Company: SLNH
Filing Date: 2025-02-05
Form Type: 424B3
Source: 0001493152-25-005030
Chunk: 194

Company: Soluna Holdings, Inc
Filing Date: 2025-02-05
Form: 424B3
Chunk 194
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 |   |     |   |       22 |   |
| Construction in progress             |                        |   |    1,111 |   |     |   |   26,175 |   |
| Property,plant and equipment gross   |                        |   |   48,864 |   |     |   |   43,705 |   |
| Less: Accumulated depreciation       |                        |   |   (4,292 | ) |     |   |   (1,496 | ) |
| Property,plant                       
 and 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