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ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
 9 Months Ended
Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
A business is classified as held for sale when management having the authority to approve the action commits to a plan to sell or exit the business, the sale or exit is probable to occur during the next 12 months at a price or cost that is reasonable in relation to its current fair value and certain other criteria are met. A business classified as held for sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. When the carrying amount of the business exceeds its estimated fair value less cost to sell, a loss is recognized and updated each reporting period as appropriate. A business classified as held for sale should be reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on a reporting entity's operations and financial results.
Support.com
The contract for Support.com's largest customer was not renewed upon expiration on December 31, 2022. As a result of this material change in the business, management and the board of directors made the determination to consider various alternatives for Support.com, including the disposition of assets. At December 31, 2022, the Company classified the Support.com business as held for sale and discontinued operations in the condensed consolidated financial statements as a result of its strategic shift to strictly focus on its cryptocurrency datacenter and power generation operations.
In January 2023, Greenidge completed the sale of a portion of the assets of Support.com for net proceeds of approximately $2.6 million. In June 2023, the Company entered into a purchase and sale agreements with third parties in order to sell certain remaining assets and liabilities, including the transfer of remaining customer contracts, for net proceeds of approximately $0.4 million. The Company has ended all Support.com operations as of September 30, 2023; therefore, the remaining assets and liabilities of Support.com have been presented as current at September 30, 2023 and December 31, 2022. The remaining assets and liabilities consist primarily of remaining receivables and refundable deposits, payables and accrued expenses associated with the closing of operations and foreign tax liabilities.
Major classes of assets and liabilities consist of the following:
$ in thousandsSeptember 30, 2023December 31, 2022
Assets:
Accounts receivable$472 $3,996 
Prepaid expenses and other current assets178 1,253 
Current assets held for sale650 5,249 
Property and equipment, net— 743 
Other assets457 481 
Long-term assets held for sale457 1,224 
Loss on classification to held for sale(600)— 
Assets held for sale507 6,473 
Liabilities:
Accounts payable64 191 
Accrued expenses803 3,351 
Current liabilities held for sale867 3,542 
Other long-term liabilities— 432 
Long-term liabilities held for sale— 432 
Liabilities held for sale$867 $3,974 
Financial results from discontinued operations consist of the following:

Three Months Ended
September 30,		Nine Months Ended
September 30,
$ in thousands2023202220232022
Revenue$378 $7,474 $4,223 $24,387 
Cost of revenue - services and other (exclusive of depreciation and amortization)(957)(3,660)(4,425)(11,304)
Depreciation and amortization— (324)— (979)
Selling, general and administrative(1,353)(2,451)(3,265)(7,831)
Merger and other costs(154)(242)(684)(940)
Gain on asset disposal— — 4,162 — 
Loss on assets classified as held for sale1,135 — (600)— 
Other (loss) income, net(127)18 (107)36 
Pretax income from discontinued operations(1,078)815 (696)3,369 
Provision for income taxes— 79 — 162 
(Loss) income from discontinued operations, net of tax$(1,078)$736 $(696)$3,207 

The Company’s effective income tax rate from discontinued operations for the three months ended September 30, 2023 and 2022 was 0% and 9.7%, respectively, and for the nine months ended September 30, 2023 and 2022 was 0% and 4.8%, respectively, primarily due to foreign rate differences.

South Carolina Datacenter
In August 2023, in connection with a non-binding term sheet that the Company entered into with NYDIG in June to effect a deleveraging transaction, the Company completed an electrical upgrade at its South Carolina facility increasing the capacity to 44 MW. Upon completion of this expansion, on August 10, 2023, the Company and NYDIG amended the NYDIG Hosting Agreements to increase the number of miners being hosted by Greenidge utilizing all of the expansion. The NYDIG Hosting Agreements were amended in furtherance of the broader transaction contemplated by the non-binding term sheet pursuant to which the Company would sell to NYDIG all of the upgraded mining facilities at the South Carolina site and would also subdivide and sell to NYDIG the approximately 22 acres of land on which the facilities are located. The South Carolina Datacenter long-lived assets are presented as current assets held for sale as of September 30, 2023. The Company completed the sale on November 9, 2023 (see Note 14, Subsequent Events).

The table below provides a summary of the Property Plant & Equipment, net categories of the South Carolina Assets & Liabilities Held for Sale:

$ in thousandsSeptember 30, 2023
Miner facility infrastructure$18,320 
Land975
Long-term Assets Held for Sale
$19,295 
Accounts Payable
$865 
Current Liabilities Held for Sale
$865