Company: ANY
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001591956-25-000006
Chunk: 42

Company: Sphere 3D Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 42
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5,753 $— $— Liabilities:Warrant liabilities$3 $— $— $3 December 31, 2024Fair ValueLevel 1Level 2Level 3Assets:Investment in equity securities$7,530 $7,530 $— $— Bitcoin1,394 1,394 — — Total$8,924 $8,924 $— $— Liabilities:Warrant liabilities$31 $— $— $31 The Company’s investment is in publicly held equity securities which have readily determinable fair values. During the three months ended March 31, 2025 and 2024, the Company recognized an unrealized loss of $3.7 million and gain of $2.7 million, respectively, within other income (expense) in its consolidated statements of operations related to the fair value change of the investment in equity securities.The fair value of the warrant liabilities was measured using a Black Scholes valuation model with the following assumptions:March 31,2025December 31,2024Common share price$0.40 $0.94 Expected volatility95.0 %125.0 %Risk-free interest rate4.0 %4.2 %The following table presents the activities of warrant liabilities that are measured at fair value (in thousands): Warrant liability as of January 1, 2025$31 Change in fair value(28)Warrant liability as of March 31, 2025$3 Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis 

The Company's non-financial assets such as property and equipment and intangible assets are recorded at fair value when an impairment is recognized or at the time acquired in an asset acquisition or business combination measured using significant unobservable inputs (Level 3). 

12

4.Bitcoin

The following table presents the activities of Bitcoin (in thousands):Balance at January 1, 2025$1,394 Revenue recognized from Bitcoin mined2,817 Proceeds from sale of Bitcoin(2,110)Change in fair value of Bitcoin(228)Balance at March 31, 2025$1,873 The following table presents Bitcoin holdings (in thousands except for number of Bitcoin):March 31,2025December 31, 2024Number of Bitcoin held22.714.9Carrying basis