Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 489

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 489
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 losses or gains of DVCC that could be significant to the Company.

Accordingly,
the accounts of DVCC are consolidated in the accompanying financial statements.

The
carrying amount of the VIE’s assets and liabilities was as follows for DVCC:

 Schedule of Variable Interest Entities of Assets and Liabilities

    (Dollars in thousands) 
    December 31, 2024  
    December 31, 2023 

    Current assets: 

    Cash and restricted cash 
    $2,057  
    $2,575 
  
    Accounts receivable 
     37  
     217 
  
    Prepaids and other current assets 
     49  
     - 
  
    Other receivable, related party 
     1,692  
     476 
  
    Total current assets 
     3,835  
     3,268 

    Other assets- long term, related party 
     2,452  
     2,172 
  
    Operating lease right-of-use assets 
     42  
     90 
  
    Property, plant, and equipment, net 
     17,774  
     22,188 
  
    Total assets 
    $24,103  
    $27,718 

    Current liabilities: 

    Due to intercompany 
    $1,475  
    $1,259 
  
    Accrued expense 
     1,392  
     2,213 
  
    Operating lease liability 
     4  
     7 
  
    Current portion of debt 
     137  
     1,682 
  
    Total current liabilities 
     3,008  
     5,161 

    Operating lease liability 
     39  
     83 
  
    Total liabilities 
    $3,047  
    $5,244 

On
July 22, 2024 (the “Effective Date”), Soluna Holdings, Inc. (the “Company”) closed financing for the Dorothy
2 project. This project involves Soluna Digital, Inc. (the “Developer”) and Soluna DVSL II ComputeCo, LLC (the
“ComputeCo”), a special purpose vehicle initially owned solely by the Developer. They are collaborating on the
development, design, procurement, and construction of a 48 MW modular data center (the “Project Dorothy 2”)