$GRYP
Gryphon Digital Mining, Inc.

2021 Q3 Form 10-Q Financial Statement

#000121390021042136 Filed on August 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $5.136M $4.907M $3.004M
YoY Change 38.27% 63.36% -17.03%
Cost Of Revenue $1.971M $1.914M $1.819M
YoY Change 13.3% 5.27% 68.39%
Gross Profit $3.164M $2.993M $1.185M
YoY Change 60.28% 152.52% -53.34%
Gross Profit Margin 61.61% 60.99% 39.45%
Selling, General & Admin $4.080M $6.202M $5.243M
YoY Change -10.68% 18.29% -60.1%
% of Gross Profit 128.94% 207.26% 442.43%
Research & Development $1.566M $1.527M $1.089M
YoY Change -10.94% 40.25% -59.52%
% of Gross Profit 49.51% 51.04% 91.89%
Depreciation & Amortization $1.238M $1.317M $1.320M
YoY Change 5.76% -0.23%
% of Gross Profit 39.14% 44.01% 111.39%
Operating Expenses $6.885M $9.044M $7.368M
YoY Change -8.17% 22.73% -12.18%
Operating Profit -$3.721M -$6.051M -$6.183M
YoY Change -32.64% -2.14% 5.7%
Interest Expense -$238.3K -$163.1K -$2.084K
YoY Change 6362.79% 7727.5% -110.42%
% of Operating Profit
Other Income/Expense, Net $2.167M -$46.16K $157.0K
YoY Change 41.01% -129.41%
Pretax Income -$1.553M -$6.097M -$6.026M
YoY Change -61.03% 1.17% 3.55%
Income Tax $4.300K $30.99K
% Of Pretax Income
Net Earnings -$1.553M -$6.105M -$5.313M
YoY Change -60.96% 14.92% -8.72%
Net Earnings / Revenue -30.25% -124.42% -176.87%
Basic Earnings Per Share
Diluted Earnings Per Share -$58.75K -$0.25 -$221.6K
COMMON SHARES
Basic Shares Outstanding 25.93M shares 24.14M shares
Diluted Shares Outstanding 1.322M shares 24.53M shares

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.609M $11.78M $24.16M
YoY Change -32.62% -51.25% 10.47%
Cash & Equivalents $9.600M $11.80M $24.16M
Short-Term Investments
Other Short-Term Assets $2.437M $2.673M $1.710M
YoY Change 23.1% 56.29% 58.33%
Inventory
Prepaid Expenses $2.194M $2.395M $1.215M
Receivables $1.648M $1.798M $1.862M
Other Receivables $265.2K $231.1K $0.00
Total Short-Term Assets $13.96M $16.48M $27.73M
YoY Change -26.66% -40.58% 14.59%
LONG-TERM ASSETS
Property, Plant & Equipment $52.32K $53.35K $131.1K
YoY Change -96.25% -59.3%
Goodwill $46.79M $46.79M $20.25M
YoY Change 0.62% 131.01%
Intangibles
YoY Change
Long-Term Investments $226.1K $226.1K $250.0K
YoY Change -5.79% -9.56%
Other Assets $41.93K
YoY Change
Total Long-Term Assets $60.55M $60.06M $30.80M
YoY Change -2.82% 95.0%
TOTAL ASSETS
Total Short-Term Assets $13.96M $16.48M $27.73M
Total Long-Term Assets $60.55M $60.06M $30.80M
Total Assets $74.51M $76.53M $58.53M
YoY Change -8.4% 30.76% 141.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.809M $1.126M $1.444M
YoY Change -69.85% -21.98% 9.59%
Accrued Expenses $3.377M $3.555M $3.420M
YoY Change 3.95% 584.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $2.000M $0.00
YoY Change -100.0%
Long-Term Debt Due $7.156M $6.140M
YoY Change 16.55%
Total Short-Term Liabilities $6.254M $13.37M $11.75M
YoY Change -65.51% 13.76% 381.27%
LONG-TERM LIABILITIES
Long-Term Debt $3.834M $1.201M $10.20M
YoY Change -30.04% -88.23%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.834M $1.201M $10.20M
YoY Change -30.04% -88.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.254M $13.37M $11.75M
Total Long-Term Liabilities $3.834M $1.201M $10.20M
Total Liabilities $10.09M $14.57M $23.01M
YoY Change -57.28% -36.68% 319.61%
SHAREHOLDERS EQUITY
Retained Earnings -$71.30M -$69.74M -$41.15M
YoY Change -35647962600.0% 69.46% 49.21%
Common Stock $132.8M $123.9M $71.90M
YoY Change 59.68% 72.26% 55.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $64.42M $61.96M $35.52M
YoY Change
Total Liabilities & Shareholders Equity $74.51M $76.53M $58.53M
YoY Change -8.4% 30.76% 141.84%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$1.553M -$6.105M -$5.313M
YoY Change -60.96% 14.92% -8.72%
Depreciation, Depletion And Amortization $1.238M $1.317M $1.320M
YoY Change 5.76% -0.23%
Cash From Operating Activities -$1.362M -$2.345M -$2.750M
YoY Change -67.42% -14.72% 2.23%
INVESTING ACTIVITIES
Capital Expenditures -$1.361M -$1.305M -$3.260M
YoY Change 112.72% -59.98%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$140.0K
YoY Change -100.0% -100.74%
Cash From Investing Activities -$1.361M -$1.305M -$3.400M
YoY Change -76.14% -61.63% -118.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 559.7K -3.850K 15.98M
YoY Change -4518.3% -100.02%
NET CHANGE
Cash From Operating Activities -1.362M -2.345M -2.750M
Cash From Investing Activities -1.361M -1.305M -3.400M
Cash From Financing Activities 559.7K -3.850K 15.98M
Net Change In Cash -2.164M -3.654M 9.830M
YoY Change -78.14% -137.17% -39.13%
FREE CASH FLOW
Cash From Operating Activities -$1.362M -$2.345M -$2.750M
Capital Expenditures -$1.361M -$1.305M -$3.260M
Free Cash Flow -$960.00 -$1.041M $510.0K
YoY Change -99.97% -304.04%

