Company: SLNH
Filing Date: 2025-02-05
Form Type: 424B3
Source: 0001493152-25-005030
Chunk: 94

Company: Soluna Holdings, Inc
Filing Date: 2025-02-05
Form: 424B3
Chunk 94
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 expenses decreased by approximately $1.4 million due to employee recruitment fees decreased by approximately $329 thousand for the year ended December 31, 2023 compared to the year ended December 31, 2022 as the Company was actively recruiting for new employees for the Company in fiscal year 2022. Wages and salaries, including fringe benefits decreased by approximately $1.0 million due to differences in headcount and personnel costs between the comparable periods. In addition, employee related expenses decreased approximately $288 thousand for the year ended December 31, 2023 compared to the year ended December 31, 2022 as employees performed more traveling for events and site visits in the prior year compared to current year. This was offset with a higher bonus expense of approximately $200 thousand for year ended December 31, 2023 compared to the year ended December 31, 2022.

Legal fees decreased by approximately $1.1 million for the year ended December 31, 2023 compared to the year ended December 31, 2022. The Company had higher legal fees for the year ended December 31, 2022 compared to the year ended December 31, 2023, due to Dorothy project development agreements including SLC financing, power purchase agreements, Navitas financing, and ERCOT that were incurred for the year ended December 31, 2022 which were approximately $675 thousand higher than the year ended December 31, 2023. In addition, the Company incurred approximately $524 thousand more in legal fees for the year ended December 31, 2022 due to potential capital raising activities that did not occur and other corporate related legal matters, in which were not incurred or material for the year ended December 31, 2023.

The decrease in consulting fees, professional, and other outside services was approximately $1.6 million mainly due to higher consulting fees for various complex accounting transactions for the year ended December 31, 2022. These higher fees were due to the accounting activities related to the convertible debt addendums in July and September 2022, the sale of MTII Instruments and the accounting for the asset acquisition transaction and other valuations by approximately $620 thousand compared to the year ended December 31, 2023. In addition, there were additional nonrecurring consultant fees incurred for the year ended December 31, 2022 of approximately $220 thousand for management, general and other market consulting fees that was not incurred for the year ended December 31