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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 2024
Or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number: 000-56220
BITMINE IMMERSION TECHNOLOGIES, INC. |
(Exact name of registrant as specified in its charter) |
Delaware |
|
84-3986354 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification No.) |
|
|
|
2030 Powers Ferry Road SE
Suite 212, Atlanta, Georgia |
|
30339 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including
area code (404) 816-8240
_________________________________________
(Former name, former address and former fiscal
year, if changed since last report)
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of exchange on which registered |
N/A |
|
N/A |
|
N/A |
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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding
12 months (or for such shorter period that the registrant was required to submit such files). ☒
Yes ☐ No
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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
The number of shares outstanding of the registrant’s
common stock as of July 10, 2024 was 49,912,607 shares.
DOCUMENTS INCORPORATED BY REFERENCE — NONE
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Information contained in this quarterly report
on Form 10-Q contains “forward-looking statements.” All statements other than statements of historical facts contained in
this Quarterly Report on Form 10-Q may be forward-looking statements. These forward-looking statements are contained principally in the
section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and are generally
identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,”
“estimate,” “believe,” “intend” or “project” or the negative of these words or other variations
on these words or comparable terminology. The forward-looking statements herein represent our expectations, beliefs, plans, intentions,
or strategies concerning future events, including, but not limited to: our future financial performance; the continuation of historical
trends; the sufficiency of our resources in funding our operations; our intention to engage in mergers and acquisitions; and our liquidity
and capital needs. Our forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that any
projections or other expectations included in any forward-looking statements will come to pass. Moreover, our forward-looking statements
are subject to various known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements
to be materially different from future results, performance, or achievements expressed or implied by any forward-looking statements. These
risks, uncertainties, and other factors include but are not limited to:
|
· |
the risks of limited management, labor, and financial resources; |
|
|
|
|
· |
our ability to establish and maintain adequate internal controls; |
|
|
|
|
· |
our ability to develop and maintain a market in our securities; |
|
|
|
|
· |
our ability to obtain financing, if and when needed, on acceptable terms; |
|
|
|
|
· |
our projected financial position and estimated cash burn rate; |
|
|
|
|
· |
the success of our digital currency mining and hosting activities; |
|
|
|
|
· |
the volatile and unpredictable cycles in the emerging and evolving industries in which we operate, increasing difficulty rates for bitcoin mining; |
|
|
|
|
· |
the continued trading of digital currencies, and in particular Bitcoin, at prices that make it profitable to mine new digital currencies; |
|
|
|
|
· |
the availability of cost-efficient energy supplies available to mine digital currencies; |
|
|
|
|
· |
bitcoin halving; |
|
|
|
|
· |
new or additional governmental regulation; |
|
|
|
|
· |
the anticipated delivery dates of new hosting containers and miners; |
|
|
|
|
· |
the ability to successfully develop and deploy new hosting facilities; |
|
|
|
|
· |
the expectations of future revenue growth may not be realized; |
|
|
|
|
· |
ongoing demand for the Company’s services; |
|
|
|
|
· |
the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; and |
|
|
|
|
· |
other risks described in the Company’s prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K and any subsequent filings with the SEC. |
You should read this Quarterly Report on Form
10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this Quarterly Report on
Form 10-Q with the understanding that our actual future results, performance and achievements may be materially different from what we
expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as
of the date of this Quarterly Report on Form 10-Q. Except as required by applicable law, we do not plan to publicly update or revise any
forward-looking statements contained in this Quarterly Report on Form 10-Q, whether as a result of any new information, future events
or otherwise.
As used in this quarterly report on Form 10-Q,
“we”, “our”, “us” and the “Company” refer to Bitmine Immersion Technologies, Inc., a
Delaware corporation unless the context requires otherwise.
Item 1. Financial Statements.
Index to Financial Statements
|
Page |
CONDENSED FINANCIAL STATEMENTS: |
|
|
|
Condensed Balance Sheets, May 31, 2024 (unaudited), and August 31, 2023 |
5 |
|
|
Unaudited Condensed Statements of Operations, for the Three and Nine Months Ended May 31, 2024, and May 31, 2023 |
6 |
|
|
Unaudited Condensed Statements of Changes in Stockholders’ Equity, for the Nine Months Ended May 31, 2024, and May 31, 2023 |
7 |
|
|
Unaudited Condensed Statements of Cash Flows, for the Nine Months, Ended May 31, 2024 and May 31, 2023 |
8 |
|
|
Notes to the Unaudited Condensed Interim Financial Statements |
9 |
Bitmine Immersion Technologies, Inc.
Condensed Balance Sheets
| |
| | | |
| | |
| |
May 31, | | |
August 31, | |
| |
2024 | | |
2023 | |
ASSETS | |
| (Unaudited) | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 281,004 | | |
$ | 270,547 | |
Prepaid expenses | |
| 778,703 | | |
| 105,000 | |
Cryptocurrency | |
| 169,632 | | |
| 129,469 | |
Notes receivable - short term | |
| 731,472 | | |
| – | |
Notes receivable related party - short term | |
| 374,444 | | |
| 374,444 | |
Total current assets | |
| 2,335,255 | | |
| 879,460 | |
Notes receivable - long term | |
| – | | |
| 731,472 | |
Notes receivable - related party long term | |
| 374,445 | | |
| 655,277 | |
Investment in joint venture | |
| 808,407 | | |
| 987,429 | |
Fixed assets, net | |
| 1,938,725 | | |
| 495,702 | |
Fixed assets -not in service | |
| 2,709,697 | | |
| 4,453,466 | |
Total assets | |
$ | 8,166,529 | | |
$ | 8,202,806 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 559,145 | | |
$ | 74,904 | |
Accrued interest - related party | |
| 257,293 | | |
| 97,460 | |
Customer advances | |
| 703,500 | | |
| – | |
Loans payable - related party | |
| 1,625,000 | | |
| 1,300,000 | |
Deferred revenue - short term | |
| 86,193 | | |
| 86,193 | |
Total current liabilities | |
| 3,231,131 | | |
| 1,558,557 | |
Deferred revenue long term | |
| 322,239 | | |
| 386,884 | |
Total liabilities | |
| 3,553,370 | | |
| 1,945,441 | |
| |
| | | |
| | |
Commitments and contingencies | |
| – | | |
| – | |
| |
| | | |
| | |
Stockholders' Equity: | |
| | | |
| | |
Series A Preferred Stock, $0.0001 par value, 500,000 shares authorized, 453,966 and 453,966 shares issued and outstanding as of
May 31, 2024 and August 31, 2023, respectively | |
| 45 | | |
| 45 | |
Common stock, $0.0001 par value, 500,000,000 shares authorized; 49,912,607 and 49,665,649 shares issued
and outstanding as of May 31, 2024 and August 31, 2023 respectively | |
| 4,991 | | |
| 4,967 | |
Additional paid-in capital | |
| 12,018,122 | | |
| 11,183,720 | |
Accumulated deficit | |
| (7,409,999 | ) | |
| (4,931,367 | ) |
Total stockholders' equity | |
| 4,613,159 | | |
| 6,257,365 | |
Total liabilities and equity | |
$ | 8,166,529 | | |
$ | 8,202,806 | |
The accompanying notes are an integral part of
these unaudited condensed financial statements.
Bitmine Immersion Technologies, Inc.
Condensed Statements of Operations
(Unaudited)
| |
| | | |
| | | |
| | | |
| | |
| |
Three months | | |
Three months | | |
Nine months | | |
Nine months | |
| |
ended | | |
ended | | |
ended | | |
ended | |
| |
May 31, | | |
May 31, | | |
May 31, | | |
May 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenue from the sale of mining equipment | |
$ | 20,471 | | |
$ | 13,647 | | |
$ | 210,662 | | |
$ | 138,011 | |
Revenue from hosting | |
| 16,762 | | |
| – | | |
| 38,743 | | |
| – | |
Revenue from self-mining | |
| 1,187,759 | | |
| 128,479 | | |
| 2,378,507 | | |
| 261,921 | |
Total revenue | |
| 1,224,992 | | |
| 142,126 | | |
| 2,627,913 | | |
| 399,932 | |
Cost of sales mining equipment | |
| – | | |
| – | | |
| 180,891 | | |
| 44,580 | |
Cost of sales self-mining | |
| 988,094 | | |
| 72,392 | | |
| 1,767,885 | | |
| 241,743 | |
Cost of sales hosting | |
| 15,211 | | |
| – | | |
| 29,746 | | |
| – | |
Gross profit (loss) | |
| 221,687 | | |
| 69,734 | | |
| 649,391 | | |
| 113,608 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| 100,308 | | |
| 183,610 | | |
| 397,753 | | |
| 244,723 | |
Depreciation | |
| 232,781 | | |
| 147,005 | | |
| 684,564 | | |
| 294,270 | |
Professional fees | |
| 116,734 | | |
| 143,580 | | |
| 420,124 | | |
| 406,383 | |
Related party compensation | |
| 349,584 | | |
| 110,712 | | |
| 1,053,733 | | |
| 350,536 | |
Impairment of fixed assets | |
| – | | |
| – | | |
| – | | |
| 122,950 | |
Realized gain from the sale of bitcoin | |
| (43,183 | ) | |
| (5,659 | ) | |
| (119,774 | ) | |
| (18,420 | ) |
Impairment of cryptocurrency | |
| – | | |
| – | | |
| – | | |
| 3,523 | |
Total operating expenses | |
| 756,224 | | |
| 579,248 | | |
| 2,436,401 | | |
| 1,403,965 | |
Loss from operations | |
| (534,537 | ) | |
| (509,515 | ) | |
| (1,787,010 | ) | |
| (1,290,357 | ) |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (56,563 | ) | |
| (28,622 | ) | |
| (210,262 | ) | |
| (55,641 | ) |
Loss on the extinguishment of debt | |
| (133,915 | ) | |
| – | | |
| (355,123 | ) | |
| – | |
Loss on investment | |
| (58,840 | ) | |
| – | | |
| (170,613 | ) | |
| – | |
Change in derivative liability | |
| 114,835 | | |
| – | | |
| – | | |
| – | |
Other income | |
| – | | |
| – | | |
| – | | |
| 16,939 | |
Interest income | |
| 14,793 | | |
| 14,433 | | |
| 44,376 | | |
| 27,284 | |
Other income (expense), net | |
| (119,690 | ) | |
| (14,189 | ) | |
| (691,622 | ) | |
| (11,418 | ) |
Net loss | |
$ | (654,228 | ) | |
$ | (523,704 | ) | |
$ | (2,478,632 | ) | |
$ | (1,301,775 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted (loss) per common share | |
$ | (0.01 | ) | |
$ | (0.01 | ) | |
$ | (0.05 | ) | |
$ | (0.03 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average number of common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 49,836,850 | | |
| 48,855,238 | | |
| 49,867,153 | | |
| 48,774,671 | |
The accompanying notes are an integral part of
these unaudited condensed financial statements.
Bitmine Immersion Technologies, Inc.
Condensed Statements of Changes in Stockholders’
Equity
(Unaudited)
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | |
| | |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Series A Preferred | | |
Common Stock | | |
Paid-in | | |
Accumulated | | |
Stockholders' | |
| |
Shares | | |
Value | | |
Shares | | |
Value | | |
Capital | | |
Deficit | | |
Equity | |
Balance, August 31, 2022 | |
| 453,966 | | |
$ | 45 | | |
| 48,606,915 | | |
$ | 4,861 | | |
$ | 9,865,865 | | |
$ | (2,466,566 | ) | |
$ | 7,404,205 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for services -related party | |
| – | | |
| – | | |
| 71,429 | | |
| 7 | | |
| 31,422 | | |
| – | | |
| 31,429 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common shares issued for services | |
| – | | |
| – | | |
| 100,000 | | |
| 10 | | |
| 43,990 | | |
| – | | |
| 44,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (470,665 | ) | |
| (470,665 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, November 30, 2022 | |
| 453,966 | | |
$ | 45 | | |
| 48,778,344 | | |
$ | 4,878 | | |
$ | 9,941,277 | | |
$ | (2,937,231 | ) | |
$ | 7,008,969 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for services -related party | |
| – | | |
| – | | |
| 70,423 | | |
| 7 | | |
| 49,778 | | |
| – | | |
| 49,785 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (307,407 | ) | |
| (307,407 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, February 28, 2023 | |
| 453,966 | | |
$ | 45 | | |
| 48,848,767 | | |
$ | 4,885 | | |
$ | 9,991,055 | | |
$ | (3,244,638 | ) | |
$ | 6,751,348 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for services -related party | |
| – | | |
| – | | |
| 45,455 | | |
| 5 | | |
| 51,330 | | |
| – | | |
| 51,335 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for services | |
| – | | |
| – | | |
| 550,000 | | |
| 55 | | |
| 241,945 | | |
| – | | |
| 242,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (523,704 | ) | |
| (523,704 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, May 31, 2023 | |
| 453,966 | | |
$ | 45 | | |
| 49,444,222 | | |
$ | 4,944 | | |
$ | 10,284,331 | | |
$ | (3,768,342 | ) | |
$ | 6,520,979 | |
| |
| | |
| | |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Series A Preferred | | |
Common Stock | | |
Paid-in | | |
Accumulated | | |
Stockholders' | |
| |
Shares | | |
Value | | |
Shares | | |
Value | | |
Capital | | |
Deficit | | |
Equity | |
Balance, August 31, 2023 | |
| 453,966 | | |
$ | 45 | | |
| 49,665,649 | | |
$ | 4,967 | | |
$ | 11,183,720 | | |
$ | (4,931,367 | ) | |
$ | 6,257,365 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock based compensation -related parties | |
| – | | |
| – | | |
| 83,056 | | |
| 8 | | |
| 277,458 | | |
| – | | |
| 277,466 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (921,722 | ) | |
| (921,722 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, November 30, 2023 | |
| 453,966 | | |
$ | 45 | | |
| 49,748,705 | | |
$ | 4,975 | | |
$ | 11,461,178 | | |
$ | (5,853,089 | ) | |
$ | 5,613,108 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock based compensation -related parties | |
| – | | |
| – | | |
| 72,993 | | |
| 7 | | |
| 277,458 | | |
| – | | |
| 277,465 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (902,682 | ) | |
| (902,682 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, February 29, 2024 | |
| 453,966 | | |
$ | 45 | | |
| 49,821,698 | | |
$ | 4,982 | | |
$ | 11,738,635 | | |
$ | (6,755,771 | ) | |
$ | 4,987,891 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock based compensation -related party | |
| – | | |
| – | | |
| 90,909 | | |
| 9 | | |
| 279,487 | | |
| – | | |
| 279,496 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (654,228 | ) | |
| (654,228 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, May 31, 2024 | |
| 453,966 | | |
$ | 45 | | |
| 49,912,607 | | |
$ | 4,991 | | |
$ | 12,018,122 | | |
$ | (7,409,999 | ) | |
$ | 4,613,159 | |
The accompanying notes are an integral part of
these unaudited condensed financial statements.
