Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 212

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 212
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 Property, plant and equipment, net 
     15,371  
     - 
  
    Deposits on equipment 
     -  
     716 
  
    Total assets 
    $38,469  
    $20,702 

    Current liabilities: 

    Accounts payable, trade 
    $132  
    $- 
  
    Accounts payable, related party 
     2,004  
     3,598 
  
    Accrued liabilities 
     825  
     - 
  
    Due to intercompany 
     -  
     9 
  
    Current portion of debt 
     3,053  
     - 
  
    Operating lease liability 
     8  
     7 
  
    Total current liabilities 
     6,022  
     3,614 

    Other liabilities 
     1,433  
     - 
  
    Other liabilities-related party 
     854  
     - 
  
    Long-term debt 
     3,031  
     - 
  
    Operating lease liability 
     68  
     74 
  
    Total liabilities 
    $11,408  
    $3,668 

On
July 22, 2025 (the “Effective Date”), Soluna Digital, Inc. (“SDI”), a subsidiary of the Company, finalized a
contribution agreement and operating agreement for Project Kati, a 166 MW facility located in Willacy County, Texas, in which is expected
to be delivered in two phases at 83 MW each. This project involves SDI as the Developer, Soluna KKSL JVCo LLC (the “KKSL JVCo”),
a special purpose vehicle initially owned solely by SDI, and Soluna2 Kati Project Holdco LLC (“Spring Lane”). This facility
is owned by KKSL JVCo, and operated by Soluna US Services, LLC, and may engage in cryptocurrency, batch processing, and other non-crypto
related activities.

Currently
Project Kati 1 is financed by Soluna2 Kati Project Holdco LLC, an investment vehicle of Spring Lane Capital (“SLC”) with
a capital contribution of up to $48.98 million. In exchange for contributions to KKSL JVCo, SDI was issued 100% of Class A Membership
Units and SLC were initially issued 100% of the Class B Membership Interests in