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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 14, 2024
GRYPHON DIGITAL MINING, INC. |
(Exact name of registrant as specified in its charter) |
Delaware |
|
001-39096 |
|
83-2242651 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
1180 N. Town Center Drive, Suite 100, Las Vegas, NV |
|
89144 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including
area code: (877) 646-3374
|
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see
General Instruction A.2. below):
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.0001 per share |
|
GRYP |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02. Results of Operations and Financial Condition
On August 14, 2024, Gryphon Digital Mining, Inc.
(the “Company”) issued a press release announcing the Company’s financial results for the quarter ended June 30, 2024.
The Company will also hold a conference call regarding these financial results. A copy of the press release is furnished hereto
as Exhibit 99.1.
The information provided in Item 2.02 of this
Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the
liabilities of that section. Such information shall not be deemed incorporated by reference into any filing of the Company under the Securities
Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether made before or after the date hereof, regardless
of any general incorporation language in such filing, except as otherwise expressly set forth by specific reference in such filing.
Item 9.01. Financial
Statements and Exhibits.
(d) Exhibits.
The following exhibits
are filed as part of this report:
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Dated: August 14, 2024 |
GRYPHON DIGITAL MINING, INC. |
|
|
|
By: |
/s/ Robby Chang |
|
|
Name: |
Robby Chang |
|
|
Title: |
Chief Executive Officer |
Exhibit 99.1
Gryphon Digital Mining,
Inc. Reports Second Quarter 2024 Financial Results
LAS VEGAS, NV — Gryphon Digital
Mining, Inc. (Nasdaq: GRYP) (“Gryphon,” the “Company,” “we,” “our,” and “us”),
a bitcoin mining company that is independently certified to be 100% renewable and pursuing a negative carbon strategy, today reported
financial results for its quarter ended June 30, 2024.
“Gryphon reached milestones in both hashrate
and energy efficiency during the second quarter of 2024, setting new company records,” said Rob Chang, the CEO of Gryphon Digital
Mining. “We set a new company record in quarterly hashrate of 899 PH/s in Q2/24, a 20% increase over Q2/23. We also achieved a record
monthly performance in energy efficiency at 28.5 joules per terahash (“J/T”) in June. Furthermore, Gryphon’s industry-leading
operational efficiency resulted in a Q2/24 breakeven cost per bitcoin of approximately $45,452.
“Looking ahead, our goal is to expand
our control of low-cost power. We’ve evaluated over 25 acquisition prospects, ensuring they meet our high standards for value and strategic
impact. A key part of our strategy is securing low-cost electricity, which we see as vital for long-term success in bitcoin mining and
high-performance computing. “
Q2
2024 and Recent Highlights
| ● | Total mining revenue in Q2 2024 of $5.5 million, compared to $4.9 million
in Q2 2023. |
| | |
| ● | Breakeven Cost1 per Bitcoin in Q2 2024 was $45,452, compared to
$34,063 in Q2 2023. The company continues to be focused on Breakeven Costs, which we believe is the best measure of what it costs to mine
bitcoin on an operating basis, as opposed to sharing only electricity costs, which leaves out the other costs of mining. |
| | |
| ● | The Company recognized a net loss of $4.0 million in Q2 2024, which includes
net non-cash expenses of $2.5 million. Net non-cash expenses consisted of items including: depreciation, employee stock-based compensation
expense, fair market value of common stock issued to consultants, unrealized (gain) loss on marketable equity securities, change in the
fair value of notes payable and unrealized gain on digital assets. This compares to a net loss in Q2 2023 of $2.6 million, which includes
net non-cash expenses of $4.8 million. |
| | |
| ● | Adjusted EBITDA2 was a loss of $3.0 million in Q2 2024, compared
to $4.2 million in Q2 2023. The loss was largely attributed to higher than normal marketing expenses as the company moved to showcase
its recent merger and listing on Nasdaq |
| | |
| ● | Qualified for inclusion in the Russell Microcap Index, which was effective
as of July 1st |
| | |
| ● | Stock Repurchase Program: Gryphon has authorized a stock repurchase program,
allowing for the buyback of up to $5 million of its common stock, emphasizing the company’s dedication to enhancing shareholder value
while maintaining a balanced approach to capital allocation moving forward |
| | |
| ● | Miner Upgrades Completed Ahead of Schedule: Gryphon successfully completed
its miner upgrade program ahead of schedule, which management believes positions the company for significant improvements in operational
efficiency. The miner upgrades add approximately 23 PH/s to Gryphon’s hashing power and enhances the average fleet efficiency to 28.5
J/T. Following the upgrades, Gryphon’s self-mining hashrate has reached approximately 0.94 EH/s in capacity, consistent with the company’s
commitment to maintaining a strong and efficient mining operation. |
| | |
| ● | The Company mined approximately 84 and 187 Bitcoin in the quarter ended June
30, 2024 and 2023, respectively. |
(1) The Company defines Breakeven Cost per
Bitcoin as (a) Cost of Revenues (excluding depreciation) divided by (b) total Bitcoin generated and received from the hashrate contributed
to the mining pool operator. The Company mined approximately 84 and 187 Bitcoin in the quarter ended June 30, 2024 and 2023, respectively.
