Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 328

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 328
---
,949) 
     (1,407)
  
    Contributions from non-controlling interest 
     14,735  
     20,365 
  
    Distributions to non-controlling interest 
     (8,270) 
     (1,002)
  
    Proceeds from warrant exercises 
     2,332  
     - 
  
    Net proceeds from common stock securities purchase offering 
     -  
     807 
  
    Net cash provided by financing activities 
    $18,318  
    $21,863 

For
fiscal year 2024, funds from financing activities were used to fund an initial deposit for the HPE Agreement, fund construction of D2,
continued project pipeline development and general operating cash. Net cash provided by financing activities was approximately $18.3
million consisting mainly of proceeds from financing of approximately $14.5 million in which $13.75 million was from 2024 secured loan
financing in June and July, and $720 thousand was drawn down for equipment financing. In addition, there was $2.3 million in warrants
exercised, as well as $14.7 million in contributions of non-controlling membership interest. Offsetting the net cash provided by financing
activities was $8.3 million in cash distributions to non-controlling interest members, and payments of $4.9 million relation to Navitas
loan, the June and July 2024 note agreements, and payments in relation to the convertible holders. Net cash provided by financing activities
was approximately $21.8 million during the year ended December 31, 2023, which consisted of cash contributions for noncontrolling interest
of approximately $20.4 million, offset with distributions for non-controlling interest of $1.0 million. We also received net proceeds
of approximately $817 thousand from the subsequent SPA offerings, in addition to proceeds from debt issuances of $3.1 million less debt
payment costs of $1.1 million on promissory notes and the Navitas loan, and $350 thousand for payment on the Company’s line of
credit.

Debt

    (Dollars in thousands) 
    Years Ended  December 31, 

    2024  
    2023 

    Convertible Notes 
    $-  
    $8,474 
  
    NYDIG Financing 
     9,183  
     9,183