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<div style="border-left: none; border-right: none;"> <p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Note 1 - Description of Business</span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Description of Business</span></p> <p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></p> <p style="margin: 0pt; text-align: justify; text-indent: 33.3333pt; line-height: 1.3;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Akerna Corp., herein referred to as we, us our or Akerna, through our wholly owned subsidiaries MJ Freeway, LLC, or MJF, Trellis Solutions, Inc., or Trellis, Ample Organics, Inc, or Ample, Viridian Sciences, Inc, or Viridian, and solo sciences, inc, or Solo, provides enterprise software solutions that enable regulatory compliance and inventory management. Our proprietary, broad and growing suite of solutions are adaptable for industries in which interfacing with government regulatory agencies for compliance purposes is required, or where the tracking of organic materials from seed or plant to end products is desired. We develop products intended to assist states in monitoring licensed businesses’ compliance with state regulations and to help state-licensed businesses operate in compliance with such law. We provide our commercial software platform, MJ Platform<span style="font-size: 8pt;"><sup>®</sup></span>, Trellis<span style="font-size: 8pt;"><sup>®</sup></span> and Viridian Sciences® to state-licensed businesses, and our regulatory software platform, Leaf Data Systems<span style="font-size: 8pt;"><sup>®</sup></span>, to state government regulatory agencies. Through Solo,</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">we provide an innovative, next-generation solution for state and national governments to securely track product and waste throughout the supply chain with solo*TAG™</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. The integration of MJ Platform<span style="font-size: 8pt;"><sup>®</sup></span> and solo*CODE™ </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">results in technology for consumers and brands that brings a consumer-facing mark designed to highlight the authenticity and signify transparency. </span></p> <p style="margin: 0pt; text-align: justify; text-indent: 33.3333pt; line-height: 1.3;"><span style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 0pt;"> </span><br/></p> <p style="margin: 0pt; text-align: justify; text-indent: 33.3333pt; line-height: 1.3;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">We consult with clients on a wide range of areas to help them successfully maintain compliance with state laws and regulations. We provide project-focused consulting services to clients who are initiating or expanding their cannabis business operations or are interested in data consulting engagements with respect to the legal cannabis industry. Our advisory engagements include service offerings focused on compliance requirement assessments, readiness and best practices, compliance monitoring systems, application processes, inspection readiness and business plan and compliance reviews. We typically provide our consulting services to clients in emerging markets that are seeking consultation on newly introduced licensing regimes and assistance with the regulatory compliant build-out of operations. </span></p> <p style="margin: 0pt; text-align: justify; text-indent: 33.3333pt; line-height: 1.3;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><br/></span></p> <p style="text-align: justify; line-height: 13pt; margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><i><span style="font-size: 10pt; color: #000000;">Liquidity and Capital Resources</span></i></b><i><span style="font-size: 10.0pt;"/></i></p> <p style="text-align: justify; line-height: 13pt; margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10.0pt;"> </span></p> <p style="text-align: justify; text-indent: 33.35pt; margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10.0pt;"><span style="font-family: 'times new roman', times;">Since our inception, we have incurred recurring operating losses, used cash from operations, and relied on capital raising transactions to continue ongoing operations. During the three and six months ended June 30, 2021, we incurred a loss from operations of $6.1 million and $9.6 million, respectively, and for the six months ended June 30, 2021, we used cash in operations of $3.7 million. As of June 30, 2021, we had cash of $11.8 million, excluding restricted cash, and working capital of $3.1 million. During the six months ended June 30, 2021, the Company incurred a number of one-time, non-recurring expenses of approximately $2.7 million. These expenses include business combination and merger related costs, restructuring charges, and other non-recurring charges. After considering all available evidence, we determined that, due to our current positive working capital, our ability to repay our senior secured convertible note with shares of our common stock, and our initiatives to reduce operating expenditures, that we have sufficient working capital to sustain operations for a period of at least twelve months from the date that our June 30, 2021 financial statements were issued.