CORZ

000183934112/312022Q3NoSeptember 30, 2022Core Scientific, 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☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended September 30, 2022

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from to

Delaware

86-1243837

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, par value $0.0001 per share			CORZ			The Nasdaq Global Select Market
Warrants, exercisable for shares of common stock			CORZW			The Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

Common Stock, par value $0.0001 per share						Shares Outstanding as of November 14, 2022
						374,527,988

						Page
Part I. Financial Information
Item 1.			Financial Statements			3
			Consolidated Balance Sheets			4
			Consolidated Statements of Operations			5
			Consolidated Statements of Comprehensive Loss			6
			Consolidated Statements of Changes in Contingently Redeemable Convertible Preferred Stock and Stockholders’ Equity			7
			Consolidated Statements of Cash Flows			9
			Notes to the Consolidated Financial Statements			10
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			51
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			87
Item 4.			Controls and Procedures			88
Part II. Other Information
Item 1.			Legal Proceedings			89
Item 1A.			Risk Factors			90
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			135
Item 3.			Defaults Upon Senior Securities			135
Item 4.			Mine Safety Disclosures			135
Item 5.			Other Information			135
Item 6.			Exhibits			136
Signatures						137

			September 30, 2022						December 31, 2021
Assets			(Unaudited)
Current Assets:
Cash and cash equivalents			$	29,546					$	117,871
Restricted cash			8,098						13,807
Accounts receivable, net of allowance of $5,943 and $—, respectively			2,176						1,382
Accounts receivable from related parties			895						300
Deposits for equipment			97,678						358,791
Digital assets			19,663						234,298
Prepaid expenses and other current assets			55,515						30,111
Total Current Assets			213,571						756,560
Property, plant and equipment, net			1,156,369						597,304
Goodwill			—						1,055,760
Intangible assets, net			1,400						8,195
Other noncurrent assets			32,661						21,045
Total Assets			$	1,404,001					$	2,438,864
Liabilities, Redeemable Preferred Stock and Stockholders’ Equity
Current Liabilities:
Accounts payable			$	43,613					$	11,617
Accrued expenses and other			102,213						67,862
Deferred revenue			80,268						63,417
Deferred revenue from related parties			6,981						72,945
Derivative warrant liabilities			5,287						—
Finance lease liabilities, current portion			73,045						28,452
Notes payable, current portion (includes $682,831 and $— at fair value)			977,600						75,996
Total Current Liabilities			1,289,007						320,289
Finance lease liabilities, net of current portion			—						62,145
Notes payable, net of current portion (includes $— and $557,007 at fair value)			—						652,213
Other noncurrent liabilities			41,967						18,531
Total Liabilities			1,330,974						1,053,178
Contingently redeemable convertible preferred stock; $0.0001 par value; 2,000,000 shares authorized; — and 10,826 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively; $— and $45,164 total liquidation preference at September 30, 2022 and December 31, 2021, respectively			—						44,476
Commitments and contingencies (Note 10)
Stockholders’ Equity:
Common stock; $0.0001 par value; 10,000,000 shares authorized at both September 30, 2022 and December 31, 2021; 364,710 and 271,576 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively			36						27
Additional paid-in capital			1,739,282						1,379,581
Accumulated deficit			(1,738,903)						(27,432)
Accumulated other comprehensive income (loss)			72,612						(10,966)
Total Stockholders’ Equity			73,027						1,341,210
Total Liabilities, Redeemable Preferred Stock and Stockholders’ Equity			$	1,404,001					$	2,438,864

