REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Changes and Error Corrections [Abstract]

Schedule of Revision of Previously Issued Financial Statements

The following table presents the effect of the revision on the Company’s Consolidated Balance Sheets (in thousands):

	March 31, 2023
	As Corrected		As Filed		Change
Liabilities and Stockholders’ Deficit
Current Liabilities:
Accrued expenses and other current liabilities	$	47,299	$	58,596	$	(11,297)
Total Current Liabilities	203,449		214,746		(11,297)
Total Liabilities	1,157,480		1,168,777		(11,297)
Stockholders’ Deficit:
Accumulated deficit	(2,174,138)		(2,185,435)		11,297
Total Stockholders’ Deficit	$	(397,461)	$	(408,758)	$	11,297

The following table presents the effect of the revision on the Company’s Consolidated Statement of Operations for the three months ended March 31, 2023 (in thousands):

	Three Months Ended March 31, 2023
	As Corrected		As Filed		Change
Cost of revenue:
Cost of hosting services	$	16,198	$	18,826	$	(2,628)
Cost of digital asset mining	72,676		81,345		(8,669)
Total cost of revenue	88,874		100,171		(11,297)
Gross profit	31,781		20,484		11,297
Operating income (loss)	7,602		(3,695)		11,297
Loss before income taxes	(284)		(11,581)		11,297
Net loss	(388)		(11,685)		11,297
Net loss per share:
Basic	$	—	$	(0.03)	$	0.03
Diluted	$	—	$	(0.03)	$	0.03
Weighted average shares outstanding:
Basic	375,419		375,419		—
Diluted	375,419		375,419		—

The following table presents the effect of the revision on the Company’s Consolidated Statements of Changes in Stockholders’ Deficit (in thousands):

	Three Months Ended March 31, 2023
	Accumulated Deficit		Total Stockholders’ Deficit
As corrected - Net loss	$	(388)	$	(388)
As filed - Net loss	$	(11,685)	$	(11,685)
Change - Net loss	$	11,297	$	11,297
As corrected - Balance at March 31, 2023	$	(2,174,138)	$	(397,461)
As filed - Balance at March 31, 2023	$	(2,185,435)	$	(408,758)
Change - Balance at March 31, 2023	$	11,297	$	11,297

The following table presents the effect of the revision on the Company’s Consolidated Statements of Cash Flow (in thousands):

	Three Months Ended March 31, 2023
	As Corrected		As Filed		Change
Cash flows from Operating Activities:
Net loss	$	(388)	$	(11,685)	$	11,297
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Changes in operating assets and liabilities:
Accrued expenses and other	(906)		10,391		(11,297)
Net cash provided by (used in) operating activities	$	19,942	$	19,942	$	—
Net increase (decrease) in cash, cash equivalents and restricted cash	$	17,052	$	17,052	$	—
Cash, cash equivalents and restricted cash—beginning of period	52,240		52,240		—
Cash, cash equivalents and restricted cash—end of period	$	69,292	$	69,292	$	—