Quarterly report pursuant to Section 13 or 15(d)

Consolidated Condensed Statements of Cash Flows (Unaudited)

v3.22.2
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (204,605,231) $ (25,527,878)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 38,586,480 3,675,603
Amortization of prepaid service contract 15,533,541 1,122,000
Gain on sale of assets (58,181,516)
Deferred tax expense 5,550,060
Change in fair value of digital currencies held in fund 85,016,208 (17,323,121)
Impairment of digital currencies 147,141,486 11,740,859
Stock based compensation 15,451,474 55,717,561
Amortization of bond issuance costs 1,941,771
Impairment of patents 919,363
Other adjustments from operations, net 498,324 859,212
Changes in operating assets and liabilities:    
Digital currencies (76,449,636) (38,474,672)
Deposits (5,547,923)
Prepaid expenses and other assets (1,268,673) (167,906)
Accounts payable and accrued expenses (5,180,641) 1,626,500
Accrued interest (244,343)
Net cash used in operating activities (40,839,256) (6,751,842)
CASH FLOWS FROM INVESTING ACTIVITIES    
Advances to vendor (393,991,125) (55,935,273)
Purchase of property and equipment (13,751,596) (66,566,839)
Sale of property and equipment 87,240,000
Purchase of digital currencies held in fund (150,000,000)
Purchase of equity investments (13,999,823)
Sale of digital currencies in investment fund 482,872
Net cash used in investing activities (334,019,672) (272,502,112)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of issuance costs 161,042,274 312,196,845
Net change in revolving credit agreement borrowings 35,000,000
Value of shares withheld for taxes (43,898) (3,809,983)
Proceeds received on exercise of options and warrants 160,163
Net cash provided by financing activities 195,998,376 308,547,025
Net (decrease) increase in cash, cash equivalents and restricted cash (178,860,552) 29,293,071
Cash, cash equivalents and restricted cash — beginning of period 268,522,019 141,322,776
Cash, cash equivalents and restricted cash — end of period 89,661,467 170,615,847
Supplemental schedule of non-cash investing and financing activities:    
Receivable due to share issuance 4,720,197
Options exercised into common stock 3
Unpaid advances to vendor 46,613,000
Operating lease assets obtained in exchange for new operating lease liabilities 1,420,370
Common stock issued for service and license agreements $ 4,579,999 $ 4,804,839