Equity Method Investments

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Note 7 — Equity Method Investments

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

	September 30,			December 31,
	2021			2020
Current assets	$	263		$	171
Non-current assets		1,190			1,247
Total assets	$	1,453		$	1,418
Current liabilities		126			131
Total liabilities		126			131
Members’ equity		1,377			1,177
Retained Earnings (Deficit)		(50	)		110
Total Members’ Equity		1,327			1,287
Total Liabilities and Members’ Equity	$	1,453		$	1,418

As of September 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):

	September 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		(237	)		(177	)
Property, plant, and equipment, net	$	1,156		$	1,212

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

	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Revenues	$	326		$	240		$	818		$	950
Cost of revenues, excluding depreciation		285			201			684			550
Selling, general, and administrative		100			105			330			485
Other (Income)/Expense		(13	)		(11	)		(37	)		(31	)
Net Income (loss)		(47	)		(55	)		(160	)		(54	)
Net Income (loss) attributable to TTM	$	(24	)	$	(28	)	$	(79	)	$	(27	)

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