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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

16. SUBSEQUENT EVENTS

 

As previously reported, on May 2, 2018, PCEP entered into the Asset Purchase Agreement with CleanSpark, pursuant to which PCEP will sell certain assets comprising the PCEP business to CleanSpark. On June 29, 2018, PCEP and CleanSpark entered into the Letter Agreement whereby the parties agreed to extend the Termination Date from June 30, 2018 to October 15, 2018. On July 16, 2018, each of PCEP and CleanSpark signed the Second Letter Agreement, which further extended the Termination Date to December 31, 2018. The Company has agreed to extend the closing of the sale through December 31, 2018 to allow all parties additional time to satisfy all closing conditions. No other provisions of the Asset Purchase Agreement were otherwise amended or waived, and the Asset Purchase Agreement remains in full force and effect.