Discontinued Operations

9 Months Ended

Sep. 30, 2022

Discontinued Operations [Abstract]

Discontinued Operations

Note 5 — Discontinued Operations

The carrying value of the TTM Digital asset disposal group was $7.0 million as of September 30, 2022, and $10.2 million as of December 31, 2021. For the three and nine months ended September 30, 2022, the Company recorded $1.3 million and $2.3 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):

	September 30,		December 31,
	2022		2021
Mining equipment and facilities, net	$	6,506	$	9,682
Investment in Style Hunter		500		500
Total Current Assets	$	7,006	$	10,182
Total Assets associated with discontinued operations	$	7,006	$	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 nine months ended September 30, 2022, and 2021 (in thousands): 

	For the Three Months			For the Three Months			For the Nine Months			For the Nine Months
	Ended September 30,			Ended September 30,			Ended September 30,			Ended September 30,
	2022			2021			2022			2021
Revenues
Mining income	$	809		$	2,993		$	4,077		$	9,244
Hosting income		24			-			96			-
Total revenues		833			2,993			4,173			9,244
Operating costs and expenses
Mining cost		457			377			1,385			852
General and administrative		199			10			678			12
Impairment of fixed assets		1,300			-			2,261			-
Depreciation		-			1,283			910			2,824
Total operating costs and expenses		1,956			1,670			5,234			3,688
Gain (loss) from Operations		(1,123	)		1,323			(1,061	)		5,556
Other Income (Expenses)
Interest expense		-			(25	)		-			(70	)
Loss on disposal of fixed assets		(6	)		(131	)		(6	)		(138	)
Income (loss) before taxes and equity method investee		(1,129	)		1,167			(1,067)			5,348
Provision for income taxes		-			-			-			-
Income (loss) before equity method investee		(1,129	)		1,167			(1,067	)		5,348
Share of net loss of equity method investee		-			24			-			80
Net income (loss) from discontinued operations	$	(1,129)		$	1,143		$	(1,067	)	$	5,268

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

	For the Nine Months Ended September 30,
	2022			2021
Net cash used in operating activities – discontinued operations	$	(1,795	)	$	(500	)
Net cash used in investing activities – discontinued operations		-			(603	)
Net cash used in financing activities – discontinued operations		-			(1,003	)