10-Q 1 clsk-20240331.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2024

Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________

Commission File Number: 001-39187

 

CleanSpark, Inc.

(Exact name of Registrant as specified in its charter)

Nevada

87-0449945

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

10624 S. Eastern Ave, Suite A - 638

Henderson, Nevada 89052

(Address of principal executive offices)(Zip code)

(702) 989-7692

(Registrant’s telephone number, including area code)

 _____________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.001 per share

CLSK

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days

Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☐ Large accelerated filer

Accelerated filer

☐ Non-accelerated Filer

  Smaller reporting company

  Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 227,870,260 shares as of May 8, 2024.

 


 

TABLE OF CONTENTS

 

 

Page

PART I – FINANCIAL INFORMATION

Item 1:

Financial Statements

5

Item 2:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

6

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

19

Item 4:

Controls and Procedures

19

PART II – OTHER INFORMATION

Item 1:

Legal Proceedings

21

Item 1A:

Risk Factors

21

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

21

Item 3:

Defaults Upon Senior Securities

21

Item 4:

Mine Safety Disclosures

21

Item 5:

Other Information

21

Item 6:

Exhibits

22

 

2


 

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements regarding our future results of operations and financial position, future hash rate capacity, industry and business trends, equity compensation, business strategy, plans, market growth and objectives for future operations.

The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to:

 

our ability to achieve profitability, and to maintain profitability, in the future;
high volatility in the value attributable to our business;
the rapidly changing regulatory and legal environment in which we operate, which may lead to unknown future challenges to operating our business or which may subject our business to added costs and/or uncertainty regarding our ability to operate;
the availability of financing opportunities and risks associated with economic conditions;
economic dependence on regulated terms of service and power rates;
dependency on continued growth in blockchain and bitcoin usage;
security and cybersecurity threats and hacks;
dependency on third parties to maintain our cold and hot wallets that hold our bitcoin;
changes to bitcoin mining difficulty;
our reliance on a limited number of key employees;
changes in network and infrastructure;
our ability to successfully integrate our newly acquired operations;
bitcoin halving;
our ability to execute on our business strategy;
our ability to remediate the material weakness identified in our internal control over financial reporting included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023;
our ability to resolve open comments from the Securities and Exchange Commission (the “SEC”) on our public filings and any changes to our disclosures as a result of the resolution of such matters;
risks relating to our potential establishment of an in-house function to trade bitcoin for our own account on the bitcoin we have mined, and hedge risk relating to our bitcoin holdings; and

3


 

other risks described in our prior press releases and in our filings with the SEC, including under the headings "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, this Quarterly Report on Form 10-Q and any subsequent filings with the SEC.

The forward-looking statements in this Quarterly Report on Form 10-Q are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this Quarterly Report on Form 10-Q with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Quarterly Report on Form 10-Q, whether as a result of any new information, future events or otherwise.

As used in this Quarterly Report on Form 10-Q, unless otherwise stated or the context requires otherwise, references to “CleanSpark,” the “Company,” “we,” “us,” and “our” refer to CleanSpark, Inc. and its consolidated subsidiaries.

GENERAL

We encourage investors and others interested in CleanSpark to review the information that we make available on our website at https://www.cleanspark.com/investor-relations, in addition to our filings with the SEC, webcasts, press releases and conference calls. Information contained on our website is not part of this Quarterly Report on Form 10-Q.

WHERE YOU CAN FIND MORE INFORMATION

All reports we file with the SEC are available for download free of charge via the Electronic Data Gathering Analysis and Retrieval (EDGAR) System on the SEC’s website at www.sec.gov. We also make electronic copies of our reports available for download, free of charge, through our website at https://www.cleanspark.com/investor-relations/ as soon as reasonably practicable after filing such material with the SEC. Information contained on our website is not part of this Quarterly Report on Form 10-Q.

