Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 14

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 14
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DIG’s motion for summary judgment on the grounds that NYDIG failed to explain what collateral of which loan was sold and how
the sale proceeds were allocated to each loan. A summary judgment motion hearing took place on February 13, 2024, where it was agreed
upon by both NYDIG and the Borrower, that the total outstanding loan principal balance would be approximately $9.2 million. The Company
applied the per diem interest rate agreed upon with the summary judgement and recorded interest expense for the three and six months
ended June 30, 2025 of approximately $361 thousand and $719 thousand, respectively. The Company’s interest expense for the three
and six months ended June 30, 2024 related to the NYDIG financing was approximately $361 thousand and $723 thousand, respectively. The
Company has an outstanding interest and penalty accrual of approximately $3.0 million recorded within “Accrued interest payable”
as of June 30, 2025. See Note 10 for further information in relation to the NYDIG litigation matter.

Green Cloud secured note

 Schedule of Secured Note Financing 

    (Dollars
    in thousands) 
    Maturity
    Date 
    Interest
    Rate  
    January
    1, 2025-
 June 30, 2025  
    June
    20, 2024-
 December 31, 2024 
  
    Term
    Loan and capitalized interest (excludes debt issuance cost) 
    June
    20, 2027 
     9% 
    $11,748  
    $12,784 
  
    Less:
    principal and capitalized interest payments 

     (2,144) 
     (1,036)
  
    Less:
    debt discount 

     (153) 
     (230)
  
    Less:
    debt issuance costs 

     (357) 
     (535)
  
    Total
    outstanding note 

     9,094  
     10,983 
  
    (Less)
    Current note outstanding 

     3,061  
     3,922 
  
    Long-term
    note outstanding 

    $6,033  
    $7,061 

    15

On
June 20, 2024, pursuant to the terms and subject to the conditions of a Note Purchase Agreement (the