v3.23.1
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (7,235) $ (12,851)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 17,733 13,877
Amortization of prepaid service contract 4,662
Deferred tax expense (benefit) 75 (4,262)
Realized and unrealized losses on digital assets held within Investment Fund 5,328
Realized (gains) on digital assets and unrealized losses on digital assets loan receivable (17,615) 461
Impairment of digital assets 6,151 17,647
Stock-based compensation 3,945 9,275
Amortization of debt issuance costs 971 971
Impairment of patents 919
Loss from extinguishment of debt 333
Other adjustments from operations, net 1,290 (366)
Changes in operating assets and liabilities:    
Revenues from digital asset production (50,941) (51,723)
Proceeds from sale of digital assets 62,646
Deposits (23,124) (6,287)
Prepaid expenses and other assets (20,738) (4,889)
Accounts payable and accrued expenses (3,784) (667)
Accrued interest 1,481 1,843
Net cash used in operating activities (28,812) (26,062)
CASH FLOWS FROM INVESTING ACTIVITIES    
Advances to vendors (11,565) (192,391)
Purchase of property and equipment (17,270) (6,534)
Investments in Joint Venture (43,194)
Purchase of equity investments (10,500)
Net cash used in investing activities (72,029) (209,425)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of issuance costs 163,295 85,473
Repayment of term loan borrowings (50,000)
Value of shares withheld for taxes (77)
Net cash provided by financing activities 113,218 85,473
Net (decrease) increase in cash, cash equivalents and restricted cash 12,377 (150,014)
Cash, cash equivalents and restricted cash — beginning of period 112,505 268,556
Cash, cash equivalents and restricted cash — end of period 124,882 118,542
Cash paid during the year for:    
Interest 1,425
Supplemental schedule of non-cash investing and financing activities:    
Receivable due to share issuance 4,720
Operating lease assets obtained in exchange for new operating lease liabilities 1,353
Reclassifications from advances to vendor to property and equipment upon receipt of equipment 442,353 64,405
Common stock issued for service and license agreements $ 4,580

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