Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 138

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 138
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 replacing fixed rate volume
contracts.

General
and Administrative Expenses, exclusive of depreciation and amortization: General and administrative expenses, exclusive of depreciation
and amortization include cash and non-cash compensation, benefits, and related costs in support of our general corporate operations,
including general management, finance and accounting, human resources, marketing, information technology, corporate development, and
legal services.

    ●
    Stock
    based compensation expense was $3.7 million for the six months ended June 30, 2025 compared to approximately $2.0 million in
    relation to the six months ended June 30, 2024, an increase of approximately $1.7 million. This increase primarily related to grants
    issued to directors and officers from April 2024 through June 2025, and grants issued to employees in June 2025 and December of
    2024.This increase was partially offset by grants that stopped vesting from prior years and grants that had portion which
    immediately vested during 2024.

    ●
    Professional
    and legal fees increased approximately $1.0 million in relation to legal fees associated with registration of the SEPA, and other
    SEC regulatory and compliance matters, in addition to higher fees associated with consulting matters.

    ●
    Salaries
    and benefits decreased approximately $281 thousand due to reduction in bonus expenses  for  2025, offset with
    cost of living adjustment raises for management and employees.

    ●
    Provision
    for credit losses decreased approximately $264 thousand as no losses were noted in three months ended June 30, 2025 compared to the
    three months ended June 30, 2024.

    ●
    Investor
    relations decreased approximately $268 thousand in relation to fewer investor campaigns run for the six months ended June 30, 2025
    compared to the six months ended June 30, 2024.

    ●
    Other
    changes in general and administrative expenses were not material.

Depreciation
and Amortization associated with general and administrative expenses: Depreciation and amortization expense was comparable for
the six months ended June 30, 2025 and six months ended June 30, 2024 in which the balances totaled approximately $4.7 million, respectively.
The balances mainly related to amortization expense related to the strategic pipeline contract that was acquired in October 2021.

52

Interest
expense: Interest expense for the six months