Company: CIFRW
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001819989-25-000005
Chunk: 66

Company: Cipher Mining Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 16
Chunk 66
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 FINANCIAL STATEMENTS

December 31, 2023Gross Carrying AmountAccumulated AmortizationNet Carrying AmountStrategic contract$7,000 $(28)$6,972 Capitalized software1,230 (93)1,137 Total$8,230 $(121)$8,109 The Company recorded amortization expense related to intangible assets of $0.7 million for the year ended December 31, 2024, and $0.1 million for the year ended December 31, 2023. The Company expects to record amortization expense as follows over the next five subsequent years:(in thousands)Year Ended December 31, 2025$746 Year Ended December 31, 2026746 Year Ended December 31, 2027746 Year Ended December 31, 2028649 Year Ended December 31, 2029$445 

NOTE 9. SECURITY DEPOSITS

The Company’s security deposits consisted of the following (in thousands):December 31, 2024December 31, 2023Luminant Power Purchase Agreement collateral$— $12,554 Vistra Purchase and Sale Agreement collateral— 3,063 Oncor Facility Extension security deposit related to Black Pearl Facility6,269 6,269 Oncor Facility Extension security deposit related to Barber Lake Facility8,297 — Oncor Facility Extension security deposit related to Stingray Facility4,244 — Other deposits972 1,969 Total security deposits$19,782 $23,855 Under the Luminant Power Agreement, the Company was required to provide Luminant with collateral of approximately $12.6 million (the “Independent Collateral Amount”). The Independent Collateral Amount will remain in place throughout the term of the Luminant Power Agreement. Details of the construction of the Interconnection Electrical Facilities, including collateral arrangements that are in addition to the Independent Collateral Amount, are set out in the Purchase and Sale Agreement dated June 28, 2021, with amendment and restatement on July 9, 2021 (as amended and restated, the “Vistra Purchase and Sale Agreement”) with Vistra. Under the Vistra Purchase and Sale Agreement, the Company provided approximately $3.1 million as collateral separate from the Independent Collateral Amount, which is also recorded in security deposits as of December 31, 2023.