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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 June 30, 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, 248,119,133 shares as of August 9, 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

21

Item 4:

Controls and Procedures

21

PART II – OTHER INFORMATION

Item 1:

Legal Proceedings

24

Item 1A:

Risk Factors

24

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

24

Item 3:

Defaults Upon Senior Securities

24

Item 4:

Mine Safety Disclosures

24

Item 5:

Other Information

24

Item 6:

Exhibits

25

 

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, including the operations of GRIID Infrastructure, Inc. following completion of such acquisition;
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 condensed consolidated financial statements included in this Form 10-Q are as follows:

 

Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and September 30, 2023;

F-1

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended June 30, 2024 and 2023 (unaudited);

F-3

Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended June 30, 2024 and 2023 the (unaudited);

F-5

Condensed Consolidated Statements of Cash Flow for the nine months ended June 30, 2024 and 2023 (unaudited);

F-7

Notes to Condensed Consolidated Financial Statements (unaudited).

F-9

 

This Quarterly Report on Form 10-Q for the quarter ended June 30, 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 condensed 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's 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 June 30, 2024 are not necessarily indicative of the results that can be expected for the full fiscal year.

5


 

CLEANSPARK, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value and share amounts)

 

 

 

June 30,
2024

 

 

September 30,
2023

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

126,141

 

 

$

29,215

 

Restricted cash

 

 

3,023

 

 

 

 

Receivable from equity offerings

 

 

31,158

 

 

 

9,590

 

Prepaid expense and other current assets

 

 

7,656

 

 

 

3,258

 

Bitcoin (see Note 2 and Note 5)

 

 

413,033

 

 

 

56,241

 

Note receivable from GRIID (see Note 6)

 

 

15,000

 

 

 

 

Derivative investment asset

 

 

1,692

 

 

 

2,697

 

Investment in debt security, at fair value

 

 

812

 

 

 

726

 

Current assets held for sale

 

 

320

 

 

 

445

 

Total current assets

 

$

598,835

 

 

$

102,172

 

 

 

 

 

 

 

Property and equipment, net

 

$

568,393

 

 

$

564,395

 

Operating lease right of use asset

 

 

2,872

 

 

 

688

 

Intangible assets, net

 

 

3,580

 

 

 

4,603

 

Deposits on miners and mining equipment

 

 

284,541

 

 

 

75,959

 

Other long-term assets

 

 

9,311

 

 

 

5,718

 

Goodwill

 

 

8,043

 

 

 

8,043

 

Total assets

 

$

1,475,575

 

 

$

761,578

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

56,488

 

 

$

65,577

 

Current portion of operating lease liability

 

 

198

 

 

 

181

 

Current portion of finance lease liability

 

 

23

 

 

 

130

 

Current portion of long-term loans payable

 

 

9,665

 

 

 

6,992

 

Current liabilities held for sale

 

 

611

 

 

 

1,175

 

Total current liabilities

 

$

66,985

 

 

$

74,055

 

Long-term liabilities

 

 

 

 

 

 

Operating lease liability, net of current portion

 

 

721

 

 

 

519

 

Finance lease liability, net of current portion

 

 

 

 

 

9

 

Loans payable, net of current portion

 

 

1,314

 

 

 

8,911

 

Deferred income taxes, net

 

 

4,356

 

 

 

857

 

Total liabilities

 

$

73,376

 

 

$

84,351

 

 

 

 

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

 

 

 

F-1


 

CLEANSPARK, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(in thousands, except par value and share amounts)

 

 

 

 

June 30,
2024

 

 

September 30,
2023

 

 

(Unaudited)

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

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

 

Common stock; $0.001 par value; 300,000,000 shares authorized; 235,525,077 and 160,184,921 shares issued and outstanding, respectively

 

 

236

 

 

 

160

 

Additional paid-in capital

 

 

1,817,128

 

 

 

1,009,482

 

Accumulated other comprehensive income

 

 

312

 

 

 

226

 

Accumulated deficit

 

 

(415,479

)

 

 

(332,643

)

Total stockholders' equity

 

 

1,402,199

 

 

 

677,227

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

1,475,575

 

 

$

761,578

 

 

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

F-2


 

CLEANSPARK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

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

 

 

For the three months ended

 

 

For the nine months ended

 

 

June 30,
2024

 

 

June 30,
2023

 

 

June 30,
2024

 

 

June 30,
2023

 

Revenues, net

 

 

 

 

 

 

 

 

 

 

 

 

Bitcoin mining revenue, net

 

