Quarterly report pursuant to Section 13 or 15(d)

Consolidated Condensed Statements of Cash Flows (Unaudited)

v3.21.2
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income (loss) $ (108,884,620) $ (2,161,196) $ (25,527,878) $ (3,219,127)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation 2,900,000 499,489 3,640,014 1,010,270
Amortization of patents and website 17,794 17,794 35,589 35,588
Realized gain (loss) on sale of digital currencies (989) (8,482) (935) (4,260)
Change in fair value of warrant liability (1,196,004) 6,563 395,892 (3,224)
Change in fair value of mining payable 66,547
Change in fair value of investment securities 114,907,879 (16,915,071)
Gain on PPP loan forgiveness     (62,500)
Impairment of cryptocurrencies     11,740,859
Stock based compensation     55,717,561 671,988
Amortization of right-of-use assets     200,301 52,117
Changes in operating assets and liabilities:        
Digital currencies     (38,474,672) (878,648)
Lease liability     (121,596) (53,736)
Prepaid expenses and other assets     954,094 58,886
Accounts payable and accrued expenses     1,626,500 173,555
Net cash used in operating activities     (6,791,842) (2,090,044)
CASH FLOWS FROM INVESTING ACTIVITIES        
Sale of digital currencies     40,000 775,349
Purchase of investment securities     (150,000,000) (1,277,455)
Purchase of property and equipment     (66,566,839)
Deposits for the purchase of mining servers     (55,935,273) (4,195,200)
Net cash used in investing activities     (272,462,112) (4,697,306)
CASH FLOWS FROM FINANCING ACTIVITIES        
Proceeds received on issuance of notes payable     62,500
Proceeds from issuance of common stock/At-the-market offering     324,768,493 7,061,603
Offering costs for the issuance of common stock/At-the-market offering     (12,571,648) (254,597)
Value of shares withheld for taxes     (3,809,983)
Proceeds received on exercise of options and warrants     160,163
Net cash provided by financing activities     308,547,025 6,869,506
Net increase in cash and cash equivalents     29,293,071 82,156
Cash and cash equivalents — beginning of period     141,322,776 692,963
Cash and cash equivalents — end of period $ 170,615,847 $ 775,119 170,615,847 775,119
Supplemental schedule of non-cash investing and financing activities:        
Common stock issued for purchase of mining servers     171,622
Reduction of share commitment for purchase of mining servers     408,625
Options exercised into common stock     3
Common stock issued for note conversion     1,579,074
Common stock issued for service and license agreements     $ 4,804,839