2023 Q4 Form 10-K Financial Statement

#000162828024010049 Filed on March 08, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $21.74M $74.97M $106.0M
YoY Change -7.12% -29.3% 242.98%
Cost Of Revenue $14.96M $61.43M $85.81M
YoY Change 25.39% -28.42% 199.16%
Gross Profit $6.781M $13.54M $20.22M
YoY Change -40.91% -33.05% 806.22%
Gross Profit Margin 31.19% 18.06% 19.07%
Selling, General & Admin $6.285M $31.43M $44.46M
YoY Change -45.88% -29.31% 197.28%
% of Gross Profit 92.68% 232.13% 219.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.390M $35.42M $47.24M
YoY Change -6.11% -25.02% 520.89%
% of Gross Profit 138.48% 261.56% 233.57%
Operating Expenses $15.68M $66.85M $91.70M
YoY Change -27.48% -27.1% 306.39%
Operating Profit -$8.894M -$62.44M -$71.47M
YoY Change -12.27% -12.64% 221.92%
Interest Expense -$2.175M $9.846M -$9.282M
YoY Change -25.82% -206.08% -300.8%
% of Operating Profit
Other Income/Expense, Net -$6.207M -$39.39M $2.155M
YoY Change -308.99% -1928.1% -142.64%
Pretax Income -$21.16M -$101.8M -$195.2M
YoY Change -55.36% -47.83% 616.09%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings $3.097M -$50.90M -$89.26M
YoY Change -111.09% -42.97% 227.5%
Net Earnings / Revenue 14.24% -67.9% -84.18%
Basic Earnings Per Share -$7.46 -$3.45
Diluted Earnings Per Share $0.34 -$7.46 -$3.45
COMMON SHARES
Basic Shares Outstanding 6.821M shares 25.85M shares
Diluted Shares Outstanding 6.821M shares 25.85M shares

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.390M $7.390M $13.41M
YoY Change -44.88% -44.88% -66.07%
Cash & Equivalents $4.215M $3.176M $109.8K
Short-Term Investments $0.00
Other Short-Term Assets $1.675M $5.462M $6.853M
YoY Change -75.56% -20.3% -29.08%
Inventory $4.197M $4.197M $4.472M
Prepaid Expenses
Receivables $507.0K $507.0K $10.84M
Other Receivables $97.29K $97.29K $73.12K
Total Short-Term Assets $17.65M $17.65M $35.64M
YoY Change -50.47% -50.47% -34.79%
LONG-TERM ASSETS
Property, Plant & Equipment $155.9M $155.9M $180.8M
YoY Change -13.77% -13.77% -39.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $170.5K $819.1K $560.9K
YoY Change -69.6% 46.05% 0.0%
Total Long-Term Assets $156.7M $156.7M $181.3M
YoY Change -13.58% -13.58% -39.56%
TOTAL ASSETS
Total Short-Term Assets $17.65M $17.65M $35.64M
Total Long-Term Assets $156.7M $156.7M $181.3M
Total Assets $174.3M $174.3M $217.0M
YoY Change -19.64% -19.64% -38.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.86M $11.86M $27.54M
YoY Change -56.95% -56.95% -3.88%
Accrued Expenses $10.79M $11.58M $9.486M
YoY Change 13.72% 22.03% 87.7%
Deferred Revenue
YoY Change
Short-Term Debt $718.8K $718.8K $1.375M
YoY Change -47.72% -47.72% -3.89%
Long-Term Debt Due $7.936M $7.936M $17.42M
YoY Change -54.45% -54.45% -65.22%
Total Short-Term Liabilities $35.02M $35.02M $60.41M
YoY Change -42.04% -42.04% -34.58%
LONG-TERM LIABILITIES
Long-Term Debt $48.20M $48.20M $57.03M
YoY Change -15.47% -15.47% 196.7%
Other Long-Term Liabilities $27.30M $27.30M $4.737M
YoY Change 476.4% 476.4% 307.73%
Total Long-Term Liabilities $75.51M $75.51M $61.76M
YoY Change 22.25% 22.25% 203.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.02M $35.02M $60.41M
Total Long-Term Liabilities $75.51M $75.51M $61.76M
Total Liabilities $110.5M $110.5M $122.2M
YoY Change -9.54% -9.54% 8.38%
SHAREHOLDERS EQUITY
Retained Earnings -$331.6M
YoY Change 37.93%
Common Stock $1.112K
YoY Change -64.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $43.40M $63.81M $94.78M
YoY Change
Total Liabilities & Shareholders Equity $174.3M $174.3M $217.0M
YoY Change -19.64% -19.64% -38.82%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income $3.097M -$50.90M -$89.26M
YoY Change -111.09% -42.97% 227.5%
Depreciation, Depletion And Amortization $9.390M $35.42M $47.24M
YoY Change -6.11% -25.02% 520.89%
Cash From Operating Activities -$83.03K -$7.147M -$27.15M
YoY Change -99.34% -73.68% 379.36%
INVESTING ACTIVITIES
Capital Expenditures $9.173M $23.92M $84.59M
YoY Change 218.11% -71.73% -133.35%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$87.78K -$87.78K $13.01M
YoY Change -89.43% -100.67% -487.7%
Cash From Investing Activities -$9.261M -$24.00M -$71.58M
YoY Change 149.32% -66.46% -72.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $11.18M $8.599M
YoY Change 29.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.579M $22.07M 80.24M
YoY Change -32.9% -72.5% -72.72%
NET CHANGE
Cash From Operating Activities -83.03K -$7.147M -27.15M
Cash From Investing Activities -9.261M -$24.00M -71.58M
Cash From Financing Activities 8.579M $22.07M 80.24M
Net Change In Cash -764.7K -$9.082M -18.49M
YoY Change -77.69% -50.89% -158.73%
FREE CASH FLOW
Cash From Operating Activities -$83.03K -$7.147M -$27.15M
Capital Expenditures $9.173M $23.92M $84.59M
Free Cash Flow -$9.256M -$31.06M -$111.7M
YoY Change -39.83% -72.2% -145.06%