4


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Our consolidated financial statements included in this Form 10-Q are as follows:

 

Consolidated Balance Sheets as of March 31, 2024 (unaudited) and September 30, 2023;

F-1

Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended March 31, 2024 and 2023 (unaudited);

F-3

Consolidated Statements of Stockholders’ Equity for the three and six months ended March 31, 2024 and 2023 (unaudited);

F-5

Consolidated Statements of Cash Flow for the six months ended March 31, 2024 and 2023 (unaudited);

F-7

Notes to Consolidated Financial Statements (unaudited).

F-9

 

This Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended September 30, 2023, filed with the SEC on December 1, 2023.

The accompanying consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended March 31, 2024 are not necessarily indicative of the results that can be expected for the full year.

5


 

CLEANSPARK, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except par value and share amounts)

 

 

 

March 31,
2024

 

 

September 30,
2023

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents, including restricted cash

 

$

323,052

 

 

$

29,215

 

Accounts receivable, net

 

 

 

 

 

5

 

Inventory

 

 

991

 

 

 

809

 

Prepaid expense and other current assets

 

 

4,134

 

 

 

12,034

 

Bitcoin (See Note 2 and Note 5)

 

 

357,981

 

 

 

56,241

 

Derivative investment asset

 

 

505

 

 

 

2,697

 

Investment in debt security, AFS, at fair value

 

 

784

 

 

 

726

 

Current assets held for sale

 

 

324

 

 

 

445

 

Total current assets

 

$

687,771

 

 

$

102,172

 

 

 

 

 

 

 

Property and equipment, net

 

$

670,510

 

 

$

564,395

 

Operating lease right of use asset

 

 

228

 

 

 

688

 

Intangible assets, net

 

 

3,736

 

 

 

4,603

 

Deposits on miners and mining equipment

 

 

161,309

 

 

 

75,959

 

Other long-term asset

 

 

5,718

 

 

 

5,718

 

Goodwill

 

 

8,043

 

 

 

8,043

 

Total assets

 

$

1,537,315

 

 

$

761,578

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

43,632

 

 

$

65,577

 

Current portion of operating lease liability

 

 

177

 

 

 

181

 

Current portion of finance lease liability

 

 

52

 

 

 

130

 

Current portion of long-term loans payable

 

 

7,686

 

 

 

6,992

 

Dividends payable

 

 

2,842

 

 

 

 

Current liabilities held for sale

 

 

637

 

 

 

1,175

 

Total current liabilities

 

$

55,026

 

 

$

74,055

 

Long-term liabilities

 

 

 

 

 

 

Operating lease liability, net of current portion

 

 

431

 

 

 

519

 

Finance lease liability, net of current portion

 

 

 

 

 

9

 

Loans payable, net of current portion

 

 

5,090

 

 

 

8,911

 

Deferred income taxes

 

 

13,851

 

 

 

857

 

Total liabilities

 

$

74,398

 

 

$

84,351

 

 

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

 

F-1


 

CLEANSPARK, INC.

CONSOLIDATED BALANCE SHEETS (Continued)

(in thousands, except par value and share amounts)

 

 

 

 

March 31,
2024

 

 

September 30,
2023

 

 

(Unaudited)

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

Common stock; $0.001 par value; 300,000,000 shares authorized; 225,469,791 and 160,184,921 shares issued and outstanding, respectively

 

 

225

 

 

 

160

 

Preferred stock; $0.001 par value; 10,000,000 shares authorized; Series A shares; 2,000,000 authorized; 1,750,000 and 1,750,000 issued and outstanding, respectively

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

1,641,643

 

 

 

1,009,482

 

Accumulated other comprehensive income

 

 

284

 

 

 

226

 

Accumulated deficit

 

 

(179,237

)

 

 

(332,643

)

Total stockholders' equity

 

 

1,462,917

 

 

 

677,227

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

1,537,315

 

 

$

761,578

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

F-2


 

