Company: CLSKW
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015470
Chunk: 18

Company: CLEANSPARK, INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Item 1
Chunk 18
---
 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: 

        As of

        Bitcoin holdings
         
        December 31, 2024

        September 30, 2024

        Number of bitcoin held

        9,952

        6,819

        Cost basis - per bitcoin
         
        $
        72,104

        $
        55,408

        Fair value - per bitcoin
         
        $
        93,356

        $
        63,301

        Cost basis of bitcoin (in '000s)
         
        $
        717,578

        $
        377,839

        Fair value of bitcoin (in '000s)
         
        $
        929,080

        $
        431,661

      The cost basis represents the valuation of bitcoin at the time the Company earns the bitcoin through mining activities.The following table presents information based on the activity of bitcoin for the three months ended December 31, 2024 and 2023:

        Three months ended

        Three months ended

         ($ in thousands)
         
        December 31, 2024

        December 31, 2023

        Beginning Balance - before cumulative effect change
         
        $
        431,661

        $
        56,241

        Cumulative effect of the adoption of ASC 350-60

        —

        4,183