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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from Operating Activities:    
Net loss $ (50,794) $ (1,711,471)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 64,800 156,544
Amortization of operating lease right-of-use assets 703 424
Stock-based compensation 41,414 166,548
Digital asset mining revenue (278,164) (323,337)
Deferred income taxes 0 3,434
Gain on sale of intangible assets 0 (5,904)
Gain on debt extinguishment (21,135) 0
Fair value adjustment on derivative warrant liabilities 0 (32,985)
Fair value adjustment on convertible notes 0 210,968
Fair value adjustment on other liabilities 0 9,498
Equity line of credit expenses 0 1,431
Amortization of debt discount and debt issuance costs 0 6,172
Losses on exchange or disposal of property, plant and equipment 514 13,057
Impairment of digital assets 2,864 212,184
Impairment of goodwill, other intangibles and property, plant and equipment 0 1,118,524
Provision for doubtful accounts 0 5,943
Gain on sale of digital assets (2,358) (25,007)
Changes in operating assets and liabilities:    
Accounts receivable, net (875) (6,737)
Accounts receivable from related parties 23 (595)
Digital assets 277,823 350,794
Deposits for equipment (600) (66,932)
Prepaid expenses and other current assets (10,650) 53,832
Accounts payable 32,771 2,954
Accrued expenses and other 13,001 (241)
Deferred revenue (15,015) 22,251
Deferred revenue from related parties 0 (65,954)
Other noncurrent assets and liabilities, net (10,911) (6,194)
Net cash provided by operating activities 43,411 89,201
Cash flows from Investing Activities:    
Purchases of property, plant and equipment (4,516) (243,755)
Cash acquired in acquisition 0 0
Deposits for self-mining equipment 0 (217,677)
Proceeds from the sale of intangibles 0 10,850
Investments in internally developed software (840) 0
Other 0 (719)
Net cash used in investing activities (5,356) (451,301)
Cash flows from Financing Activities:    
Proceeds from issuance of common stock, net of transaction costs 0 0
Proceeds from issuance of common stock upon Merger with XPDI, net of transaction costs 0 210,534
Proceeds from debt, net of issuance costs 0 216,182
Repurchase of common shares to pay employee withholding taxes 0 (31,627)
Principal repayments of finance leases (3,411) (28,070)
Principal payments on debt (22,941) (98,953)
Payment for transaction costs 0 0
Net cash (used in) provided by financing activities (26,352) 268,066
Net increase in cash, cash equivalents and restricted cash 11,703 (94,034)
Cash, cash equivalents and restricted cash—beginning of period 52,240 131,678
Cash, cash equivalents and restricted cash—end of period 63,943 37,644
Supplemental disclosure of other cash flow information:    
Cash paid for interest 1,508 69,616
Income tax refunds (336) (782)
Cash paid for reorganization items, net 62,590 0
Supplemental disclosure of noncash investing and financing activities:    
Change in accrued capital expenditures (39,660) (59,030)
Decrease in equipment related to debt extinguishment 17,849 0
Decrease in notes payable in exchange for equipment (38,610) 0
Payment-in-kind interest 0 24,103
Cashless exercise of warrants 0 3,001
Property, plant and equipment obtained in exchange transaction 0 62,338
Property, plant and equipment disposed of through settlements 6,301 0
Purchase of insurance policies financed by short-term note payable 5,011 0
Issuance of notes payable through settlements $ 21,035 $ 0