CLEANSPARK, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited, in thousands, except per share and share amounts)

 

 

For the three months ended

 

 

For the six months ended

 

 

March 31,
2024

 

 

March 31,
2023

 

 

March 31,
2024

 

 

March 31,
2023

 

Revenues, net

 

 

 

 

 

 

 

 

 

 

 

 

Bitcoin mining revenue, net

 

$

111,799

 

 

$

42,488

 

 

$

185,585

 

 

$

70,234

 

Other services revenue

 

 

 

 

 

58

 

 

 

 

 

 

131

 

Total revenues, net

 

$

111,799

 

 

$

42,546

 

 

$

185,585

 

 

$

70,365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues (exclusive of depreciation and amortization shown below)

 

 

34,298

 

 

 

22,082

 

 

 

63,194

 

 

 

42,498

 

Professional fees

 

 

2,208

 

 

 

3,750

 

 

 

3,780

 

 

 

6,581

 

Payroll expenses

 

 

16,820

 

 

 

9,750

 

 

 

32,141

 

 

 

19,552

 

General and administrative expenses

 

 

6,819

 

 

 

4,329

 

 

 

11,822

 

 

 

8,053

 

Loss on disposal of assets

 

 

1,652

 

 

 

3

 

 

 

2,329

 

 

 

3

 

Gain on fair value of bitcoin, net (see Note 2 and Note 5)

 

 

(119,702

)

 

 

 

 

 

(155,743

)

 

 

 

Other impairment expense (related to bitcoin)

 

 

 

 

 

194

 

 

 

 

 

 

277

 

Impairment expense - other

 

 

396

 

 

 

 

 

 

396

 

 

 

 

Realized gain on sale of bitcoin

 

 

 

 

 

(1,422

)

 

 

 

 

 

(905

)

Depreciation and amortization

 

 

32,187

 

 

 

21,346

 

 

 

62,034

 

 

 

40,675

 

Total costs and expenses

 

$

(25,322

)

 

$

60,032

 

 

$

19,953

 

 

$

116,734

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

 

137,121

 

 

 

(17,486

)

 

 

165,632

 

 

 

(46,369

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

 

 

 

11

 

 

 

 

 

 

11

 

Change in fair value of contingent consideration

 

 

 

 

 

 

 

 

 

 

 

485

 

Unrealized (loss) gain on derivative security

 

 

(949

)

 

 

56

 

 

 

(2,192

)

 

 

(1,215

)

Interest income

 

 

2,684

 

 

 

52

 

 

 

3,270

 

 

 

122

 

Interest expense

 

 

(526

)

 

 

(799

)

 

 

(1,072

)

 

 

(1,688

)

Total other income (expense)

 

$

1,209

 

 

$

(680

)

 

$

6

 

 

$

(2,285

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income tax expense

 

 

138,330

 

 

 

(18,166

)

 

 

165,638

 

 

 

(48,654

)

Income tax expense

 

 

11,595

 

 

 

 

 

 

12,994

 

 

 

 

Income (loss) from continuing operations

 

$

126,735

 

 

$

(18,166

)

 

$

152,644

 

 

$

(48,654

)

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from discontinued operations

 

$

 

 

$

(294

)

 

$

 

 

$

1,163

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income on discontinued operations

 

$

 

 

$

(294

)

 

$

 

 

$

1,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

126,735

 

 

$

(18,460

)

 

$

152,644

 

 

$

(47,491

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

2,842

 

 

 

 

 

 

3,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common shareholders

 

$

123,893

 

 

$

(18,460

)

 

$

149,223

 

 

$

(47,491

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

29

 

 

 

29

 

 

 

58

 

 

 

58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income (loss) attributable to common shareholders

 

$

123,922

 

 

$

(18,431

)

 

$

149,281

 

 

$

(47,433

)

 

F-3


 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

CLEANSPARK, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Continued)

(Unaudited, in thousands, except per share and share amounts)