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
Revenue:
Hosting revenue from customers			$	35,731					$	17,585					$	94,407					$	37,836
Hosting revenue from related parties			9,185						2,903						22,659						13,906
Equipment sales to customers			7,468						23,879						11,391						84,378
Equipment sales to related parties			29,693						11,654						67,269						29,057
Digital asset mining revenue			80,495						57,118						323,337						77,511
Total revenue			162,572						113,139						519,063						242,688
Cost of revenue:
Cost of hosting services			44,975						19,577						119,850						48,956
Cost of equipment sales			27,917						24,997						63,993						82,328
Cost of digital asset mining			116,756						10,141						279,576						13,909
Total cost of revenue			189,648						54,715						463,419						145,193
Gross (loss) profit			(27,076)						58,424						55,644						97,495
Loss on legal settlement			—						(2,603)						—						(2,603)
Gain from sales of digital assets			11,036						391						25,007						405
Impairment of digital assets			(7,986)						(12,552)						(212,184)						(12,552)
Impairment of goodwill and other intangibles			(268,512)						—						(1,059,265)						—
Impairment of property, plant and equipment			(59,259)						—						(59,259)						—
Losses on exchange or disposal of property, plant and equipment			—						—						(13,057)						(17)
Operating expenses:
Research and development			6,192						1,586						24,305						4,231
Sales and marketing			39						932						11,675						2,186
General and administrative			43,346						36,358						174,380						46,975
Total operating expenses			49,577						38,876						210,360						53,392
Operating (loss) income			(401,374)						4,784						(1,473,474)						29,336
Non-operating expenses, net:
Loss on debt extinguishment			—						—						—						8,016
Interest expense, net			25,942						13,569						74,734						26,550
Fair value adjustment on convertible notes			(4,123)						8,663						186,853						8,663
Fair value adjustment on derivative warrant liabilities			(521)						—						(32,985)						—
Other non-operating expenses (income), net			1,478						(4)						4,997						(2)
Total non-operating expenses, net			22,776						22,228						233,599						43,227
Loss before income taxes			(424,150)						(17,444)						(1,707,073)						(13,891)
Income tax expense (benefit)			10,642						(815)						4,398						(697)
Net loss			$	(434,792)					$	(16,629)					$	(1,711,471)					$	(13,194)
Net loss per share (Note 14):
Basic			$	(1.23)					$	(0.07)					$	(5.38)					$	(0.07)
Diluted			$	(1.23)					$	(0.07)					$	(5.38)					$	(0.07)
Weighted average shares outstanding:
Basic			354,195						236,951						318,169						184,790
Diluted			354,195						236,951						318,169						184,790

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
Net loss			$	(434,792)					$	(16,629)					$	(1,711,471)					$	(13,194)
Other comprehensive income (loss), net of income taxes:
Change in fair value attributable to instrument-specific credit risk of convertible notes measured at fair value under the fair value option, net of tax effect of $—, $—, $— and $—			47,832						(8,552)						83,578						(8,552)
Total other comprehensive income (loss), net of income taxes			47,832						(8,552)						83,578						(8,552)
Comprehensive loss			$	(386,960)					$	(25,181)					$	(1,627,893)					$	(21,746)

			Contingently Redeemable Convertible Preferred Stock															Common Stock												Additional Paid-In Capital						Accumulated Deficit						Accumulated Other Comprehensive Income						Total Stockholders’ Equity
			Shares						Amount									Shares						Amount
Balance at June 30, 2022			—						—									353,481						35						1,695,748						(1,304,111)						24,780						416,452
Net loss			—						—									—						—						—						(434,792)						—						(434,792)
Other comprehensive income			—						—									—						—						—						—						47,832						47,832
Stock-based compensation			—						—									—						—						29,884						—						—						29,884
Issuance of common stock - restricted stock and restricted stock units, net of shares withheld for tax withholding obligations			—						—									4,897						—						(2,349)						—						—						(2,349)
Restricted stock awards cancelled upon forfeiture			—						—									(2,268)						—						—						—						—						—
Issuances of common stock - equity line of credit			—						—									7,315						1						13,039						—						—						13,040
Issuances of common stock - financing transaction fees			—						—									1,285						—						2,960						—						—						2,960
Balance at September 30, 2022			—						—									364,710						36						1,739,282						(1,738,903)						72,612						73,027

