Financial News
Gryphon Digital Mining, Inc. Reports Second Quarter 2024 Financial Results
LAS VEGAS, NV / ACCESSWIRE / August 14, 2024 / Gryphon Digital Mining, Inc. (Nasdaq:GRYP) ("Gryphon," the "Company," "we," "our," and "us"), a bitcoin mining company that is independently certified to be 100% renewable and pursuing a negative carbon strategy, today reported financial results for its quarter ended June 30, 2024.
"Gryphon reached milestones in both hashrate and energy efficiency during the second quarter of 2024, setting new company records," said Rob Chang, the CEO of Gryphon Digital Mining. "We set a new company record in quarterly hashrate of 899 PH/s in Q2/24, a 20% increase over Q2/23. We also achieved a record monthly performance in energy efficiency at 28.5 joules per terahash ("J/T") in June. Furthermore, Gryphon's industry-leading operational efficiency resulted in a Q2/24 breakeven cost per bitcoin of approximately $45,452.
"Looking ahead, our goal is to expand our control of low-cost power. We've evaluated over 25 acquisition prospects, ensuring they meet our high standards for value and strategic impact. A key part of our strategy is securing low-cost electricity, which we see as vital for long-term success in bitcoin mining and high-performance computing. "
Q2 2024 and Recent Highlights
Total mining revenue in Q2 2024 of $5.5 million, compared to $4.9 million in Q2 2023.
Breakeven Cost1 per Bitcoin in Q2 2024 was $45,452, compared to $34,063 in Q2 2023. The company continues to be focused on Breakeven Costs, which we believe is the best measure of what it costs to mine bitcoin on an operating basis, as opposed to sharing only electricity costs, which leaves out the other costs of mining.
The Company recognized a net loss of $4.0 million in Q2 2024, which includes net non-cash expenses of $2.5 million. Net non-cash expenses consisted of items including: depreciation, employee stock-based compensation expense, fair market value of common stock issued to consultants, unrealized (gain) loss on marketable equity securities, change in the fair value of notes payable and unrealized gain on digital assets. This compares to a net loss in Q2 2023 of $2.6 million, which includes net non-cash expenses of $4.8 million.
Adjusted EBITDA2 was a loss of $3.0 million in Q2 2024, compared to $4.2 million in Q2 2023. The loss was largely attributed to higher than normal marketing expenses as the company moved to showcase its recent merger and listing on Nasdaq
Qualified for inclusion in the Russell Microcap Index, which was effective as of July 1st
Stock Repurchase Program: Gryphon has authorized a stock repurchase program, allowing for the buyback of up to $5 million of its common stock, emphasizing the company's dedication to enhancing shareholder value while maintaining a balanced approach to capital allocation moving forward
Miner Upgrades Completed Ahead of Schedule: Gryphon successfully completed its miner upgrade program ahead of schedule, which management believes positions the company for significant improvements in operational efficiency. The miner upgrades add approximately 23 PH/s to Gryphon's hashing power and enhances the average fleet efficiency to 28.5 J/T. Following the upgrades, Gryphon's self-mining hashrate has reached approximately 0.94 EH/s in capacity, consistent with the company's commitment to maintaining a strong and efficient mining operation.
The Company mined approximately 84 and 187 Bitcoin in the quarter ended June 30, 2024 and 2023, respectively.
(1) The Company defines Breakeven Cost per Bitcoin as (a) Cost of Revenues (excluding depreciation) divided by (b) total Bitcoin generated and received from the hashrate contributed to the mining pool operator. The Company mined approximately 84 and 187 Bitcoin in the quarter ended June 30, 2024 and 2023, respectively.
(2) The Company defines adjusted EBITDA as (a) GAAP net income (loss) plus (b) adjustments to add back the impacts of (1) depreciation and amortization, (2) interest expense, (3) income tax expense (benefit) and (4) adjustments for non-cash and non-recurring items which currently include (i) stock compensation expense, (ii) change in fair value of notes payable and (iii) unrealized (gain) loss on marketable equity securities.