</span></span></p> <p style="text-align: justify; line-height: 13pt; margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-size: 10.0pt;"> </span></p> <p style="margin: 0pt; text-align: justify; text-indent: 33.3333pt; line-height: 1.3;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">In the event the Company requires additional liquidity, the Company believes it can further reduce or defer expenses. More specifically, the Company could implement certain discretionary cost reduction initiatives relating to our spending on employee travel and entertainment, consulting costs and marketing expenses, negotiate deferred salary arrangements, furlough employees or reduce headcount or negotiate extensions of payments of rent and utilities. The Company also believes it has access to capital through future debt or equity offerings and could be successful in renegotiating the maturity dates or conversion option relating to its current outstanding notes payable, although no assurance can be provided that we would be successful in these efforts. Further, the potential continues to exist that our $2 million PPP loan could be forgiven. Management will continue to evaluate our liquidity and capital resources.</span><br/></span></p> <p style="margin: 0pt; text-align: justify; text-indent: 33.3333pt; line-height: 1.3;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;"><br/></span></span></p> <p style="margin: 0pt; text-align: justify; text-indent: 33.3333pt; line-height: 1.3;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">On July 23, 2021, we entered into an Equity Distribution Agreement with Oppenheimer &amp; Co. Inc. and A.G.P./Alliance Global Partners. Pursuant to the terms of the Agreement, we may offer and sell from time to time, up to $25 million of shares of our common stock. While no assurance can be provided that we will be able to raise capital under such program, we intend to use the net proceeds from the sale of our shares of common stock, if any, for general corporate purposes, including working capital, marketing, product development, capital expenditures and merger and acquisition activities.<br/></span></span></p> </div>
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6100000 USD
kern Loss From Operations
LossFromOperations
9600000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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3700000 USD
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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11800000 USD
CY2021Q2 kern Working Capital
WorkingCapital
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kern Non Recurring Expenses
NonRecurringExpenses
2700000 USD
CY2021Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
2000000 USD
us-gaap Use Of Estimates
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<p style="margin: 0cm; text-align: justify; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times;"><b><i><span style="font-size: 10.0pt;">Use of Estimates</span></i></b></span></p> <p style="margin: 0cm; text-align: justify; font-size: 10pt; font-family: 'Times New Roman', serif;"><span style="font-family: 'times new roman', times; line-height: inherit;"><b><i><span style="font-size: 10pt; line-height: inherit;"><br/></span></i></b></span></p> <p style="margin: 0pt; text-align: justify; font-size: 10pt; font-family: 'Times New Roman', serif; text-indent: 33.3333pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><b><i><span style="font-size: 10pt; line-height: inherit;"/></i></b></span><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. <span style="color: #000000; line-height: inherit;">We base our estimates on assumptions that we believe to be reasonable under the circumstances, the results of which form a basis for making judgments about the carrying value of assets and liabilities that are not readily available from other sources.</span> Actual results could differ materially from those estimates <span style="color: #000000; line-height: inherit;">under different assumptions or conditions; however, we believe that our estimates are reasonable</span>.  </span></span></p>
CY2021Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
