Riot Platforms, Inc. Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

9 Months Ended

Sep. 30, 2021

The components of lease expense for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
Lease cost	2021		2020		2021		2020
Operating lease cost	$	321	$	-	$	430	$	1,240
Variable lease cost⁽¹⁾		11		-		19		1,040
Operating lease expense		332		-		449		2,280
Short-term lease rent expense		15		-		15		9
Total rent expense	$	347	$	-	$	464	$	2,289

⁽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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2021			2020		2021			2020
Operating cash flows from operating leases	$	322		$	-	$	463		$	1,207
Right of use assets exchanged for new operating lease liabilities	$	-		$	-	$	8,387		$	-
Weighted-average remaining lease term – operating leases		7.0			-		7.0			-
Weighted-average discount rate – operating leases		7.5	%		-		7.5	%		-

The following table represents our future minimum operating lease payments as of, and subsequent to, September 30, 2021 under ASC 842 (in thousands):

	Ground lease			Office and other leases			Total
2021 (excluding the nine months ended September 30, 2021)	$	229		$	151		$	380
2022		942			836			1,778
2023		970			839			1,809
2024		999			218			1,217
2025		1,029			73			1,102
Thereafter		4,433			235			4,668
Total undiscounted lease payments		8,602			2,352			10,954
Less present value discount		(2,281	)		(294	)		(2,575	)
Present value of lease liabilities	$	6,321		$	2,058		$	8,379