v3.23.3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows From Operating Activities    
Net loss $ (2,509,759) $ (9,082,379)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 136,605 793,229
Non-cash rent expense 723,594 646,657
Digital currency received as revenue (249,888)
Impairment of digital assets 164,411
Net gains on sale of equipment (8,388)
Expenses paid using digital assets 461 69,533
Change in fair value of warrant liabilities 7,400
Depreciation and amortization 1,030,191 1,288,106
Changes in operating assets and liabilities:    
Accounts receivable 62,066 266,889
Interest receivable (1,381,179)
Prepaid expenses and other current assets (11,116) (243,058)
Deposit returns (1,598)
Accounts payable 152,701 404,715
Accrued expenses and other current liabilities (1,339,109) (2,079,071)
Operating lease liability (909,426) (808,148)
Deferred revenue (543,786) 269,685
Total Adjustments (2,088,984) 530,460
Net Cash Used In Operating Activities (4,598,743) (8,551,919)
Cash Flows From Investing Activities    
Purchases of short-term investments (19,950,000)
Proceeds from maturing of short-term investments 30,000,000
Loan to affiliate (3,500,000)
Investment in digital assets (41,026)
Proceeds from sale of equipment 106,914
Purchases of intangibles (618,930)
Purchases of property and equipment (119,525) (6,697)
Net Cash Provided By (Used In) Investing Activities 5,918,459 (47,723)
Cash Flows From Financing Activities    
Repurchases of common stock (2,051,137)
Net Cash Used In Financing Activities (2,051,137)
Effect of Exchange Rate Changes on Cash (31) (62,388)
Net Decrease In Cash, Cash Equivalents, And Restricted Cash (731,452) (8,662,030)
Cash, cash equivalents, and restricted cash - Beginning of Period 16,167,442 97,887,030
Cash, cash equivalents, and restricted cash - End of Period 15,435,990 89,225,000
Cash and restricted cash consisted of the following:    
Cash 10,435,990 84,225,000
Restricted cash 5,000,000 5,000,000
Total cash and restricted cash 15,435,990 89,225,000
Non-Cash Investing and Financing Activities:    
ROU asset for lease liability 289,886
Property and equipment received as deferred revenue $ 793,035

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