XML 196 R28.htm IDEA: XBRL DOCUMENT
v3.24.3

NOTES PAYABLE | 12 Months Ended
--- | ---
Dec. 31, 2023
Notes Payable |
NOTES PAYABLE | 21. NOTES PAYABLE Notes payable at December 31, 2023 and 2022, were comprised of the following:
Schedule of notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateral |  |  | Guarantors |  |  | Interest rate |  |  | Due date |  |  | December 31, 2023 |  |  | December 31, 2022 |
Circle 8 revolving credit facility |  |  | Circle 8 cranes with a book value of $31.7 million |  |  |  | - |  |  |  | 8.4% |  |  |  | December 16, 2025 |  |  | $ | 15,907,000 |  |  | $ | 14,724,000 |
8.5% secured promissory notes |  |  | - |  |  |  | - |  |  |  | 8.5% |  |  |  | May 7, 2024 |  |  |  | - |  |  |  | 17,389,000 |
16% promissory note (in default at December 31, 2023) |  |  | - |  |  |  | Ault & Company and Milton C. Ault, III |  |  |  | 16.0% |  |  |  | December 16, 2023 |  |  |  | 2,572,000 |  |  |  | 17,456,000 |
Circle 8 equipment financing notes |  |  | Circle 8 equipment with a book value of $3.9 million |  |  |  | - |  |  |  | 0.0% |  |  |  | March 15, 2024 through November 15, 2026 |  |  |  | 5,629,000 |  |  |  | 10,677,000 |
3% secured promissory notes |  |  | - |  |  |  | - |  |  |  | 3.0% |  |  |  |  |  |  |  | - |  |  |  | 5,672,000 |
8% demand loans |  |  | - |  |  |  | - |  |  |  | 8.0% |  |  |  | Upon demand |  |  |  | 950,000 |  |  |  | - |
Short-term bank credit facilities |  |  | - |  |  |  | - |  |  |  | 5.9% |  |  |  | Renews monthly |  |  |  | 1,464,000 |  |  |  | 1,702,000 |
XBTO note payable (in default at December 31, 2023 and repaid in March 2024) |  |  | 2,482 Antminers with a book value of $3.4 million |  |  |  | - |  |  |  | 12.5% |  |  |  | December 30, 2023 |  |  |  | 1,067,000 |  |  |  | 2,749,000 |
10% secured promissory notes |  |  | - |  |  |  | - |  |  |  | 10.0% |  |  |  |  |  |  |  | - |  |  |  | 8,789,000 |
Other ($0.9 million in default at December 31, 2023) |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  | 3,518,000 |  |  |  | 2,619,000 |
Total notes payable |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  | $ | 31,107,000 |  |  | $ | 81,777,000 |
Less: |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unamortized debt discounts |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  | (83,000 | ) |  |  | (12,325,000 | )
Total notes payable, net |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  | $ | 31,024,000 |  |  | $ | 69,452,000 |
Less: current portion |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  | (12,866,000 | ) |  |  | (39,621,000 | )
Notes payable – long-term portion |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  | $ | 18,158,000 |  |  | $ | 29,831,000 |
During the year ended December 31, 2023, the holders of $8.4 million 10% secured promissory notes exchanged their notes and accrued interest for Series E, Series F and Series G preferred stock liabilities. The Company recorded a loss on extinguishment of debt of $0.1 million related to the transaction. When the Series E, Series F and Series G preferred stock liabilities converted to Series A Common stock, the Company recorded a loss on extinguishment of $1.5 million. During the year ended December 31, 2023, the holders of $10.5 million 10% demand promissory notes and $1.1 million 12% demand promissory notes exchanged their notes for notes from Ault & Company (see Note 22), resulting in a loss on extinguishment of debt of $0.4 million. In connection with the December 2023 Series C Preferred Stock offering (see Note 26), the Company paid $20.4 million to pay the $20.2 million outstanding balance of the 8% senior secured promissory notes, plus $0.2 million accrued interest payable. The 8% senior secured promissory notes had an unamortized debt discount of $3.2 million outstanding, which was recorded as a loss on extinguishment of debt. The Company recorded a $2.0 million loss on extinguishment of debt related to the April 2023 restructuring related to one of the 16% promissory notes payable. Notes Payable Maturities The contractual maturities of the Company’s notes payable, assuming the exercise of all extensions that are exercisable solely at the Company’s option, as of December 31, 2023 were:
Schedule Of maturities |  |  |  |
Year |  |  |
2024 |  | $ | 12,866,000 |
2025 |  |  | 17,721,000 |
2026 |  |  | 418,000 |
2027 |  |  | 51,000 |
2028 |  |  | 51,000 |
|  | $ | 31,107,000 |
Interest Expense
Schedule of interest expense |  |  |  |  |  |  |  |
|  | For the Year Ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Contractual interest expense |  | $ | 9,619,000 |  |  | $ | 6,780,000 |
Forbearance fees |  |  | 5,469,000 |  |  |  | 1,453,000 |
Amortization of debt discount |  |  | 21,507,000 |  |  |  | 29,109,000 |
Total interest expense |  | $ | 36,595,000 |  |  | $ | 37,342,000 |

X
- References No definition available. + Details
Name: | gpus_DisclosureNotesPayableAbstract
Namespace Prefix: | gpus_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | gpus_NotesPayableTextBlock
Namespace Prefix: | gpus_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration