Company: SLNH
Filing Date: 2025-02-03
Form Type: S-1/A
Source: 0001493152-25-004555
Chunk: 196

Company: Soluna Holdings, Inc
Filing Date: 2025-02-03
Form: S-1/A
Chunk 196
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 equipment                        |                        | $ |   44,572 |   |     | $ |   42,209 |   |

Depreciation expense was approximately $ 3.9million and $ 18.7million for the years ended December 31, 2023 and 2022, respectively. Repairs and maintenance expense was $ 140thousand and $ 76thousand for the years ended December 31, 2023 and 2022, respectively.

On February 23, 2023, NYDIG proceeded to foreclose on all of the collateral securing the MEFA, which resulted in a reportable disposition of all of the Company’s mining assets at the site and certain of the operating assets of Project Marie. The total net book value of the collateralized assets that were repossessed totaled approximately $ 3.4million in which were written off the Company’s books in the first quarter of 2023, offsetting the outstanding accrued interest and penalty first, then the remaining outstanding loan. On September 5, 2023, NYDIG provided a letter finalizing the accounting for the repossessed collateralized assets totaling proceeds of approximately $ 3.4million. See Note 9 in relation to the outstanding debt and interest associated with the NYDIG financing.

| F-20 |

Loss on sale of fixed assets

The Company incurred a $ 398thousand loss for the year ended December 31, 2023 in connection with the disposal and sale of miners (M20, M21, M30, and M31 models) and equipment which included Switchgear and Tesseracks (mobile, Bitcoin mobile equipment) for approximately $ 147thousand at their Project Sophie and Project Marie sites in which the Company received proceeds of approximately $ 2.5million in which had a net book value of approximately $ 2.7million. In addition, the Company incurred a loss on sale of assets of approximately $ 251thousand in relation to NYDIG collateral finalization in which the Company had to pay for expenses and legal fees in related to the disposition. The Company incurred a $ 4.1million loss for the year ended December 31, 2022 in connection with the disposal of miners and equipment with a net book value of approximately $ 6.9million for the year ended December 31, 2022, in which the Company received proceeds of $ 2.8million for the year ended December 31, 2022.

Impair