v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES    
Net loss $ (26,368) $ (229,735)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 55,008 38,587
Amortization of prepaid service contract 15,533
Deferred tax expense 278 5,183
Losses on digital assets held within investment fund 85,017
Gains on digital assets and losses on digital assets loan receivable (40,969) 14,460
Impairment of digital assets 14,514 154,897
Gain on sale of equipment, net of disposals (54,060)
Stock-based compensation 8,396 15,451
Amortization of debt issuance costs 1,942 1,942
Impairment of patents 919
Loss from extinguishment of debt 333
Other adjustments from operations, net 1,131 508
Changes in operating assets and liabilities:    
Revenues from digital asset production (132,891) (76,449)
Deposits (19,325) (5,548)
Prepaid expenses and other assets (6,963) (2,120)
Accounts payable and accrued expenses 2,434 (5,214)
Accrued interest (388) (244)
Net cash used in operating activities (142,868) (40,873)
INVESTING ACTIVITIES    
Advances to vendors (61,834) (393,991)
Purchase of property and equipment (23,316) (13,752)
Sale of property and equipment 87,240
Proceeds from sale of digital assets 113,928
Investments in joint venture (62,729)
Purchase of equity investments (14,000)
Sale of digital currencies in investment fund 483
Deconsolidation of fund (500)
Net cash used in investing activities (33,951) (334,520)
FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of issuance costs 228,833 161,042
Proceeds from issuance of preferred stock, net of issuance costs 13,629
Net change in revolving credit agreement borrowings 35,000
Repayment of term loan borrowings (50,000)  
Value of shares withheld for taxes (187) (44)
Net cash provided by financing activities 192,275 195,998
Net increase (decrease) in cash, cash equivalents and restricted cash 15,456 (179,395)
Cash, cash equivalents and restricted cash — beginning of period 112,505 268,556
Cash, cash equivalents and restricted cash — end of period 127,961 89,161
Cash paid during the year for:    
Income taxes 782 20
Interest 4,524 4,458
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 1,420
Reclassifications from advances to vendor to property and equipment upon receipt of equipment 542,517 96,030
Common stock issued for service and license agreements $ 4,580

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