Equity Method Investments

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Note 7 — Equity Method Investments

As discussed in Note 8 - Up North Business Combination / Bitworks Asset Acquisition, the acquisition by TTM Digital occurred on November 2, 2021; the schedule values below are up through November 1, 2021, immediately prior to the acquisition.

The Up North Hosting balance sheet is presented as of November 1, 2021, and December 31, 2020 (in thousands of dollars):

	November 1,			December 31,
	2021			2020
Current assets	$	260		$	121
Non-current assets		1,183			1,247
Total assets	$	1,443		$	1,368
Current liabilities		144			197
Total liabilities		144			197
Members’ equity		1,377			1,177
Retained Earnings (Deficit)		(78	)		(6	)
Total Members’ Equity		1,299			1,171
Total Liabilities and Members’ Equity	$	1,443		$	1,368

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

	November 1,			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		(244	)		(177	)
Property, plant, and equipment, net	$	1,149		$	1,212

The Up North Hosting statement of operations for the period ending November 1, 2021, and December 31, 2020 (in thousands of dollars):

	2021			2020
Revenues	$	930		$	898
Cost of revenues, excluding depreciation		776			725
Selling, general, and administrative		286			351
Other (Income)/Expense		(60	)		(5	)
Net loss		(72	)		(173	)
Net loss attributable to TTM	$	(36	)	$	(87	)

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