Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 2009

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 2009
---
 28 
  
    Construction in progress 
     9,250  
     1,111 
  
    Property,
    plant and equipment, gross 
     57,147  
     48,864 
  
    Less: Accumulated depreciation 
     (9,864) 
     (4,292)
  
    Property,
    plant and equipment, net 
    $47,283  
    $44,572 

     F-19 

Depreciation
expense was approximately $6.2 million and $3.9 million for the years ended December 31, 2024 and 2023, respectively. Repairs and maintenance
expense was approximately $536 thousand and $140 thousand for the years ended December 31, 2024 and 2023, respectively.

The
Company had a loss on sale of equipment of approximately $31 thousand for the year ended December 31, 2024, which related to equipment
held for sale and in storage. The Company received proceeds on the sale of equipment of approximately $215 thousand for the year ended
December 31, 2024, with a net book value of approximately $246 thousand. The Company incurred a $398 thousand loss for the year ended
December 31, 2023 in connection with the disposal and sale of miners (M20, M21, M30, and M31 models) and equipment which included Switchgear
and Tesseracks (mobile, Bitcoin mobile equipment) for approximately $147 thousand at their Project Sophie and Project Marie sites from
which the Company received proceeds of approximately $2.5 million in which had a net book value of approximately $2.7 million, in addition to
approximately a $251 thousand loss on sale of assets in relation to NYDIG collateral finalization, where the Company had to pay for expenses
and legal fees related to the disposition.

During
the year ended December 31, 2024, the Company had impairment charges of approximately $130 thousand. This charge related to the sale
of S19 miners that occurred in April 2024, as a result of which the Company wrote down the net book value of the miners to the subsequent
sales price. During the year ended December 31, 2023, the Company had impairment charges of approximately $575 thousand which related
to impairment of approximately $165 thousand for power supply units (PSUs) at the Sophie location, and $410 thousand for revaluing S19