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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
5 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (661) $ (46,718)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1 15
Amortization of right-of-use assets   347
Change in fair value of warrant liability   (111)
Share-based compensation   19,578
Equity in loss of equity investment   12,232
Impairment of cryptocurrencies   539
Changes in assets and liabilities:    
Receivables, related party   (467)
Prepaid expenses and other current assets (18) 4,134
Security deposits (441) (1,065)
Accounts payable 27 104
Accounts payable, related party 44  
Accrued expenses 46 1,209
Lease liability   271
Net cash used in operating activities (1,003) (9,932)
Cash flows from investing activities    
Deposits on equipment   (156,811)
Purchases of property and equipment   (13,069)
Capital distribution from equity investee   10,065
Net cash used in investing activities   (159,815)
Cash flows from financing activities    
Repurchase of common shares to pay employee withholding taxes   (3,052)
Proceeds from borrowings on related party loan 4,300  
Payments for deferred offering costs (132)  
Net cash (used in) provided by financing activities 4,168 (3,052)
Net (decrease) increase in cash and cash equivalents 3,165 (172,799)
Cash and cash equivalents, beginning of the period   209,841
Cash and cash equivalents, end of the period 3,165 37,042
Supplemental disclosure of noncash investing and financing activities    
Equity method investment acquired for non-cash consideration   75,933
Common stock cancelled   10,000
Deposits on equipment in accounts payable, related party   10,612
Right-of-use asset obtained in exchange for operating lease liability   5,859
Investment in equity investee in accrued expenses   4,345
Property and equipment purchases in accounts payable   4,033
Property and equipment purchases in accounts payable, related party 3 1,426
Cryptocurrencies received from equity method investment   1,326
Reclassification of deferred investment costs to equity method investment   174
Property and equipment purchases in related party loan 109  
Deposits on equipment in accounts payable   $ 360
Deferred offering costs included in accrued expenses 1,791  
Deferred offering costs included in accounts payable 20  
Deferred investment costs included in accrued expenses $ 187