Balance Sheet Highlights as of June 30, 2024
Assets
Cash and cash equivalents: $1.2 million
Bitcoin: $1.0 million
Total current assets: $3.2 million
Total mining assets (including deposits & intangible assets): $8.2 million\
Total assets: $11.4 million
Liabilities and Stockholders' Equity
Current liabilities: $25.4 million
Total liabilities: $25.4 million
Outlook
We continue to focus on growth and have expanded our target set in response to the realities that we have noticed during our review of acquisition opportunities. Mining operations that are up for sale are those that generally do not have attractive cost profiles. While we may have been able to acquire several high cost high-cost miners to grow our hashrate, we believe those would have only been temporary solutions as high-cost operations are not sustainable over the long term. As such, our attention has turned towards acquiring low-cost power that will position Gryphon not only for success in the near-term, but also for the next few halvings.
Along with our focus on acquiring low-cost power, we continue to focus on maintaining our industry-leading operational efficiency and look to produce even greater margin per bitcoin, which if sustained, would create differentiation from other miners in the industry.
Conference Call Information
Date: Thursday, August 15, 2024
Time: 10:00 AM Eastern Time
Toll Free: 877-545-0523
International: 973-528-0016
Participant Access Code: 472122
Webcast Link: https://www.webcaster4.com/Webcast/Page/3030/51063
Conference Call Replay Information
Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 51063
Webcast Replay: https://www.webcaster4.com/Webcast/Page/3030/51063
Non-GAAP Figures
In addition to our results determined in accordance with GAAP, the Company also provides adjusted EBITDA and Breakeven Costs, which are non-GAAP measures. Each of these are not financial measures of performance under GAAP and, as a result, these measures may not be comparable to similarly titled measures of other companies. Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements prepared in accordance with GAAP. These non-GAAP measures are not meant to be considered in isolation and should be read only in conjunction with our Current Reports on Form 8-K, Interim Reports on Form 10-Q and Annual Reports on Form 10-K as filed with the Securities and Exchange Commission. Management uses Adjusted EBITDA and Breakeven Costs as a means of understanding, managing, and evaluating business performance and to help inform operating decision making. The Company relies primarily on its condensed consolidated financial statements to understand, manage, and evaluate our financial performance and uses the non-GAAP financial measures only supplementally. Reconciliations for each of these non-GAAP measures to the nearest GAAP financial measures are provided below.
Breakeven Analysis
|
|
2023 |
|
|
Q2/23 |
|
|
Q2/24 |
|
|||
Mining Revenues |
|
$ |
21,052,000 |
|
|
$ |
4,963,000 |
|
|
$ |
5,515,000 |
|
Bitcoin mined |
|
|
739 |
|
|
|
187 |
|
|
|
84 |
|
Value of one mined bitcoin |
|
$ |
28,487 |
|
|
$ |
26,540 |
|
|
$ |
65,655 |
|
Cost of Revenues (excluding depreciation) |
|
$ |
13,462,000 |
|
|
$ |
2,823,000 |
|
|
$ |
3,803,000 |
|
|
|
2023 |
|
|
Q2/23 |
|
Q2/24 |
|
|||
Cost to mine one bitcoin |
|
$ |
18,217 |
|
|
$ |
15,096 |
|
$ |
45,452 |
|
Adjusted EBITDA
|
|
Six Months Ended |
|
|||||
Reconciliation to Adjusted EBITDA: |
|
2024 |
|
|
2023 |
|
||
|
|
|
|
|
|
|
||
Net loss |
|
$ |
(15,753,000 |
) |
|
$ |
(9,533,000 |
) |
Exclude: Depreciation |
|
|
6,539,000 |
|
|
|
7,839,000 |
|
Exclude: Interest expense |
|
|
620,000 |
|
|
|
368,000 |
|
EBITDA |
|
|
(8,594,000 |
) |
|
|
(1,326,000 |
) |
Non-cash/non-recurring operating expenses: |
|
|
|
|
|
|
|
|
Exclude: Stock based compensation expense |
|
|
348,000 |
|
|
|
(1,021,000 |
) |
Exclude: Change in fair value of notes payable |
|
|
6,895,000 |
|
|
|
8,949,000 |
|
Exclude: Unrealized loss (gain) on marketable equity securities |
|
|
272,000 |
|
|
|
(1,000 |
) |
Adjusted EBITDA |
|
$ |
(1,079,000 |
) |
|
$ |
6,601,000 |
|
Included in adjusted EBITDA are $3.4 million of marketing costs that were connected with showcasing our merger and listing with Nasdaq.
