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 ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (47,700,445) $ (5,213,544)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 7,961,729 1,797,959
Amortization of patents and website 53,382 53,382
Amortization of leasehold improvements 689
Realized gain (loss) on sale of digital currencies (8,571) (15,466)
Change in fair value of warrant liability 227,225 18,651
Change in fair value of mining payable 66,547
Change in fair value of investment securities (58,765,274)
Gain on PPP loan forgiveness (62,500)
Impairment of cryptocurrencies 18,472,750
Stock based compensation 152,335,353 1,032,199
Amortization of right-of-use assets 200,301 72,332
Changes in operating assets and liabilities:    
Digital currencies (90,182,155) (1,713,832)
Lease liability (121,596) (70,880)
Prepaid expenses and other assets (28,700,147) 172,472
Accounts payable and accrued expenses 2,374,766 351,960
Net cash used in operating activities (43,914,493) (3,448,220)
CASH FLOWS FROM INVESTING ACTIVITIES    
Sale of digital currencies 64,000 1,278,550
Interest received from digital currencies, restricted (5,962)
Purchase of investment securities (150,000,000)
Purchase of property and equipment (84,670,324) (3,133,908)
Deposits for the purchase of mining servers (137,610,848) (13,269,670)
Net cash used in investing activities (372,223,134) (15,125,028)
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 29,756,736
Offering costs for the issuance of common stock/At-the-market offering (12,571,647) (963,754)
Value of shares withheld for taxes (4,688,065)
Proceeds from issuance of common stock and warrant, net 6,271,600
Proceeds received on exercise of options and warrants 160,162 5,313
Net cash provided by financing activities 307,668,943 35,132,395
Net (decrease) increase in cash and cash equivalents (108,468,684) 16,559,147
Cash and cash equivalents — beginning of period 141,322,776 692,963
Cash and cash equivalents — end of period 32,854,092 17,252,110
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 $ 11,134,839