Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 3586

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 13
Chunk 3586
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 made in the ordinary course of the business of DVSL. The non-controlling shareholders do not hold
substantive participating rights, voting rights or liquidation rights. This results in the Project Company being a voting interest entity
(“VOE”), therefore allowing the Company to continue to consolidate.

The
carrying amount of the assets and liabilities was as follows for DVSL:

 Schedule
of Variable Interest Entities of Assets and Liabilities

    (Dollars in thousands) 
    December 31, 2024  
    December 31, 2023 

    Current assets: 

    Cash and restricted cash 
    $2,598  
    $2,275 
  
    Accounts receivable, net 
     481  
     1,201 
  
    Other receivable, related party 
     1,090  
     185 
  
    Prepaids and other current assets 
     34  
     - 
  
    Total current assets 
     4,203  
     3,661 

    Other assets- long term, related party 
     2,452  
     2,172 
  
    Operating lease right-of-use assets 
     42  
     90 
  
    Deposits on equipment 

    Property, plant, and equipment 
     12,744  
     13,712 
  
    Total assets 
    $19,441  
    $19,635 

    Current liabilities: 

    Due to intercompany 
    $51  
    $- 
  
    Accrued expense 
     1,608  
     677 
  
    Customer deposits-current 
     296  
     - 
  
    Operating lease liability 
     4  
     7 
  
    Total current liabilities 
     1,959  
     684 
  
    Operating lease liability 
     39  
     83 
  
    Current portion of debt 

    Customer deposits- long term 
     -  
     1,190 
  
    Other liabilities, related party 
     275  
     224 

    Total liabilities 
    $2,273  
    $2,181 

Effective January 1, 2023, the Company’s ownership in DVSL was reduced from 67.8% to 14.6%; see above for details.

On
May