(2) The Company defines adjusted EBITDA as (a) GAAP net income (loss) plus (b) adjustments to add back the impacts of (1) depreciation
and amortization, (2) interest expense, (3) income tax expense (benefit) and (4) adjustments for non-cash and non-recurring items which
currently include (i) stock compensation expense, (ii) change in fair value of notes payable and (iii) unrealized (gain) loss on marketable
equity securities.
Balance Sheet Highlights as of June 30, 2024
Assets
| ● | Cash and cash equivalents: $1.2 million |
| ● | Total current assets: $3.2 million |
| ● | Total mining assets (including deposits & intangible assets): $8.2 million |
| ● | Total assets: $11.4 million |
Liabilities and Stockholders’ Equity
| ● | Current liabilities: $25.4 million |
| ● | Total liabilities: $25.4 million |
Outlook
We continue to focus on growth and have expanded our target set in
response to the realities that we have noticed during our review of acquisition opportunities. Mining operations that are up for sale
are those that generally do not have attractive cost profiles. While we may have been able to acquire several high cost high-cost miners
to grow our hashrate, we believe those would have only been temporary solutions as high-cost operations are not sustainable over the long
term. As such, our attention has turned towards acquiring low-cost power that will position Gryphon not only for success in the near-term,
but also for the next few halvings.
Along with our focus on acquiring low-cost power, we continue to focus
on maintaining our industry-leading operational efficiency and look to produce even greater margin per bitcoin, which if sustained, would
create differentiation from other miners in the industry.
Conference Call Information
Date: Thursday, August 15, 2024
Time: 10:00 AM Eastern Time
Toll Free: 877-545-0523
International: 973-528-0016
Participant Access Code: 472122
Webcast Link: https://www.webcaster4.com/Webcast/Page/3030/51063
Conference Call Replay Information
Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 51063
Webcast Replay: https://www.webcaster4.com/Webcast/Page/3030/51063
Non-GAAP Figures
In addition to our results
determined in accordance with GAAP, the Company also provides adjusted EBITDA and Breakeven Costs, which are non-GAAP measures. Each of
these are not financial measures of performance under GAAP and, as a result, these measures may not be comparable to similarly titled
measures of other companies. Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a
substitute for, measurements prepared in accordance with GAAP. These non-GAAP measures are not meant to be considered in isolation and
should be read only in conjunction with our Current Reports on Form 8-K, Interim Reports on Form 10-Q and Annual Reports on Form 10-K
as filed with the Securities and Exchange Commission. Management uses Adjusted EBITDA and Breakeven Costs as a means of understanding,
managing, and evaluating business performance and to help inform operating decision making. The Company relies primarily on its condensed
consolidated financial statements to understand, manage, and evaluate our financial performance and uses the non-GAAP financial measures
only supplementally. Reconciliations for each of these non-GAAP measures to the nearest GAAP financial measures are provided below.
Breakeven Analysis
| |
2023 | | |
Q2/23 | | |
Q2/24 | |
Mining Revenues | |
$ | 21,052,000 | | |
$ | 4,963,000 | | |
$ | 5,515,000 | |
Bitcoin mined | |
| 739 | | |
| 187 | | |
| 84 | |
Value of one mined bitcoin | |
$ | 28,487 | | |
$ | 26,540 | | |
$ | 65,655 | |
Cost of Revenues (excluding depreciation) | |
$ | 13,462,000 | | |
$ | 2,823,000 | | |
$ | 3,803,000 | |
| |
2023 | | |
Q2/23 | | |
Q2/24 | |
Cost to mine one bitcoin | |
$ | 18,217 | | |
$ | 15,096 | | |
$ | 45,452 | |
Adjusted EBITDA
| |
Six Months Ended June 30, | |
Reconciliation to Adjusted EBITDA: | |
2024 | | |
2023 | |
| |
| | |
| |
Net loss | |
$ | (15,753,000 | ) | |
$ | (9,533,000 | ) |
Exclude: Depreciation | |
| 6,539,000 | | |
| 7,839,000 | |
Exclude: Interest expense | |
| 620,000 | | |
| 368,000 | |
EBITDA | |
| (8,594,000 | ) | |
| (1,326,000 | ) |
Non-cash/non-recurring operating expenses: | |
| | | |
| | |
Exclude: Stock based compensation expense | |
| 348,000 | | |
| (1,021,000 | ) |
Exclude: Change in fair value of notes payable | |
| 6,895,000 | | |
| 8,949,000 | |
Exclude: Unrealized loss (gain) on marketable equity securities | |
| 272,000 | | |
| (1,000 | ) |
Adjusted EBITDA | |
$ | (1,079,000 | ) | |
$ | 6,601,000 | |
Included in adjusted
EBITDA are $3.4 million of marketing costs that were connected with showcasing our merger and listing with Nasdaq.
About Gryphon Digital Mining
Gryphon Digital Mining, Inc. is an innovative
venture in the bitcoin space dedicated to helping bring digital assets onto the clean energy grid. With a talented leadership team coming
from globally recognized brands, Gryphon is assembling thought leaders to improve digital asset network infrastructure. Its Bitcoin mining
operation going into 2024 is independently certified as 100% renewable and the company is also pursuing a carbon-negative strategy. More
information is available on https://gryphondigitalmining.com/.
Investor Notice
Investing in our securities involves a high
degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements
described under “Risk Factors” in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31,
2023, filed with the SEC on April 1, 2024. If any of these risks were to occur, our business, financial condition or results of operations
would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The
risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem
immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future
performance, and historical trends should not be used to anticipate results in the future. See “Cautionary Statements Regarding Forward-Looking
Statements” below.
Cautionary Statements Regarding Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that refer to projections, forecasts or
other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking
statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,”
“intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,”
“may,” “might,” “possible,” “think,” “aim,” “potential,” “predict,”
“should,” “would” and other similar words and expressions, but the absence of these words does not mean that a statement
is not forward-looking.
The forward-looking statements are based on
management’s current expectations and assumptions about future events and are based on currently available information as to the outcome
and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are
made. Except as otherwise required by applicable law, Gryphon disclaims any duty to update any forward-looking statements, all of which
are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Gryphon
cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict
and many of which are beyond the control of Gryphon. In addition, Gryphon cautions you that the forward-looking statements contained in
this press release are subject to the risks set forth in our filings with the Securities and Exchange Commission (the “SEC”),
including the section under “Risk Factors” in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended
December 31, 2023, filed with the SEC on April 1, 2024.
