v3.24.1.1.u2
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ 1,903,966 $ (7,162,596)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 2,426,068 801,873
Noncash lease expense 26,043 23,224
Stock compensation 71,047  
Stock option expense 110,804 194,356
Accrued investment income (8,568) (53,734)
Digital assets other income (4,490)  
Gain on fair value of Bitcoin, net (4,315,441)  
Impairment loss on mining machines 1,188,058  
Impairment loss on digital assets   199,554
Impairment loss on hosting deposits   36,691
Unrealized loss (gain) on marketable securities 2,160 (5,790)
Unrealized loss (gain) on investment and equity securities (1,350,979) 5,822,854
Loss on disposal of fixed assets 8,170  
Realized gain on sale of digital assets   (426,250)
Change in operating assets and liabilities    
Prepaid expenses and other assets 1,583,843 36,473
Advances (repayments) to related party 32,445 (12,659)
Accounts payable and accrued expenses (22,003) 111,486
Mining of digital assets (4,597,908) (2,090,851)
Proceeds from sale of digital assets   1,455,141
Lease liability payments (25,863) (22,243)
Net cash used in operating activities (2,972,648) (1,092,471)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures   (263,596)
Collection of notes receivable 1,449,066 1,644,834
Investment in digital assets   (35,157)
Proceeds from sale of digital assets 1,296,233 33,675
Deposits for mining equipment (1,096,961) (923,687)
Net cash from investing activities 1,640,100 460,764
CASH FLOWS FROM FINANCING ACTIVITIES:    
Insurance financing repayments (241,917) (177,393)
Net cash used in financing activities (241,917) (177,393)
NET DECREASE IN CASH (1,574,465) (809,100)
CASH - BEGINNING OF PERIOD 2,401,831 4,238,006
CASH - END OF PERIOD 827,366 3,428,906
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES    
ROU assets and operating lease obligation recognized 0 21,887
Reclassification of mining equipment deposit to fixed assets, net   54,876
Change in accounting principle (see Note 1) 614,106  
Original Product [Member]    
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net collections of finance receivables $ (8,238)  
Special Product [Member]    
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net collections of finance receivables   $ 4,695

Source