Riot Platforms, Inc. Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

12 Months Ended

Dec. 31, 2021

The following summarizes quantitative information about the Company’s operating leases (dollars in thousands):

	Years Ended December 31,
Lease cost	2021		2020		2019
Operating lease cost	$	678	$	1,240	$	2,378
Variable lease cost⁽¹⁾		51		1,040		3,200
Operating lease expense		729		2,280		5,578
Short-term lease rent expense		19		20		17
Total rent expense	$	748	$	2,300	$	5,595

⁽¹⁾	Amounts primarily include common area maintenance and utility charges not included in the measurement of right of use assets and operating lease liabilities.

Other information
Operating cash flows from operating leases	$	435		$	1,207	$	2,377
Right of use assets exchanged for new operating lease liabilities	$	13,622		$	-	$	2,664
Weighted-average remaining lease term – operating leases		8.6			-		0.5
Weighted-average discount rate – operating leases		5.8	%		-		10	%

The following table represents our future minimum operating lease payments as of, and subsequent to, December 31, 2021 under ASC 842 (in thousands):

	Ground lease			Office and other leases			Total
2022	$	942		$	990		$	1,932
2023		970			1,012			1,982
2024		999			1,001			2,000
2025		1,029			908			1,937
2026		1,060			823			1,883
Thereafter		3,374			4,060			7,434
Total undiscounted lease payments		8,374			8,794			17,168
Less present value discount		(2,164	)		(1,565	)		(3,729	)
Present value of lease liabilities	$	6,210		$	7,229		$	13,439