Bitmine Immersion Technologies, Inc.
Condensed Statements of Cash Flows
(Unaudited)
| |
| | | |
| | |
| |
Nine months | | |
Nine months | |
| |
ended | | |
ended | |
| |
May 31, | | |
May 31, | |
| |
2024 | | |
2023 | |
Cash flows from operating activities | |
| | | |
| | |
Net loss | |
$ | (2,478,632 | ) | |
$ | (1,301,775 | ) |
Stock based compensation | |
| 834,427 | | |
| 418,549 | |
Depreciation | |
| 684,564 | | |
| 294,270 | |
Loss on the sale of equipment | |
| 31,641 | | |
| – | |
Loss on investment | |
| 170,613 | | |
| – | |
Change in balance sheet accounts | |
| | | |
| | |
Impairment of fixed assets | |
| – | | |
| 122,950 | |
Cryptocurrencies | |
| (379,688 | ) | |
| (39,792 | ) |
Notes receivable | |
| 280,832 | | |
| 122,591 | |
Prepaid expenses | |
| (673,703 | ) | |
| (100,000 | ) |
Accounts payable and accrued expenses | |
| 484,241 | | |
| (32,032 | ) |
Customer advances | |
| 703,500 | | |
| – | |
Deferred revenue | |
| (64,645 | ) | |
| 16,573 | |
Accrued interest - related party | |
| 159,833 | | |
| 55,641 | |
Net cash (used in) operating activities | |
| (247,017 | ) | |
| (443,025 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Return of capital on joint venture | |
| 8,408 | | |
| – | |
Purchase of fixed assets | |
| (75,934 | ) | |
| (731,100 | ) |
Net cash (used in) investing activities | |
| (67,526 | ) | |
| (731,100 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Related party loans | |
| 325,000 | | |
| 1,300,000 | |
Net cash provided by financing activities | |
| 325,000 | | |
| 1,300,000 | |
| |
| | | |
| | |
Net increase in cash and cash equivalents | |
| 10,457 | | |
| 125,875 | |
Cash and cash equivalents at beginning of period | |
| 270,547 | | |
| 392,550 | |
Cash and cash equivalents at end of period | |
$ | 281,004 | | |
$ | 518,425 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash financing activity | |
| | | |
| | |
Proceeds received from Bitcoin loan | |
$ | 577,934 | | |
$ | – | |
Repayment of bitcoin loan in bitcoin | |
$ | 577,934 | | |
$ | – | |
Purchase of equipment with bitcoin | |
$ | 339,525 | | |
$ | – | |
Sale of fixed assets for note receivable | |
$ | – | | |
$ | 613,514 | |
Property contributed to joint venture | |
$ | – | | |
$ | 987,429 | |
The accompanying notes are an integral part of
these unaudited condensed financial statements.
BITMINE IMMERSION TECHNOLOGIES, INC.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
NOTE 1 – BASIS OF PRESENTATION AND SUMMARY
OF SIGNIFICANT POLICIES
About Bitmine Immersion Technologies, Inc.
Bitmine Immersion Technologies Inc. f/k/a Sandy
Springs Holdings, Inc. (“Bitmine” or the “Company”) is a Delaware corporation that commenced operations
on July 16, 2020. A predecessor to the Company was incorporated in the state of Nevada on August 16, 1995, as Interactive Lighting Showrooms,
Inc.
By a written consent dated July 16, 2021, holders
of a majority of the Company’s issued and outstanding common stock approved a resolution to appoint Jonathan Bates, Raymond Mow,
Michael Maloney, and Seth Bayles to the board of directors of the Company, and to appoint Jonathan Bates as Chairman, Seth Bayles as Corporate
Secretary, Raymond Mow as Chief Financial Officer, and Ryan Ramnath as Chief Operating Officer (collectively, the “New O&Ds”).
Erik S. Nelson remained a director and the chief executive officer. At the same time, the shareholders approved the issuance of 32,994,999
shares of common stock in the Company’s offering of common stock at $0.015 per share, and the grant of 4,750,000 shares for services,
which were valued at $0.015 per share. As a result of the foregoing stock issuances, the New O&Ds (or entities controlled by them)
collectively acquired 24,893,877 shares of common stock, which represented approximately 62% of the issued and outstanding shares at the
time.
The appointment of certain of the New O&Ds
to the Company’s board, and issuance to the New O&Ds of a controlling interest in the Company, were made in order to enable
the Company to enter the business of creating a hosting center for Bitcoin mining computers primarily utilizing immersion cooling technology,
as well mining the Bitcoin digital currency for its own account. Prior to the change of control to the New O&Ds, the Company was a
shell company.
During the fiscal year ended August 31, 2022,
the Company began implementing its business plan by generating revenue from the mining of Bitcoin digital currency, hosting a third party
Bitcoin miner and the sale of mining equipment.
The Company’s year-end is August 31st.
Basis of Presentation
The foregoing unaudited interim condensed financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)
for interim financial information and with the instructions for Form 10-Q and Regulation S-X as promulgated by the Securities and Exchange
Commission (“SEC”). Accordingly, these condensed financial statements do not include all of the disclosures required
by GAAP for complete condensed financial statements. These unaudited interim condensed financial statements should be read in conjunction
with the audited condensed financial statements and the notes thereto included on Form 10-K for the year ended August 31, 2023. In the
opinion of management, the unaudited interim condensed financial statements furnished herein include all adjustments, all of which are
of a normal recurring nature, necessary for a fair statement of the results for the interim period presented.
The preparation of condensed financial statements
in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure
of contingent assets and liabilities known to exist as of the date the condensed financial statements are published, and the reported
amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent
in the preparation of the Company’s condensed financial statements; accordingly, it is possible that the actual results could differ
from these estimates and assumptions that could have a material effect on the reported amounts of the Company’s financial position
and results of operations.
Operating results for the nine months ended May
31, 2024, are not necessarily indicative of the results that may be expected for the year ending August 31, 2024.
Management’s Representation of Interim
Condensed Financial Statements
The accompanying unaudited condensed financial
statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission
(“SEC”). The Company uses the same accounting policies in preparing quarterly and annual condensed financial statements. Certain
information and footnote disclosures normally included in condensed financial statements prepared in accordance with accounting principles
generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations,
and management believes that the disclosures are adequate to make the information presented not misleading. These condensed financial
statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position
and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of
results for a full year.
Use of Estimates
The preparation of condensed financial statements
in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and disclosure
of contingent assets and liabilities at the date of the condensed financial statements. The most significant estimates relate to the calculation
of stock-based compensation, calculation of the Company’s derivative liability, useful lives and impairment of fixed assets, income
taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions
that are believed to be reasonable given the quality of information available as of the date of these condensed financial statements.
The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are
not readily apparent from other sources. Actual results could differ from these estimates. There have been no material changes to the
Company’s accounting estimates since the Company’s condensed financial statements for the fiscal year ended August 31, 2023.
Segment Reporting
The Company operates in one segment - the cryptocurrency
mining industry. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision
maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating
resources and assessing performance for the entire Company. All material Company operations qualify for aggregation due to their similar
customer base and similarities in economic characteristics, nature of products and services, and procurement, manufacturing and distribution
processes.