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EarningsPerShareDiluted
-34.53
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6821173 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2584907 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6821173 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2584907 shares
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-59164778 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-89261230 usd
CY2022 sdig Stockholders Equity Redemption Right Valuation
StockholdersEquityRedemptionRightValuation
289298029 usd
CY2022 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
13890350 usd
CY2022 sdig Stock Issued During Period Value New Issues One
StockIssuedDuringPeriodValueNewIssuesOne
2241310 usd
CY2022 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 usd
CY2022 sdig Adjustments To Additional Paid In Capital Arbitration Award
AdjustmentsToAdditionalPaidInCapitalArbitrationAward
5038122 usd
CY2022 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
26894078 usd
CY2022 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
0 usd
CY2022 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
0 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
83025144 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
83025144 usd
CY2023 sdig Net Income Loss Excluding Deemed Contribution From Exchange Of Convertible Preferred Stock
NetIncomeLossExcludingDeemedContributionFromExchangeOfConvertiblePreferredStock
-71396744 usd
CY2023 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-30428749 usd
CY2023 sdig Stockholders Equity Redemption Right Valuation
StockholdersEquityRedemptionRightValuation
-9871528 usd
CY2023 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
9238826 usd
CY2023 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 usd
CY2023 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
316 usd
CY2023 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
1739882 usd
CY2023 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1210000 usd
CY2023 sdig Stock Issued During Period Value Issued To Settle Payables
StockIssuedDuringPeriodValueIssuedToSettlePayables
1063189 usd
CY2023 sdig Stock Issued During Period Value New Issues Two
StockIssuedDuringPeriodValueNewIssuesTwo
941652 usd
CY2023 sdig Stock Issued During Period Value New Issues Three
StockIssuedDuringPeriodValueNewIssuesThree
10803900 usd
CY2023 sdig Stock Issued During Period Value New Issues Four
StockIssuedDuringPeriodValueNewIssuesFour
1833574 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
43397504 usd
CY2023 us-gaap Profit Loss
ProfitLoss
-101825493 usd
CY2022 us-gaap Profit Loss
ProfitLoss
-195171967 usd
CY2023 us-gaap Depreciation
Depreciation
35415286 usd
CY2022 us-gaap Depreciation
Depreciation
47235344 usd
CY2023 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
52204 usd
CY2022 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
49576 usd
CY2023 sdig Gain Loss On Extinguishment Of Other Debt
GainLossOnExtinguishmentOfOtherDebt
0 usd
CY2022 sdig Gain Loss On Extinguishment Of Other Debt
GainLossOnExtinguishmentOfOtherDebt
841670 usd
CY2023 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
-3818307 usd
CY2022 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
-2511262 usd
CY2023 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
52000 usd
CY2022 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-8012248 usd
CY2023 sdig Fair Value Adjustments To Accounts Receivable
FairValueAdjustmentsToAccountsReceivable
1867506 usd
CY2022 sdig Fair Value Adjustments To Accounts Receivable
FairValueAdjustmentsToAccountsReceivable
0 usd
CY2023 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
212566 usd
CY2022 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2935795 usd
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
9238826 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
13890350 usd
CY2023 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-28960947 usd
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-40517707 usd
CY2023 us-gaap Impairment Of Ongoing Project
ImpairmentOfOngoingProject
5422338 usd
CY2022 us-gaap Impairment Of Ongoing Project
ImpairmentOfOngoingProject
17348742 usd
CY2023 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
40683112 usd
CY2023 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
646722 usd
CY2022 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-4226171 usd
CY2023 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
0 usd
CY2022 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
3435639 usd
CY2023 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
0 usd
CY2022 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
90953 usd
CY2023 sdig Proceeds From Derivative Instrument Operating Activities
ProceedsFromDerivativeInstrumentOperatingActivities
0 usd
CY2022 sdig Proceeds From Derivative Instrument Operating Activities
ProceedsFromDerivativeInstrumentOperatingActivities
970000 usd
CY2023 sdig Fair Value Adjustment Of Debt
FairValueAdjustmentOfDebt
0 usd
CY2022 sdig Fair Value Adjustment Of Debt
FairValueAdjustmentOfDebt
-2167500 usd
CY2023 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-470905 usd
CY2022 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2217458 usd
CY2023 sdig Increase Decrease In Intangible Assets Current Revenue From Cryptocurrency Mining Service
IncreaseDecreaseInIntangibleAssetsCurrentRevenueFromCryptocurrencyMiningService
62236771 usd
CY2022 sdig Increase Decrease In Intangible Assets Current Revenue From Cryptocurrency Mining Service
IncreaseDecreaseInIntangibleAssetsCurrentRevenueFromCryptocurrencyMiningService
58763565 usd
CY2023 sdig Increase Decrease In Intangible Assets Current Due To Sale
IncreaseDecreaseInIntangibleAssetsCurrentDueToSale
-58260974 usd
CY2022 sdig Increase Decrease In Intangible Assets Current Due To Sale
IncreaseDecreaseInIntangibleAssetsCurrentDueToSale
-56172048 usd
CY2023 sdig Increase Decrease In Intangible Assets Current Impairment
IncreaseDecreaseInIntangibleAssetsCurrentImpairment
-910029 usd
CY2022 sdig Increase Decrease In Intangible Assets Current Impairment
IncreaseDecreaseInIntangibleAssetsCurrentImpairment
-8339660 usd
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-8108710 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
8725271 usd
CY2023 us-gaap Increase Decrease In Prepaid Insurance
IncreaseDecreaseInPrepaidInsurance
-6728976 usd
CY2022 us-gaap Increase Decrease In Prepaid Insurance
IncreaseDecreaseInPrepaidInsurance
-6908215 usd
CY2023 us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
91617 usd
CY2022 us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
5671 usd
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-274845 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1099402 usd
CY2023 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
234858 usd
CY2022 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
603963 usd
CY2023 us-gaap Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
-4250888 usd
CY2022 us-gaap Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
-3093265 usd
CY2023 us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
28241 usd
CY2022 us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
-55611 usd
CY2023 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1704321 usd
CY2022 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-180943 usd
CY2023 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-577189 usd
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-819461 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7147113 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-27154535 usd
CY2023 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
15915398 usd
CY2022 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
70935935 usd
CY2023 sdig Proceeds From Sale Of Deposit Assets
ProceedsFromSaleOfDepositAssets
0 usd
CY2022 sdig Proceeds From Sale Of Deposit Assets
ProceedsFromSaleOfDepositAssets
13013974 usd
CY2023 sdig Payments For Equipment Purchase Deposits
PaymentsForEquipmentPurchaseDeposits
8000643 usd
CY2022 sdig Payments For Equipment Purchase Deposits
PaymentsForEquipmentPurchaseDeposits
13656428 usd
CY2023 sdig Payments To Acquire Reclamation Bond
PaymentsToAcquireReclamationBond
87780 usd
CY2022 sdig Payments To Acquire Reclamation Bond
PaymentsToAcquireReclamationBond
0 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-24003821 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-71578389 usd
CY2023 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
7147771 usd
CY2022 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
76119454 usd
CY2023 sdig Payments For Insurance Premiums
PaymentsForInsurancePremiums
7047122 usd
CY2022 sdig Payments For Insurance Premiums
PaymentsForInsurancePremiums
4598592 usd
CY2023 sdig Proceeds From Payments For Issuance Of Debt
ProceedsFromPaymentsForIssuanceOfDebt
-170135 usd
CY2022 sdig Proceeds From Payments For Issuance Of Debt
ProceedsFromPaymentsForIssuanceOfDebt
152358118 usd
CY2023 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
25257567 usd
CY2022 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
8599440 usd
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
11175989 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
CY2023 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
316 usd
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
22068844 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
80239512 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-9082090 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-18493412 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13296703 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
31790115 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4214613 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13296703 usd
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NATURE OF OPERATIONS</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Stronghold Digital Mining, Inc. ("Stronghold Inc." or the "Company") was incorporated as a Delaware corporation on March 19, 2021. The Company is a low-cost, environmentally beneficial, vertically integrated crypto asset mining company focused on mining Bitcoin and environmental remediation and reclamation services. The Company wholly owns and operates two coal refuse power generation facilities that it has upgraded: (i) the Company's first reclamation facility located on a 650-acre site in Scrubgrass Township, Venango County, Pennsylvania, which the Company acquired the remaining interest of in April 2021, and has the capacity to generate approximately 83.5 megawatts (“MW”) of electricity (the "Scrubgrass Plant"); and (ii) a facility located near Nesquehoning, Pennsylvania, which the Company acquired in November 2021, and has the capacity to generate approximately 80 MW of electricity (the "Panther Creek Plant," and collectively with the Scrubgrass Plant, the "Plants"). Both facilities qualify as an Alternative Energy System because coal refuse is classified under Pennsylvania law as a Tier II Alternative Energy Source (large-scale hydropower is also classified in this tier). The Company is committed to generating energy and managing its assets sustainably, and the Company believes that it is one of the first vertically integrated crypto asset mining companies with a focus on environmentally beneficial operations.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Stronghold Inc. operates in two business segments – the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Energy Operations </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">segment and the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Cryptocurrency Operations</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker ("CODM"). This segment presentation is consistent with how the Company's CODM, its chief executive officer, evaluates financial performance and makes resource allocation and strategic decisions about the business.</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Energy Operations</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company operates as a qualifying cogeneration facility (“Facility”) under the provisions of the Public Utilities Regulatory Policies Act of 1978 and sells its electricity into the PJM Interconnection Merchant Market ("PJM") under a Professional Services Agreement (“PSA”) with Customized Energy Solutions (“CES”), effective July 27, 2022. Under the PSA, CES agreed to act as the exclusive provider of services for the benefit of the Company related to interfacing with PJM, including handling daily marketing, energy scheduling, telemetry, capacity management, reporting, and other related services for the Plants. The initial term of the agreement is two years, and then will extend automatically on an annual basis unless terminated by either party with 60 days written (or electronic) notice prior to the current term end. The Company’s primary fuel source is waste coal which is provided by various third parties. Waste coal tax credits are earned by the Company by generating electricity utilizing coal refuse. In addition to the Company earning Tier II Renewable Energy Credits ("RECs") for its use of coal refuse as its primary fuel source, the Company also earns waste coal tax credits for generating electricity utilizing coal refuse.</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Cryptocurrency Operations</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is also a vertically-integrated digital currency mining business. The Company buys and maintains a fleet of Bitcoin miners, as well as the required infrastructure, and provides power to third-party digital currency miners under hosting agreements. The digital currency mining operations are in their early stages, and digital currencies and energy pricing mining economics are volatile and subject to uncertainty. The Company’s current strategy will continue to expose it to the numerous risks and volatility associated with the digital mining and power generation sectors, including fluctuating Bitcoin-to-U.S.-Dollar prices, the costs and availability of miners, the number of market participants mining Bitcoin, the availability of other power generation facilities to expand operations, and regulatory changes.</span></div>
CY2023 sdig Number Of Coal Refuse Power Generation Facilities Owned And Operating
NumberOfCoalRefusePowerGenerationFacilitiesOwnedAndOperating
2 power_generation_facility
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A summary of the significant accounting policies followed by the Company is presented below.</span></div>
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
During the first quarter of 2023, the Company revised its accounting policy to reclassify the presentation of imported power charges. Imported power charges are now recorded within fuel expenses, whereas they were previously netted against energy revenue. The prior period has been reclassified to conform to the current period presentation. The reclassification had no impact on net operating income (loss), earnings per share or equity.
CY2022 us-gaap Fuel Costs
FuelCosts
32970826 usd
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
40683112 usd
CY2023 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
294789 usd
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
0 usd
CY2023 sdig Waste Coal Tax Credits
WasteCoalTaxCredits
2861829 usd
CY2022 sdig Waste Coal Tax Credits
WasteCoalTaxCredits
1836823 usd
CY2023 sdig Renewable Energy Credits
RenewableEnergyCredits
19212021 usd
CY2022 sdig Renewable Energy Credits
RenewableEnergyCredits
9960655 usd
CY2023 sdig Waste Ash Sales Revenue
WasteAshSalesRevenue
123178 usd
CY2022 sdig Waste Ash Sales Revenue
WasteAshSalesRevenue
51453 usd
CY2023Q4 us-gaap Energy Related Inventory Coal
EnergyRelatedInventoryCoal
4066201 usd
CY2022Q4 us-gaap Energy Related Inventory Coal
EnergyRelatedInventoryCoal
4147369 usd
CY2023Q4 sdig Energy Related Inventory Limestone
EnergyRelatedInventoryLimestone
72969 usd
CY2022Q4 sdig Energy Related Inventory Limestone
EnergyRelatedInventoryLimestone
180696 usd
CY2023Q4 sdig Energy Related Inventory Fuel Oil
EnergyRelatedInventoryFuelOil
57642 usd
CY2022Q4 sdig Energy Related Inventory Fuel Oil
EnergyRelatedInventoryFuelOil
143592 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
4196812 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
4471657 usd
CY2023Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
5660028 usd
CY2022Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
5150659 usd
CY2023Q4 us-gaap Accrued Utilities Current
AccruedUtilitiesCurrent
3505203 usd
CY2022Q4 us-gaap Accrued Utilities Current
AccruedUtilitiesCurrent
0 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
0 usd
CY2023Q4 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
8000643 usd
CY2023Q4 sdig Property Plant And Equipment Number Of Miners For Deposit
PropertyPlantAndEquipmentNumberOfMinersForDeposit
5000 miner
CY2023Q3 us-gaap Impairment Of Ongoing Project
ImpairmentOfOngoingProject
5422338 usd
CY2023 us-gaap Depreciation
Depreciation
35415286 usd
CY2022 us-gaap Depreciation
Depreciation
47235344 usd
CY2023 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
484704 usd
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
406411 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
2797265 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
1420736 usd
CY2022Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
2890665 usd
CY2022Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
1074091 usd
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
40683112 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
733115 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1439544 usd
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
22101 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
1343085 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
285300 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
867448 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
674660 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10787895 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8893248 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
56139909 usd
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
74449664 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
7936147 usd
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CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations
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CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2023Q4 us-gaap Long Term Debt
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q4 sdig Lessee Operating Lease Liability To Be Paid Year Five And Thereafter
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Operating Lease Liability
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CY2022 us-gaap Allocated Share Based Compensation Expense
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2022 sdig Share Based Compensation Arrangement By Share Based Payment Award Options Granted Weighted Average Remaining Contractual Term
