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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (62,896,000) $ (65,840,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of debt issuance costs, commitment fees and accretion of debt discount 14,316,000 7,468,000
Related party expense to be settled with respect to common stock 2,502,000 0
Common stock issued for interest expense 26,000 82,000
Stock-based compensation expense 4,023,000 1,050,000
Depreciation 20,085,000 1,719,000
Amortization of right-of-use asset 750,000 53,000
Increase in digital currency from mining and hosting services (41,936,000) (3,561,000)
Impairment of digital currency 2,231,000 682,000
Realized gain on sale of digital currency (1,883,000) (127,000)
Proceeds from sale of digital currency 52,570,000 2,946,000
Loss on disposals of property, plant, and equipment 420,000 0
Loss on nonmonetary miner exchange 0 804,000
Deferred income tax benefit 0 (256,000)
Equity in net loss of investee, net of tax 12,613,000 14,611,000
Loss from discontinued operations, net of tax 106,000 4,437,000
Changes in operating assets and liabilities:    
Decrease (increase) in prepaid expenses 2,735,000 (1,218,000)
Decrease in amounts due from related parties 0 815,000
Increase in other receivables (2,723,000) 0
Increase in other current assets (97,000) (1,129,000)
Decrease (increase) in other assets 69,000 (879,000)
(Decrease) increase in accounts payable (3,936,000) 5,663,000
(Decrease) increase in other accrued liabilities (3,463,000) 2,537,000
(Decrease) increase in other amounts due to related parties (2,396,000) 1,652,000
(Decrease) increase in operating lease liability (31,000) 185,000
Net cash used in operating activities from continuing operations (6,915,000) (28,306,000)
Net cash provided by (used in) operating activities from discontinued operations 283,000 (1,303,000)
Net cash used in operating activities (6,632,000) (29,609,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investments in joint venture, including direct payments made on behalf of joint venture (2,845,000) (37,997,000)
Reimbursable payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner 0 (11,741,000)
Reimbursement of payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner 0 11,716,000
Purchase of and deposits on plant and equipment (41,392,000) (53,947,000)
Proceeds from sale of net assets held for sale 0 13,500,000
Payment of contingent value rights liability related to proceeds from sale of net assets held for sale (9,598,000) 0
Net cash used in investing activities (44,237,000) (78,469,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of long-term debt, net of issuance costs paid of $0 and $38 0 14,962,000
Proceeds from insurance premium and property, plant and equipment financing 790,000 4,854,000
Principal payments on insurance premium and property, plant and equipment financing (2,613,000) (4,724,000)
Proceeds from issuance of common stock, net of issuance costs paid of $1,051 and $142 57,664,000 36,828,000
Proceeds from warrant issuances 2,500,000 0
Payments of tax withholding related to net share settlements of stock-based compensation awards (852,000) 0
Proceeds from issuance of preferred stock 0 9,566,000
Proceeds from issuance of convertible promissory note 1,250,000 14,700,000
Principal payments on convertible promissory note 0 (2,832,000)
Net cash provided by financing activities 49,141,000 73,354,000
Net change in cash and cash equivalents and restricted cash (1,728,000) (34,724,000)
Cash and cash equivalents and restricted cash at beginning of period 8,323,000 46,455,000
Cash and cash equivalents and restricted cash at end of period 6,595,000 11,731,000
Cash paid during the period for:    
Interest 15,542,000 9,220,000
Income taxes $ 0 $ 0