About Gryphon Digital Mining
Gryphon Digital Mining, Inc. is an innovative venture in the bitcoin space dedicated to helping bring digital assets onto the clean energy grid. With a talented leadership team coming from globally recognized brands, Gryphon is assembling thought leaders to improve digital asset network infrastructure. Its Bitcoin mining operation going into 2024 is independently certified as 100% renewable and the company is also pursuing a carbon-negative strategy. More information is available on https://gryphondigitalmining.com/.
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on April 1, 2024. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See "Cautionary Statements Regarding Forward-Looking Statements" below.
Cautionary Statements Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of 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"). Statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "think," "aim," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. Except as otherwise required by applicable law, Gryphon disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Gryphon cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Gryphon. In addition, Gryphon cautions you that the forward-looking statements contained in this press release are subject to the risks set forth in our filings with the Securities and Exchange Commission (the "SEC"), including the section under "Risk Factors" in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on April 1, 2024.
INVESTOR CONTACT:
Name: James Carbonara
Company: Hayden IR
Phone: (646)-755-7412
Email: james@haydenir.com
Gryphon Digital Mining, Inc and Subsidiaries
Condensed Consolidated Balance Sheets
|
June 30, |
|
|
December 31, |
|
|||
|
2024 |
|
|
2023 |
|
|||
|
|
(Unaudited) |
|
|
|
|
||
Assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
1,219,000 |
|
|
$ |
915,000 |
|
Restricted cash |
|
|
- |
|
|
|
8,000 |
|
Accounts receivable |
|
|
1,000 |
|
|
|
486,000 |
|
Prepaid expense |
|
|
919,000 |
|
|
|
581,000 |
|
Marketable securities |
|
|
131,000 |
|
|
|
403,000 |
|
Digital assets held for other parties |
|
|
- |
|
|
|
908,000 |
|
Digital asset |
|
|
974,000 |
|
|
|
2,097,000 |
|
Current assets |
|
|
3,244,000 |
|
|
|
5,398,000 |
|
|
|
|
|
|
|
|
|
|
Mining equipment, net |
|
|
7,634,000 |
|
|
|
12,916,000 |
|
Intangible asset |
|
|
100,000 |
|
|
|
100,000 |
|
Deposit less current portion |
|
|
470,000 |
|
|
|
420,000 |
|
Total assets |
|
$ |
11,448,000 |
|
|
$ |
18,834,000 |
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' deficit |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
6,366,000 |
|
|
$ |
3,649,000 |
|
Obligation liability related to digital assets held for other parties |
|
|
- |
|
|
|
916,000 |
|
Notes payable - current portion |
|
|
19,073,000 |
|
|
|
14,868,000 |
|
Current liabilities |
|
|
25,439,000 |
|
|
|
19,433,000 |
|
|
|
|
|
|
|
|
|
|
Notes payable less current portion |
|
|
- |
|
|
|
- |
|
Total liabilities |
|
|
25,439,000 |
|
|
|
19,433,000 |
|
|
|
|
|
|
|
|
|
|
Stockholders' deficit |
|
|
|
|
|
|
|
|
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none outstanding |
|
|
- |
|
|
|
- |
|
Common stock, $0.0001 par value, 150,000,000 shares authorized; 39,897,255 and 25,109,629 shares issued and outstanding, respectively. |