Revenue Recognition
On July 1, 2018, the Company adopted Accounting
Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Results for reporting
periods beginning after January 1, 2018, are presented under ASC 606.
Revenues from digital currency mining
The Company recognizes revenue under ASC 606,
Revenue from Contracts with Customers. The core principle of the revenue standard is that a company should recognize revenue to depict
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be
entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:
|
· |
Step 1: Identify the contract with the customer; |
|
· |
Step 2: Identify the performance obligations in the contract; |
|
· |
Step 3: Determine the transaction price; |
|
· |
Step 4: Allocate the transaction price to the performance obligations in the contract; and |
|
· |
Step 5: Recognize revenue when the Company satisfies a performance obligation. |
Step 1: The Company enters into a contract
with a bitcoin mining pool operator (i.e., the customer) to provide hash calculation services to the mining pool. The Company only utilizes
pool operators that determine awards under the Full Pay-Per-Share method (the “FPPS method”) . The contracts are terminable
at any time by either party without penalty and the Company’s enforceable right to compensation only begins when the Company starts
providing hash calculation services to the mining pool operator (which occurs daily at midnight Universal Time Coordinated (UTC)). In
general, mining revenue for industry participants consists of two parts, (1) the block reward (current bitcoin block reward is 3.125 bitcoin)
paid by the network to the miner for successfully mining a block, and (2) the transaction fees paid by the users to the miner for successfully
mining a block. When a mining pool successfully finds a block, it is awarded all of the transaction fees in that block and the reward
from the network. Under the FPPS method utilized by the Company, the Company is entitled to an award of bitcoin equal to the expected
reward per block over the measurement period of midnight-to-midnight UTC time based on the hash calculation services provided to the pool
during the measurement period. The Company is also entitled to an aware of transaction fees per block based on the average of the transaction
fees over the latest 144 blocks, each of which is about 10 minutes, and the total of 144 blocks equals one day. At the end of each day
that runs from midnight-to-midnight UTC time, the pool operator calculates the pool participant’s expected block reward and transaction
fees for the day based on the hash calculation services provided by the pool participant that day, less net digital asset fees due to
the mining pool operator over the measurement period. The actual reward to the Company each day is based on the number of blocks the Company
should have hypothetically mined during the measurement period based on the hash calculation services provided to the pool by the Company
during the measurement period and the prevailing difficulty index, and is not based on the actual rewards received by the pool during
the measurement period, which may be higher or lower than the expected rewards during such period. Applying the criteria per ASC 606-10-25-1,
the contract arises at the point that the Company provides hash calculation services to the mining pool operator, which is the beginning
of each contract day at midnight UTC (contract inception), because customer consumption is in tandem with daily delivery of the hash calculation
services. Providing hash calculation services to mining pools is an output of our ordinary activities, and an enforceable right to compensation
begins when, and continues as long as, such services are provided.
Step 2: In order to identify the performance
obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised
good or service that is distinct. A performance obligation meets ASC 606’s definition of a “distinct” good or service
(or bundle of goods or services) if both of the following criteria are met:
|
· |
The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct); and |
|
|
|
|
· |
The entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). |
Based on these criteria, the Company has a single
performance obligation in providing hash calculation services (i.e., hashrate) to the mining pool operator (i.e., customer). The performance
obligation of hash calculation services is fulfilled daily over-time, as opposed to a point in time, because the Company provides the
hashrate throughout the day and the customer simultaneously obtains control of it and uses the asset to produce bitcoin. The Company has
full control of the mining equipment utilized in the mining pool and if the Company determines it will increase or decrease the processing
power of its machines and/or fleet (i.e., for repairs or when power costs are excessive) the hash calculation services provided to the
customer will be reduced.
Step 3: The transaction consideration the
Company earns is non-cash digital consideration in the form of bitcoin, which the Company measures at fair value on the date earned at
the daily closing price, which is not materially different from the fair value at contract inception, which is the daily opening price.
According to the customer contract, daily earnings are calculated from midnight-to-midnight UTC time, and the sub-account balance is credited
to the Company’s account shortly thereafter.
The transaction consideration the Company earns
is all variable since it is dependent on the daily hash calculation services provided by the Company, as well as other factors outside
the control of the Company, such as the difficulty index of the bitcoin network. The Company’s bitcoins earned through the contractual
payout formula is not known until the Company’s computational hashrate contributed over the daily measurement period is fulfilled
over-time daily between midnight-to-midnight UTC time. The Company’s expected amount of the global network transaction fee rewards
earned are calculated at the end of each transactional day (midnight to midnight UTC time). There are no other forms of variable considerations,
such as discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties, or other similar items.
The Company fully constrains all variable consideration
as a result of ASC 606-10-32-11 and 12 because the amount of consideration is highly susceptible to factors outside of our control as
defined by the Company’s customer’s payout methodology. The variable consideration is constrained until the Company receives
confirmation of the amount, usually via settlement of the fractional share of block reward and transaction fee in the Company’s
digital wallet (i.e., at that point, the variability is resolved and there is no longer the reasonable possibility of significant reversal
of revenue). Before settlement occurs, estimation of the variable consideration to which the Company is entitled, which depends on inputs
unknowable to the Company, carries the risk of a significant revenue reversal from mis-estimation. Settlement of consideration typically
occurs within 24 hours after the end of each day.
Step 4: The transaction price is allocated
to the single performance obligation upon verification for the provision of hash calculation services to the mining pool operator. There
is a single performance obligation (i.e., hash calculation services or hashrate) for the contract; therefore, all consideration from the
mining pool operator is allocated to this single performance obligation.
Step 5: The Company’s performance
is complete in transferring the hash calculation services over-time (midnight to midnight UTC) to the customer and the customer obtains
control of that asset.
In exchange for providing hash calculation services,
the Company is entitled to the expected bitcoin awards earned over the measurement period, plus the expected global transaction fee rewards
for the respective measurement period, less net digital asset fees due to the mining pool operator over the measurement period. The transaction
consideration the Company receives is non-cash consideration, in the form of bitcoin. Prior to March 1, 2024, the Company measured the
bitcoin at the closing U.S. dollar spot rate at the end of the date earned (midnight UTC). As of March 1, 2024, the Company began measuring
the bitcoin at the opening U.S. dollar spot rate at the beginning of the date earned (midnight UTC). The change in method of calculating
revenues from bitcoin mining did not result in material change in the revenues reported.
There are no deferred revenues or other liability
obligations recorded by the Company since there are no payments in advance of the performance. At the end of the 24 hour “midnight-to-midnight”
period, there are no remaining performance obligations.
During the nine months ending May 31, 2024, the
Company utilized one mining pool for its self-mining operations, which charges 0.3% of the bitcoin payable to the Company as a pool management
fee.
During the three and nine months ending May 31,
2024, the Company generated $1,187,759 and $2,378,507 respectively, in revenues from mining cryptocurrency.
Revenues from Hosting
The Company provides energized space to customers
who locate their equipment within the Company’s co-hosting facility. The equipment generating the hosting revenue is owned by the
customer. The Company gives hosting customers the option of having all mining proceeds paid into a cold wallet address in the Company’s
name, which case the Company pays the hosting client its share of mining awards on a daily basis, or having all mining awards sent to
an account of the customer, in which case the Company bills the customer monthly for any hosting fee that is contingent on the amount
of the client’s award. All performance obligations are achieved simultaneously by providing the hosting environment for the customers’
operations. Hosting revenues consist of amounts billed in U.S. dollars for electricity and other fees, and a percentage of cryptocurrency
generated by the client’s hosting activities. With regard to hosting revenues that are billed in U.S. dollars, revenues are recorded
at the time of invoicing. With regard to hosting revenues that are based on a percentage of cryptocurrency generated by the customer,
revenues are recorded based on the Company’s share of cryptocurrency received from the mining pool on the date of receipt or invoicing.
