Company: SLNH
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010886
Chunk: 13

Company: Soluna Holdings, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 and December 31, 2024, respectively. For the year ended December 31, 2024, one of the Company’s
borrowers for a note receivable was having financial difficulty securing additional financing to pay the note. As such, the Company fully
reserved the note balance and incurred a provision on credit loss of approximately $244 thousand. In addition, the Company had a credit
provision for approximately $516 thousand due to a pricing dispute with a Bitcoin hosting customer, in which the agreement with the customer
was terminated in December 2024. As of December 31, 2024, the Company wrote off the entire allowance with the Bitcoin hosting customer
of $516 thousand.

Rollforward of Allowance of Expected Credit Losses:

Schedule
of Allowance of Expected Credit Losses

    (Dollars in thousands) 
    January 1, 2025- March 31, 2025  
    January 1, 2024 – December 31, 2024 

    Allowance for expected credit losses, beginning of period 
    $244  
    $- 
  
    Current period credit provision 
     -  
     760 
  
    Write offs charged against the allowance 
     -  
     (516)
  
    Recoveries collected 
     -  
     - 
  
    Allowance of expected credit losses, end of period 
    $244  
    $244 

4. Property, Plant and Equipment, net

Property, plant and equipment consist of the following at:

Schedule of Plant and Equipment

    (Dollars in thousands) 
    March 31, 2025  
    December 31, 2024 
  
    Land and land improvements 
    $1,553  
    $1,553 
  
    Buildings and leasehold improvements 
     25,453  
     25,453 
  
    Computers and related software 
     11,536  
     11,533 
  
    Machinery and equipment 
     9,354  
     9,324 
  
    Office furniture and fixtures 
     34  
     34 
  
    Construction in progress 
     13,005  
     9,250 
  
    Property, plant and equipment, gross 
     60,935  
     57,147 
  
    Less: Accumulated depreciation 
     (11,350)