XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 8 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2022
Cash flows from operating activities    
Net income (loss) $ (3,082) $ 12,574
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 1 26
Amortization of right-of-use assets   556
Change in fair value of derivative asset   (85,658)
Change in fair value of warrant liability 113 (115)
Share-based compensation   30,072
Equity in loss of equity investment   20,577
Realized gain on sale of cryptocurrencies   (6)
Impairment of cryptocurrencies   859
Changes in assets and liabilities:    
Proceeds from power sales   1,722
Proceeds from reduction of scheduled power   5,056
Proceeds from sale of cryptocurrencies   23
Receivables, related party   (731)
Prepaid expenses and other current assets (14,916) 5,412
Security deposits (9,381) (1,103)
Accounts payable 87 400
Accrued expenses 78 1,408
Lease liability   37
Net cash used in operating activities (27,100) (8,891)
Cash flows from investing activities    
Deposits on equipment (74,346) (184,095)
Purchases of property and equipment (130) (28,958)
Capital distributions from equity investee   43,291
Net cash used in investing activities (74,476) (169,762)
Cash flows from financing activities    
Repurchase of common shares to pay employee withholding taxes   (3,077)
Business Combination, net of issuance costs paid 383,853  
Proceeds from borrowings on related party loan 7,038  
Repayments under related party loan (7,038)  
Net cash (used in) provided by financing activities 383,853 (3,077)
Net (decrease) increase in cash and cash equivalents 282,277 (181,730)
Cash and cash equivalents, beginning of the period   209,841
Cash and cash equivalents, end of the period 282,277 28,111
Supplemental disclosure of noncash investing and financing activities    
Equity method investment acquired for non-cash consideration   93,208
Common stock cancelled   10,000
Deposits on equipment in accounts payable, related party   492
Right-of-use asset obtained in exchange for operating lease liability   5,859
Investment in equity investee in accrued expenses   5,316
Property and equipment purchases in accounts payable   3,971
Deposits on equipment in accrued expenses   3,746
Cryptocurrencies received from equity method investment   3,139
Property and equipment purchases in accounts payable, related party   2,724
Reclassification of deferred investment costs to equity method investment   174
Deposits on equipment in accounts payable   51
Prepaid rent reclassified to lease liability   $ 132
Business Combination costs included in accrued expenses 1,024  
Net assets assumed from GWAC in the Business Combination 433  
Non-cash fair value of private warrants 261  
Deferred investment costs included in accrued expenses 174  
Business combination costs included in accounts payable $ 39