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DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE
A business is classified as held for sale when management having the authority to approve the action commits to a plan to sell the business, the sale is probable to occur during the next 12 months at a price 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.
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. As of December 31, 2022, the Company classified the Support.com business as held for sale and discontinued operations in these 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 agreement with third parties in order to sell certain remaining assets and liabilities, including the transfer of remaining customer contracts, for net proceeds of approximately $0.8 million. The Company ended all Support.com operations as of December 31, 2023.
Major classes of assets and liabilities consist of the following:
As of December 31,
$ in thousands20242023
Assets:
Prepaid expenses and other current assets— 47 
Current assets held for sale— 47 
Other assets— 454 
Long-term assets held for sale— 454 
Loss on classification to held for sale
— (501)
Assets held for sale— — 
Liabilities:
Accounts payable— 21 
Accrued expenses— 462 
Current liabilities held for sale— 483 
Liabilities held for sale— 483 
Financial results from discontinued operations consist of the following:

For the Year Ended December 31,
$ in thousands20242023
Revenue$— $4,223 
Cost of revenue - services and other (exclusive of depreciation and amortization)— (4,436)
Selling, general and administrative— (3,388)
Merger and other costs— (684)
Gain on asset disposal
— 4,162 
Loss on assets classified as held for sale
— (501)
Other (loss) income, net
— (179)
Pretax loss of discontinued operations— (803)
Provision for (benefit from) income taxes
— (332)
Loss from discontinued operations, net of tax$— $(471)

The Company’s effective income tax rate from discontinued operations for the years ended December 31, 2024 and 2023 was 0%.


South Carolina Facility

In September 2024, the Company entered into a letter of intent to sell the remaining land it owns in Spartanburg, South Carolina and in November 2024 entered into a definitive agreement to sell. The South Carolina Facility, with a carrying value of $7.2 million, is presented as long-term assets held for sale as of December 31, 2024.