|
|
3,000 |
|
|
|
2,000 |
|
Additional paid-in capital |
|
|
48,195,000 |
|
|
|
46,599,000 |
|
Subscription receivable |
|
|
- |
|
|
|
(25,000 |
) |
Accumulated deficit |
|
|
(62,189,000 |
) |
|
|
(47,175,000 |
) |
Total stockholder's deficit |
|
|
(13,991,000 |
) |
|
|
(599,000 |
) |
Total liabilities and stockholders' deficit |
|
$ |
11,448,000 |
|
|
$ |
18,834,000 |
|
Gryphon Digital Mining, Inc and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
|
Three Months Ended |
|
|
Six Months Ended |
|
|||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mining activities |
|
$ |
5,515,000 |
|
|
$ |
4,963,000 |
|
|
$ |
13,005,000 |
|
|
$ |
9,803,000 |
|
Management services |
|
|
- |
|
|
|
320,000 |
|
|
|
- |
|
|
|
556,000 |
|
|
|
5,515,000 |
|
|
|
5,283,000 |
|
|
|
13,005,000 |
|
|
|
10,359,000 |
|
|
Cost and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
3,803,000 |
|
|
|
2,823,000 |
|
|
|
8,640,000 |
|
|
|
5,560,000 |
|
General and administrative expenses |
|
|
3,828,000 |
|
|
|
1,092,000 |
|
|
|
6,289,000 |
|
|
|
2,446,000 |
|
Stock based compensation expense |
|
|
140,000 |
|
|
|
131,000 |
|
|
|
348,000 |
|
|
|
(1,021,000 |
) |
Depreciation |
|
|
3,292,000 |
|
|
|
3,858,000 |
|
|
|
6,539,000 |
|
|
|
7,839,000 |
|
Impairment of digital assets |
|
|
- |
|
|
|
232,000 |
|
|
|
- |
|
|
|
233,000 |
|
Unrealized (gain) loss on digital assets |
|
|
318,000 |
|
|
|
- |
|
|
|
(1,385,000 |
) |
|
|
- |
|
Realized gain on sale of digital assets |
|
|
- |
|
|
|
(169,000 |
) |
|
|
- |
|
|
|
(467,000 |
) |
Total operating expenses |
|
|
11,381,000 |
|
|
|
7,967,000 |
|
|
|
20,431,000 |
|
|
|
14,590,000 |
|
Loss from operations |
|
|
(5,866,000 |
) |
|
|
(2,684,000 |
) |
|
|
(7,426,000 |
) |
|
|
(4,231,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (loss) gain on marketable securities |
|
|
(56,000 |
) |
|
|
(62,000 |
) |
|
|
(272,000 |
) |
|
|
1,000 |
|
Realized gain from use of digital assets |
|
|
- |
|
|
|
1,060,000 |
|
|
|
- |
|
|
|
3,800,000 |
|
Change in fair value of notes payable |
|
|
2,743,000 |
|
|
|
(760,000 |
) |
|
|
(6,895,000 |
) |
|
|
(8,949,000 |
) |
Interest expense |
|
|
(290,000 |
) |
|
|
(178,000 |
) |
|
|
(620,000 |
) |
|
|
(368,000 |
) |
Loss on disposal of asset |
|
|
(146,000 |
) |
|
|
- |
|
|
|
(146,000 |
) |
|
|
(53,000 |
) |
Merger and acquisition cost |
|
|
(394,000 |
) |
|
|
- |
|
|
|
(394,000 |
) |
|
|
- |
|
Other income |
|
|
- |
|
|
|
1,000 |
|
|
|
- |
|
|
|
267,000 |
|
Total other income (expense) |
|
|
1,857,000 |
|
|
|
61,000 |
|
|
|
(8,327,000 |
) |
|
|
(5,302,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before provision for income taxes |
|
|
(4,009,000 |
) |
|
|
(2,623,000 |
) |
|
|
(15,753,000 |
) |
|
|
(9,533,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net loss |
|
$ |
(4,009,000 |
) |
|
$ |
(2,623,000 |
) |
|
$ |
(15,753,000 |
) |
|
$ |
(9,533,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic and diluted |
|
$ |
(0.10 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.66 |
) |
Weighted average shares outstanding - basic and diluted |
|
|
38,943,579 |
|
|
|
14,431,384 |
|
|
|
35,690,171 |
|
|
|
14,430,463 |
|
Gryphon Digital Mining, Inc and Subsidiaries
Unaudited Condensed Consolidated Statement of Changes in Stockholders' (Deficit) Equity
