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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Operating Activities        
Net loss $ (19,782) $ (22,705) $ (27,703) $ (99,095)
Net income from discontinued operations (including gain on sale of MTI Instruments of $7,751 for the year ended December 31, 2022)     (7,921)
Net loss from continuing operations (19,782) (22,705) (27,703) (107,016)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation expense 4,634 2,387 3,894 18,731
Amortization expense 7,116 7,111 9,483 9,483
Stock-based compensation 3,286 3,709 4,225 3,673
Consultant stock compensation     87 179
Deferred income taxes (1,806) (524) (1,107) (1,388)
Impairment on fixed assets 130 418 575 47,372
Provision for credit losses 611
Amortization of operating lease asset 139 177 238 202
Impairment on equity investment     750
Loss on debt extinguishment and revaluation, net 7,495 2,350 3,904 11,130
Amortization on deferred financing costs and discount on notes 179 748 753 6,538
Loss on sale of fixed assets 21 404 398 4,089
Changes in operating assets and liabilities:        
Accounts receivable 536 (1,552) (2,620) 211
Prepaid expenses and other current assets (3,429) (484) (306) 146
Other long-term assets (5,771) (307) (304) (29)
Accounts payable 1,159 551 (862) 553
Deferred revenue (453) (453) 137
Customer deposits     2,836
Operating lease liabilities (141) (172) (234) (197)
Other liabilities and customer deposits (811) 1,294 320 (308)
Accrued liabilities 3,022 2,644 3,889 (374)
Net cash used in operating activities (3,412) (4,404) (2,987) (6,118)
Net cash provided by operating activities- discontinued operations     369
Investing Activities        
Purchases of property, plant, and equipment (3,820) (12,534) (12,705) (63,684)
Purchases of intangible assets (95) (49) (58) (76)
Proceeds from disposal on property, plant, and equipment 215 2,266 2,286 2,605
Deposits of equipment, net (3,991) 200 147 6,441
Net cash used in investing activities (7,691) (10,117) (10,330) (54,714)
Net cash provided by investing activities- discontinued operations     9,084
Financing Activities        
Proceeds from preferred offerings     16,658
Proceeds from common stock securities purchase agreement offering 817 817 2,858
Proceeds from notes and debt issuance 14,470 3,100 3,100 30,543
Payments on Navitas loan and notes payable (2,261) (510)
Costs of preferred offering     (1,910)
Costs of common stock securities purchase agreement offering (10) (10) (504)
Costs of notes and short-term debt issuance     (1,057) (2,078)
Cash dividend distribution on preferred stock     (3,852)
Payments on NYDIG loans and line of credit (350) (350) (4,491)
Contributions from non-controlling interest 5,098 19,706 20,365 4,786
Distributions to non-controlling interest (6,694) (1,002)
Proceeds from stock option exercises     153
Proceeds from common stock warrant exercises 2,330 779
Net cash provided by financing activities 12,943 22,753 21,863 42,942
Increase in cash & restricted cash 1,840 8,232 8,546 (17,890)
Increase in cash & restricted cash- discontinued operations     9,453
Cash & restricted cash – beginning of period 10,367 1,821 1,821 10,258
Cash & restricted cash – end of period 12,207 10,053 10,367 1,821
Supplemental Disclosure of Cash Flow Information        
Interest paid on NYDIG loans and line of credit 115 567 6 1,311
Interest paid on Navitas loan 103 204
Interest paid on convertible noteholder default     617
Noncash investing and financing activities:        
Warrant consideration in relation to convertible notes and revaluation of warrant liability 5,606 1,330
Notes converted to common stock 5,877 2,444 6,013 3,295
Noncash membership distribution accrual 741
SEPA commitment payment 250
Noncash disposal of NYDIG collateralized equipment 2,576 3,137
Noncash non-controlling interest contribution     2,095
Interest and penalty settled through repossession of collateralized equipment     1,773
Warrant consideration in relation to convertible notes and debt     1,637 14,602
Non-controlling interest membership distribution accrual     517
Noncash non-controlling interest contributions 1,440 2,746
Noncash activity right-of-use assets obtained in exchange for lease obligations 403 403 20
Promissory note and interest conversion to common shares 845 845 15,236
Noncash proceed on sale of equipment     240 210
Series B preferred dividend prefunded warrant and common stock issuance     656
Noncash equipment financing     4,620
Proceed receivable from sale of MTI Instruments     $ 295
Series B preferred dividend in accrued expense 657    
Noncash note receivable from sale of equipment $ 240