Balance at December 31, 2021			10,826						44,476									271,576						27						1,379,581						(27,432)						(10,966)						1,341,210
Net loss			—						—									—						—						—						(1,711,471)						—						(1,711,471)
Other comprehensive income			—						—									—						—						—						—						83,578						83,578
Stock-based compensation			—						—									—						—						165,949						—						—						165,949
Issuance of common stock - employee stock options			—						—									1,321						—						3,846						—						—						3,846
Issuance of common stock - restricted stock and restricted stock units, net of shares withheld for tax withholding obligations			—						—									39,099						4						(31,630)						—						—						(31,626)
Restricted stock awards cancelled upon forfeiture			—						—									(2,268)						—						—						—						—						—
Issuance of common stock - exercise of convertible notes			—						—									197						—						1,574						—						—						1,574
Issuance of common stock - exercise of warrants			—						—									3,001						—						—						—						—						—
Issuances of common stock - equity line of credit			—						—									7,315						1						13,039						—						—						13,040
Conversion of contingently redeemable preferred stock to common stock			(10,826)						(44,476)									10,826						1						44,475						—						—						44,476
Issuances of common stock - Merger with XPDI			—						—									30,778						3						163,456						—						—						163,459
Issuances of common stock - financing transaction fees			—						—									1,285						—						2,960						—						—						2,960
Issuances of common stock - vendor settlement			—						—									1,580						—						12,674						—						—						12,674
Costs attributable to issuance of common stock and equity instruments - Merger with XPDI			—						—									—						—						(16,642)						—						—						(16,642)
Balance at September 30, 2022			—						—									364,710						36						1,739,282						(1,738,903)						72,612						73,027

			Contingently Redeemable Convertible Preferred Stock															Common Stock												Additional Paid-In Capital						Accumulated Deficit						Accumulated Other Comprehensive Loss						Total Stockholders’ Equity
			Shares						Amount									Shares						Amount
Balance at June 30, 2021			10,826						44,476									157,826						16						167,172						(71,309)						—						95,879
Net loss			—						—									—						—						—						(16,629)						—						(16,629)
Other comprehensive loss			—						—									—						—						—						—						(8,552)						(8,552)
Stock-based compensation			—						—									(40)						—						28,288						—						—						28,288
Issuances of common stock - business combination			—						—									115,508						1						1,189,906						—						—						1,189,907
Balance at September 30, 2021			10,826						44,476									273,334						17						1,385,366						(87,938)						(8,552)						1,288,893
Balance at December 31, 2020			6,766						$	44,476								98,607						$	1					$	163,967					$	(74,744)					$	—					$	89,224
Retroactive application of the recapitalization			4,060						—									59,179						15						(15)						—						—						—
Balance at December 31, 2020, as adjusted			10,826						44,476									157,786						16						163,952						(74,744)						—						89,224
Net loss			—						—									—						—						—						(13,194)						—						(13,194)
Other comprehensive loss			—						—									—						—						—						—						(8,552)						(8,552)
Stock-based compensation			—						—									—						—						31,012						—						—						31,012
Issuances of common stock - business combination			—						—									115,508						1						1,189,906						—						—						1,189,907
Issuances of common stock - warrants and options			—						—									40						—						496						—						—						496
Balance at September 30, 2021			10,826						44,476									273,334						17						1,385,366						(87,938)						(8,552)						1,288,893

(Unaudited)

			Nine Months Ended September 30,
			2022						2021
Cash flows from Operating Activities:
Net loss			$	(1,711,471)					$	(13,194)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			156,544						12,886
Amortization of operating lease right-of-use assets			424						—
Stock-based compensation			166,548						31,012
Digital asset mining revenue			(323,337)						(77,511)
Deferred income taxes			3,434						3,604
Loss on legal settlement			—						2,603
Gain on sale of intangible assets			(5,904)						—
Loss on debt extinguishment			—						8,016
Fair value adjustment on derivative warrant liabilities			(32,985)						—
Fair value adjustment on convertible notes			210,968						15,937
Fair value adjustment on other liabilities			9,498						—
Equity line of credit expenses			1,431						—
Amortization of debt discount and debt issuance costs			6,172						1,024
Losses on exchange or disposal of property, plant and equipment			13,057						17
Impairment of digital assets			212,184						12,552
Impairment of goodwill, other intangibles and property, plant and equipment			1,118,524						—
Provision for doubtful accounts			5,943						—
Changes in working capital components:
Accounts receivable, net			(6,737)						(6,641)
Accounts receivable from related parties			(595)						55
Digital assets			325,787						27,316
Deposits for equipment for sales to customers			(66,932)						(414,771)
Prepaid expenses and other current assets			53,832						970
Accounts payable			2,954						(35,132)
Accrued expenses and other			(241)						17,945
Deferred revenue			22,251						36,226
Deferred revenue from related parties			(65,954)						218,304
Other noncurrent assets and liabilities, net			(6,194)						(7,692)
Net cash provided by (used in) operating activities			89,201						(166,474)
Cash flows from Investing Activities:
Purchases of property, plant and equipment			(243,755)						(116,074)
Cash acquired in acquisition			—						704
Deposits for self-mining equipment			(217,677)						—
Proceeds from sale of intangibles			10,850						—
Other			(719)						(154)
Net cash used in investing activities			(451,301)						(115,524)
Cash flows from Financing Activities:
Proceeds from issuance of common stock, net of transaction costs			210,534						496
Proceeds from debt, net of issuance costs			216,182						475,301
Repurchase of common shares to pay employee withholding taxes			(31,627)						—
Principal repayments of finance leases			(28,070)						—
Principal payments on debt			(98,953)						(42,513)
Net cash provided by financing activities			268,066						433,284
Net (decrease) increase in cash, cash equivalents and restricted cash			(94,034)						151,286
Cash, cash equivalents and restricted cash—beginning of period			131,678						8,721
Cash, cash equivalents and restricted cash—end of period			$	37,644					$	160,007

1. ORGANIZATION AND DESCRIPTION OF BUSINESS

•Owning and operating computer equipment used to process transactions conducted on one or more blockchain networks in exchange for digital currency assets and transaction processing fees awarded in digital currency assets, commonly referred to as mining;

•Owning and operating datacenter facilities in the U.S. to provide colocation and hosting services for distributed ledger technology, also commonly known as blockchain;

•Developing blockchain-based platforms and applications, including infrastructure management, security technologies, mining optimization, and recordkeeping;

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The consolidated assets, liabilities and results of operations prior to the reverse recapitalization are those of Core Scientific Holding Co. The outstanding shares and corresponding capital amounts, and losses per share, prior to the reverse recapitalization, have been retroactively adjusted in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations.

Cash and cash equivalents include all cash balances and highly liquid investments with original maturities of three months or less from the date of acquisition. As of September 30, 2022 and December 31, 2021, cash equivalents included $2.1 million and $100.0 million of highly liquid money market funds, respectively, which are classified as Level 1 within the fair value hierarchy. Restricted cash consists of cash held in escrow to pay for construction and development activities.

			September 30, 2022						December 31, 2021
Cash and cash equivalents			$	29,546					$	117,871
Restricted cash			8,098						13,807
Total cash, cash equivalents and restricted cash			$	37,644					$	131,678

Prior to January 1, 2022, future obligations related to capital leases accounted for under ASC 840, Leases, are presented as Finance lease liabilities, current portion and Finance lease liabilities, net of current portion on the Company’s Consolidated Balance Sheets. Capital lease assets for those periods are included within Property and equipment, net on our Consolidated Balance Sheets. Amortization of capital lease assets for periods prior to January 1, 2022 is primarily included in cost of revenue in the Company’s Consolidated Statements of Operations and Comprehensive Loss.

Simplifying Income Taxes

Leases

In February 2016, the FASB issued ASU No. 2016-02, Leases-(Topic 842). Under this new guidance, lessees are required to recognize for all leases (with the exception of short-term leases): 1) a lease liability equal to the lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis and 2) a right-of-use asset which will represent the lessee’s right to use, or control the use of, a specified asset for the lease term (“ROU asset”). The Company adopted Topic 842 effective for the Company’s annual and interim reporting periods beginning January 1, 2022. The adoption of Topic 842 required the Company to recognize non-current assets and liabilities for right-of-use assets and operating lease liabilities on its Consolidated Balance Sheet, but it did not have a material effect on the Company’s results of operations or cash flows. Topic 842 also requires additional footnote disclosures to the Company’s consolidated financial statements.

			January 1, 2022
			Beginning Balance						Cumulative Effect Adjustment						Beginning Balance, As Adjusted
Assets
Prepaid expenses and other current assets			$	30,111					$	(453)					$	29,658
Other noncurrent assets			$	21,045					$	1,814					$	22,859
Liabilities
Accrued expenses and other			$	67,862					$	188					$	68,050
Other noncurrent liabilities			$	18,531					$	1,173					$	19,704

•We recognized right-of-use assets and operating lease liabilities for operating leases that have not previously been recorded. The lease liability for operating leases is based on the net present value of future minimum lease payments. The right-of-use asset for operating leases is based on the lease liability adjusted for the reclassification of certain balance sheet amounts such as prepaid rent. Deferred and prepaid rent are no longer presented separately but are included in the balance of operating lease right-of-use assets.

