Company: CLSKW
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015470
Chunk: 117

Company: CLEANSPARK, INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Item 8
Chunk 117
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 an asset acquisition.The combined purchase price is $29,854, which includes $27,500 in cash considerations payable to the TN MIPA Seller per the MIPAs and RE PSA, transfer of mining data center containers worth $1,750, $232 incurred for direct acquisition costs and $372 in assumed lease liabilities. The allocation of the purchase price of the assets acquired are summarized below:

        ($ in thousands)
         
        Allocation atFinal AcquisitionDate

        Land
         
        $
        6,187

        Land improvements

        648

        Building

        805

        Infrastructure

        22,153

        Right of use assets

        61

        Operating lease liability

        (372
        )

        Total
         
        $
        29,482

      Mississippi Acquisition - Clinton, MS On September 16, 2024, CSRE Properties Mississippi, LLC, a Mississippi limited liability company and wholly-owned subsidiary of the Company, entered into definitive agreements with Eyas Investment Group and Makerstar Capital, Inc. (“Makerstar”) to acquire bitcoin mining facilities in Clinton, Mississippi (the “Clinton Property”).

F-16

The combined purchase price (including direct acquisition costs of $129) for the real property, construction in progress and personal property was approximately $3,020. The transaction was consummated in September 2024 and accounted for as an asset acquisition, whereby the total purchase price is allocated first to the fair value of the assets acquired and any excess purchase price is allocated to the acquired assets pro-rata. No goodwill is calculated in an asset acquisition.The allocation of the purchase price of the assets acquired are summarized below:

        ($ in thousands)
         
        Allocation atAcquisitionDate

        Land
         
        $
        734

        Construction in progress

        2,286

        Total
         
        $
        3,020

      In connection with the acquisition of the Clinton Property, CSRE Properties Mississippi, LLC entered into a Construction Management Services Agreement dated September 16, 2024 with Beast Power, Inc. (“Beast Power”), pursuant to which Beast Power was engaged to manage the completion of the construction of a data center facility on the Clinton Property for aggregate consideration of $2,888. The construction was substantially complete in December 2024.

4.   BITCOINThe following table presents the Company's bitcoin holdings as of December 31, 2024 and September 30, 2024: