v3.22.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (686,740,000) $ (37,098,000) $ (10,448,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 78,709,000 14,904,000 3,064,000
Amortization of prepaid service contract 22,781,000
Gain on sale of equipment, net of disposals (83,880,000)
Deferred tax expense (benefit) (22,575,000) 22,575,000
Realized and unrealized gains (losses) on digital assets held within Investment Fund 85,017,000 (74,696,000)
Realized and unrealized gains (losses) on digital assets loan receivable and digital assets 14,460,000 (557,000) (15,000)
Impairment of digital assets 173,215,000 30,329,000
Impairment of mining equipment and advances to vendors 332,933,000 871,000
Stock-based compensation 24,595,000 160,786,000 1,178,000
Amortization of debt issuance costs 3,945,000
Impairment of patents 919,000
Impairment of assets related to vendor bankruptcy filing 55,674,000
Other adjustments from operations, net 1,032,000 1,068,000 1,313,000
Changes in operating assets and liabilities:      
Digital assets (117,749,000) (150,513,000) (4,357,000)
Deposits (24,469,000)
Prepaid expenses and other assets (48,886,000) 987,000 644,000
Accounts payable and accrued expenses 13,223,000 12,382,000 (23,000)
Legal reserve payable 1,171,000
Accrued interest 144,000 867,000
Net cash used in operating activities (176,481,000) (18,966,000) (7,773,000)
CASH FLOWS FROM INVESTING ACTIVITIES      
Advances to vendors (483,840,000) (435,065,000) (65,648,000)
Loan receivable (30,000,000)
Purchase of property and equipment (41,108,000) (273,851,000) (17,742,000)
Sales of property and equipment 178,371,000
Sale of digital currencies 2,102,000
Purchase of digital assets in Investment Fund (150,000,000)
Purchase of equity investments (44,000,000) (3,000,000)
Deconsolidation of Investment Fund (500,000)
Sale of digital assets in Investment Fund 849,000  
Net cash used in investing activities (390,228,000) (891,136,000) (81,288,000)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common stock, net of issuance costs 361,486,000 312,196,000 222,892,000
Proceeds from term loan borrowings, net of issuance costs 49,250,000
Proceeds from issuance of convertible debt, net of issuance costs 728,406,000
Proceeds received on issuance of note payable 63,000
Borrowings from revolving credit agreement 120,000,000 77,500,000
Repayments of revolving credit agreement (120,000,000) (77,500,000)
Value of shares withheld for taxes (81,000) (4,714,000)
Proceeds received on exercise of options and warrants 1,445,000 6,736,000
Net cash provided by financing activities 410,655,000 1,037,333,000 229,691,000
Net (decrease) increase in cash, cash equivalents and restricted cash (156,054,000) 127,231,000 140,630,000
Cash, cash equivalents and restricted cash — beginning of period 268,556,000 141,323,000 693,000
Cash, cash equivalents and restricted cash — end of period 112,502,000 268,554,000 141,323,000
Supplemental Information      
Interest 11,432
Supplemental schedule of non-cash investing and financing activities:      
Receivable due to share issuance 74,767,000
Digital assets transferred from Investment Fund 137,844,000
Common stock issued for purchase of mining servers 172,000
Reduction of share commitment for purchase of mining servers 409,000
Common stock issued for note conversion 1,579,000
Warrants exercised into common stock 1,371,000
Operating lease assets obtained in exchange for new operating lease liabilities 1,539,000
Collection of loan denominated in Bitcoin 27,784,000
Issuance of loan denominated in Bitcoin   (27,784,000)  
Reclassifications from advances to vendor to property and equipment upon receipt of equipment 337,485,000
Common stock issued for service and license agreements $ 4,577,000 $ 11,135,000 $ 11,220,000

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