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Subsequent Events
 12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
NOTE 18:- SUBSEQUENT EVENTS

 

On February 6, 2023, the Company amended its Certificate of Incorporation to (i) execute a reverse stock split of all of the outstanding shares of our common stock, par value $0.001 per share, at a ratio of 1-6; and (ii) decrease the Company’s authorized Common Stock from 120,000,000 shares to 90,000,000 shares. The reverse stock split was effective as of February 9, 2023. On March 7, 2023 the issued capital of the Company on a post-split basis was 14,131,110.

 

On February 23, 2023 the Company has closed its bitcoin mining facility in Condong, NSW, Australia. All ASIC miners and MDCs in the Condong site have been transferred to the Pennsylvania facilities. The Company now only operates in the United States exclusively.

 

On March 8, 2023, the Company entered into a Member Interest Purchase Agreement (“MIPA”) as well as an Equipment Purchase and Sale Agreement (“EPSA”) with BMF Holding GP PTE. LTD. (“BMF”). Pursuant to the MIPA, the Company has agreed to sell all its member interests in Luna Squares Texas LLC, a Delaware limited liability company, which is a wholly-owned subsidiary of Company, and holds 4 leases in Texas, and various related contracts. Under the EPSA the Company will sell 59 transformers. Total consideration for this sale was $8.5 million and 400 Ethereum. As part of this transaction Luna Squares Texas LLC acquired all the memberships’ interests in an entity known as JAI TX LLC, which is party to some relevant contracts related to the Texas leases.

 

On March 9, 2023, the CVR Agreement was terminated, and the rights of the CVR holders under that agreement expired at the same time.

 

On February 7, 2023, the Company entered into a share purchase agreement with N.Danenberg Holding (2000) Ltd to sell the Company’s shares or interests in Wize NC Inc, Occuwize Ltd and Wize Pharma Ltd (“Wize Entities”) effective December 31, 2022 in consideration for $10,000. This transaction closed on March 9, 2023.