During the three and nine months ending May 31,
2024, the Company generated $16,762 and $38,743 respectively, in revenues from hosting services.
Revenues from the sale of mining equipment
The Company records revenue from the resale of
mining equipment it has purchased. Revenue for the sale of mining equipment is recognized under the guidelines of ASC 606. During the
three and nine months ending May 31, 2024, the Company generated $20,471 and $210,662, respectively, in revenues from the sale of mining
equipment.
Cash and cash equivalents
The Company considers all highly liquid temporary
cash investments with an original maturity of three months or less to be cash equivalents. On May 31, 2024, and August 31, 2023, respectively,
the Company’s cash equivalents totaled $281,004 and $270,547, respectively.
Cryptocurrency
Cryptocurrencies held are accounted for as intangible
assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment quarterly,
when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired.
Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the cryptocurrency
at the time its fair value is being measured. In testing for impairment, the Company has the option to first perform a qualitative assessment
to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that
an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise, it is required to perform a
quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent
reversal of impairment losses, if the price of cryptocurrency increases, is not permitted. During the three and nine months ending May
31, 2024, the Company realized gains of $43,183 and $119,774 respectively, from sale of cryptocurrency. The Company classifies cryptocurrencies
as current assets because it reasonably expects to sell or exchange all cryptocurrencies within one quarter.
Cryptocurrency earned by the Company through its
mining activities are included within operating activities on the accompanying consolidated statements of cash flows. The sales of digital
currencies are included within investing activities in the accompanying consolidated statements of cash flows and any realized gains or
losses from such sales are included in other income (expense) in the consolidated statements of operations and comprehensive income (loss).
The Company accounts for its gains or losses in accordance with the moving weighted average method of accounting.
The Company holds its cryptocurrencies in an account
at Bitgo Trust (“Bitgo”), a well-known Bitcoin custodian, which it also uses to liquidate its Bitcoin when necessary. The
Company also has an account with Gemini Trust Company, LLC, which is a qualified custodian regulated by the New York Department of Financial
Services as a backup facility, and may hold Bitcoin from time to time in a cold storage wallet. The Company uses Bitgo’s multi-signature
feature for account access.
Income taxes
The Company accounts for income taxes under FASB
ASC 740, “Accounting for Income Taxes”. Under FASB ASC 740, deferred tax assets and liabilities are recognized
for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred
tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. FASB ASC 740-10-05,
“Accounting for Uncertainty in Income Taxes” prescribes a recognition threshold and a measurement attribute for the
financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to
be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized
is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company
assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen
that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit.
Stock-based Compensation
The Company accounts for stock-based compensation
using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure
about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for
an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized
over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually
the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service.
Net Loss per Share
Net loss per common share is computed by dividing
net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260,
“Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income
by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share calculations
are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.
Stock Purchase Warrants
The Company accounts for warrants issued to purchase
shares of its common stock as equity in accordance with FASB ASC 480, Accounting for Derivative Financial Instruments Indexed to, and
Potentially Settled in, a Company’s Own Stock, Distinguishing Liabilities from Equity. We determine the accounting classification
of warrants we issue, as either liability or equity classified, by first assessing whether the warrants meet liability classification
in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, then
in accordance with ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s
Own Stock. Under ASC 480, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate us to settle
the warrants or the underlying shares by paying cash or other assets, and warrants that must or may require settlement by issuing variable
number of shares. If warrants do not meet the liability classification under ASC 480-10, we assess the requirements under ASC 815-40,
which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value,
irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature.
If the warrants do not require liability classification
under ASC 815-40, in order to conclude equity classification, we also assess whether the warrants are indexed to our common stock and
whether the warrants are classified as equity under ASC 815-40 or other GAAP. After all such assessments, we conclude whether the warrants
are classified as liability or equity. Liability classified warrants require fair value accounting at issuance and subsequent to initial
issuance with all changes in fair value after the issuance date recorded in the statements of operations. Equity classified warrants only
require fair value accounting at issuance with no changes recognized subsequent to the issuance date. We do not have any liability classified
warrants as of any period presented.
Property and equipment
Property and equipment are stated at cost and
depreciated using the straight-line method over the estimated useful lives of the assets. Estimated useful lives for leasehold improvements
are typically the lesser of the estimated useful life of the asset or the life of the term of the lease. The estimated useful lives for
all other property and equipment are as follows:
Schedule of estimated useful lives of property and equipment |
|
|
|
|
|
|
|
Life (Years) |
|
Miners and mining equipment |
|
|
2 |
|
Machinery and equipment |
|
|
5 - 7 |
|
Office and computer equipment |
|
|
3 |
|
No depreciation is recorded on an asset until
it is placed in service. Due to the nature of the equipment, it can only be placed in service when the hosting site is properly configured
to turn on the machines. As of May 31, 2024, and August 31, 2023, the Company had $2,709,697 and $4,453,466, respectively, of fixed assets
not in service.
Recent Accounting Pronouncements
In February 2016, the FASB issued ASU No. 2016-02,
Leases (Topic 842), which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize
assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. The
amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early
adoption permitted. In March 2019, the FASB issued ASU 2019-01, Codification Improvements, which clarifies certain aspects of the
new lease standard. The FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases in July 2018. Also in 2018, the
FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements, which provides an optional transition method whereby the new
lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. The amendments have the same effective
date and transition requirements as the new lease standard.
We adopted ASC 842 on July 16, 2020. The adoption
of this guidance did not have any impact on our condensed financial statements.
In March 2022, the SEC staff released Staff Accounting
Bulletin No. 121 (“SAB 121”), which requires entities that hold crypto assets on behalf of platform users to recognize a liability
to reflect the entity’s obligation to safeguard the crypto assets held for its platform users, whether directly or through an agent
or another third party acting on its behalf, along with a corresponding safeguarding asset. Both the liability and corresponding safeguarding
asset shall be measured at fair value. SAB 121 also requires disclosure of the nature and amount of crypto assets being safeguarded, how
the fair value is determined, an entity’s accounting policy for safeguarding liabilities and corresponding safeguarding assets,
and may require disclosure of other information about risks and uncertainties arising from the entity’s safeguarding activities.
The Company is not in the business of holding its customer’s crypto assets for safekeeping. For crypto assets that are not maintained
on our platform and for which the Company does not maintain a private key or the ability to recover a customer’s private key, these
balances are not recorded, as there is no related safeguarding obligation in accordance with SAB 121. This guidance is effective from
the first interim period after June 15, 2022 and should be applied retrospectively. We adopted SAB 121 during the three months ended
August 31, 2023, and it did not have any impact on our condensed financial statements.
