Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 3324

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 11
Chunk 3324
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     2,452  
     2,172 
  
    Operating lease right-of-use assets 
     42  
     90 
  
    Deposits on equipment 

    Property, plant, and equipment 
     12,744  
     13,712 
  
    Total assets 
    $19,441  
    $19,635 

    Current liabilities: 

    Due to intercompany 
    $51  
    $- 
  
    Accrued expense 
     1,608  
     677 
  
    Customer deposits-current 
     296  
     - 
  
    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 Inter