Discontinued Operations

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Note 5 — Discontinued Operations

The carrying value of the TTM Digital asset disposal group was $8.3 million as of June 30, 2022, and $10.2 million as of December 31, 2021. For the three and six months ended June 30, 2022, the Company recorded $1.0 million of impairment charges to the assets held for sale, as the carrying value of the assets were less than the estimated fair value less costs to sell. The following table details the assets and liabilities of the Company’s TTM Assets that were classified as assets held for sale and discontinued operations for the periods presented (in thousands):

	June 30,		December 31,
	2022		2021
Mining equipment and facilities, net	$	7,812	$	9,682
Investment in Style Hunter		500		500
Total Current Assets	$	8,312	$	10,182
Total Assets associated with discontinued operations	$	8,312	$	10,182

The following table presents the TTM Digital assets statement of operations line items classified as discontinued operations included within gain (loss) from discontinued operations for the three and six months ended June 30, 2022, and 2021 (in thousands): 

	For the Three Months			For the Three Months			For the Six Months		For the Six Months
	Ended June 30,			Ended June 30,			Ended June 30,		Ended June 30,
	2022			2021			2022		2021
Revenues
Mining income	$	1,286		$	4,234		$	3,268	$	6,251
Hosting income		14			-			72		-
Total revenues		1,300			4,234			3,340		6,251
Operating costs and expenses
Mining cost		402			344			928		475
General and administrative		223			1			479		2
Impairment of fixed assets		961			-			961		-
Depreciation		453			1,342			910		1,541
Total operating costs and expenses		2,039			1,687			3,278		2,018
Gain (loss) from Operations		(739	)		2,547			62		4,233
Other Income (Expenses)
Interest expense		-			(46	)		-		(45	)
Loss on disposal of fixed assets		-			-			-		(7	)
Income (loss) before taxes and equity method investee		(739	)		2,501			62		4,181
Provision for income taxes		-			-			-		-
Income (loss) before equity method investee		(739	)		2,501			62		4,181
Share of net loss of equity method investee		-			60			-		56
Net income (loss) from discontinued operations	$	(739	)	$	2,441		$	62	$	4,125

The following table summarizes the net cash flows from discontinued operations of TTM Digital (in thousands):

	For the Six Months Ended June 30,
	2022			2021
Net cash used in operating activities – discontinued operations		(1,191	)		(117	)
Net cash provided by investing activities – discontinued operations		-			(103	)
Net cash provided by financing activities – discontinued operations		-			-