Company: CLSKW
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015470
Chunk: 6

Company: CLEANSPARK, INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Item 1
Chunk 6
---
 8,860

    $
    —

    Bitcoin transferred from collateral account
     
    $
    129,180

    $
    —

    Shares issued in connection with GRIID Acquisition
     
    $
    60,677

    $
    —

    Change in accounting principle
     
    $
    —

    $
    4,183

    Reconciliation of cash, cash equivalents, and restricted cash:

    Cash and cash equivalents
     
    $
    276,599

    $
    46,742

    Restricted cash

    3,408

    1,716

    Total cash, cash equivalents, and restricted cash shown in the statement of cash flows
     
    $
    280,007

    $
    48,458

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

F-8

CLEANSPARK, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited, $ in thousands, except share, per share and per bitcoin amounts)

1.   ORGANIZATION 

CleanSpark, Inc. (the “Company”) is a bitcoin mining company. The Company independently owns and operates eleven data centers in Georgia, five data centers in Mississippi, twelve data centers in Tennessee and one active data center, with another under development, in Wyoming as of December 31, 2024. The Company had bitcoin miners hosted in New York under a hosting agreement which expired on January 1, 2025; the Company has a short-term arrangement to continue operating in New York until all its miners are removed from the site approximately by the end of March 2025. The Company does not currently host miners for any other companies. The Company designs its infrastructure to responsibly secure and support the bitcoin network, the world’s most recognized digital commodity.

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. The unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company