Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1033

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 1033
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, 2023, the Company had impairment charges of approximately $575 thousand which related
to impairment of approximately $165 thousand for power supply units (PSUs) at the Sophie location, and $410 thousand for revaluing S19,
M30, M31, and M32 miners to market conditions and sales made during and subsequent to year-end, which lowered the net book value to the
sales price of the type of miner sold.

Equipment
held for sale

In
April 2023, Project Sophie entered into a 25 MW hosting contract with a sustainability-focused Bitcoin miner, which has shifted the Company’s
business model at the Company’s modular data center at Project Sophie from proprietary mining to hosting Bitcoin miners as customers.
The Company obtained Board of Director approval to sell all remaining miners at the Sophie location and as of December 31, 2023, approximately
$107 thousand remained outstanding whereas the Company expected to be sold within a year. For the year ended, December 31, 2024, the
Company has sold all remaining Sophie assets held for sale for approximately $82 thousand. A balance of approximately $28 thousand remains
outstanding as of December 31, 2024 related to Marie assets.

5. Intangible Assets

Intangible
assets consist of the following as of December 31, 2024:

 Schedule of Intangible Assets

    (Dollars in thousands) 
    Intangible Assets  
    Accumulated Amortization  
    Total 

    Strategic pipeline contract 
    $46,885  
    $29,694  
    $17,191 
  
    Assembled workforce 
     500  
     317  
     183 
  
    Patents 
     266  
     20  
     246 
  
    Total 
    $47,651  
    $30,031  
    $17,620 

Intangible
assets consist of the following as of December 31, 2023:

    (Dollars in thousands) 
    Intangible Assets  
    Accumulated Amortization  
    Total 

    Strategic pipeline contract 
    $46,885  
    $20,317  
    $26,568 
  
    Assembled workforce 
     500  
     216  
     284 
  
    Patents 
     165  
     10  
     155 
  
    Total 
    $