Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income (loss) $ (353,774) $ 11,524
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation 7,304 37,928
Depreciation and amortization 61,366 20,791
Amortization of license fee revenue (73) (73)
Amortization of right of use assets 2,891 (25)
Income tax (benefit) expense (8,839) 3,730
Issuance of common stock warrant for settlement of advisory fees 1,157
Impairment of Bitcoin 132,077 17,507
Impairment of goodwill 335,648
Change in fair value of derivative asset (86,865) (23,806)
Change in fair value of contingent consideration 176 444
Realized loss on sale of marketable securities 1,624
Realized gain on sale/exchange of long-term investment (26,260)
Realized gain on sale/exchange of Bitcoin (25,443) (94)
Unrealized loss on marketable equity securities 6,306 10,812
Gain on exchange of equipment (16,281)
Bitcoin - mining, net (124,732) (108,100)
Changes in assets and liabilities:    
Proceeds from sale of Bitcoin 52,491
Accounts receivable (1,987) (2,559)
Costs and estimated earnings in excess of billings (5,257)
Prepaid expenses and other current assets (14,959) (1,220)
Future power credits 43,932 (444)
Accounts payable (7,373) 1,080
Billings in excess of costs and estimated earnings 5,965
Accrued compensation (737) 5,326
Accrued expenses (1,936) (1,946)
Customer deposits 2,078 6,120
Deferred revenue (1,647) (12,757)
Lease liability (2,695) (9)
Net cash used in operating activities (740) (60,874)
Cash flows from investing activities    
Proceeds from the sale of marketable equity securities 704
Acquisition of Whinstone, net of cash acquired (40,879)
Proceeds from the sale of long-term investments 1,800
Deposits on equipment (194,923) (103,158)
Other deposits (5,479)
Purchases of property and equipment, including construction in progress (129,672) (78,858)
Patent costs incurred (27) (16)
Net cash used in investing activities (329,397) (221,111)
Cash flows from financing activities    
Proceeds from the issuance of common stock / At-the-market offering 304,849 120,516
Offering costs for the issuance of common stock / At-the-market offering (6,455) (3,045)
Proceeds from exercise of common stock warrants 806
Payments on contingent consideration liability – future power credits (15,725)
Repurchase of common shares to pay employee withholding taxes (9,873) (1,794)
Net cash provided by financing activities 272,796 116,483
Net decrease in cash and cash equivalents (57,341) (165,502)
Cash and cash equivalents at beginning of period 312,315 223,382
Cash and cash equivalents at end of period 254,974 57,880
Supplemental disclosure of cash flow information:    
Cash paid for interest
Cash paid for taxes
Supplemental disclosure of noncash investing and financing activities:    
Issuance of common stock for business combination 326,152
Reclassification of deposits to property and equipment 288,064 46,711
Conversion of preferred stock to common stock 11 11
Property and equipment obtained in exchange transaction 10,409
Construction in progress included in accrued expenses $ 9,979 $ 1,787