022, 36,156 shares of common stock were issued to the Company’s officers and employees in settlement of an equal number of fully vested restricted stock units awarded to such individuals by the Company pursuant to grants made under the Company’s 2019 Equity Plan. The Company withheld 7,277 of these shares at a fair value of approximately $0.1 million, in satisfaction of withholding taxes related to the settlement of these vested restricted stock units, as permitted by the 2019 Equity Plan and approved by the Compensation Committee of the Company’s Board of Directors.
Sale of Bitcoin:
Subsequent to March 31, 2022, the Company sold 250 Bitcoin at an average sales price of approximately $40,056 for proceeds of approximately $10.0 million and an estimated gain on sale of $8.4 million.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef