2023 Q2 Form 10-Q Financial Statement

#000149315223017349 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $2.068M $3.082M $4.183M
YoY Change -76.16% -66.92% 15.04%
Cost Of Revenue $2.458M $3.138M $6.350M
YoY Change -75.69% -64.58% 16.43%
Gross Profit -$390.0K -$56.00K -$2.167M
YoY Change -72.78% -112.25% 19.2%
Gross Profit Margin -18.86% -1.82% -51.8%
Selling, General & Admin $6.515M $6.747M $3.762M
YoY Change -10.13% -7.0% 25.82%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $547.0K $632.0K $5.215M
YoY Change -90.05% -90.56% 59.53%
% of Gross Profit
Operating Expenses $6.515M $6.747M $6.141M
YoY Change -10.13% -7.0% 3350.0%
Operating Profit -$7.074M -$7.012M -$8.308M
YoY Change -25.0% 3.15% 316.23%
Interest Expense $439.0K $1.374M -$519.0K
YoY Change -86.72% -147.69% -72.38%
% of Operating Profit
Other Income/Expense, Net -$240.0K $12.00K $20.00K
YoY Change -110.0% -200.0%
Pretax Income -$9.804M -$7.979M -$27.64M
YoY Change -31.7% -17.56% 609.6%
Income Tax -$547.0K -$547.0K -$2.000K
% Of Pretax Income
Net Earnings -$8.775M -$7.062M -$27.47M
YoY Change 33.83% -20.71% 877.16%
Net Earnings / Revenue -424.32% -229.14% -656.66%
Basic Earnings Per Share -$0.34 -$0.35
Diluted Earnings Per Share -$0.34 -$0.33 -$1.67
COMMON SHARES
Basic Shares Outstanding 27.02M shares 24.68M shares 17.54M shares
Diluted Shares Outstanding 28.15M shares 864.9K shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.500M $4.553M $1.136M
YoY Change 62.13% 61.05% -88.93%
Cash & Equivalents $4.600M $5.046M $1.821M
Short-Term Investments
Other Short-Term Assets $13.70M $2.814M $3.186M
YoY Change 11.92% -85.38% -77.55%
Inventory
Prepaid Expenses
Receivables $1.537M $452.0K $320.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $22.67M $7.819M $4.642M
YoY Change 29.13% -65.1% -81.42%
LONG-TERM ASSETS
Property, Plant & Equipment $37.76M $38.81M $42.50M
YoY Change 49584.21% -43.44% -4.69%
Goodwill
YoY Change
Intangibles $31.74M $34.09M $36.43M
YoY Change -22.93% -20.52%
Long-Term Investments
YoY Change
Other Assets $4.000M $2.950M $1.150M
YoY Change 275.59% 177.78% 2.59%
Total Long-Term Assets $73.98M $76.42M $80.32M
YoY Change -603.98% -32.92% -13.37%
TOTAL ASSETS
Total Short-Term Assets $22.67M $7.819M $4.642M
Total Long-Term Assets $73.98M $76.42M $80.32M
Total Assets $96.65M $84.24M $84.96M
YoY Change 3260.47% -38.21% -27.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.150M $3.822M $3.548M
YoY Change 2481.97% -12.4% 19.95%
Accrued Expenses $4.099M $2.847M $2.721M
YoY Change 649.36% 20.33% -4.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $10.41M $12.09M
YoY Change -100.0% -38.76% 48.84%
Long-Term Debt Due $8.100M $7.758M $10.55M
YoY Change 7.63% 7.82%
Total Short-Term Liabilities $16.53M $25.04M $29.52M
YoY Change -39.33% -23.02% 88.2%
LONG-TERM LIABILITIES
Long-Term Debt $11.90M $0.00
YoY Change 198.84% -100.0%
Other Long-Term Liabilities $1.800M $686.0K $287.0K
YoY Change 176.5% -2.14% -61.53%
Total Long-Term Liabilities $13.70M $686.0K $0.00
YoY Change 244.05% -89.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.53M $25.04M $29.52M
Total Long-Term Liabilities $13.70M $686.0K $0.00
Total Liabilities $38.03M $34.06M $38.69M
YoY Change 2946.96% -30.14% 44.87%
SHAREHOLDERS EQUITY
Retained Earnings -$237.6M -$228.8M -$221.8M
YoY Change 71.54% 73.41% 80.22%
Common Stock $31.00K $26.00K $20.00K
YoY Change -99.99% -99.99%
Preferred Stock
YoY Change
Treasury Stock (at cost) $13.80M $13.80M $13.80M
YoY Change 0.0% 0.25%
Treasury Stock Shares 1.019M shares
Shareholders Equity $32.77M $37.39M $41.87M
YoY Change
Total Liabilities & Shareholders Equity $96.65M $84.24M $84.96M
YoY Change -34.66% -38.21% -27.81%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$8.775M -$7.062M -$27.47M
YoY Change 33.83% -20.71% 877.16%
Depreciation, Depletion And Amortization $547.0K $632.0K $5.215M
YoY Change -90.05% -90.56% 59.53%
Cash From Operating Activities -$790.0K -$3.053M -$997.0K
YoY Change -201.28% -332.88% -111.97%
INVESTING ACTIVITIES
Capital Expenditures $2.060M $860.0K $1.779M
YoY Change -107.57% -103.38% -105.99%
Acquisitions
YoY Change
Other Investing Activities -$7.080M -$200.0K $160.0K
YoY Change -151.74% -92.28% -101.61%
Cash From Investing Activities -$9.130M -$435.0K -$1.619M
YoY Change -32.55% -98.45% -95.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.12M $6.713M 3.354M
YoY Change 3.88% -65.26% -86.97%
NET CHANGE
Cash From Operating Activities -790.0K -$3.053M -997.0K
Cash From Investing Activities -9.130M -$435.0K -1.619M
Cash From Financing Activities 15.12M $6.713M 3.354M
Net Change In Cash 5.200M $3.225M 738.0K
YoY Change 189.05% -143.4% -113.28%
FREE CASH FLOW
Cash From Operating Activities -$790.0K -$3.053M -$997.0K
Capital Expenditures $2.060M $860.0K $1.779M
Free Cash Flow -$2.850M -$3.913M -$2.776M
YoY Change -110.18% -114.61% -107.3%

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StockIssued1
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CY2023Q1 us-gaap Nature Of Operations
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<p id="xdx_803_eus-gaap--NatureOfOperations_zn7BwYo1IRU4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_827_zPPnJksV7rU">Nature of Operations</span></b></span></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"> </p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Business</span></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Unless the context requires otherwise in these notes to the consolidated financial statements, the terms “SHI,” the “Company,” “we,” “us,” and “our” refer to Soluna Holdings, Inc. together with its consolidated subsidiaries, “SCI” refers to Soluna Computing, Inc., formerly known as EcoChain, Inc., and “MTI Instruments” refers to MTI Instruments, Inc..</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated was incorporated in Nevada on March 24, 2021, and is the successor to Mechanical Technology, Inc., which was incorporated in the State of New York in 1961, as a result of a merger which became effective on March 29, 2021, and is headquartered in Albany, New York. Effective November 2, 2021, the Company changed its name from “Mechanical Technology, Incorporated” to “Soluna Holdings, Inc.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHI currently conducts our business through our wholly-owned subsidiary, Soluna Computing, Inc. (“SCI”). SCI is engaged in mining of cryptocurrency through data centers that can be powered by renewable energy sources. Recently, SCI has built modular data centers that are used for cryptocurrency mining though proprietary mining and hosting business models. SCI intends to continue to develop and build, modular data centers that use wasted renewable energy for cryptocurrency mining and in the future can be used for intensive, batchable computing applications, such as artificial intelligence and machine learning, with the goal of providing a cost-effective alternative to battery storage or transmission lines. Headquartered in Albany, New York, the Company uses technology and intentional design to solve complex, real-world challenges.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SCI was incorporated in Delaware on January 8, 2020 as EcoChain, Inc., which operates cryptocurrency mining facilities that performs proprietary mining and data hosting services that integrates with the cryptocurrency blockchain network. Through the October 2021 acquisition by EcoChain, Inc. of an entity at the time named Soluna Computing, Inc., SCI also has a pipeline of certain cryptocurrency mining projects previously owned by Harmattan Energy, Ltd. (“HEL”) (formerly known as Soluna Technologies, Ltd.), a Canadian corporation incorporated under the laws of the Province of British Colombia that develops vertically-integrated, utility-scale computing facilities focused on cryptocurrency mining and cutting-edge blockchain applications. Following such acquisition, on November 15, 2021, SCI completed its conversion and redomicile to Nevada and changed its name from “EcoChain, Inc.” to “Soluna Computing, Inc.”. The following day, the acquired entity, Soluna Computing, Inc., changed its name to “Soluna Callisto Holdings Inc.” (“Soluna Callisto”). We earn revenue from this business as the mined cryptocurrencies are converted into U.S. dollars. In fiscal year 2021, SCI began mining operations in Murray, Kentucky, (“Project Sophie”) and Calvert City, Kentucky, (“Project Marie”). Project Marie had performed hosting services and proprietary mining in which 10 megawatts were used for hosting services and 10 megawatts was used for proprietary mining through the end of February 2023, at which time the facility had shut down. As of March 31, 2023, Project Sophie operated fully on proprietary mining with a capacity of 25 megawatts. On April 6, 2023, Project Sophie entered into a 25 MW hosting contract with a Bitcoin miner, in which will shift the Company’s business model at the Company’s modular data centers at Project Sophie from proprietary mining to hosting Bitcoin miners for the customer. The Company plans to sell its existing Bitcoin miners at the Project Sophie site and redeploy capital. On September 17, 2022, SCI sold specified assets consisting mainly of mining equipment and other general equipment items to a buyer at its Wenatchee, Washington location, (“Project Edith”). Soluna has committed to providing certain facilities contracts at cost plus a markup to facilitate the continued operations for the sold mining assets, on behalf of the new ownership. We have a development site in Texas (“Project Dorothy”) for a potential of up to 100 megawatts to be built at a wind farm with initial energization of 50 megawatts, in which the Company has obtained approval from the Electric Reliability Council of Texas (“ERCOT”) and expects to begin energization in fiscal year 2023. The Company as of March 31, 2023, has a <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20230331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SolunaDVSLComputeCoLLCMember__srt--RangeAxis__srt--MinimumMember_z5is0YJi6WLf" title="Ownership percentage">15%</span> ownership interest in Soluna DVSL ComputeCo, LLC (“DVSL”) in which is included within the Project Dorothy site, as discussed further in Note 16.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the Sale (as defined below), we also operated though our wholly owned subsidiary, MTI Instruments, an instruments business engaged in the design, manufacture and sale of vibration measurement and system balancing solutions, precision linear displacement sensors, instruments and system solutions, and wafer inspection tools. MTI Instruments was incorporated in New York on March 8, 2000. MTI Instruments’ products consisted of engine vibration analysis systems for both military and commercial aircraft and electronic gauging instruments for position, displacement and vibration application within the industrial manufacturing markets, as well as in the research, design and process development markets. These systems, tools and solutions were developed for markets and applications that require consistent operation of complex machinery and the precise measurements and control of products, processes, and the development and implementation of automated manufacturing and assembly. On December 17, 2021, we announced that we had entered into a non-binding letter of intent with a potential buyer (the “Buyer”) regarding the potential sale of MTI Instruments (the “LOI”) to an unrelated third party. Pursuant to the LOI, the Buyer would acquire <span id="xdx_908_ecustom--PercentageOfIssuedAndOutstandingCommonStock_dp_uPure_c20211216__20211217__srt--ConsolidatedEntitiesAxis__custom--MTIMember_zddRwNKNFlFb" title="Percentage of issued and outstanding common stock">100%</span> of the issued and outstanding common stock of MTI Instruments. As a result of the foregoing, the MTI Instruments business was reported as discontinued operations in our consolidated financial statements as of December 31, 2022, and prior periods included in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 31, 2023 (the “Annual Report”). On April 11, 2022, we consummated the Sale, MTI Instruments ceased to be our wholly-owned subsidiary and, as a result, we have exited the instruments business. See Note 14 for additional information on the Sale.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 11, 2022, SHI entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with NKX Acquiror, Inc. (the “Purchaser”), pursuant to which the Company sold on such date all of the issued and outstanding shares of capital stock of its wholly-owned subsidiary, MTI Instruments, for approximately $<span id="xdx_90F_eus-gaap--ProceedsFromDivestitureOfBusinesses_pn5n6_c20220410__20220411__srt--ConsolidatedEntitiesAxis__custom--MTIMember_z1lfVqpG3BBi" title="Proceeds from sale of subsidiary">9.4</span> million in cash, subject to certain adjustments as set forth in the Stock Purchase Agreement (the “Sale”). The consideration paid by the Purchaser to the Company was based on an aggregate enterprise value of approximately $<span id="xdx_90E_eus-gaap--EquityMethodInvestmentQuotedMarketValue_iI_pn4n6_c20220411__srt--ConsolidatedEntitiesAxis__custom--MTIMember_zCHPljMuzD5e" title="Consideration paid by purchase">10.75</span> million. The Company recognized a gain on sale of approximately $<span id="xdx_908_eus-gaap--GainLossOnSaleOfBusiness_pn5n6_c20220410__20220411__srt--ConsolidatedEntitiesAxis__custom--MTIMember_zsdivR0YfIBg" title="Gain loss on disposition of business">7.8</span> million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Going Concern and Liquidity</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s condensed financial statements as of March 31, 2023 have been prepared using generally accepted accounting principles in the United States of America (“U.S. GAAP”) applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As shown in the accompanying condensed financial statements, the Company did not generate sufficient revenue to generate net income and has negative working capital as of March 31, 2023. In addition, the Company has ceased operations for Project Marie in February 2023 due to the termination of the Management and Hosting Services agreement with CC Metals and Alloys, LLC (“CCMA”) and repossession of collateral for miners as discussed further below. These factors, among others indicate that there is substantial doubt about the Company’s ability to continue as a going concern within one year after issuance of these condensed unaudited financial statements as of March 31, 2023, or May 15, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soluna MC Borrowing 2021-1, <span style="background-color: white">received a Notice of Acceleration and Repossession (the “NYDIG Notice”) from NYDIG ABL LLC (“NYDIG”) with respect to the Master Equipment Finance Agreement, dated as of December 30, 2021 (the “MEFA”), by and between Borrower and NYDIG. </span>The NYDIG Notice states that (a) Borrower failed to observe or perform certain covenants, conditions or agreements contained in the MEFA and such failure continued unremedied for a period of ten days after Borrower’s knowledge of such breach, which resulted in an event of default under the MEFA, and (b) Borrower defaulted under the guaranty, collateral agreement, or other support agreement, which resulted in an event of default under the MEFA. In addition, the NYDIG Notice states that Borrower failed to pay certain payments of principal and interest under the MEFA when due, which failure also constituted an event of default under the MEFA. As a result of the foregoing events of default, and pursuant to the MEFA, NYDIG (x) declared the principal amount of all loans due and owing under the MEFA and all accompanying Loan Documents (as defined in the MEFA) to be due and immediately payable, (y) imposed a default rate of interest on any outstanding principal amount of each loan (together with all then unpaid interest accruing thereon) and all other obligations under the MEFA and the Loan Documents, and (z) demanded the return of all equipment subject to the MEFA and the Loan Documents. <span style="background-color: white">The obligations of Borrower under the MEFA and reflected in the NYDIG Notice were ring-fenced to Borrower and its direct parent company, Soluna MC LLC. On February 23, 2023, NYDIG proceeded to foreclose on all of the collateral securing the MEFA, which resulted in a reportable disposition of all of the Company’s mining assets at the site and certain of the operating assets of Project Marie. The total net book value of the collateralized assets that were repossessed totaled $<span id="xdx_90F_eus-gaap--ForeclosedAssets_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--MasterEquipmentFinanceAgreementMember_zk2Pwd7ySpSi" title="Value of collateralized assets repossessed">3.4</span> million. Additionally, NDYIG has stated its intention to pursue SCI, the parent company of Guarantor, under a piercing of the corporate veil claim relating to Defendants’ debts and liabilities under the loan documents. SCI denies any such liability and has filed a complaint for a declaratory judgment against NYDIG in the Eighth Judicial District Court in Clark County, Nevada on March 16, 2023, seeking a declaratory judgment as to such matter.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. In the near term, management is evaluating and implementing different strategies to obtain financing to fund the Company’s expenses and growth to achieve a level of revenue adequate to support the Company’s current cost structure. Financing strategies may include, but are not limited to, stock issuances, project level equity, debt borrowings, partnerships and/or collaborations. If the Company is unable to meet its financial obligations, it could be forced to restructure or refinance, seek additional equity capital or sell its assets. The Company might then be unable to obtain such financing or capital or sell its assets on satisfactory terms. There can be no assurance that additional financing will be available to the Company when needed or, if available, that it can be obtained on commercially reasonable terms. If the Company is not able to obtain the additional financing on a timely basis, if and when it is needed, it will be forced to delay or scale down some or all of its development activities or perhaps even cease the operation of its business.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To further implement management’s strategy, in May 2022, SCI entered into a structural understanding with Soluna SLC Fund I Projects Holdco LLC (“Spring Lane”), a Delaware limited liability company, pursuant to which Spring Lane agreed to provide up to $<span id="xdx_90A_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_c20220531__dei--LegalEntityAxis__custom--SpringLaneMember_zNJPkT1qPpe9" title="Maximum financing amount">35.0 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million in project financing subject to various milestones and conditions precedent and in August 2022, the Company entered into an agreement with Spring Lane for an initial funding of up to $<span id="xdx_90C_eus-gaap--ProceedsFromLinesOfCredit_pn5n6_c20220802__20220831__dei--LegalEntityAxis__custom--SpringLaneMember__srt--RangeAxis__srt--MaximumMember_zOZZxTEfwmc8" title="Initial funding amount">12.5 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million from the previously agreed-upon $<span id="xdx_90A_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_c20220531__dei--LegalEntityAxis__custom--SpringLaneMember_zX5eNIaYemn5" title="Maximum financing amount">35.0</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million commitment from Spring Lane for Project Dorothy for a <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220831__dei--LegalEntityAxis__custom--SpringLaneMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ProjectDorothyMember_zmvWKnv3xyg9">32% </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ownership as of year-end. As of December 31, 2022, the Company had received approximately $<span id="xdx_907_eus-gaap--ProceedsFromRelatedPartyDebt_pn5n6_c20220101__20221231__dei--LegalEntityAxis__custom--SpringLaneMember_zvgyqkVbQAWh" title="Contribution received">4.8 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million worth of contributions from Spring Lane. In February and concluding on March 10, 2023, the Company entered into a series of Purchase and Sale Agreements with Spring Lane for a total purchase price of $<span id="xdx_909_eus-gaap--EquityMethodInvestmentQuotedMarketValue_iI_pn5n6_c20230310__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SpringLaneMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zbfmdRHsuBK8" title="Purchase price">7.5</span> million for the sale of Series B membership interests owned by SHI. The capital was funded and used to help complete the substation interconnection and the final stages of Project Dorothy, Soluna’s flagship project in West Texas, and corporate operations and general expenses of Soluna. In this series of transactions, Spring Lane increased its stake in Soluna DVSL ComputeCo from approximately <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220831__dei--LegalEntityAxis__custom--SpringLaneMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SolunaDVSLComputeCoLLCMember_zDguRgAqTucc">32</span>% to <span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20230331__dei--LegalEntityAxis__custom--SpringLaneMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SolunaDVSLComputeCoLLCMember_zeuwMVzBC4ib">85</span>% and reduced SHI’s ownership from <span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220831__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SolunaDVSLComputeCoLLCMember_zezS9foObdfi">68</span>% to <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20230331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SolunaDVSLComputeCoLLCMember_zrI9Q2tPP4j6" title="Ownership percentage">15</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">In addition, on May 9, 2023, the Company’s indirect subsidiary Soluna DV ComputeCo, LLC (“DV”) completed a strategic partnership and financing with a special purpose vehicle, Navitas West Texas Investments SPV, LLC<b>, </b>(“Navitas”) organized by Navitas Global, to complete the second phase of the Dorothy Project (“Dorothy 1B”). Under a Contribution Agreement among the parties, the Company owned a substantially complete 25MW data center under construction, in which the Company had contributed capital expenditures for the data center. Navitas has initially contributed the initial installment of $<span id="xdx_90C_ecustom--InitialInstallmentPayment_pn5n6_c20230507__20230509__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z4OMmwOkgyye" title="Initial installment payment">4.5</span> million of a $<span id="xdx_900_eus-gaap--OtherCommitment_iI_pn5n6_c20230509__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zHd5nlX8Ch61" title="Cash commitment">10.8</span> cash commitment for the primary purpose of purchasing proprietary cryptocurrency miners and equipment necessary to put the Dorothy 1B Project into service.  As a result of the initial contribution, the Company owns <span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20230509__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SolunaDVComputecoLLCMember_zEUyCl5CbXg6">73.5</span>% of DV and Navitas owns <span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20230509__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--NavitasWestTexasInvestmentsSPVLLCMember_zkXnTEwSWwe6">26.5</span>% of DV.  The Company expects Navitas to contribute the balance of the committed funds by the end of May 2023. <span id="xdx_900_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_pid_dp_uPure_c20230507__20230509__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionAxis__custom--NavitasWestTexasInvestmentsSPVLLCMember_zGw6zMCn01Of" title="Related party transaction, description">At the completion of funding, Navitas will have a 49% membership interest in DV, and the Company will have a 51% membership interest in DV</span>.  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During the first quarter of 2023, the Company has entered into six separate promissory notes for a total of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20230101__us-gaap--DebtInstrumentAxis__custom--SixSeparatePromissoryNotesMember_zrrhH2EvD1t8" title="Notes principal amount">900</span> thousand at an interest rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20230101__us-gaap--DebtInstrumentAxis__custom--SixSeparatePromissoryNotesMember_zUpGnxBFFctk" title="Interest rate">15%</span>. In March 2023, we retired two of these promissory notes for a total of $<span id="xdx_900_eus-gaap--NotesReduction_pn3n3_c20230101__20230331_ze226EuzB0R7" title="Notes retired">300</span> thousand, and an additional $<span id="xdx_901_eus-gaap--NotesReduction_pn3n3_c20230401__20230430__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zI5QEeYtOqS7" title="Notes retired">325</span> thousand was retired in April of 2023 leaving $<span id="xdx_903_eus-gaap--NotesPayable_iI_pn3n3_c20230430__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zp8sMv6Wk06e" title="Notes payable">275</span> thousand still outstanding, using proceeds from a subsequent placement of the December 5<sup>th</sup> Securities Purchase Agreement Offering.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the first three months ended March 31, 2023, the Company has sold under-utilized miners and equipment, and continues to evaluate opportunities to sell more miners and equipment for fiscal year 2023. In addition to the proceeds from the foregoing transactions and together with the Company’s cash on hand for available use of approximately $<span id="xdx_904_eus-gaap--Cash_iI_pn5n6_c20230331_zF0nhBLFzZt" title="Cash in hand">4.6</span> million as of March 31, 2023, the Company will need additional capital raising activities, to meet its outstanding commitments relating to capital expenditures as of March 31, 2023 of $<span id="xdx_903_ecustom--WorkingCapital_iI_pn5n6_c20230331_zt3ICazZUaQd" title="Working capital">0.2</span> million and other operational needs, as well as additional needs during 2023 and management continues to evaluate different strategies to obtain financing to fund operations. However, management cannot provide any assurances that the Company will be successful in accomplishing additional financing or any of its other plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">The COVID-19 <span style="background-color: white">global pandemic has been unprecedented and unpredictable, and the impact is likely to continue to result in significant national and global economic disruption, which may adversely affect our business. Although the Company has experienced some minor impacts to the Project Dorothy builds due to disruptions in the global supply chain, the Company does not expect any material impact on our long-term strategic plans, our operations, or our liquidity due to the impacts of COVID-19. </span>Further, v<span style="background-color: white">arious macroeconomic factors could adversely affect our business and the results of our operations and financial condition, including changes in inflation, interest rates and overall economic conditions. For instance, inflation could negatively impact the Company by increasing our labor costs, through higher wages and higher interest rates. If inflation or other factors were to significantly increase our business costs, our ability to develop our current projects may be negatively affected. Interest rates, the liquidity of the credit markets and the volatility of the capital markets could also affect the operation of our business and our ability to raise capital in order to fund our operations. However, the Company is actively monitoring this situation and the possible effects on our financial condition, liquidity, operations, suppliers, and the industry</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Notes Reduction
NotesReduction
300000 usd
CY2023Q1 us-gaap Cash
Cash
4600000 usd
CY2023Q1 SLNH Working Capital
WorkingCapital
200000 usd
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_846_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zdSMcBW6yqOc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_zVTjU6EQRKe">Reclassification</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations or net assets.</span></p>
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
452000 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
320000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
40490000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
44000000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1682000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1496000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
38808000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
42504000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
632000 usd
CY2022Q1 us-gaap Depreciation
Depreciation
4300000 usd
CY2023Q1 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
82000 usd
CY2023Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
213000 usd
CY2022Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
295000 usd
CY2023Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
36000 usd
CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
209000 usd
CY2021Q4 us-gaap Termination Loans
TerminationLoans
1900000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
47517000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
13430000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
34087000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
47495000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
11063000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
36432000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2400000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2400000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
7113000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
9483000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
9483000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
7904000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
6000 usd
CY2023Q1 SLNH Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
98000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
34087000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0966 pure
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-547000 usd
CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-547000 usd
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
31200000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
30700000 usd
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
10386000 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
12254000 usd
CY2023Q1 SLNH Debt Instrument Discount From Issuance Of Warrants
DebtInstrumentDiscountFromIssuanceOfWarrants
116000 usd
CY2022Q4 SLNH Debt Instrument Discount From Issuance Of Warrants
DebtInstrumentDiscountFromIssuanceOfWarrants
475000 usd
CY2022Q4 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
42000 usd
CY2023Q1 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
10270000 usd
CY2022Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
11737000 usd
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
13.26
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
9.50
CY2022Q3 us-gaap Debt Instrument Increase Decrease Other Net
DebtInstrumentIncreaseDecreaseOtherNet
520241 usd
CY2022Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
13006022 usd
CY2022Q3 us-gaap Escrow Deposit
EscrowDeposit
1000000.0 usd
CY2022Q3 us-gaap Deposit Liabilities Description
DepositLiabilitiesDescription
on or before October 17, 2022, the Company (i) must deposit $1,000,000 into escrow as the Third Deposit, (ii) will not be required to make the second deposit of $1,950,000 pursuant to the Addendum and the Addendum Agreement, or redeem the first tranche of October Secured Notes. Additionally, the First Reconcile Date was extended to October 12, 2022. The Company gave notice to the Noteholders on October 10, 2022 that the Company would be conducting an equity financing. This in turn paused the commencement of (a) the Second Conversion and the Second Reconcile Date, and (b) the Third Conversion and the Third Reconcile Date, in each case, for forty-five (45) Trading Days, each as defined in the Addendum. This also had the effect of pausing the Company’s requirement to make the Third Deposit of $1,000,000 under the October Purchase Agreement as amended by the Addendum, for 45 Trading Days. The 45-day trading window opened on December 20, 2022 to allow the Noteholders to apply the 20% discount to the 5-day VWAP of the Company’s stock.
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y
CY2022Q3 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
1100000 usd
CY2022Q3 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
293350 shares
CY2022Q3 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
3.75
CY2022Q3 us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
12800000 usd
CY2023Q1 us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
892000 usd
CY2022Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
12300000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
13000000.0 usd
CY2023Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
1400000 usd
CY2023Q1 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
11600000 usd
CY2023Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
10400000 usd
CY2023Q1 SLNH Change In Warrant Exercise Price
ChangeInWarrantExercisePrice
370000 usd
CY2022Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.18 pure
CY2023Q1 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
617000 usd
CY2023Q1 us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
April 25, 2023 thru January 25, 2027
CY2023Q1 us-gaap Debt Instrument Interest Rate Terms
DebtInstrumentInterestRateTerms
12% thru 15
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
9.50
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.76
CY2023Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.14 pure
CY2021Q3 us-gaap Proceeds From Unsecured Lines Of Credit
ProceedsFromUnsecuredLinesOfCredit
1000000.0 usd
CY2021Q3 us-gaap Line Of Credit Facility Interest Rate During Period
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0.0075 pure
CY2023Q1 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.085 pure
CY2022Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1000000.0 usd
CY2023Q1 us-gaap Proceeds From Unsecured Lines Of Credit
ProceedsFromUnsecuredLinesOfCredit
865000 usd
CY2023Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1000000.0 usd
CY2023Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
135000 usd
CY2023Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
135000 usd
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of the Company’s common stock is entitled to one vote on all matters submitted to stockholders.
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
25414646 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
18694206 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1309789 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
1007992 shares
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
12867338 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2656448 shares
CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
17841567 shares
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
56000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
50000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
56000 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
50000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y5M4D
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y1M20D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0791 pure
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0383 pure
CY2023Q1 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
54000 usd
CY2022Q1 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
49000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
397000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
181000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
242000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
79000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
29000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
29000 usd
CY2023Q1 SLNH Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
145000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
705000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
121000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
584000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
205000 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
379000 usd
CY2023Q1 us-gaap Other Commitments Description
OtherCommitmentsDescription
The Company has a potential contingency associated with an agreement with Spring Lane of up to $250 thousand which would be reduced by a proportion of funding received from Spring Lane up to the $35.0 million aggregate contribution cap. The Company considers the probability of a payment for the contingency to be remote.
CY2023Q1 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
358000 usd
CY2023Q1 SLNH Equity Method Investment Amount
EquityMethodInvestmentAmount
0 usd
CY2022Q1 SLNH Equity Method Investment Amount
EquityMethodInvestmentAmount
0 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.0975 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.0975 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
The Third Amended and Restated 2021 Plan will, among other things, (a) increase the number of shares of our Common Stock reserved for issuance thereunder, on a quarterly basis, to 18.75% of the shares of our Common Stock outstanding on the measurement date and (b) allow us to grant awards of shares of our 9.0% Series A Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) (with and without restrictions). Subject to certain adjustments as provided in the Third Amended and Restated 2021 Plan, the maximum aggregate number of shares of our Common Stock that may be issued under the Third Amended and Restated 2021 Plan (excluding the number of shares of our Common Stock subject to Specified Awards (as defined below)) (i) pursuant to the exercise of stock options, (ii) as unrestricted or restricted Common Stock, and (iii) in settlement of RSUs shall be limited to, beginning with the first quarter of our fiscal year ending December 31, 2023 (or January 1, 2023), 18.75% of the number of shares of our Common Stock outstanding as of the first trading day of each quarter. Subject to certain adjustments as provided in the Third Amended and Restated 2021 Plan, the maximum aggregate number of shares of our Series A Preferred Stock that may be issued under the Third Amended and Restated 2021 Plan as unrestricted or restricted Series A Preferred Stock shall equal $3,600,000 valued as of the effective date of the Third Amended and Restated 2021 Plan as determined at the lower of the closing price of our Series A Preferred Stock on Nasdaq on such date or the average of the daily volume weighted average price of our Series A Preferred Stock on Nasdaq as reported by Bloomberg L.P. for a period of five (5) consecutive trading days ending on such date. Subject to certain adjustments as provided in the Third Amended and Restated 2021 Plan, (i) shares of our Common Stock and Series A Preferred Stock, as applicable, subject to the Third Amended and Restated 2021 Plan shall include shares of our Common Stock and Series A Preferred Stock, as applicable, which revert back to the Third Amended and Restated 2021 Plan in a prior quarter or fiscal year, as applicable, pursuant to the paragraph below, and (ii) the number of shares of our Common Stock and Series A Preferred Stock, as applicable, that may be issued under the Third Amended and Restated 2021 Plan may never be less than the number of shares of our Common Stock and Series A Preferred Stock, as applicable, that are then outstanding under (or available to settle existing) 2021 Plan Award grants. For purposes of the Third Amended and Restated 2021 Plan, “Specified Awards” means (i) 2021 Plan Awards issued to Eligible Persons who are not employed or engaged by us or any of our subsidiaries as of the last day of any fiscal quarter, commencing with the fiscal quarter ending March 31, 2023, and (ii) 2021 Plan Awards that have a grant date at least three (3) years prior to the last day of any fiscal quarter, commencing with the fiscal quarter ending March 31, 2023.
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
10.38
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
306500 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Description And Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationDescriptionAndTerms
37% vests 12 months from the date of the grant, 33% vests 24 months from the date of the grant, and 30% vests 36 months from the date of the grant, in each case subject to the reporting person remaining in the service of the issuer on each such vesting date.
