XML 168 R7.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
May 31, 2023
May 31, 2022
CASH FLOW FROM OPERATING ACTIVITIES    
Net loss attributable to Applied Digital Corporation $ (44,646) $ (23,520)
Net loss from discontinued operations, net of income taxes 0 (1,044)
Net loss attributable to noncontrolling interest (960) (10)
Net loss from continuing operations (45,606) (22,486)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and Amortization 7,267 1,120
Gain on extinguishment of accounts payable 0 (406)
Loss on extinguishment of debt 94 1,342
Stock-Based Compensation 32,072 12,337
Operating lease expense 347 328
Non-cash interest expense 410 0
Changes in assets and liabilities:    
Accounts receivable 145 (227)
Prepaid expenses and other current assets (766) (1,331)
Customer deposits 26,846 9,524
Deferred revenue 44,815 3,877
Deferred Tax (540) 540
Accounts payable and accrued liabilities (6,265) 6,417
Other Assets 364 (1,450)
Lease Assets and Liabilities (118) 0
Payments of operating leases (330) (310)
Net cash provided by operating activities of continuing operations 58,735 9,275
Net cash used in operating activities of discontinued operations 0 (10,147)
NET CASH PROVIDED BY(USED IN) OPERATING ACTIVITIES 58,735 (872)
CASH FLOW FROM INVESTING ACTIVITIES    
Purchases of property and equipment and other assets (128,721) (54,974)
Deposits on equipment (2,557) 0
Investments in private companies (810) 0
Net cash used in investing activities of continuing operations (132,088) (54,974)
Net cash provided by investing activities of discontinued operations 0 9,103
NET CASH USED IN INVESTING ACTIVITIES (132,088) (45,871)
CASH FLOW FROM FINANCING ACTIVITIES    
Initial public offering of common stock 0 40,000
Issuance of preferred stock 0 34,500
Repayment of finance leases (3,353) (221)
Term loan payoff (7,056) 0
Proceeds from issuance of term loan 45,650 7,324
Proceeds from issuance of related party term loan 36,500 0
Loan Payments (2,977) 0
Payments of employee restricted stock tax withholdings (168) 0
Noncontrolling interest contributions 4,147 6,986
Net cash provided by financing activities of continuing operations 70,628 81,292
Net cash provided by financing activities of discontinued operations 0 0
CASH FLOW PROVIDED BY FINANCING ACTIVITIES 70,628 81,292
NET (DECREASE ) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (2,725) 34,549
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD 46,299 11,750
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD 43,574 46,299
Less: cash, cash equivalents, and restricted cash of discontinued operations 0 0
Cash, cash equivalents, and restricted cash of continuing operations 43,574 46,299
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest Paid 1,570 112
Income Taxes Paid 18 0
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES    
Non-cash dividends paid in-kind 0 11,042
Operating right-of-use assets obtained by lease obligation 397 1,288
Finance right-of-use assets obtained by lease obligation 12,331 5,418
Fixed assets in accounts payable 7,399 6,998
Related Party    
CASH FLOW FROM FINANCING ACTIVITIES    
Term Loan Issuance Costs (1,548) 0
Nonrelated Party    
CASH FLOW FROM FINANCING ACTIVITIES    
Term Loan Issuance Costs (567) (94)
Preferred Stock    
CASH FLOW FROM FINANCING ACTIVITIES    
Stock issuance costs 0 (2,927)
Common Stock    
CASH FLOW FROM FINANCING ACTIVITIES    
Stock issuance costs $ 0 $ (4,276)