Company: SLNH
Filing Date: 2025-01-15
Form Type: S-1/A
Source: 0001493152-25-002391
Chunk: 277

Company: Soluna Holdings, Inc
Filing Date: 2025-01-15
Form: S-1/A
Chunk 277
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3, Project Sophie entered into a 25 MW hosting contract with a sustainability-focused Bitcoin miner, which has shifted the Company’s business model at the Company’s modular data center at Project Sophie from proprietary mining to hosting Bitcoin miners for the customer. The Company obtained Board of Director approval to sell all remaining miners at the Sophie location and as of December 31, 2023, approximately $ 107thousand remained outstanding whereas the Company expected to be sold within a year. For the nine months ended, September 30, 2024, the Company has sold all remaining Sophie assets held for sale for approximately $ 82thousand. In March 2024, Project Dorothy 1B began to look to sell certain miners due to interest from third parties and sold $ 133thousand of miners that were included as equipment held for sale as of March 31, 2024, therefore there is no remaining balance related to Dorothy 1B as of September 30, 2024. A balance of approximately $ 28thousand in remaining outstanding as of September 30, 2024 related to Marie assets.

5. Intangible Assets

Intangible assets consist of the following as of September 30, 2024:

Schedule of Intangible Assets

| (Dollars in thousands)      |     | Intangible Assets |        |     | Accumulated  
 Amortization |        |     | Total |        |
|:----------------------------|:----|:------------------|-------:|:----|:-------------|-------:|:----|:------|-------:|
| Strategic pipeline contract |     | $                 | 46,885 |     | $            | 27,349 |     | $     | 19,536 |
| Assembled workforce         |     |                   |    500 |     |              |    292 |     |       |    208 |
| Patents                     |     |                   |    259 |     |              |     17 |     |       |    242 |
| Total                       |     | $                 | 47,644 |     | $            | 27,658 |     | $     | 19,986 |

| F-60 |

Intangible assets consist of the following as of December 31, 2023:

| (Dollars in thousands)      |     | Intangible Assets |        |     | Accumulated  
 Amortization |        |     | Total |        |
|:----------------------------|: