Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.22.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues      
Cryptocurrency mining revenue $ 150,463,770 $ 4,357,443 $ 1,185,227
Total revenues 150,463,770 4,357,443 1,185,227
Operating costs and expenses      
Cost of revenue 33,696,103 7,001,128 2,482,181
Impairment of mining equipment 871,302
Impairment of leasehold improvements 447,776
Compensation and related taxes 164,285,755 4,730,143 1,475,450
Consulting fees 531,677 302,561 130,813
Professional fees 5,268,485 733,741 422,335
General and administrative 2,216,489 551,672 465,783
Impairment of mined cryptocurrency 29,552,991
Total operating expenses 235,551,500 14,190,547 5,424,338
Income (loss) from operations (85,087,730) (9,833,104) (4,239,111)
Other income (expenses)      
Gain from extinguishment of debt 181,995
Other income (expenses) 81,827 115,876
Foreign exchange loss (11,873)
Loss on conversion of note (364,833)
Change in fair value of investment in NYDIG fund 73,778,545
Realized gain (loss) on sale of digital currencies 14,175 15,466 36,092
Change in fair value of warrant liability (1,048,286) (309,588) 26,234
Change in fair value of mining payable (66,547) 507,862
Interest income 677,415 18,343 33,651
Interest expense (1,569,731) (20,984) (51,915)
Total other (expenses) income 71,933,945 (612,267) 722,046
Loss before income taxes (13,153,785) (10,445,371) (3,517,065)
Provision for income taxes (23,020,721) (2,400)
Net loss $ (36,174,506) $ (10,447,771) $ (3,517,065)
Net income (loss) per share, basic and diluted: $ (0.36) $ (0.13) $ (0.53)
Weighted average shares outstanding, basic and diluted: 99,337,587 81,408,340 6,664,238