Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 54

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 54
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 Total current assets 
     3,275  
     3,835 

    Other assets, related party 
     1,948  
     2,452 
  
    Operating lease right-of-use assets 
     41  
     42 
  
    Property, plant and equipment, net 
     15,742  
     17,774 
  
    Total assets 
    $21,006  
    $24,103 

    Current liabilities: 

    Due to intercompany 
    $1,426  
    $1,475 
  
    Accrued liabilities 
     616  
     1,392 
  
    Operating lease liability 
     4  
     4 
  
    Current portion of debt 
     -  
     137 
  
    Total current liabilities 
     2,046  
     3,008 

    Operating lease liability 
     37  
     39 
  
    Total liabilities 
    $2,083  
    $3,047 

On
July 22, 2024 (the “Effective Date”), Soluna Holdings, Inc. (the “Company”) closed financing for the Dorothy
2 project. This project involves Soluna Digital, Inc. (the “Developer”) and Soluna DVSL II ComputeCo, LLC (the “ComputeCo”),
a special purpose vehicle initially owned solely by the Developer. They are collaborating on the development, design, procurement, and
construction of a 48 MW modular data center (the “Project Dorothy 2”) in Silverton, Texas. This facility is owned by ComputeCo
and operated by Soluna US Services, LLC, and may engage in cryptocurrency, batch processing, and other non-crypto related activities.
It is adjacent to two other company modular data center projects at the same site.

    33

Project
Dorothy 2 is financed by Soluna2 SLC Fund II Project Holdco LLC, an investment vehicle of Spring Lane Capital (“SLC”) with
a capital contribution of up to $29.98 million, and the Developer, as the parent company of ComputeCo, with an initial capital contribution
of up to $4.6 million. As of the Effective Date, the Company and the Developer became co-owners of ComputeCo. In exchange for contributions
to ComputeCo, the Company and SLC were initially issued 42% and 58% of the