•In determining the discount rate used to measure the right-of-use asset and lease liability, rates implicit in the leases were not readily available and therefore we used an estimate of our incremental borrowing rate. Our incremental borrowing rate was based on an estimated secured rate with reference to recent borrowings of similar collateral and tenure.

•Certain line items in the Consolidated Balance Sheets have been renamed to align with the new terminology presented in the new lease standard; “Capital lease obligations, current portion” and “Capital lease obligations, net of current portion” are now presented as “Finance lease liabilities, current portion” and “Finance lease liabilities, net of current portion” on the Consolidated Balance Sheets, respectively.

•Upon adoption on January 1, 2022, Operating lease right-of-use assets of $6.7 million were recorded in Other noncurrent assets, which included $0.5 million related to prepaid rent that was reclassified from Prepaid expenses and other current assets and $4.8 million related to prepaid rent and other that had already previously been presented as Other noncurrent assets on the Consolidated Balance Sheets. In addition, upon adoption on January 1, 2022, the current portion of operating lease liabilities of $0.2 million were recorded in Accrued expenses and other and the noncurrent portion of operating lease liabilities of $1.2 million were recorded within Other noncurrent liabilities on the Consolidated Balance Sheets.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Measurement of Credit Losses on Financial Instruments, which will require an entity to measure credit losses for certain financial instruments and financial assets, including trade receivables. Under this update, on initial recognition and at each reporting period, an entity will be required to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. This update will be effective for the Company with the annual reporting period beginning January 1, 2023, including interim periods within that reporting period. Should the company lose its status as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and its status as a “smaller reporting company” as defined in the Securities Exchange Act of 1934, as amended, prior to this adoption date, the standard would be applicable in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Early adoption is permitted. The Company is currently evaluating the impacts the adoption of this standard will have on the consolidated financial statements.

Consideration:			(in thousands)
113.9 million common shares valued at $10.11 per share1,2			$	1,151,985
Fair value of replaced Blockcap share-based payments attributable to pre-combination service3			21,768
Settlement of Blockcap debt4			25,607
Settlement of preexisting contracts5			(60,522)
Total Consideration			$	1,138,838
Fair value of assets acquired, and liabilities assumed:
Cash and cash equivalents			$	704
Digital assets-Bitcoin			73,304
Digital assets-Ethereum			365
Digital assets-Bitcoin cash			8
Digital assets-Siacoin			554
Digital assets-Other			3,329
Other current assets			633
Intangible assets, net			2,925
Property, plant and equipment, net			98,965
Other noncurrent assets			1,293
Total assets acquired			$	182,080
Accounts payable			492
Accrued expenses and other			22,647
Deferred revenue			414
Other current liabilities			7,204
Deferred tax liability			9,003
Total liabilities assumed			$	39,760
Total identifiable net assets			$	142,320
Goodwill on acquisition			$	996,518

1 113.9 million common shares represent the equivalent Core Scientific common shares issued to Blockcap shareholders as consideration for the purchase.

2 The price per share of our common shares was estimated to be $10.11. As the Core Scientific common shares were not listed on a public marketplace, the calculation of the fair value of the common shares was subject to a greater degree of estimation. Given the absence of a public market, an estimate of the fair value of the common shares was required at the time of the Blockcap acquisition. Objective and subjective factors were considered in determining the estimated fair value and because there was no active trading of the Core Scientific equity shares on an established securities market, an independent valuation specialist was engaged. The valuation was determined by weighting the outcomes of scenarios estimating share value based on both public company valuations and private company valuations. Both a market approach and common stock equivalency model were used to determine a range of outcomes, which were weighted based on probability to determine the result.

3 Reflects the estimated fair value of replaced Blockcap share-based payments allocated to purchase price based on the proportion of service related to the pre-combination period

4 Reflects the fair value of loans issued by the Company in July 2021 that were effectively used to settle debt that had previously been held by Blockcap. Refer to Note 6 for further discussion of the debt issuance.

5 Blockcap had preexisting hosting and equipment contracts with the Company that were effectively settled by the Company’s acquisition of Blockcap. As a result, the consideration transferred to Blockcap has been adjusted by the deferred revenue balances that were settled at the time of acquisition.