$

104,108

 

 

$

45,427

 

 

$

289,693

 

 

$

115,661

 

Other services revenue

 

 

 

 

 

96

 

 

 

 

 

 

227

 

Total revenues, net

 

$

104,108

 

 

$

45,523

 

 

$

289,693

 

 

$

115,888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

45,180

 

 

 

20,681

 

 

 

108,374

 

 

 

63,179

 

Professional fees

 

 

4,368

 

 

 

2,225

 

 

 

8,149

 

 

 

8,806

 

Payroll expenses

 

 

17,150

 

 

 

10,405

 

 

 

49,291

 

 

 

29,957

 

General and administrative expenses

 

 

8,235

 

 

 

5,064

 

 

 

20,058

 

 

 

13,117

 

(Gain) loss on disposal of assets

 

 

(47

)

 

 

 

 

 

2,281

 

 

 

3

 

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

 

 

48,338

 

 

 

 

 

 

(107,406

)

 

 

 

Impairment expense - bitcoin

 

 

 

 

 

740

 

 

 

 

 

 

1,017

 

Impairment expense - fixed assets

 

 

189,235

 

 

 

 

 

 

189,235

 

 

 

 

Impairment expense - other

 

 

 

 

 

 

 

 

396

 

 

 

 

Realized loss (gain) on sale of bitcoin

 

 

 

 

 

143

 

 

 

 

 

 

(762

)

Depreciation and amortization

 

 

40,727

 

 

 

21,850

 

 

 

102,761

 

 

 

62,525

 

Total costs and expenses

 

$

353,186

 

 

$

61,108

 

 

$

373,139

 

 

$

177,842

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(249,078

)

 

 

(15,585

)

 

 

(83,446

)

 

 

(61,954

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

 

 

 

 

 

 

 

 

 

11

 

Change in fair value of contingent consideration

 

 

 

 

 

2,000

 

 

 

 

 

 

2,485

 

Unrealized gain (loss) on derivative security

 

 

1,188

 

 

 

105

 

 

 

(1,005

)

 

 

(1,110

)

Interest income

 

 

2,638

 

 

 

52

 

 

 

5,909

 

 

 

174

 

Interest expense

 

 

(485

)

 

 

(689

)

 

 

(1,557

)

 

 

(2,377

)

Total other income (expense)

 

$

3,341

 

 

$

1,468

 

 

$

3,347

 

 

$

(817

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income tax expense

 

 

(245,737

)

 

 

(14,117

)

 

 

(80,099

)

 

 

(62,771

)

Income tax (benefit) expense

 

 

(9,495

)

 

 

 

 

 

3,499

 

 

 

 

Loss from continuing operations

 

$

(236,242

)

 

$

(14,117

)

 

$

(83,598

)

 

$

(62,771

)

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from discontinued operations

 

$

 

 

$

(102

)

 

$

 

 

$

1,061

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income on discontinued operations

 

$

 

 

$

(102

)

 

$

 

 

$

1,061

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(236,242

)

 

$

(14,219

)

 

$

(83,598

)

 

$

(61,710

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 

 

 

 

 

3,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common shareholders

 

$

(236,242

)

 

$

(14,219

)

 

$

(87,019

)

 

$

(61,710

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

28

 

 

 

28

 

 

 

86

 

 

 

86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive (loss) income attributable to common shareholders

 

$

(236,214

)

 

$

(14,191

)

 

$

(86,933

)

 

$

(61,624

)

 

F-3


 

CLEANSPARK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Continued)

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

 

 

 

 

For the three months ended

 

 

For the nine months ended

 

 

June 30,
2024

 

 

June 30,
2023

 

 

June 30,
2024

 

 

June 30,
2023

 

(Loss) income from continuing operations per common share - basic

 

$

(1.03

)

 

$

(0.12

)

 

$

(0.42

)

 

$

(0.72

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic

 

 

228,642,939

 

 

 

114,844,402

 

 

 

205,482,062

 

 

 

87,248,719

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations per common share - diluted

 

$

(1.03

)

 

$

(0.12

)

 

$

(0.42

)

 

$

(0.72

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

 

228,642,939

 

 

 

114,844,402

 

 

 

205,482,062

 

 

 

87,638,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income on discontinued operations per common share - basic

 

$

 

 

$

 

 

$

 

 

$

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic

 

 

228,642,939

 

 

 

114,844,402

 

 

 

205,482,062

 

 

 

87,248,719

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income on discontinued operations per common share - diluted

 

$

 

 

$

 

 

$

 

 

$

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

 

228,642,939

 

 

 

114,844,402

 

 

 

205,482,062

 

 

 

87,638,134

 

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

F-4


 

CLEANSPARK, INC.