NOTE 2 – CRYPTOCURRENCIES
The following table presents additional dollar
and unit information (each bitcoin represents one unit) about the Company’s bitcoin activity for the nine months ended May 31, 2024:
Schedule of cryptocurrencies | |
| | | |
| | |
| |
| | |
BTC | |
Beginning balance – August 31, 2023 | |
$ | 129,469 | | |
| 5.0 | |
Revenue received from mining and hosting | |
| 2,417,250 | | |
| 47.7 | |
Loan proceeds received in cryptocurrency | |
| 527,506 | | |
| 19.0 | |
Distribution from joint venture | |
| 8,408 | | |
| 0.2 | |
Purchase of equipment with cryptocurrency | |
| (339,525 | ) | |
| (12.2 | ) |
Payments of loan with cryptocurrency | |
| (882,629 | ) | |
| (20.8 | ) |
Cash proceeds from the sale of cryptocurrency, net of fees | |
| (1,377,575 | ) | |
| (28.6 | ) |
Cryptocurrency used to pay expenses and to purchase equipment | |
| (433,046 | ) | |
| (7.8 | ) |
Realized gain from the sale of bitcoin | |
| 119,774 | | |
| – | |
Ending balance – May 31, 2024 | |
$ | 169,632 | | |
| 2.5 | |
NOTE 3 – REVENUE FROM CONTRACTS WITH
CUSTOMERS
The following table presents the Company’s
revenues disaggregated into categories based on the nature of such revenues:
Schedule of disaggregation of revenue | |
| | |
| |
| |
Nine months Ended May 31, | |
| |
2024 | | |
2023 | |
Revenues from the sale of mining equipment - net | |
$ | 210,662 | | |
$ | 138,011 | |
Revenue from hosting, net | |
| 38,743 | | |
| – | |
Revenue from self-mining | |
| 2,378,507 | | |
| 261,921 | |
Total revenue | |
$ | 2,627,913 | | |
$ | 399,932 | |
NOTE 4 – PROPERTY AND EQUIPMENT
The following table sets forth the components of the Company’s
property and equipment at May 31, 2024 and August 31, 2023:
Schedule of property and equipment | |
| | |
| | |
| | |
| | |
| | |
| |
| |
May 31, 2024 | | |
August 31, 2023 | |
| |
Cost | | |
Accumulated Depreciation | | |
Net Book Value | | |
Cost | | |
Accumulated Depreciation | | |
Net Book Value | |
Equipment | |
$ | 3,094,077 | | |
$ | (1,155,352 | ) | |
$ | 1,938,725 | | |
$ | 966,407 | | |
$ | (470,705 | ) | |
$ | 495,702 | |
Equipment not in service | |
| 2,709,697 | | |
| – | | |
| 2,709,698 | | |
| 4,453,466 | | |
| – | | |
| 4,453,466 | |
Total fixed assets | |
$ | 5,803,774 | | |
$ | (1,155,352 | ) | |
$ | 4,648,423 | | |
$ | 5,419,873 | | |
$ | (470,705 | ) | |
$ | 4,949,168 | |
Equipment not in service as of May 31, 2024 was
comprised of the following:
Schedule of equipment not in service | |
| |
Transformers and containers | |
$ | 2,589,698 | |
Immersion fluid | |
| 120,000 | |
Total | |
$ | 2,709,698 | |
For the nine months ended May 31, 2024 and 2023,
the Company recorded $684,564 and $294,270 respectively, in depreciation expense.
Of equipment not in service at August 31, 2023,
during the nine months ended May 31, 2024, the Company:
|
· |
placed $892,042 of equipment in service at its Trinidad location; |
|
· |
placed $851,726 of equipment in service at its Pecos, Texas location; and |
|
· |
sold 100 S19 Pro+/117/220 to Luxor for $149,250, which had a cost basis of $180,891, for a loss of $31,641 on the sale. |
On October 4, 2023, the Company purchased 1,050
used ASIC miners from Luxor Technology Corporation (“Luxor”) for $488,775, and simultaneously entered into a Co-Location Services
Agreement to host the miners at a hosting facility owned by Soluna SW, LLC (“Soluna”) in Murray, Kentucky. The purchase price
was paid by crediting amounts due the Company from Luxor from the sale of certain miners to Luxor (see below) and a loan of bitcoin to
the Company (see Note 7 herein).
On May 24, 2025, we purchased 45 S-19 ASIC miners
from Soluna for $10,000 that were already installed in Soluna’s hosting facility.
As of May 31, 2024 the equipment not in service
was solely comprised of 4 immersion containers, immersion fluid and 14 transformers .
NOTE 5 – INVESTMENTS AND NOTES RECEIVABLE
Policy on Doubtful Accounts
We evaluate notes receivable for impairment under
the guidelines of ASC 310-10-35-41. We establish an allowance for doubtful accounts when we determine that collectability of the note
is in question.
Investment in Joint Venture
In October 2022, we entered into a joint venture
arrangement with ROC Digital Mining to jointly develop and operate a Bitcoin mining operation in Pecos, Texas. Under the joint venture,
we contributed one immersion container, six transformers and cash with a value of $987,429 as a capital contribution to ROC Digital Mining
I, LLC (the “ROC Digital”). In return, we received 240 Class B Units of ROC Digital pursuant to an ongoing offering of a total
of 1,000 Class B Units at $4,400 per unit. We simultaneously sold ROC Digital four immersion containers for $1,200,000, which is payable
pursuant to a promissory note the bears interest at 5% per annum, and is payable pursuant to monthly payments of $31,204 per month commencing
on December 30, 2022, with any remaining principal and interest payable in full on May 31, 2026. The note is secured by the equipment
that was sold. We also obtained the right to locate one container at the location that we would be able to use for self-mining.
ROC Digital is managed by ROC Digital Mining Manager
LLC (“ROC Manager”), which owns all of the Class A Units of ROC Digital. The Class A Units have the sole right to vote on
any matter that requires a vote of members, including in the selection of the manager. We own 33 1/3% of ROC Manager. ROC Manager is managed
by from one to three managers selected by a vote of the members. We do not currently have a representative or designee serving as manager
of ROC Manager. However, the operating agreement for ROC Manager provides that ROC Manager may not take a number of actions in relation
to ROC Digital without the unanimous consent of its members, such as incurring more than $50,000 of indebtedness, approval of operating
budget, filing for bankruptcy, making any material change in ROC Digital’s business, merging, consolidating or combining ROC Digital
with another entity, selling off a substantial part of ROC Digital’s assets, amending the operating agreement of ROC Digital, or
causing ROC Digital to enter into any agreement with a related party.
Day to day management of the operations of ROC
Digital is provided by ROC Digital Mining LLC (“ROC Mining”), an affiliate of ROC Manager in which we do not have an interest.
ROC Mining is entitled to a monthly management fee equal to 3% of ROC Digital’s gross revenue, subject to a monthly minimum of $10,000
and a monthly maximum of $15,000. In additional ROC Mining is entitled to an acquisition fee of 1% of the cost of any assets acquired
by ROC Digital. A principal of ROC Mining serves on our board of directors.
As of May 31, 2024 the joint venture arrangement
was classified as a long term asset on the Company’s balance sheet with a value of $867,247. The equipment at the joint venture
location in Pecos, Texas was in the set-up and testing phase and the initial revenues generated by the joint venture occurred in the nine
months ended May 31, 2024. The reduction in the value of the investment of $170,613 during the nine months ended May 31, 2024 represents
the Company’s approximate 30% portion of the ROC Digital’s operating losses during the period. This loss was recorded as “loss
on investment” on the Company’s Condensed Statements of Operations for the nine months ended May 31, 2024. During the nine
months ended May 31, 2024, the Company received an in-kind distribution of .01992 bitcoin as a return of capital from the joint venture.
There were no distributions during the quarter ended May 31, 2024.
Notes Receivable
Notes receivable consist of notes received as
partial consideration for the sale of mining equipment, and are collateralized by the mining equipment that was the subject of the sale.
