Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of effect of correcting error on the company’s consolidated balance sheet |
| |
|
As of December 31, 2021 |
|
|
|
|
| Consolidated Balance Sheet |
|
As previously reported |
|
|
Adjustment |
|
|
As revised |
|
| Property & equipment, net |
|
$ |
262,980 |
|
|
$ |
13,500 |
|
|
$ |
276,480 |
|
| Goodwill |
|
|
349,063 |
|
|
|
(13,500 |
) |
|
|
335,563 |
|
| Total assets |
|
|
1,530,939 |
|
|
|
— |
|
|
|
1,530,939 |
|
|
| Schedule of estimated useful lives of property and equipment |
Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Estimated useful lives for leasehold improvements are typically the lesser of the estimated useful life of the asset or the life of the term of the lease. The estimated useful lives for all other property and equipment are as follows: |
|
|
|
Life (Years) |
| |
Buildings and improvements |
|
|
10-25 |
| |
Miners and mining equipment |
|
|
2 |
| |
Machinery and facility equipment |
|
|
5-7 |
| |
Office and computer equipment |
|
|
3 |
|
|
| Schedule of carrying amounts and estimated lives of intangible assets with finite lives |
As of December 31, 2021, the carrying amounts and estimated lives of the Company’s intangible assets with finite lives were as follows: |
($ in thousands) |
|
Gross
book value |
|
|
Accumulated amortization |
|
|
Net book
value |
|
|
Weighted-average life (years) |
| |
Customer contracts |
|
$ |
6,300 |
|
|
$ |
(51 |
) |
|
$ |
6,249 |
|
|
|
10 |
| |
Trademark |
|
|
5,000 |
|
|
|
(42 |
) |
|
|
4,958 |
|
|
|
10 |
| |
UL Listings |
|
|
2,700 |
|
|
|
(19 |
) |
|
|
2,681 |
|
|
|
12 |
| |
Patents |
|
|
742 |
|
|
|
(468 |
) |
|
|
274 |
|
|
|
Various |
| |
Finite-lived intangible assets |
|
$ |
14,742 |
|
|
$ |
(580 |
) |
|
$ |
14,162 |
|
|
|
|
|
As of December 31, 2020, the carrying amounts of the Company’s intangible assets with finite lives were as follows:
|
|
|
Gross
book value |
|
|
Accumulated amortization |
|
|
Net book
value |
| |
Patents |
|
$ |
713 |
|
|
$ |
(377 |
) |
|
$ |
336 |
|
|
| Schedule of estimated amortization of intangible asset |
The following table represents the total estimated amortization of intangible assets for the five succeeding years: |
For the years ending December 31, |
|
|
Estimated amortization expense | |
2022 |
|
|
$ |
1,446 | |
2023 |
|
|
|
1,446 | |
2024 |
|
|
|
1,446 | |
2025 |
|
|
|
1,446 | |
2026 |
|
|
|
1,446 | |
Thereafter |
|
|
|
6,932 | |
Total |
|
|
$ |
14,162
|
|
| Schedule of antidilutive securities |
Since the Company has only incurred losses, basic and diluted net loss per share is the same. Securities that could potentially dilute loss per share in the future were not included in the computation of diluted loss per share at December 31, 2021, 2020 and 2019 because their inclusion would be anti-dilutive are as follows: |
|
|
December 31, | |
|
|
2021 |
|
2020 |
|
2019 | |
Warrants to purchase common stock |
|
|
63,000 |
|
|
|
2,061,770 |
|
|
|
3,574,257 |
| |
Options to purchase common stock |
|
|
- |
|
|
|
12,000 |
|
|
|
12,000 |
| |
Unvested restricted stock awards |
|
|
4,015,146 |
|
|
|
633,305 |
|
|
|
1,524,499 |
| |
Convertible Series B preferred shares |
|
|
2,199 |
|
|
|
4,199 |
|
|
|
4,199 |
| |
Total |
|
|
4,080,345 |
|
|
|
2,711,274 |
|
|
|
5,114,955 |
|
|