Company: CLSKW
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015470
Chunk: 20

Company: CLEANSPARK, INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Item 1
Chunk 20
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 for certain purposes as set forth in the A&R GRIID Credit Agreement. The outstanding amounts of the draw loans bear interest of 8.5% per annum. On October 30, 2024, concurrent with the acquisition of GRIID, the term loans and the associated interest receivable in the amount of $62,636 were effectively settled and included as consideration for the acquisition of GRIID (see Note 3 - Acquisitions).As of December 31, 2024 and September 30, 2024, the Note receivable from GRIID balance was $0 and $60,919, respectively, and interest receivable balance included in Prepaid expenses and other current assets was $0 and $1,286, respectively, within the condensed consolidated balance sheets.

6.   INVESTMENTS AND DERIVATIVESAs of December 31, 2024 and September 30, 2024, the Company had total investments of $5,446 and $2,750, respectively. The following table sets forth a reconciliation of carrying value of all investments as of December 31, 2024:

         ($ in thousands)
         
        Interest Rate Swap Derivative (1)(2)

        ILALDebtSecurities

        ILALDerivativeAsset(1)

        Balance as of September 30, 2024
         
        $
        (100
        )
         
        $
        918

        $
        1,832

        Unrealized gain on derivative asset

        —

        —

        2,613

        Unrealized gain on fair value recognized in other comprehensive income

        151

        32

        —

        Balance as of December 31, 2024
         
        $
        51

        $
        950

        $
        4,445

       (1)The “Derivative investments” caption in the condensed consolidated balance sheets consists of Interest Rate Swap Derivative and ILAL Derivative Asset (2)See Note 9 - LoansInterest Rate Swap Derivative In relation to the Company’s Western Alliance Bank Credit Agreement entered into in August 2024, the Company has an interest rate swap agreement (see Note 9 - Loans) for which the interest rate swap is not a designated hedge. As of December 31, 2024, the Interest Rate Swap Derivative was fair valued at $51, reflecting a gain of $151. As of September 30, 2024