For the Three and Six Months Ended June 30, 2024
|
Series Seed |
|
Series Seed II |
|
Common Stock |
|
Additional |
|
Subscription |
|
Accumulated |
|
Total |
|
|||||||||||||||||
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Capital |
|
Receivable |
|
Deficit |
|
Deficit |
|
|||||||||||
Balance as of December 31, 2023 |
|
|
8,845,171 |
|
$ |
- |
|
|
460,855 |
|
$ |
- |
|
|
25,109,629 |
|
$ |
2,000 |
|
$ |
46,599,000 |
|
$ |
(25,000 |
) |
$ |
(47,175,000 |
) |
$ |
(599,000 |
) |
Revaluation of digital assets |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
739,000 |
|
|
739,000 |
|
Common stock issued for cash |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
493,791 |
|
|
- |
|
|
1,395,000 |
|
|
- |
|
|
- |
|
|
1,395,000 |
|
Series Seed Preferred Stock converted to common stock |
|
|
(8,845,171 |
) |
|
- |
|
|
- |
|
|
- |
|
|
8,845,171 |
|
|
1,000 |
|
|
(1,000 |
) |
|
- |
|
|
- |
|
|
- |
|
Series Seed II Preferred Stock converted to common stock |
|
|
- |
|
|
- |
|
|
(460,855 |
) |
|
- |
|
|
460,855 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Common stock issued for vesting of RSUs |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
28,070 |
|
|
- |
|
|
55,000 |
|
|
- |
|
|
- |
|
|
55,000 |
|
Common stock issued for exercise of warrants |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
165,622 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Common stock issued for acquisition of Akerna's net book value |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
2,921,362 |
|
|
- |
|
|
(2,256,000 |
) |
|
- |
|
|
- |
|
|
(2,256,000 |
) |
Cancelation of stock subscription receivable |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(25,000 |
) |
|
25,000 |
|
|
- |
|
|
- |
|
Net loss |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(11,744,000 |
) |
|
(11,744,000 |
) |
Balance as of March 31, 2024 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
38,024,500 |
|
|
3,000 |
|
|
45,767,000 |
|
|
|
|
|
(58,180,000 |
) |
|
(12,410,000 |
) |
Common stock issued for cash, net of expenses |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
544,578 |
|
|
- |
|
|
424,000 |
|
|
- |
|
|
- |
|
|
424,000 |
|
Common stock issued for vesting of RSUs |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
140,580 |
|
|
- |
|
|
212,000 |
|
|
- |
|
|
- |
|
|
212,000 |
|
Common stock issued for services |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,187,597 |
|
|
- |
|
|
1,792,000 |
|
|
- |
|
|
- |
|
|
1,792,000 |
|
Net loss |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
- |
|
|
- |
|
|
- |
|
|
(4,009,000 |
) |
|
(4,009,000 |
) |
Balance as of June 30, 2024 |
|
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
39,897,255 |
|
$ |
3,000 |
|
$ |
48,195,000 |
|
$ |
- |
|
$ |
(62,189,000 |
) |
$ |
(13,991,000 |
) |
Gryphon Digital Mining, Inc and Subsidiaries
Unaudited Condensed Consolidated Statement of Cash Flows
For the Six Months Ended June 30,
|
2024 |
|
|
2023 |
|
|||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(15,753,000 |
) |
|
$ |
(9,533,000 |
) |
Adjustments to reconcile net loss to cash (used in) provided by operating activities |
|
|
|
|
|
|
|
|
Impairment of digital assets |
|
|
- |
|
|
|
233,000 |
|
Realized gain from sale of digital assets |
