Equity Method Investment

6 Months Ended

Jun. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investment

Note 7 — Equity Method Investment

The Up North Hosting balance sheet was as follows as of June 30, 2021, and December 31, 2020 (in thousands of dollars):

	June 30,			December 31,
	2021			2020
Current assets	$	241		$	171
Non-current assets		1,211			1,247
Total assets	$	1,452		$	1,418
Current liabilities		127			131
Total liabilities		127			131
Members’ equity		1,327			1,177
Retained Earnings (Deficit)		(2	)		110
Total Members’ Equity		1,325			1,287
Total Liabilities and Members’ Equity	$	1,452		$	1,418

As of June 30, 2021, and December 31, 2020, Up North Hosting’s assets and liabilities were primarily comprised of fixed assets and short-term accrued liabilities as reflected on the consolidated balance sheet.

Fixed assets, net, which are owned by Up North Hosting, were comprised of the following (in thousands of dollars):

	June 30,			December 31,
	2021			2020
Building	$	513		$	513
Electrical Infrastructure Assets		525			525
Machinery & Equipment Assets		34			30
Mechanical (HVAC) Assets		271			271
Server and Network Assets		50			50
Gross value		1,393			1,389
Accumulated depreciation		(217	)		(177	)
Property, plant, and equipment, net	$	1,176		$	1,212

The Up North Hosting statement of operations for the six and three months ended June 30, 2021, and 2020 was as follows (in thousands of dollars):

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
Revenues	$	247		$	228		$	494		$	710
Cost of revenues, excluding depreciation		198			193			399			349
Selling, general, and administrative		164			60			230			380
Other (Income)/Expense		4			(20	)		(24	)		(20	)
Net Income (loss)		(119	)		(5	)		(111	)		1
Net Income (loss) attributable to TTM	$	(60	)	$	(3	)	$	(56	)	$	-

The Company’s main cost of revenues relates to the hosting and electricity expenses used to power the Datacenter and the hosted equipment.