As of May 31, 2024 and August 31, 2023, notes receivable consist of the following:
Schedule of notes receivable | |
| | |
| |
| |
As of May 31, 2024 | | |
As of August 31, 2023 | |
| |
| | |
| |
Note receivable with an amended principal amount of $731,472, bearing interest at 5.0% per annum payable monthly. Principal due in one payment on December 31, 2024. | |
$ | 731,472 | | |
$ | 731,472 | |
| |
| | | |
| | |
Note receivable in original principal amount of $1,200,000, bearing interest at 5.0% per annum, payable in 41 equal monthly payments of $31,204 commencing December 30, 2022. | |
| 748,888 | | |
| 1,029,721 | |
| |
| | | |
| | |
Total | |
| 1,480,360 | | |
| 1,761,193 | |
| |
| | | |
| | |
Less: Non-current portion | |
| (374,444 | ) | |
| (1,386,749 | ) |
| |
| | | |
| | |
Notes receivable – short-term | |
$ | 1,105,916 | | |
$ | 374,444 | |
As of May 31, 2024 and August 31, 2023 the balance
of notes receivable was $1,480,360 and $1,761,193,
respectively. During the nine months ended May 31, 2024, the Company recorded $44,376
in interest income on these notes.
In April 2024, the Company agreed to extend the
maturity date of a note receivable in the principal amount $731,472 from August 31, 2024 to December 31, 2024. At the same time, the Company
agreed to extend a hosting agreement with the note obligor to December 31, 2024.
NOTE 6 – RELATED PARTY TRANSACTIONS
Line of Credit from IDI
On October 19, 2022, the Company entered into
a Line of Credit Agreement (the “2022 LOC Agreement”) with Innovative Digital Investors Emerging Technology, L.P. (“IDI),
a limited partnership controlled by Jonathan Bates, the Company’s Chairman, and Raymond Mow, the Company’s Chief Financial
Officer and a Director. The 2022 LOC Agreement provided for loans of up to $1,000,000 at the request of the Company to finance the purchase
of equipment necessary for the operation of the Company’s business, and related working capital. Loans under the 2022 LOC Agreement
accrue interest at twelve percent (12%) per annum, compounded on a 30/360 monthly basis until the loans have been repaid in full. The
Company had the right to submit draw requests under the 2022 LOC Agreement until April 15, 2023. Each draw request is subject to the approval
of IDI in its sole discretion. The amount drawn, plus all accrued interest therein, is repayable in full on December 1, 2023.
Effective May 13, 2023, the Company and IDI amended
the 2022 LOC Agreement to increase the amount that the Company may borrow thereunder to $1,750,000, extended the date by which the Company
could borrow funds thereunder to December 1, 2023, and extended the maturity date to December 1, 2024. Simultaneous with the extension,
the Company borrowed an additional $500,000, primarily to fund the purchase of ASIC miners. As of May 31, 2024, the amount of principal
and interest due to related party was $1,625,000 and $257,293 respectively, as compared to $1,300,000 and $97,460 at August 31, 2023.
Transactions with ROC Digital Mining I, LLC
In October 2022, we entered into a joint venture
arrangement with ROC Digital Mining I, LLC (“ROC Digital”) to jointly develop and operate a Bitcoin mining operation in Pecos,
Texas. Under the joint venture, we contributed one immersion container, six transformers and cash with a value of $987,429 as a capital
contribution to ROC Digital Mining I, LLC (the “ROC Digital”). In return, we received 240 Class B Units of ROC Digital pursuant
to an ongoing offering of a total of 1,000 Class B Units at $4,400 per unit. We simultaneously sold ROC Digital four immersion containers
for $1,200,000, which is payable pursuant to a promissory note that bears interest at 5% per annum, and is payable pursuant to monthly
payments of $31,203.64 per month commencing on December 30, 2022, with any remaining principal and interest payable in full on May 31,
2026. The note is secured by the equipment that was sold. As of August 31, 2023 and May 31, 2024, the note receivable from ROC Digital
amounted to $1,029,721 and $748,888, respectively.
We also obtained the right to locate one container
at the location that we would be able to use for self-mining. Under our hosting agreement with ROC Digital, we located one immersion container
at the site for $500 per month, plus payment of our pro rata share of electricity, internet and insurance for the site. Under the hosting
agreement, we also agreed to contribute $100,000 toward the electricity deposit for the site, which is refundable to us at the earlier
of the date the electricity provider releases the deposit or 90 days after the expiration or termination of the hosting agreement. The
hosting agreement has a term of one year, subject to our right to renew the agreement for two one year terms after receipt of notice of
the renewal terms of the joint venture’s electricity supply agreement for the upcoming year.
See “Note 5 – Investment in Joint
Venture,” for more information about ROC Digital.
Transactions with Rykor Energy Solutions,
LLC
In May 2024, we brokered the sale of 20 transformers
to Rykor Energy Solutions, LLC (“Rykor”). The total sales price of the transformers is approximately $1,407,000 and our total
cost is expected to be $1,340,000. Rykor owns 2,672,000 shares of our common stock and warrants to purchase an additional 5,344,000 shares,
and as a result is the beneficial owner of approximately 14.5% of our common stock. A principal of Rykor (who is also a principal of
ROC Mining) also serves on our board of directors.
NOTE 7 – BITCOIN LOAN AND DERIVATIVE
LIABILITY
On October 4, 2023, the Company purchased 1,050
used ASIC miners from Luxor Technology Corporation (“Luxor”) for $488,775, and simultaneously entered into a Co-Location Services
Agreement to host the miners at a hosting facility owned by Soluna SW, LLC (“Soluna”) in Murray, Kentucky. The purchase price
of the used 1,050 ASIC miners was partially financed by selling 100 S19 Pro+/117/220 owned by the Company to Luxor for $149,250. The Company
recorded a loss of $31,641 on this sale.
The remaining purchase price of $339,525 was financed
via a forward sale of future Bitcoin production with Luxor via a hashrate derivatives contract (“Luxor Bitcoin Financing”,
or “LBF”). Under the terms of the LBF, on October 4, 2023 the Company received 18.97542 Bitcoin valued at $27,799.39, each
or a total of $527,505.19 in Bitcoin. In return the Company agreed to pay back Luxor 20.78946 Bitcoin in daily increments from bitcoin
production generated by the 1,050 ASIC miners. The Bitcoin loan was due no later than April 1, 2024 and could not be repaid in cash. As
of May 31, 2024 the Company had repaid all Bitcoin owed to Luxor under the LBF, and had no further liability under the agreement.
NOTE 8 – STOCKHOLDERS’ EQUITY
Stockholders’ Equity
The Company is authorized to issue 500,000,000
shares of Common Stock with a par value of $0.0001 per share, and 20,000,000 shares of preferred stock with a par value of $0.0001 per
share. As of May 31, 2024, and August 31, 2023, there were 49,912,607 and 49,665,649 shares of common stock outstanding, respectively.
Series A Convertible Preferred Stock
As of May 31, 2024 and August 31, 2023, our board
of directors had authorized the issuance of one series of preferred stock, the Series A Convertible Preferred Stock (the “Series
A Preferred”), for 500,000 shares, of which 453,966 shares had been issued. The Series A Preferred has the following rights:
Dividends: Each share of Series
A Preferred is entitled to receive non-cumulative dividends equal to the amount of dividends that the holder of such share would have
received if such share of Series A Preferred were converted into shares of common stock immediately prior to the record date of the dividend
declared on the common stock.
