Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (10,447,771) $ (3,517,065)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 2,993,036 923,304
Amortization of patents and website 71,176 71,177
Loss on conversion of debt 364,833
Realized gain on sale of digital currencies (15,466) (36,092)
Change in fair value of warrant liability 309,588 (26,234)
Change in fair value of mining payable 66,547 (507,862)
Impairment of mining equipment 871,302
Impairment of leasehold improvements 447,776
Stock based compensation 1,178,609 933,682
Amortization of right-of-use assets 96,986 82,840
Change in prepaid service contract 561,000
Changes in operating assets and liabilities:    
Digital currencies (4,357,443) (1,185,227)
Operating lease liability (86,842) (72,548)
Prepaid expenses and other assets 644,059 (435,159)
Accounts payable and accrued expenses (23,318) 2,753
Net cash used in operating activities (7,773,704) (3,318,655)
CASH FLOWS FROM INVESTING ACTIVITIES    
Sale of digital currencies 2,102,394 1,220,178
Purchase of property and equipment (17,742,315) (5,225)
Deposits for the purchase of mining servers (65,647,592)
Net cash (used in) provided by investing activities (81,287,513) 1,214,953
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds received on SBA PPP notes payable 62,500
Proceeds from issuance of common stock/At-the-market offering 229,961,998 255,893
Offering costs for the issuance of common stock/At-the-market offering (7,069,955) (10,399)
Proceeds from issuance of common stock and warrant, net 6,271,600
Proceeds received on exercise of warrants 464,887
Net cash provided by financing activities 229,691,030 245,494
Net increase (decrease) in cash and cash equivalents 140,629,813 (1,858,208)
Cash and cash equivalents - beginning of year 692,963 2,551,171
Cash and cash equivalents - end of year 141,322,776 692,963
Supplemental schedule of non-cash investing and financing activities:    
Par value adjustment due to reverse split 1
Receivable due to share issuance 74,767,226
Common stock issued for long-term service contract 11,220,000
Common stock issued for purchase of mining servers 171,622 3,064,687
Reduction of share commitment for purchase of mining servers 408,625 1,021,562
Common stock issued for note conversion 1,579,075
Restricted stock issuance $ 15