Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 208

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 208
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 of DVCC that could be significant to the Company.

Accordingly,
the accounts of DVCC are consolidated in the accompanying financial statements.

The
carrying amount of the VIE’s assets and liabilities was as follows for DVCC:

Schedule
of Variable  Interest Entities of Assets and Liabilities

    (Dollars in thousands) 
    September
    30, 2025  
    December
    31, 2024 

    Current assets: 

    Cash and restricted cash 
    $1,515  
    $2,057 
  
    Accounts receivable 
     -  
     37 
  
    Prepaid expenses and other current assets 
     137  
     49 
  
    Other receivable, related
    party 
     372  
     1,692 
  
    Total current assets 
     2,024  
     3,835 

    Other assets, related party 
     1,948  
     2,452 
  
    Operating lease right-of-use assets 
     40  
     42 
  
    Property, plant and equipment,
    net 
     15,474  
     17,774 
  
    Total assets 
    $19,486  
    $24,103 

    Current liabilities: 

    Due to intercompany 
    $1,570  
    $1,475 
  
    Accrued liabilities 
     648  
     1,392 
  
    Operating lease liability 
     4  
     4 
  
    Current portion of debt 
     -  
     137 
  
    Total current liabilities 
     2,222  
     3,008 

    Operating lease liability 
     36  
     39 
  
    Total liabilities 
    $2,258  
    $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 (“DVSL II”),
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