			Equipment Sales and Hosting Segment						Mining Segment						Total Goodwill
Balance as of December 31, 2021			$	58,241					$	997,519					$	1,055,760
Subsequent measurement period adjustment			—						(1,000)						(1,000)
Impairment of goodwill			(58,241)						(996,519)						(1,054,760)
Balance as of September 30, 2022			$	—					$	—					$	—

As of September 30, 2022, the Company had 14.9 million warrants outstanding including: (a) 8.6 million Public Warrants and (b) 6.3 million Private Placement Warrants issued to XPDI Sponsor LLC (“Sponsor”) and certain institutional investors (“Anchor Investors”).

Each Public Warrant and Private Placement Warrant became exercisable 30 days following the Closing Date of the XPDI Merger and may be exercised for one share of common stock at an exercise price of $11.50 per share. The Public Warrants and Private Placement Warrants expire January 19, 2027, which is five years after the Closing Date.

Redemption of Public Warrants when the price per share of common stock equals or exceeds $18.00

•in whole and not in part;

•at a price of $0.01 per warrant;

•upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and

•if, and only if, the last reported sale price of common stock for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders equals or exceeds $18.00 per share (as adjusted).

•in whole and not in part;

•at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” (as defined below) of common stock;

•if, and only if, the last reported sales price of the Company’s common stock for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which notice of the redemption is given (the “Reference Value”) equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant); and

•if the Reference Value is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above.

•The “fair market value” of common stock shall mean the volume-weighted average price of common stock during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 shares of Class A common stock per warrant (subject to adjustment).

Both the Public Warrants and Private Placement Warrants are classified as a liability on the Company’s Consolidated Balance Sheet because their settlement amount is subject to change based on the existence of an effective registration statement for the underlying shares and the holder of the warrant (for Private Placement Warrants only). As of September 30, 2022, the liability balance was $5.3 million. For the three months ended September 30, 2022, the Company recorded a mark to market gain of $0.3 million and $0.2 million within the Consolidated Statement of Operations for the Public Warrants and Private Placement Warrants, respectively. For the nine months ended September 30, 2022, the Company recorded a mark to market gain of $19.1 million and $13.9 million within the Consolidated Statement of Operations for the Public Warrants and Private Placement Warrants, respectively. Refer to Note 8 for further information about the fair value measurement of the warrants.

			September 30 2022						December 31 2021
Kentucky note			$	657					$	1,032
Genesis loan			—						552
NYDIG loan			38,781						67,435
Stockholder loan			10,000						10,000
Trinity loan			24,067						19,641
Bremer loan			19,232						15,066
Blockfi loan			53,913						60,000
Anchor Labs loan			26,500						—
Mass Mutual Barings loans			63,845						—
B. Riley Bridge Notes			52,125						—
Liberty loan			7,401						—
Secured Convertible Notes1			230,931						220,871
Other Convertible Notes2			313,381						301,226
Other			1,866						663
Total			842,699						696,486
Unamortized discount and debt issuance costs			(3,618)						(3,187)
Fair value adjustment on convertible notes			138,519						34,910
Total notes payable, net			$	977,600					$	728,209

1 Secured Convertible Notes (includes principal balance at issuance and PIK interest) which considers the minimum payoff at maturity of two times the face value of the note plus accrued interest. The minimum payoff at maturity related to the principal balance was $461.9 million on September 30, 2022. The minimum payoff at maturity related to the principal balance was $441.7 million on December 31, 2021.

2 Other Convertible Notes which considers the minimum payoff at maturity of one times the face value of the note plus accrued interest.

Kentucky Note—In December 2018, the Company entered into a five-year secured promissory note agreement for $2.4 million in connection with the acquisition of property in Kentucky for datacenter development (“Kentucky note”). The note bears interest at a rate per annum of 5% and the Company is required to make monthly payments of principal and interest. Interest expense on the note has been recognized based on an effective interest rate of 5%. The loan is secured by the underlying property purchased.

Genesis Loan—In July 2020, the Company entered into a credit facility with Genesis Global Capital, LLC that provides capacity of up to $13.0 million to finance the Company’s acquisition of blockchain computing equipment (“Genesis loan”). The Company borrowed $5.3 million in three installments and the borrowing capacity of the facility was reduced via an amendment in September 2020 to equal the actual amounts borrowed. The loans under the credit facility are secured by the blockchain computing equipment and the Company is required to comply with an approved mining strategy and other restrictions on use of the collateral. Loans under the credit facility have terms of 20 months, bear interest at a rate per annum of 16% plus a fixed risk premium, and require monthly payments. Interest expense on the loans has been recognized based on an effective interest rate of 28%, which includes the amortization of a debt discount. The loan is secured by blockchain computing equipment financed by the loans. The loan was paid off in April 2022.

NYDIG Loan—In October 2020, the Company entered into a master equipment finance agreement with NYDIG and received a loan of $0.8 million to finance the Company’s acquisition of blockchain computing equipment. In March 2021, the Company received $3.8 million of additional loans under the master equipment finance agreement with NYDIG to finance the Company’s acquisition of blockchain computing equipment. The loans bear an interest rate of 15% and have a term of 24 months from issuance. Interest expense on the loans has been recognized based on an effective interest rate of 16%. The loans are secured by the blockchain computing equipment financed by the loans.

						Financial statement line item						Three Months Ended September 30, 2022						Nine Months Ended September 30, 2022
Cash interest payments						Interest expense, net						$	5,488					$	16,070
Payment-in-kind (PIK) interest						Interest expense, net						8,232						24,115
Instrument-specific credit risk						Other comprehensive income, net of income taxes						(47,832)						(83,578)
Other fair value adjustments						Fair value adjustment on convertible notes						(4,123)						186,853
Total fair value adjustments												$	(38,235)					$	143,460

						Financial statement line item						Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
Cash interest payments						Interest expense, net						$	3,130					$	4,850
Payment-in-kind (PIK) interest						Interest expense, net						4,694						7,274
Instrument-specific credit risk						Other comprehensive loss, net of income taxes						8,552						8,552
Other fair value adjustments						Fair value adjustment on convertible notes						8,663						8,663
Total fair value adjustments												$	25,039					$	29,339
Debt issuance costs						Interest expense, net						$	5,083					$	10,664

The Public Warrants and the Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815, Derivatives and Hedging. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to remeasurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s Consolidated Statements of Operations. The initial and subsequent fair value estimates of the Public Warrants and Private Placement Warrants are based on the listed price in an active market for such warrants.

			September 30, 2022
									Fair value hierarchy
			Principal						Level 1						Level 2						Level 3						Fair value
Derivative warrant liabilities:
Public Warrants			$	—					$	3,062					$	—					$	—					$	3,062
Private Placement Warrants			—						—						2,225						—						2,225
Total derivative warrant liabilities			—						3,062						2,225						—						5,287
Convertible notes:
April 19, 20211			$	95,595					$	—					$	—					$	162,797					$	162,797
April 21, 20211			5,370						—						—						9,146						9,146
April 23, 20211			48,334						—						—						82,313						82,313
April 26, 20211			81,632						—						—						139,017						139,017
August 20, 20212			52,902						—						—						46,306						46,306
September 10, 20212			15,792						—						—						14,248						14,248
September 23, 20212			78,989						—						—						71,269						71,269
September 24, 20212			62,749						—						—						56,616						56,616
September 27, 20212			2,064						—						—						1,863						1,863
October 1, 20212			90,615						—						—						81,758						81,758
November 10, 20212			10,270						—						—						9,266						9,266
Accrued PIK interest1,2,3			—						—						—						8,232						8,232
Total convertible notes			544,312						—						—						682,831						682,831
Total liabilities measured at fair value on a recurring basis			$	544,312					$	3,062					$	2,225					$	682,831					$	688,118

			December 31, 2021
									Fair value hierarchy
			Principal						Level 1						Level 2						Level 3						Fair value
Convertible notes:
April 19, 20211			$	91,430					$	—					$	—					$	101,078					$	101,078
April 21, 20211			5,137						—						—						5,674						5,674
April 23, 20211			46,229						—						—						51,062						51,062
April 26, 20211			78,075						—						—						86,165						86,165
August 20, 20212			50,597						—						—						50,941						50,941
September 10, 20212			16,110						—						—						16,472						16,472
September 23, 20212			76,051						—						—						77,559						77,559
September 24, 20212			60,016						—						—						61,179						61,179
September 27, 20212			1,974						—						—						2,012						2,012
October 1, 20212			86,655						—						—						87,150						87,150
November 10, 20212			9,823						—						—						9,819						9,819
Accrued PIK interest1,2,4			—						—						—						7,896						7,896
Total convertible notes			$	522,097					$	—					$	—					$	557,007					$	557,007