SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

SIGNIFICANT ACCOUNTING POLICIES

Supplemental disclosure of cash flow information

The following table shows supplemental cash flow information (in thousands):

		Year Ended		Period February 8, 2021 (date of inception) to
		December 31,		December 31,
	2022		2021
Supplemental disclosure of non-cash activities:
Right-of-use asset obtained in exchange for lease obligation	$	11,223	$	1,076
Contribution of plant and equipment or deposits on plant and equipment to joint venture	$	11,267	$	11,850
Common stock issued for business acquisition	$	—	$	40,590
Contingent value rights issued for business acquisition	$	—	$	12,000
Common stock issued in conjunction with debt offering representing debt issuance costs	$	—	$	25,727
Deferred financing costs in accounts payable or other accrued liabilities	$	249	$	—
Common stock issuance costs in accounts payable	$	131	$	—
Preferred stock issuance costs in other accrued liabilities or accounts payable	$	293	$	—
Purchases of and deposits on plant and equipment in accounts payable, accrued construction liabilities, other accrued liabilities and long-term debt	$	8,451	$	6,074
Investment in joint venture in other accrued liabilities, other amounts due to related parties and long-term debt	$	5,203	$	57
Series A Preferred Stock converted to common stock	$	—	$	49,315
Reverse merger exchange ration share adjustment	$	—	$	43
Convertible promissory note deferred issuance costs in accounts payable	$	104	$	—
Common stock issued pursuant to operating lease amendment	$	11,489	$	—
Common stock issued for payment on convertible promissory note	$	168	$	—
Common stock warrants issued for long-term debt commitment fee	$	1,967	$	—
Common stock warrants issued for discount on long-term debt	$	6,348	$	—
Decrease to investment in joint venture and increase in plant and equipment for distribution or transfer of nonmonetary assets	$	51,978	$	—
Change in fair value of embedded conversion feature of convertible promissory note in additional paid-in capital	$	1,591	$	—

Schedule of cash, cash equivalents and restricted cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that total to the amounts shown in the consolidated statements of cash flows (in thousands):

	December 31, 2022		December 31, 2021
Cash and cash equivalents	$	1,279	$	43,448
Restricted cash		7,044		3,007
Cash and cash equivalents and restricted cash	$	8,323	$	46,455

Schedule of digital currency activity

The following table presents digital currency activity (in thousands)

	Year Ended		Period February 8, 2021 (date of inception) to
	December 31,		December 31,
	2022		2021
Beginning balance	$	—	$	—
Bitcoin received from mining pool and hosting services		10,810		—
Impairment		(1,457)		—
Disposition		(9,170)		—
Ending balance	$	183	$	—