 

 

 

 

For the three months ended

 

 

For the six months ended

 

 

March 31,
2024

 

 

March 31,
2023

 

 

March 31,
2024

 

 

March 31,
2023

 

Income (loss) from continuing operations per common share - basic

 

$

0.59

 

 

$

(0.23

)

 

$

0.77

 

 

$

(0.66

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic

 

 

209,287,089

 

 

 

80,469,471

 

 

 

193,964,904

 

 

 

73,450,877

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations per common share - diluted

 

$

0.58

 

 

$

(0.23

)

 

$

0.76

 

 

$

(0.66

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

 

212,099,068

 

 

 

80,469,471

 

 

 

196,903,594

 

 

 

74,032,082

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income on discontinued operations per common share - basic

 

$

-

 

 

$

(0.00

)

 

$

-

 

 

$

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic

 

 

209,287,089

 

 

 

80,469,471

 

 

 

193,964,904

 

 

 

73,450,877

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income on discontinued operations per common share - diluted

 

$

-

 

 

$

(0.00

)

 

$

-

 

 

$

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

 

212,099,068

 

 

 

80,469,471

 

 

 

196,903,594

 

 

 

74,032,082

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

F-4


 

CLEANSPARK, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited, in thousands, except share amounts)

For the three and six months ended March 31, 2024

 

 

Preferred Stock

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders'

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Equity

 

Balance, September 30, 2023

 

 

1,750,000

 

 

$

2

 

 

 

160,184,921

 

 

$

160

 

 

$

1,009,482

 

 

$

226

 

 

$

(332,643

)

 

$

677,227

 

Cumulative effect of change in accounting principle (See Note 2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,183

 

 

 

4,183

 

Options and restricted stock units issued for services

 

 

 

 

 

 

 

 

1,441,152

 

 

 

2

 

 

 

9,951

 

 

 

 

 

 

 

 

 

9,953

 

Shares withheld for net settlement of restricted stock units related to tax withholdings

 

 

 

 

 

 

 

 

(553,390

)

 

 

(1

)

 

 

(5,532

)

 

 

 

 

 

 

 

 

(5,533

)

Exercise of options

 

 

 

 

 

 

 

 

6,096

 

 

 

 

 

 

36

 

 

 

 

 

 

 

 

 

36

 

Shares issued under equity offering, net of offering costs

 

 

 

 

 

 

 

 

24,475,832

 

 

 

25

 

 

 

99,311

 

 

 

 

 

 

 

 

 

99,336

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(579

)

 

 

(579

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,909

 

 

 

25,909

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

 

 

 

29

 

Balance, December 31, 2023

 

 

1,750,000

 

 

$

2

 

 

 

185,554,611

 

 

$

186

 

 

$

1,113,248

 

 

$

255

 

 

$

(303,130

)

 

$

810,561

 

Options and restricted stock units issued for services

 

 

 

 

 

 

 

 

2,359,161

 

 

 

2

 

 

 

9,795

 

 

 

 

 

 

 

 

 

9,797

 

Shares withheld for net settlement of restricted stock units related to tax withholdings

 

 

 

 

 

 

 

 

(631,100

)

 

 

(1

)

 

 

(11,605

)

 

 

 

 

 

 

 

 

(11,606

)

Shares issued under equity offering, net of offering costs

 

 

 

 

 

 

 

 

38,078,826

 

 

 

38

 

 

 

529,700

 

 

 

 

 

 

 

 

 

529,738

 

Exercise of options and warrants

 

 

 

 

 

 

 

 

108,293

 

 

 

 

 

 

505

 

 

 

 

 

 

 

 

 

505

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,842

)

 

 

(2,842

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

126,735

 

 

 

126,735

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

 

 

 

29

 

Balance, March 31, 2024

 

 

1,750,000

 

 

$

2

 

 

 

225,469,791

 

 

$

225

 

