Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 3023

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9C
Chunk 3023
---
 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) 
    December 31, 2024  
    December 31, 2023 

    Current assets: 

    Cash and restricted cash 
    $2,057  
    $2,575 
  
    Accounts receivable 
     37  
     217 
  
    Prepaids and other current assets 
     49  
     - 
  
    Other receivable, related party 
     1,692  
     476 
  
    Total current assets 
     3,835  
     3,268 

    Other assets- long term, related party 
     2,452  
     2,172 
  
    Operating lease right-of-use assets 
     42  
     90 
  
    Property, plant, and equipment, net 
     17,774  
     22,188 
  
    Total assets 
    $24,103  
    $27,718 

    Current liabilities: 

    Due to intercompany 
    $1,475  
    $1,259 
  
    Accrued expense 
     1,392  
     2,213 
  
    Operating lease liability 
     4  
     7 
  
    Current portion of debt 
     137  
     1,682 
  
    Total current liabilities 
     3,008  
     5,161 

    Operating lease liability 
     39  
     83 
  
    Total liabilities 
    $3,047  
    $5,244 

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