Company: CLSKW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000827876-25-000005
Chunk: 10

Company: CLEANSPARK, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 10
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1.   ORGANIZATION CleanSpark, Inc. (the “Company”) is a bitcoin mining company. The Company independently owns, leases, and operates fourteen data centers in Georgia, five data centers in Mississippi, twelve data centers in Tennessee, and two data centers in Wyoming as of June 30, 2025. The Company does not currently host miners for any other companies. The Company designs its infrastructure to responsibly secure and support the bitcoin network, the world’s most recognized digital commodity.

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended September 30, 2024, filed with the SEC on December 3, 2024 (the “Form 10-K”). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented in this Quarterly Report on Form 10-Q have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full fiscal year. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, and the Company’s wholly owned subsidiaries. All intercompany transactions have been eliminated upon consolidation of these entities. The Company has a sole reportable segment which is the bitcoin mining segment.There were no changes to the Company’s most significant estimates and assumptions, significant accounting policies, or recent accounting pronouncements that were disclosed in Note 2 - Summary of Significant Accounting Policies included in the Form 10-K other than as discussed below.ReclassificationsCertain prior-year amounts have been reclassified to conform to the current-year presentation. This includes the grouping of certain balance sheet and statement of cash flow items into new or revised categories to improve clarity and consistency with current-year classifications.Recently Issued Accounting PronouncementsIn December 2023, the Financial Accounting Standards Board (the “FASB”) issued