INVESTOR CONTACT:
Name: James Carbonara
Company: Hayden IR
Phone: (646)-755-7412
Email: james@haydenir.com
Gryphon Digital Mining, Inc and Subsidiaries
Condensed Consolidated Balance Sheets
| |
June 30, | | |
December 31, | |
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
| |
Assets | |
| | |
| |
Cash and cash equivalents | |
$ | 1,219,000 | | |
$ | 915,000 | |
Restricted cash | |
| - | | |
| 8,000 | |
Accounts receivable | |
| 1,000 | | |
| 486,000 | |
Prepaid expense | |
| 919,000 | | |
| 581,000 | |
Marketable securities | |
| 131,000 | | |
| 403,000 | |
Digital assets held for other parties | |
| - | | |
| 908,000 | |
Digital asset | |
| 974,000 | | |
| 2,097,000 | |
Current assets | |
| 3,244,000 | | |
| 5,398,000 | |
| |
| | | |
| | |
Mining equipment, net | |
| 7,634,000 | | |
| 12,916,000 | |
Intangible asset | |
| 100,000 | | |
| 100,000 | |
Deposit less current portion | |
| 470,000 | | |
| 420,000 | |
Total assets | |
$ | 11,448,000 | | |
$ | 18,834,000 | |
| |
| | | |
| | |
Liabilities and stockholders’ deficit | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 6,366,000 | | |
$ | 3,649,000 | |
Obligation liability related to digital assets held for other parties | |
| - | | |
| 916,000 | |
Notes payable - current portion | |
| 19,073,000 | | |
| 14,868,000 | |
Current liabilities | |
| 25,439,000 | | |
| 19,433,000 | |
| |
| | | |
| | |
Notes payable less current portion | |
| - | | |
| - | |
Total liabilities | |
| 25,439,000 | | |
| 19,433,000 | |
| |
| | | |
| | |
Stockholders’ deficit | |
| | | |
| | |
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none outstanding | |
| - | | |
| - | |
Common stock, $0.0001 par value, 150,000,000 shares authorized; 39,897,255 and 25,109,629 shares issued and outstanding, respectively. | |
| 3,000 | | |
| 2,000 | |
Additional paid-in capital | |
| 48,195,000 | | |
| 46,599,000 | |
Subscription receivable | |
| - | | |
| (25,000 | ) |
Accumulated deficit | |
| (62,189,000 | ) | |
| (47,175,000 | ) |
Total stockholder’s deficit | |
| (13,991,000 | ) | |
| (599,000 | ) |
Total liabilities and stockholders’ deficit | |
$ | 11,448,000 | | |
$ | 18,834,000 | |
Gryphon Digital Mining, Inc and Subsidiaries
Unaudited Condensed Consolidated Statements
of Operations
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues | |
| | |
| | |
| | |
| |
Mining activities | |
$ | 5,515,000 | | |
$ | 4,963,000 | | |
$ | 13,005,000 | | |
$ | 9,803,000 | |
Management services | |
| - | | |
| 320,000 | | |
| - | | |
| 556,000 | |
| |
| 5,515,000 | | |
| 5,283,000 | | |
| 13,005,000 | | |
| 10,359,000 | |
Cost and expenses | |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| 3,803,000 | | |
| 2,823,000 | | |
| 8,640,000 | | |
| 5,560,000 | |
General and administrative expenses | |
| 3,828,000 | | |
| 1,092,000 | | |
| 6,289,000 | | |
| 2,446,000 | |
Stock based compensation expense | |
| 140,000 | | |
| 131,000 | | |
| 348,000 | | |
| (1,021,000 | ) |
Depreciation | |
| 3,292,000 | | |
| 3,858,000 | | |
| 6,539,000 | | |
| 7,839,000 | |
Impairment of digital assets | |
| - | | |
| 232,000 | | |
| - | | |
| 233,000 | |
Unrealized (gain) loss on digital assets | |
| 318,000 | | |
| - | | |
| (1,385,000 | ) | |
| - | |
Realized gain on sale of digital assets | |
| - | | |
| (169,000 | ) | |
| - | | |
| (467,000 | ) |
Total operating expenses | |
| 11,381,000 | | |
| 7,967,000 | | |
| 20,431,000 | | |
| 14,590,000 | |
Loss from operations | |
| (5,866,000 | ) | |
| (2,684,000 | ) | |
| (7,426,000 | ) | |
| (4,231,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Unrealized (loss) gain on marketable securities | |
| (56,000 | ) | |
| (62,000 | ) | |
| (272,000 | ) | |
| 1,000 | |
Realized gain from use of digital assets | |
| - | | |
| 1,060,000 | | |
| - | | |
| 3,800,000 | |
Change in fair value of notes payable | |
| 2,743,000 | | |
| (760,000 | ) | |
| (6,895,000 | ) | |
| (8,949,000 | ) |
Interest expense | |
| (290,000 | ) | |
| (178,000 | ) | |
| (620,000 | ) | |
| (368,000 | ) |
Loss on disposal of asset | |
| (146,000 | ) | |
| - | | |
| (146,000 | ) | |
| (53,000 | ) |
Merger and acquisition cost | |
| (394,000 | ) | |
| - | | |
| (394,000 | ) | |
| - | |
Other income | |
| - | | |
| 1,000 | | |
| - | | |
| 267,000 | |
Total other income (expense) | |
| 1,857,000 | | |
| 61,000 | | |
| (8,327,000 | ) | |
| (5,302,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss before provision for income taxes | |
| (4,009,000 | ) | |
| (2,623,000 | ) | |
| (15,753,000 | ) | |
| (9,533,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| - | | |
| - | | |
| - | | |
| - | |
Net loss | |
$ | (4,009,000 | ) | |
$ | (2,623,000 | ) | |
$ | (15,753,000 | ) | |
$ | (9,533,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share, basic and diluted | |
$ | (0.10 | ) | |
$ | (0.18 | ) | |
$ | (0.44 | ) | |
$ | (0.66 | ) |
Weighted average shares outstanding - basic and diluted | |
| 38,943,579 | | |
| 14,431,384 | | |
| 35,690,171 | | |
| 14,430,463 | |
Gryphon Digital Mining, Inc and Subsidiaries
Unaudited Condensed Consolidated Statement of
Changes in Stockholders’ (Deficit) Equity
For the Three and Six Months Ended June 30,
2024
| |
Series
Seed Preferred Stock | | |
Series
Seed II Preferred Stock | | |
Common
Stock | | |
Additional Paid-in | | |
Subscription | | |
Accumulated | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Receivable | | |
Deficit | | |
Deficit | |
Balance as of December 31, 2023 | |
| 8,845,171 | | |
$ | - | | |
| 460,855 | | |
$ | - | | |
| 25,109,629 | | |
$ | 2,000 | | |
$ | 46,599,000 | | |
$ | (25,000 | ) | |
$ | (47,175,000 | ) | |
$ | (599,000 | ) |
Revaluation of digital assets | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 739,000 | | |
| 739,000 | |
Common stock issued for cash | |
| - | | |
| - | | |
| - | | |
| - | | |
| 493,791 | | |
| - | | |
| 1,395,000 | | |
| - | | |
| - | | |
| 1,395,000 | |
Series Seed Preferred Stock converted
to common stock | |
| (8,845,171 | ) | |
| - | | |
| - | | |
| - | | |
| 8,845,171 | | |
| 1,000 | | |
| (1,000 | ) | |
| - | | |
| - | | |
| - | |
Series Seed II Preferred Stock converted
to common stock | |
| - | | |
| - | | |
| (460,855 | ) | |
| - | | |
| 460,855 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Common stock issued for vesting of
RSUs | |
| - | | |
| - | | |
| - | | |
| - | | |
| 28,070 | | |
| - | | |
| 55,000 | | |
| - | | |
| - | | |
| 55,000 | |
Common stock issued for exercise
of warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 165,622 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Common stock issued for acquisition
of Akerna’s net book value | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,921,362 | | |
| - | | |
| (2,256,000 | ) | |
| - | | |
| - | | |
| (2,256,000 | ) |
Cancelation of stock subscription
receivable | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (25,000 | ) | |
| 25,000 | | |
| - | | |
| - | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (11,744,000 | ) | |
| (11,744,000 | ) |
Balance as of March 31, 2024 | |
| - | | |
| - | | |
| - | | |
| - | | |
| 38,024,500 | | |
| 3,000 | | |
| 45,767,000 | | |
| | | |
| (58,180,000 | ) | |
| (12,410,000 | ) |
Common stock issued for cash, net
of expenses | |
| - | | |
| - | | |
| - | | |
| - | | |
| 544,578 | | |
| - | | |
| 424,000 | | |
| - | | |
| - | | |
| 424,000 | |
Common stock issued for vesting of
RSUs | |
| - | | |
| - | | |
| - | | |
| - | | |
| 140,580 | | |
| - | | |
| 212,000 | | |
| - | | |
| - | | |
| 212,000 | |
Common stock issued for services | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,187,597 | | |
| - | | |
| 1,792,000 | | |
| - | | |
| - | | |
| 1,792,000 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| - | | |
| - | | |
| - | | |
| (4,009,000 | ) | |
| (4,009,000 | ) |
Balance as of June 30, 2024 | |
| - | | |
$ | - | | |
| - | | |
$ | - | | |
| 39,897,255 | | |
$ | 3,000 | | |