1126483 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.3;"><span style="font-family: 'times new roman', times; line-height: inherit;"><b><i><span style="font-size: 10pt; line-height: inherit;">Concentrations of Credit Risk</span></i></b></span></p> <p style="margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.3;"><span style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;"><br/></span></p> <p style="margin: 0pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-indent: 33.3333pt; line-height: 1.3; text-align: justify;"><span style="font-size: 10pt; color: #000000; font-family: 'times new roman', times; line-height: inherit;">We grant credit in the normal course of business to customers in the United States. We periodically perform credit analysis and monitor the financial condition of our customers to reduce credit risk. </span></p> <p style="margin: 0pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-indent: 33.3333pt; line-height: 1.3;"><span style="font-size: 10pt; color: #000000; line-height: inherit;"><span style="font-family: 'times new roman', times; background-color: #ffff00; line-height: inherit;"><br/></span></span></p> <p style="margin: 0pt; font-size: 10pt; font-family: 'Times New Roman', serif; text-indent: 33.3333pt; line-height: 1.3; text-align: justify;"><span style="font-size: 10pt; color: #000000; line-height: inherit;"><span style="font-family: 'times new roman', times; line-height: inherit;">During the six months ended June 30, 2021 and 2020, one government client accounted for 11% and 26% of total revenues, respectively. During the three<span style="border-right: none; border-left: none;"><span style="border-left: none; border-right: none;"> months ended</span> June 30, 2021</span> and 2020, <span style="border-left: none; border-right: none;">one</span> government client accounted for <span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: inherit;">10<span style="line-height: inherit;">%</span></span><span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: inherit;"> and 28% of total revenues, respectively. As of June 30, 2021 and December 31, 2020, </span>two government clients accounted for a total of <span style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: inherit;">37</span>% and 36% of net accounts receivable, respectively. </span></span></p>
CY2020Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
513610 USD
CY2021Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
461594 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
333709 USD
CY2021Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
245759 USD
CY2020Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
216367 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin: 0cm; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.3;"><span style="font-family: 'times new roman', times; line-height: inherit;"><b><i><span style="font-size: 10pt; line-height: inherit;">Reclassifications and Revisions</span></i></b><span style="font-size: 10pt; line-height: inherit;"/></span></p> <p style="margin: 0pt; text-align: justify; line-height: 1.3; font-size: 7pt;"><span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: inherit;"> </span></p> <p style="margin: 0pt; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.3; text-indent: 33.3333pt; text-align: justify;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">Certain prior year financial statement amounts have been reclassified for consistency with the current year presentation.</span></p>
CY2021Q2 us-gaap Noncurrent Assets
NoncurrentAssets
18478000 USD
CY2020Q4 us-gaap Noncurrent Assets
NoncurrentAssets
15068 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
8921000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6074000 USD
kern Adjustedforadoption
Adjustedforadoption
8921000 USD
kern Adjustedforadoption
Adjustedforadoption
6074000 USD
CY2021Q2 kern Unsatisfiedperformanceobligations
Unsatisfiedperformanceobligations
5.7 USD
CY2021Q2 kern Deferred Revenue Revenue Recognized
DeferredRevenueRevenueRecognized
2900000 USD
CY2020Q4 us-gaap Deferred Revenue
DeferredRevenue
844000 USD
us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
3362000 USD
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
3026000 USD
CY2020Q4 kern Deferred Revenue Revenue Recognized
DeferredRevenueRevenueRecognized
8900000 USD
CY2020 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
400000 USD
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
228000 USD
us-gaap Additions To Contract Holders Funds
AdditionsToContractHoldersFunds
217000 USD
CY2021Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
203000 USD
CY2021Q2 kern Reduction Of Contingent Consideraiton
ReductionOfContingentConsideraiton
6000000.0 USD
CY2021Q2 kern Stock Consideration In Cash
StockConsiderationInCash
1000000.0 USD
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
9929000 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-12561000 USD
CY2021Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
5506 USD
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
11362000 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-13431000 USD
kern Preferred Stock Liquidation Description
PreferredStockLiquidationDescription
special voting preferred stock has a par value of $0.0001 per share and a preference in liquidation of $<span>1.00</span>.
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodIntrinsicValue
0.0001
CY2021Q2 kern Prepaid Expenses Software And Technology
PrepaidExpensesSoftwareAndTechnology
570777 USD
CY2020Q4 kern Prepaid Expenses Software And Technology
PrepaidExpensesSoftwareAndTechnology
480651 USD
CY2021Q2 kern Prepaid Professional Fees
PrepaidProfessionalFees
741581 USD
CY2020Q4 kern Prepaid Professional Fees
PrepaidProfessionalFees
826195 USD
CY2021Q2 us-gaap Prepaid Insurance
PrepaidInsurance
548023 USD
CY2020Q4 us-gaap Prepaid Insurance
PrepaidInsurance
243222 USD
CY2021Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
202556 USD
CY2020Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
227718 USD
CY2021Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
231095 USD
CY2020Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
612446 USD
CY2021Q2 us-gaap Other Assets
OtherAssets
101313 USD
CY2020Q4 us-gaap Other Assets
OtherAssets
68495 USD
CY2021Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2395345 USD
CY2020Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2458727 USD
CY2019Q4 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
14960000 USD
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
9269677 USD
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
USD
CY2021Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
216301 USD
CY2020Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
311379 USD
CY2021Q2 kern Accrued Contractors
AccruedContractors
596921 USD
CY2020Q4 kern Accrued Contractors
AccruedContractors
1281857 USD
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2034496 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
531654 USD
CY2021Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
4681554 USD
CY2020Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
3188576 USD
CY2020Q2 us-gaap Convertible Debt
ConvertibleDebt
17000000.0 USD
CY2020Q2 kern Debt Purchase Price
DebtPurchasePrice
15000000.0 USD
CY2021Q1 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
7705000 USD
CY2020Q1 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
14960000 USD
CY2021Q2 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
1572405 USD
CY2020Q2 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
USD
CY2021Q2 kern Changes In Fair Value Reported In Statements Of Operations
ChangesInFairValueReportedInStatementsOfOperations
16405 USD
CY2020Q2 kern Changes In Fair Value Reported In Statements Of Operations
ChangesInFairValueReportedInStatementsOfOperations
-766000 USD
CY2021Q2 kern Change In Fair Value Reported In Other Comprehensive Income
ChangeInFairValueReportedInOtherComprehensiveIncome
3000 USD
CY2020Q2 kern Change In Fair Value Reported In Other Comprehensive Income
ChangeInFairValueReportedInOtherComprehensiveIncome
-63000 USD
CY2021Q2 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
6152000 USD
CY2020Q2 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
14131000 USD
CY2020Q4 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
13398000 USD
kern Changes In Fair Value Reported In Statements Of Operations
ChangesInFairValueReportedInStatementsOfOperations
2007677 USD
kern Changes In Fair Value Reported In Statements Of Operations
ChangesInFairValueReportedInStatementsOfOperations
-766000 USD
kern Change In Fair Value Reported In Other Comprehensive Income
ChangeInFairValueReportedInOtherComprehensiveIncome
16000 USD
kern Change In Fair Value Reported In Other Comprehensive Income
ChangeInFairValueReportedInOtherComprehensiveIncome
-63000 USD
CY2021Q2 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
6152000 USD
CY2020Q2 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
14131000 USD
CY2020Q4 kern Recovery For Unpaid Invoices
RecoveryForUnpaidInvoices
1070000.00 USD
CY2020Q4 kern Litigation Of Business Description
LitigationOfBusinessDescription
TechMagic USA LLC purports to have provided to Solo regarding development of mobile software applications for MJF and Solo between March and November 2020 totaling approximately $787,000. The suit seeks continued fees under the Master Services Agreement through the end of January 2021. Akerna provided a notice of termination of the Master Services Agreement on November 23, 2020 and the parties dispute the effective date of the termination. Solo disputes the validity of the invoices, in whole or in part, and intends to defend the suit vigorously. Mr. Ashesh Shah, formerly the president of Solo and currently the holder of <span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;">5</span></span><span style="border-left: none; border-right: none; line-height: inherit;">.<span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;">1</span></span></span></span></span></span>% of our issued and outstanding shares of common stock is, to our knowledge, the founder and one of the principal managers of TechMagic USA LLC. As of June 30, 2021 and December 31, 2020, we recognized a loss contingency of $0.6 million.
kern Development Of Software Application
DevelopmentOfSoftwareApplication
787000 USD
kern Termination Expense
TerminationExpense
1300000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9645604 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8151424 shares

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