Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1281

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 1281
---
 - 
  
    Operating lease liability 
     4  
     7 
  
    Total current liabilities 
     1,959  
     684 
  
    Operating lease liability 
     39  
     83 
  
    Current portion of debt 

    Customer deposits- long term 
     -  
     1,190 
  
    Other liabilities, related party 
     275  
     224 

    Total liabilities 
    $2,273  
    $2,181 

Effective January 1, 2023, the Company’s ownership in DVSL was reduced from 67.8% to 14.6%; see above for details.

On
May 9, 2023, the Company’s indirect subsidiary DVCC completed a strategic partnership and financing with a special purpose vehicle,
Navitas West Texas Investments SPV, LLC, (“Navitas”) organized by Navitas Global, to complete the second phase of
the Dorothy Project (“Dorothy 1B”). Under a Contribution Agreement among the parties, the Company owned a substantially complete
25MW data center under construction, in which the Company had contributed capital expenditures for the data center. Soluna and Navitas
amended and restated the Initial LLCA (the “Existing LLCA”) to reflect Navitas’ contribution of $4.5 million and its
receipt of 4,500 Membership Interests, constituting 26.5% of the outstanding Membership Interests of DVCC. On June 2, 2023, Soluna and
Navitas amended and restated the Existing LLCA to (a) reflect (i) Navitas’s additional capital contribution of approximately $7.6
million and receipt of an additional 7,597 Membership Interests, for a total of 12,097 Membership Interests and 49% ownership of DVCC,
and (ii) Soluna’s additional capital contribution of $1.34 million and receipt of an additional 1,340 Membership Interests, for
a total of 12,590 Membership Interests and 51% ownership of DVCC, and (b) describe the respective rights and obligations of the Members
and the management of DVCC. As of December 31, 2024, Navitas owns 49% and Soluna owns 51% of DVCC.

     F-41 

The
Company evaluated this legal entity under ASC 810, Consolidations and determined