Company: CLSKW
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015470
Chunk: 19

Company: CLEANSPARK, INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Item 1
Chunk 19
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        Adjusted beginning balance after cumulative effect change
         
        $
        431,661

        $
        60,424

        Addition of bitcoin from mining activities(1)

        162,306

        73,786

        Bitcoin sold & issued for services and purchase of software

        (3,413
        )

        (43,300
        )

        Bitcoin transferred to collateral account

        (8,860
        )

        —

        Bitcoin received from collateral account

        129,180

        —

        Gain on fair value of bitcoin

        218,206

        36,041

        Ending Balance
         
        $
        929,080

        $
        126,951

      (1) Net of mining pool fees.

F-17

The Company's bitcoin holdings shown in this note, excluding the bitcoin posted as collateral to the Coinbase Line of Credit as described in Note 9 - Loans, are not subject to rehypothecation and do not serve as collateral for any existing loans or agreements. As of December 31, 2024, the Company held no other crypto-assets; approximately 99% of its bitcoin is held in cold storage and 1% is held in hot wallets.The Company recognized cumulative realized gains of $6,704 and $12,087 from dispositions of bitcoin during the three months ended December 31, 2024 and 2023, respectively. There were no cumulative realized losses from dispositions of bitcoin during the three months ended December 31, 2024 and 2023.

5.   NOTE RECEIVABLE FROM GRIIDOn June 26, 2024, concurrent with the GRIID Agreement (see Note 3 - Acquisitions), the Company entered into the GRIID Credit Agreement, which is a senior secured term loan under which the Company provided a term loan of $55,919 to GRIID, which GRIID was permitted to use solely for certain purposes as set forth in the GRIID Credit Agreement.On August 2, 2024, the Company and GRIID amended and restated the GRIID Credit Agreement (as amended and restated, the “A&R GRIID Credit Agreement”) to include, in addition to the term loan amount, an additional delayed draw term loan facility of $40,000, which amounts GRIID was permitted to request pursuant to the terms of the A&R GRIID Credit Agreement and use solely