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SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION
The following table provides additional details of Prepaid expenses and other assets:
As of December 31,
$ in thousands20232022
Prepaid insurance$2,818 $3,822 
Electric deposits— 1,400 
Warrant Asset477 — 
Other prepaid expenses569 1,044 
Prepaid expenses and other assets$3,864 $6,266 
Warrant Asset: Fair value measurements of warrant assets of private companies are priced based on a Black-Scholes-Merton option pricing model to estimate the asset value by using stated strike prices, option expiration dates, risk-free rates and option volatility assumptions. The warrant asset was initially measured at fair value of consideration given, in this case the fair value of the warrant issued by the Company. There were no changes in observable inputs from the date the warrant was received through December 31, 2023. The Company classifies warrant assets within Level 3 of the fair value hierarchy.
The Company had the following noncash investing and financing activities:
For the Year Ended December 31,
$ in thousands20232022
Property and equipment purchases in accounts payable$813 $6,676 
Common stock issued for amendment fee to lender$1,000 $— 
Subscription receivable in exchange for issuance of common stock$698 $— 
Exchange of assets for reduction in debt$71,755 $— 
Exchange of coupons for reduction in debt$1,152 $— 
Exchange of equipment deposits for reduction in debt$7,381 $— 
Accrued interest added to debt principal$1,212 $— 
Common stock issued in exchange for equity interest$869 $— 
Warrant issued in exchange for warrant asset$477 $— 
Under the contract with its hosting provider, the Company is required to maintain cash in a restricted account sufficient to cover earned but unpaid hosting services. At December 31, 2023, this account had $1.2 million of cash designated for payment of such services.