 

$

1,641,643

 

 

$

284

 

 

$

(179,237

)

 

$

1,462,917

 

 

F-5


 

CLEANSPARK, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(Unaudited, in thousands, except share amounts)

For the three and six months ended March 31, 2023

 

 

Preferred Stock

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders'

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Equity

 

Balance, September 30, 2022

 

 

1,750,000

 

 

$

2

 

 

 

55,661,337

 

 

$

56

 

 

$

599,898

 

 

$

110

 

 

$

(196,054

)

 

$

404,012

 

Options and restricted stock units issued for services

 

 

 

 

 

 

 

 

11,210

 

 

 

 

 

 

5,878

 

 

 

 

 

 

 

 

 

5,878

 

Shares issued for business acquisition

 

 

 

 

 

 

 

 

1,590,175

 

 

 

2

 

 

 

4,801

 

 

 

 

 

 

 

 

 

4,803

 

Shares issued under equity offering,
net of offering costs

 

 

 

 

 

 

 

 

14,481,208

 

 

 

14

 

 

 

41,330

 

 

 

 

 

 

 

 

 

41,344

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29,031

)

 

 

(29,031

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

 

 

 

29

 

Balance, December 31, 2022

 

 

1,750,000

 

 

$

2

 

 

 

71,743,930

 

 

$

72

 

 

$

651,907

 

 

$

139

 

 

$

(225,085

)

 

$

427,035

 

Options and restricted stock units issued for services

 

 

 

 

 

 

 

 

2,149,087

 

 

 

2

 

 

 

5,741

 

 

 

 

 

 

 

 

 

5,743

 

Shares withheld for net settlement of restricted stock units related to tax withholdings

 

 

 

 

 

 

 

 

(539,961

)

 

 

 

 

 

(1,468

)

 

 

 

 

 

 

 

 

(1,468

)

Shares issued for settlement of contingent consideration related to business acquisition

 

 

 

 

 

 

 

 

1,100,890

 

 

 

1

 

 

 

2,839

 

 

 

 

 

 

 

 

 

2,840

 

Shares issued under equity offering,
net of offering costs

 

 

 

 

 

 

 

 

22,580,026

 

 

 

22

 

 

 

58,140

 

 

 

 

 

 

 

 

 

58,162

 

Shares returned for settlement of contingent consideration and holdbacks related to business acquisition

 

 

 

 

 

 

 

 

(83,417

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,460

)

 

 

(18,460

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

 

 

 

29

 

Balance, March 31, 2023

 

 

1,750,000

 

 

$

2

 

 

 

96,950,555

 

 

$

97

 

 

$

717,159

 

 

$

168

 

 

$

(243,545

)

 

$

473,881

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

F-6


 

CLEANSPARK, INC.

CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited, in thousands)

 

 

Six Months Ended

 

 

March 31,
2024

 

 

March 31,
2023

 

Cash Flows from Operating Activities

 

 

 

 

 

 

Net Income (loss)

 

$

152,644

 

 

$

(47,491

)

Less: Income from discontinued operations

 

 

 

 

 

(1,163

)

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:

 

 

 

 

 

 

Impairment of bitcoin

 

 

 

 

 

277

 

Mining of bitcoin

 

 

(185,585

)

 

 

(70,234

)

Gain on fair value of bitcoin, net (see Note 2)

 

 

(155,743

)

 

 

 

Proceeds from sale of bitcoin

 

 

 

 

 

76,203

 

Realized gain on sale of bitcoin

 

 

 

 

 

(905

)

Bitcoin issued for services

 

 

500

 

 

 

310

 

Impairment other

 

 

396

 

 

 

 

Unrealized loss on derivative asset

 

 

2,192

 

 

 

1,215

 

Gain on fair value of contingent consideration

 

 

 

 

 

(485

)

Non-cash lease expense

 

 

64

 

 

 

159

 

Stock based compensation