$ | 48,195,000 | | |
$ | - | | |
$ | (62,189,000 | ) | |
$ | (13,991,000 | ) |
Gryphon Digital Mining, Inc and Subsidiaries
Unaudited Condensed Consolidated Statement of
Cash Flows
For the Six Months Ended June 30,
| |
2024 | | |
2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | |
| |
Net loss | |
$ | (15,753,000 | ) | |
$ | (9,533,000 | ) |
Adjustments to reconcile net loss to cash (used in) provided by operating activities | |
| | | |
| | |
Impairment of digital assets | |
| - | | |
| 233,000 | |
Realized gain from sale of digital assets | |
| - | | |
| (467,000 | ) |
Realized gain from use of digital assets | |
| - | | |
| (3,800,000 | ) |
Unrealized gain on digital assets | |
| (1,385,000 | ) | |
| - | |
Depreciation expense | |
| 6,539,000 | | |
| 7,839,000 | |
Forfeiture of restricted stock grants | |
| - | | |
| (1,910,000 | ) |
Compensation cost related to restricted common stock awards | |
| 348,000 | | |
| 763,000 | |
Fair value of common stock issued to consultants | |
| 1,447,000 | | |
| - | |
Compensation for services contributed by the Company’s president | |
| - | | |
| 126,000 | |
Unrealized loss (gain) on marketable securities | |
| 272,000 | | |
| (1,000 | ) |
Loss on asset disposal | |
| 146,000 | | |
| 53,000 | |
Change in fair value of notes payable | |
| 6,895,000 | | |
| 9,053,000 | |
Interest expense | |
| 608,000 | | |
| 368,000 | |
Digital asset | |
| (13,005,000 | ) | |
| (9,803,000 | ) |
Changes in operating assets and liabilities | |
| | | |
| | |
Proceeds from the sale of digital assets | |
| 12,969,000 | | |
| 9,155,000 | |
Accounts receivable | |
| 486,000 | | |
| (167,000 | ) |
Prepaid expense | |
| 108,000 | | |
| 23,000 | |
Accounts payable and accrued liabilities | |
| (457,000 | ) | |
| 744,000 | |
Net cash (used in) provided by operating activities | |
| (782,000 | ) | |
| 2,676,000 | |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITY | |
| | | |
| | |
Purchase of mining equipment | |
| (1,075,000 | ) | |
| (1,542,000 | ) |
Proceeds from the sale of miners | |
| 171,000 | | |
| - | |
Refundable deposit | |
| (50,000 | ) | |
| (360,000 | ) |
Net cash used in investing activities | |
| (954,000 | ) | |
| (1,902,000 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Payment for insurance payable | |
| (279,000 | ) | |
| (24,000 | ) |
Issuance of note payable for insurance premiums | |
| - | | |
| 65,000 | |
Loan modification payment for BTC note | |
| - | | |
| (104,000 | ) |
Cash acquired in connection with the reverse recapitalization | |
| 500,000 | | |
| - | |
Proceeds from issuance of common stock | |
| 2,054,000 | | |
| - | |
Cash expenses for issuance of common stock | |
| (235,000 | ) | |
| - | |
Net cash provided by (used in) financing activities | |
| 2,040,000 | | |
| (63,000 | ) |
| |
| | | |
| | |
Net change in cash | |
| 304,000 | | |
| 711,000 | |
| |
| | | |
| | |
Cash-beginning of period | |
| 915,000 | | |
| 269,000 | |
Cash-end of period | |
$ | 1,219,000 | | |
$ | 980,000 | |
Reconciliation of cash and cash equivalents and restricted cash | |
| | | |
| | |
Cash and cash equivalents | |
$ | 1,219,000 | | |
$ | s,000 | |
Restricted cash | |
| - | | |
| 20,000 | |
Cash and cash equivalents and restricted cash | |
$ | 1,219,000 | | |
$ | 980,000 | |
Supplemental Disclosures of Cash Flow Information: | |
| | | |
| | |
Cash paid for interest | |
$ | - | | |
$ | - | |
Cash paid for income taxes | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Non-Cash investing and financing activities: | |
| | | |
| | |
Accrued expenses for issuance of common stock | |
$ | 267,000 | | |
$ | 620,000 | |
Digital assets used for principal and interest payment of note payable | |
$ | 3,283,000 | | |
$ | 6,243,000 | |
8
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Aug. 14, 2024 |
Cover [Abstract] |
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GRYPHON DIGITAL MINING, INC.
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