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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Jun. 30, 2024
Accounting Policies [Abstract] |
Schedule of Estimated Useful Life of Asset | Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows:
|  | Useful life (years)
Land improvements |  | 5 - 15
Building and building improvements |  | Shorter of lease term or 30 years
Leasehold improvements | ﻿ | Shorter of lease term or 15 years
Miners |  | 3 (1)
Mining equipment |  | 3 - 15
Infrastructure asset |  | Shorter of lease term or 15 years
Machinery and equipment |  | 3 - 10
Furniture and fixtures |  | 1 - 5
(1) Effective May 1, 2024, the Company reduced the useful life for miners from five years to three years |  |
Schedule of Accounts Receivable | Accounts receivable, net consists of the following and is included in the condensed consolidated balance sheets as Prepaid and other currents assets:
($ in thousands) |  | June 30, 2024 |  |  | September 30, 2023 |
Accounts Receivable, gross |  | $ | — |  |  | $ | 353 |
Provision for doubtful allowances |  |  | — |  |  |  | (348 | )
Total Accounts Receivable, net |  | $ | — |  |  | $ | 5 |
Schedule of Potentially Dilutive Securities | The following table presents potentially dilutive securities that were not included in the computation of diluted net income (loss) per share as their inclusion would have been anti-dilutive.
|  | Three months ended June 30, |  |  | Nine months ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Restricted stock awards |  |  | 1,028,749 |  |  |  | 763,190 |  |  |  | 1,707,026 |  |  |  | - |
Options |  |  | 339,282 |  |  |  | 9,397 |  |  |  | 158,124 |  |  |  | 2,289 |
Warrants |  |  | 13,767 |  |  |  | 729 |  |  |  | 12,376 |  |  |  | - |
Contingently Issued Earn-out Shares |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 387,126 |
Total |  |  | 1,381,798 |  |  |  | 773,316 |  |  |  | 1,877,526 |  |  |  | 389,415 |
Schedule of Earnings Per Share Basic and Diluted | Provided below is the loss per share calculation for the three and nine months ended June 30, 2024 and 2023:
|  | For the Three Months Ended June 30, |  |  | For the Nine Months Ended June 30, |
($ in thousands, except share and per share amounts) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Continuing Operations |  |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |  |
(Loss) income from continuing operations |  | $ | (236,242 | ) |  | $ | (14,117 | ) |  | $ | (83,598 | ) |  | $ | (62,771 | )
Preferred stock dividends |  |  | — |  |  |  | — |  |  |  | 3,421 |  |  |  | — |
(Loss) income from continuing operations attributable to common shareholders |  | $ | (236,242 | ) |  | $ | (14,117 | ) |  | $ | (87,019 | ) |  | $ | (62,771 | )
Denominator |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding, basic |  |  | 228,642,939 |  |  |  | 114,844,402 |  |  |  | 205,482,062 |  |  |  | 87,248,719 |
Dilutive impact of stock options and other share-based awards |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 389,415 |
Weighted-average common shares outstanding, diluted |  |  | 228,642,939 |  |  |  | 114,844,402 |  |  |  | 205,482,062 |  |  |  | 87,638,134 |
(Loss) income from continuing operations per common share attributable to common shareholders |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (1.03 | ) |  | $ | (0.12 | ) |  | $ | (0.42 | ) |  | $ | (0.72 | )
Diluted |  | $ | (1.03 | ) |  | $ | (0.12 | ) |  | $ | (0.42 | ) |  | $ | (0.72 | )
Discontinued Operations |  |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |  |
(Loss) income from discontinued operations |  | $ | — |  |  | $ | (102 | ) |  | $ | — |  |  | $ | 1,061 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common shares outstanding, basic |  |  | 228,642,939 |  |  |  | 114,844,402 |  |  |  | 205,482,062 |  |  |  | 87,248,719 |
Dilutive impact of stock options and other share-based awards |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 389,415 |
Weighted-average common shares outstanding, diluted |  |  | 228,642,939 |  |  |  | 114,844,402 |  |  |  | 205,482,062 |  |  |  | 87,638,134 |
Income on discontinued operations per common share attributable to common shareholders |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.01 |
Diluted |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.01 |
Schedule of Financial Instruments | The following table presents the Company’s financial instruments that are measured and recorded at fair value on the Company’s balance sheets on a recurring basis and their level within the fair value hierarchy as of June 30, 2024 and September 30, 2023:
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
($ in thousands) |  | Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Bitcoin |  | $ | 413,033 |  |  | $ | 413,033 |  |  | $ | — |  |  | $ | — |
Derivative investment asset |  |  | 1,692 |  |  |  | — |  |  |  | — |  |  |  | 1,692 |
Investment in debt security |  |  | 812 |  |  |  | — |  |  |  | — |  |  |  | 812 |
Total |  | $ | 415,537 |  |  | $ | 413,033 |  |  | $ | — |  |  | $ | 2,504 |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
($ in thousands) |  | Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Derivative investment asset |  | $ | 2,697 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,697 |
Investment in debt security |  |  | 726 |  |  |  | — |  |  |  | — |  |  |  | 726 |
Total |  | $ | 3,423 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,423 |

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