Company: ANY
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001591956-25-000009
Chunk: 16

Company: Sphere 3D Corp.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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30, 2025 and December 31, 2024, the Company held no other cryptocurrency.

5.    Note Receivable

Rainmaker Promissory NoteIn September 2020, the Company entered into a Senior Secured Convertible Promissory Note with Rainmaker Worldwide Inc. (the “Rainmaker Note”), pursuant to which the Company loaned Rainmaker Worldwide Inc. (“Rainmaker”) the principal amount of $3.1 million. The Rainmaker Note is secured as a registered lien under the Uniform Commercial Code and the Personal Property Security Act (Ontario) against the assets of Rainmaker and bears interest at the rate of 10.0% per annum. In January 2025, the Company and Rainmaker entered into Amendment No. 4 to the Rainmaker Note and the principal amount was revised to $4.6 million and the due date was extended to January 14, 2026, at which time all principal and accrued interest is due and payable. The Company has the right, at any time, to convert all or any portion of the then outstanding and unpaid Rainmaker Note and interest into shares of Rainmaker common stock at the conversion price as defined in the Rainmaker Note. All amounts related to the Rainmaker Note have been fully reserved in prior periods.

6.    Certain Balance Sheet Items

The following table summarizes other current assets (in thousands): June 30,2025December 31,2024Bitcoin mining hosting deposit$730 $2,490 Prepaid insurance113 547 Prepaid services140 270 Prepaid mining hosting services— 100 Other17 31 Other current assets$1,000 $3,438 In January 2025, the Company terminated the Rebel Hosting Agreement and agreed to a settlement amount of $2.4 million, which was included in Bitcoin mining hosting deposit at December 31, 2024. The following table summarizes property and equipment, net (in thousands):June 30,2025December 31,2024Mining equipment$26,709 $27,214 Infrastructure1,516 — Construction in progress323 1,750 Total28,548 28,964 Accumulated depreciation(8,904)(6,997)Property and equipment, net$19,644 $21,967 Depreciation expense for property and equipment was $1.3 million and $1.5 million for the three months