Company: CIFRW
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001819989-25-000037
Chunk: 187

Company: Cipher Mining Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 187
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 the Company believes these deposits will be returned.As part of the asset acquisition to acquire the Barber Lake Facility, the Company acquired a deposit with Oncor of $8.3 million which had previously been paid by the seller. As part of the transaction, the Company must remit the deposit to the seller upon receipt. As such the Company has recorded a corresponding liability in Accrued expenses and other liabilities on the condensed consolidated balance sheet as of March 31, 2025.

NOTE 10. SUPPLEMENTAL FINANCIAL INFORMATION

Prepaid expenses and other current assets were $3.0 million and $3.4 million as of March 31, 2025 and December 31, 2024, respectively, primarily consisting of prepaid insurance as of March 31, 2025, and December 31, 2024.

17

CIPHER MINING INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited)

The Company’s accrued expenses and other current liabilities consisted of the following (in thousands):March 31, 2025December 31, 2024Remaining payments for miners in service$27,979 $30,221 Taxes (primarily sales tax)14,765 14,607 Barber Lake site deposit payable8,297 8,297 Power costs4,052 — Professional fees3,753 4,449 Construction costs3,560 2,675 Employee compensation3,407 8,246 Other487 1,329 Total accrued expenses and other current liabilities$66,300 $69,824 

NOTE 11. RELATED PARTY TRANSACTIONS

Related party receivablesThe Company recorded related party receivables of approximately $0.3 million and $2.1 million, as of March 31, 2025 and December 31, 2024, respectively, representing amounts owed to the Company from its equity method investees.

NOTE 12. LEASES

Odessa Facility LeaseThe Company entered into a series of agreements with affiliates of Luminant, including the Lease Agreement dated June 29, 2021, with amendment and restatement on July 9, 2021 and August 23, 2023 (as amended and restated, the “Luminant Lease Agreement”). The Luminant Lease Agreement leases a plot of land to the Company for the data center, ancillary infrastructure and electrical system (the “Interconnection Electrical