CY2022Q1 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
1640000 usd
CY2022Q1 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
561000 usd
CY2022Q1 SLNH Disposal Group Including Discontinued Operation Research And Development
DisposalGroupIncludingDiscontinuedOperationResearchAndDevelopment
369000 usd
CY2022Q1 us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense
484000 usd
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
226000 usd
CY2022Q2 SLNH Instrument Purchase Price
InstrumentPurchasePrice
10750000 usd
CY2023Q1 SLNH Gain With Sale Table Textblock
GainWithSaleTableTextblock
<p id="xdx_89C_ecustom--GainWithSaleTableTextblock_z21pR9rNAK62" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the gain associated with the Sale.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Dollars in thousands)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_8B4_zK8t2FvvLYl1" style="display: none">Schedule of Gain on Sale</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20220411_zossNYCs91n" style="font-weight: bold; text-align: center">As of April 11,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_405_ecustom--ConsiderationReceivedFromSale_iI_pn3n3_maACRFSzNJH_z1rHHQMJoXP7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Consideration received</td><td style="width: 10%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">10,750</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ClosingCash_iI_pn3n3_maACRFSzNJH_zJwtrObh7Zo9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Plus: closing cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--TransactionCosts_iI_pn3n3_maACRFSzNJH_z7iXIvZRyAXc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Less: transaction costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(908</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_ecustom--ClosingIndebtedness_iI_pn3n3_maACRFSzNJH_z2aDLaOzZOfa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Less: closing indebtedness</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(483</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_ecustom--NewWorkingCapitalAdjustments_iNI_pn3n3_di_msACRFSzNJH_zUf2xsZeUB11" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Plus: new working capital adjustments</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">19</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--AdjustmentConsiderationReceivedFromSale_iTI_pn3n3_mtACRFSzNJH_zNqDOguyUyv2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Adjusted consideration received</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,379</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Cash_iI_pn3n3_maAzMmr_zyOgdjhJHgI5" style="vertical-align: bottom; background-color: White"> <td>Cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccountsReceivableNetCurrent_iI_pn3n3_maAzMmr_zZTDTWkH7gfd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,119</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InventoryNet_iI_pn3n3_maAzMmr_zhKSjjkW4BT1" style="vertical-align: bottom; background-color: White"> <td>Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">888</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_maAzMmr_zIXBmOmpS6z6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid expense and other current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_maAzMmr_zILVQo5q2Kv3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">579</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredIncomeTaxAssetsNet_iI_pn3n3_maAzMmr_zd0o4LiaDNPj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">171</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_maAzMmr_zFHrReyUAAU2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Property, plant and equipment, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">76</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Assets_iTI_pn3n3_mtAzMmr_zlcJ24XVqlkh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Total assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,876</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AccountsPayableCurrent_iI_pn3n3_maLz27L_zx5CpZrKE1Ke" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_maLz27L_z6tHqK9yixBh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">547</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_maLz27L_zJttke3j1Ekh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Operating lease liability</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">579</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--Liabilities_iTI_pn3n3_mtLz27L_z7ghwGjkMHDe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Total liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,248</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--NetAssetsTransferred_iI_pn3n3_z0EhEvTPVjo9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: left">Net assets transferred</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,628</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredGainOnSaleOfProperty_iI_pn3n3_zYVznsmR8Pjd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Gain on sale</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,751</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
CY2022Q2 SLNH Consideration Received From Sale
ConsiderationReceivedFromSale
10750000 usd
CY2022Q2 SLNH Closing Cash
ClosingCash
1000 usd
CY2022Q2 SLNH Transaction Costs
TransactionCosts
-908000 usd
CY2022Q2 SLNH Closing Indebtedness
ClosingIndebtedness
-483000 usd
CY2022Q2 SLNH New Working Capital Adjustments
NewWorkingCapitalAdjustments
-19000 usd
CY2022Q2 SLNH Adjustment Consideration Received From Sale
AdjustmentConsiderationReceivedFromSale
9379000 usd
CY2022Q2 us-gaap Cash
Cash
1000 usd
CY2022Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1119000 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
888000 usd
CY2022Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
42000 usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
579000 usd
CY2022Q2 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
171000 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
76000 usd
CY2022Q2 us-gaap Assets
Assets
2876000 usd
CY2022Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
122000 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
547000 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
579000 usd
CY2022Q2 us-gaap Liabilities
Liabilities
1248000 usd
CY2022Q2 SLNH Net Assets Transferred
NetAssetsTransferred
1628000 usd
CY2022Q2 us-gaap Deferred Gain On Sale Of Property
DeferredGainOnSaleOfProperty
7751000 usd
CY2022Q3 us-gaap Other Commitments Description
OtherCommitmentsDescription
Pursuant to the Dorothy Contribution Agreement, the Company committed to a capital contribution of up to approximately $26.3 million to DVSL (the “Company Commitment”), and on August 5, 2022, the Company was deemed to have contributed approximately $8.1 million, through payment of capital expenditures and development costs made on behalf of DVSL by the Company prior to August 5, 2022. Further under the Agreement, Spring Lane committed to a capital contribution of up to $12.5 million to DVSL (the “Spring Lane Dorothy Commitment”), and as of December 31, 2022, Spring Lane contributed approximately $4.8 million.

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