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CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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CY2022Q4 us-gaap Other Assets Noncurrent
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CY2023Q4 us-gaap Assets
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CY2022 sdig Deemed Contribution From Exchange Of Series C Convertible Preferred Stock
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2023 us-gaap Deferred Income Tax Expense Benefit
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CY2023 us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2022 us-gaap Income Taxes Paid
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CY2023 us-gaap Interest Paid Net
InterestPaidNet
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CY2022 us-gaap Interest Paid Net
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CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023 sdig Arbitration Award Paid
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CY2022 sdig Arbitration Award Paid
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CY2023 sdig Payments To Acquire Property Plant And Equipment Through Finance Leases
PaymentsToAcquirePropertyPlantAndEquipmentThroughFinanceLeases
60679 usd
CY2022 sdig Payments To Acquire Property Plant And Equipment Through Finance Leases
PaymentsToAcquirePropertyPlantAndEquipmentThroughFinanceLeases
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CY2023 sdig Payments To Acquire Property Plant And Equipment Included In Accounts Payable Or Accrued Liabilities
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CY2022 sdig Payments To Acquire Property Plant And Equipment Included In Accounts Payable Or Accrued Liabilities
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023 sdig Reclassifications From Deposits To Property Plant And Equipment
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CY2023 sdig Payment Of Convertible Note Via Warrants
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CY2023 sdig Warrants Issued Debt Financing
WarrantsIssuedDebtFinancing
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CY2022 sdig Warrants Issued Debt Financing
WarrantsIssuedDebtFinancing
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CY2023 sdig Warrants Issued Convertible Notes
WarrantsIssuedConvertibleNotes
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CY2022 sdig Warrants Issued Convertible Notes
WarrantsIssuedConvertibleNotes
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CY2023 sdig Settlement Of Debt Through Issuance Of Equity
SettlementOfDebtThroughIssuanceOfEquity
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CY2022 sdig Settlement Of Debt Through Issuance Of Equity
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CY2023 sdig Settlement Of Accrued Interest Through Issuance Of Equity
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CY2022 sdig Settlement Of Accrued Interest Through Issuance Of Equity
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CY2023 us-gaap Stock Issued1
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CY2022 us-gaap Stock Issued1
StockIssued1
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CY2023 sdig Warrants Issued Settlement Agreement
WarrantsIssuedSettlementAgreement
1739882 usd
CY2022 sdig Warrants Issued Settlement Agreement
WarrantsIssuedSettlementAgreement
0 usd
CY2023 sdig Settlement Of Payable Through Return Of Transformers
SettlementOfPayableThroughReturnOfTransformers
6007500 usd
CY2022 sdig Settlement Of Payable Through Return Of Transformers
SettlementOfPayableThroughReturnOfTransformers
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CY2023 us-gaap Notes Issued1
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CY2022 us-gaap Notes Issued1
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CY2023 sdig Elimination Of Payable Through Issuance Of Debt
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11426720 usd
CY2022 sdig Elimination Of Payable Through Issuance Of Debt
EliminationOfPayableThroughIssuanceOfDebt
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CY2023 us-gaap Loans Assumed1
LoansAssumed1
5386695 usd
CY2022 us-gaap Loans Assumed1
LoansAssumed1
5484449 usd
CY2023 sdig Stock Issued Settle Outstanding Payables Or Accrued Liabilities
StockIssuedSettleOutstandingPayablesOrAccruedLiabilities
1044774 usd
CY2022 sdig Stock Issued Settle Outstanding Payables Or Accrued Liabilities
StockIssuedSettleOutstandingPayablesOrAccruedLiabilities
0 usd
CY2023 sdig Stock Issued During Period Value Exchange Of Convertible Securities
StockIssuedDuringPeriodValueExchangeOfConvertibleSecurities
20492568 usd
CY2022 sdig Stock Issued During Period Value Exchange Of Convertible Securities
StockIssuedDuringPeriodValueExchangeOfConvertibleSecurities
0 usd

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