|
|
- |
|
|
|
(467,000 |
) |
Realized gain from use of digital assets |
|
|
- |
|
|
|
(3,800,000 |
) |
Unrealized gain on digital assets |
|
|
(1,385,000 |
) |
|
|
- |
|
Depreciation expense |
|
|
6,539,000 |
|
|
|
7,839,000 |
|
Forfeiture of restricted stock grants |
|
|
- |
|
|
|
(1,910,000 |
) |
Compensation cost related to restricted common stock awards |
|
|
348,000 |
|
|
|
763,000 |
|
Fair value of common stock issued to consultants |
|
|
1,447,000 |
|
|
|
- |
|
Compensation for services contributed by the Company's president |
|
|
- |
|
|
|
126,000 |
|
Unrealized loss (gain) on marketable securities |
|
|
272,000 |
|
|
|
(1,000 |
) |
Loss on asset disposal |
|
|
146,000 |
|
|
|
53,000 |
|
Change in fair value of notes payable |
|
|
6,895,000 |
|
|
|
9,053,000 |
|
Interest expense |
|
|
608,000 |
|
|
|
368,000 |
|
Digital asset |
|
|
(13,005,000 |
) |
|
|
(9,803,000 |
) |
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
Proceeds from the sale of digital assets |
|
|
12,969,000 |
|
|
|
9,155,000 |
|
Accounts receivable |
|
|
486,000 |
|
|
|
(167,000 |
) |
Prepaid expense |
|
|
108,000 |
|
|
|
23,000 |
|
Accounts payable and accrued liabilities |
|
|
(457,000 |
) |
|
|
744,000 |
|
Net cash (used in) provided by operating activities |
|
|
(782,000 |
) |
|
|
2,676,000 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITY |
|
|
|
|
|
|
|
|
Purchase of mining equipment |
|
|
(1,075,000 |
) |
|
|
(1,542,000 |
) |
Proceeds from the sale of miners |
|
|
171,000 |
|
|
|
- |
|
Refundable deposit |
|
|
(50,000 |
) |
|
|
(360,000 |
) |
Net cash used in investing activities |
|
|
(954,000 |
) |
|
|
(1,902,000 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Payment for insurance payable |
|
|
(279,000 |
) |
|
|
(24,000 |
) |
Issuance of note payable for insurance premiums |
|
|
- |
|
|
|
65,000 |
|
Loan modification payment for BTC note |
|
|
- |
|
|
|
(104,000 |
) |
Cash acquired in connection with the reverse recapitalization |
|
|
500,000 |
|
|
|
- |
|
Proceeds from issuance of common stock |
|
|
2,054,000 |
|
|
|
- |
|
Cash expenses for issuance of common stock |
|
|
(235,000 |
) |
|
|
- |
|
Net cash provided by (used in) financing activities |
|
|
2,040,000 |
|
|
|
(63,000 |
) |
|
|
|
|
|
|
|
|
|
Net change in cash |
|
|
304,000 |
|
|
|
711,000 |
|
|
|
|
|
|
|
|
|
|
Cash-beginning of period |
|
|
915,000 |
|
|
|
269,000 |
|
Cash-end of period |
|
$ |
1,219,000 |
|
|
$ |
980,000 |
|
Reconciliation of cash and cash equivalents and restricted cash |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,219,000 |
|
|
$ |
s,000 |
|
Restricted cash |
|
|
- |
|
|
|
20,000 |
|
Cash and cash equivalents and restricted cash |
|
$ |
1,219,000 |
|
|
$ |
980,000 |
|
Supplemental Disclosures of Cash Flow Information: |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
- |
|
|
$ |
- |
|
Cash paid for income taxes |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Non-Cash investing and financing activities: |
|
|
|
|
|
|
|
|
Accrued expenses for issuance of common stock |
|
$ |
267,000 |
|
|
$ |
620,000 |
|
Digital assets used for principal and interest payment of note payable |
|
$ |
3,283,000 |
|
|
$ |
6,243,000 |
|
SOURCE: Gryphon Digital Mining, Inc.
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