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

 

 

Three months ended June 30, 2024

 

Preferred Stock

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders'

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Equity

 

Balance, March 31, 2024

 

 

1,750,000

 

 

$

2

 

 

 

225,469,791

 

 

$

225

 

 

$

1,641,643

 

 

$

284

 

 

$

(179,237

)

 

$

1,462,917

 

Options and restricted stock units issued for services

 

 

 

 

 

 

 

 

73,391

 

 

 

 

 

 

2,946

 

 

 

 

 

 

 

 

 

2,946

 

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

 

 

 

 

 

 

 

 

(6,880

)

 

 

 

 

 

(107

)

 

 

 

 

 

 

 

 

(107

)

Shares issued under equity offering, net of offering costs

 

 

 

 

 

 

 

 

9,969,054

 

 

 

11

 

 

 

172,526

 

 

 

 

 

 

 

 

 

172,537

 

Exercise of options and warrants

 

 

 

 

 

 

 

 

19,721

 

 

 

 

 

 

120

 

 

 

 

 

 

 

 

 

120

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(236,242

)

 

 

(236,242

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28

 

 

 

 

 

 

28

 

Balance, June 30, 2024

 

 

1,750,000

 

 

$

2

 

 

 

235,525,077

 

 

$

236

 

 

$

1,817,128

 

 

$

312

 

 

$

(415,479

)

 

$

1,402,199

 

 

 

Nine months ended June 30, 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

 

 

 

 

 

 

 

 

3,873,704

 

 

 

4

 

 

 

22,692

 

 

 

 

 

 

 

 

 

22,696

 

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

 

 

 

 

 

 

 

 

(1,191,370

)

 

 

(1

)

 

 

(17,245

)

 

 

 

 

 

 

 

 

(17,246

)

Exercise of options and warrants

 

 

 

 

 

 

 

 

134,110

 

 

 

 

 

 

661

 

 

 

 

 

 

 

 

 

661

 

Shares issued under equity offering, net of offering costs

 

 

 

 

 

 

 

 

72,523,712

 

 

 

73

 

 

 

801,538

 

 

 

 

 

 

 

 

 

801,611

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,421

)

 

 

(3,421

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(83,598

)

 

 

(83,598

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

86

 

 

 

 

 

 

86

 

Balance, June 30, 2024

 

 

1,750,000

 

 

$

2

 

 

 

235,525,077

 

 

$

236

 

 

$

1,817,128

 

 

$

312

 

 

$

(415,479

)

 

$

1,402,199

 

 

 

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

F-5


 

CLEANSPARK, INC.

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

 

 

Three months ended June 30, 2023

 

Preferred Stock

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders'

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Equity

 

Balance, March 31, 2023

 

 

1,750,000

 

 

$

2

 

 

 

96,950,555

 

 

$

97

 

 

$

717,159

 

 

$

168

 

 

$

(243,545

)

 

$

473,881

 

Options and restricted stock units issued for services

 

 

 

 

 

 

 

 

138,525

 

 

 

 

 

 

5,947

 

 

 

 

 

 

 

 

 

5,947

 

Shares issued under equity offering,
net of offering costs

 

 

 

 

 

 

 

 

34,687,404

 

 

 

35

 

 

 

137,976

 

 

 

 

 

 

 

 

 

138,011

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,219

)

 

 

(14,219

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28

 

 

 

 

 

 

28

 

Balance, June 30, 2023

 

 

1,750,000

 

 

$

2

 

 

 

131,776,484

 

 

$

132

 

 

$

861,082

 

 

$

196

 

 

$

(257,764

)

 

$

603,648

 

 

Nine months ended June 30, 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

 

 

 

 

 

 

 

 

2,298,822

 

 

 

2

 

 

 

17,566

 

 

 

 

 

 

 

 

 

17,568

 

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 for business acquisition

 

 

 

 

 

 

 

 

1,590,175

 

 

 

2

 

 

 

4,801

 

 

 

 

 

 

 

 

 

4,803

 

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

 

 

 

 

 

 

 

 

(83,417

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued under equity offering,
net of offering costs

 

 

 

 

 

 

 

 

71,748,638

 

 

 

71

 

 

 

237,446

 

 

 

 

 

 

 

 

 

237,517