Liquidation Preference: The
Series A Preferred Stock is entitled to receive, prior to any distribution to any junior class of securities, an amount equal to $10 per
share, plus any accrued but unpaid dividends, as a liquidation preference before any distribution may be made to the holders of any junior
security, including the common stock.
Voting Rights: Each holder of
Series A Preferred Stock shall vote with holders of the common stock upon any matter submitted to a vote of shareholders, in which event
it shall have the number of votes equal to the number of shares of common stock into which such share of Series A Preferred Stock would
be convertible on the record date for the vote or consent of shareholders. Each holder of Series A Preferred Stock shall also be entitled
to one vote per share on each submitted to a class vote of the holders of Series A Preferred Stock.
Directors: The Series A Preferred
Stock has the exclusive right to nominate and vote on two (2) members of the board of directors.
Voluntary Conversion Rights:
Each share of Series A Preferred Stock is convertible into that number of shares of common stock equal to the liquidation preference of
the Series A Preferred divided by a conversion price of $0.575 per share.
Rank: The Series A Preferred
ranks senior to the common stock and any other class or series of preferred stock that may be authorized.
Redemption by Company: The Company
may redeem all of the Series A Preferred at any time on twenty days notice by payment of the liquidation preference of the Series A Preferred.
Redemption by the Holders: Any
holder of Series A Preferred may request that some or all of its Series A Preferred be redeemed to the extent of 30% of the liquid net
assets of the Company in excess of $2 million. To the extent any holder requests redemption under this provision, the Company is required
to send a notice to all other Series A Preferred holders, who will be entitled to request redemption of some or all of their shares as
well. Each holder is required to redeem at least the lesser of 10,000 shares or the number of shares of Series A Preferred held by the
holder.
Redemption on Fundamental Transaction:
In the event the Company engages in a fundamental transaction, a majority of the holders of Series A Preferred may require the Company
to redeem all of the Series A Preferred at the closing of the transaction.
Right to Participate in Future Fundings:
Each holder of Series A Preferred has the right to participate in future capital raising transactions to the extent of its proportionate
ownership of the Company on an as converted basis. The right extents to any issuance of common or preferred stock or debt securities convertible
into common or preferred stock, except for certain exempted transactions.
Anti-Dilution Protection: The
conversion price of the Series A Preferred is subject to reduction to the extent the company issues shares of common stock at a purchase
price less than the then current conversion price, (ii) debt or equity securities convertible into common stock at a conversion price
less than the then current conversion price, (iii) options or warrants exercisable for common stock at an exercise price less than the
then current conversion price, or (iv) options or warrants to purchase convertible debt or equity securities, where the combined exercise
and conversion prices would enable the holder to acquire shares of common stock for less than the then current conversion price.
Issuance of Shares
During the nine months ended May 31, 2024, the
Company issued the following shares:
|
· |
72,993 shares were issued to an officer pursuant to the terms of his employment contract, which entitle the officer to a quarterly bonus payable in shares of common stock. The shares were valued at $32,117, or $0.44 per share, based on the value indicated by the Company’s recently completed Unit Offering. The bonus shares vest on January 15, 2027 if the officer is still employed with us on that date, and are amortized from the date of issuance to January 15, 2027. |
|
|
|
|
· |
83,056 shares were issued to an officer pursuant to the terms of his employment contract, which entitle the officer to a quarterly bonus payable in shares of common stock. The shares were valued at $36,545 or $0.44 per share, based on the value indicated by the Company’s recently completed Unit Offering. The bonus shares vest on January 15, 2027 if the officer is still employed with us on that date, and are amortized from the date of issuance to January 15, 2027. |
|
|
|
|
· |
90,909 shares were issued to an officer pursuant to the terms of his employment contract, which entitle the officer to a quarterly bonus payable in shares of common stock. The shares were valued at $40,000 or $0.44 per share, based on the value indicated by the Company’s recently completed Unit Offering. The bonus shares vest on January 15, 2027 if the officer is still employed with us on that date, and are amortized from the date of issuance to January 15, 2027. |
The Company estimates the fair value of stock-based
compensation based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during
which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period).
The Company attributes compensation to expense using the straight-line method. Since the Company’s common stock is thinly traded,
the Company utilizes the value, or an estimate thereof, paid by third parties for common stock in arms-length transactions with the Company.
In particular, the Company used the estimated fair value of its common stock derived from a Unit Offering completed in June 2022. Under
the Unit Offering, the Company issued investors Units consisting of one share of common stock, one Class C-1 Warrant and one Class C-2
Warrants for $1.25 per Unit. The value of the Class C-1 and 2 Warrants were deducted from the Unit price to determine the fair value of
the common stock included in the Units. The Class C-1 and 2 Warrants were valued under the Black-Scholes method using the following assumptions:
volatility 223.30%; annual rate of quarterly dividends 0%; term 3 years; treasury bill rate 0.4%.
Warrants
As of May 31, 2024, and August 31, 2023, the Company
had the following warrants outstanding:
Schedule of warrants outstanding | |
| | |
| | |
|
Class | |
Amount Outstanding | | |
Exercise Price | | |
Expiration Date |
Class A Warrants | |
| 590,000 | | |
$ | 2.00 | | |
August 5, 2024 |
Class B Warrants | |
| 590,000 | | |
$ | 5.00 | | |
August 5, 2024 |
Class C-1 Warrants | |
| 4,147,600 | | |
$ | 2.00 | | |
January 15, 2025 |
Class C-2 Warrants | |
| 4,147,600 | | |
$ | 4.00 | | |
January 15, 2025 |
Class C-3 Warrants | |
| 25,600 | | |
$ | 1.25 | | |
June 27, 2027 |
Total | |
| 9,500,800 | | |
| | | |
|
NOTE 9 – COMMITMENTS AND CONTINGENCIES
As of May 31, 2024 and August 31, 2023, the Company
had no contractual commitments.
Item 2. Management’s Discussion and Analysis
of Financial Condition and Results of Operations.
The following discussion and analysis of the
results of operations and financial condition of the Company for the three and nine months ended May 31, 2024, and May 31, 2023, should
be read in conjunction with the other sections of this Quarterly Report, including the Financial Statements and notes thereto of the Company
included in this Quarterly Report. The various sections of this discussion contain forward-looking statements, all of which are based
on our current expectations and could be affected by the uncertainties and risk factors described throughout this Quarterly Report as
well as other matters over which we have no control. See “Cautionary Note Regarding Forward-Looking Statements.” Our actual
results may differ materially. The Company does not undertake any obligation to update forward-looking statements to reflect events or
circumstances occurring after the date of this Quarterly Report.
Overview
Since July 2021, our business has been as a blockchain
technology company that is building out industrial scale digital asset mining, equipment sales and hosting operations. The Company’s
primary business is hosting third-party equipment used in mining of digital asset coins and tokens, specifically Bitcoin, as well as self-mining
for its own account. Our state-of-the-art facilities will be specifically designed and constructed for housing advanced mining equipment.
Our data centers will provide power, racks, proprietary thermodynamic management (heat dissipation and airflow management), redundant
connectivity, 24/7 security, as well as software which provide infrastructure management and custom firmware that boost performance and
energy efficiency.
We plan to operate our data centers using immersion
cooling technology. Immersion cooling is the process of submerging computer components (or full servers) in a thermally, but not electrically,
conductive liquid (dielectric coolant) allowing higher heat transfer performance than air and many other benefits. Immersion cooling can
be up to 95% more efficient than standard air cooling, producing an estimated PUE (power usage effectiveness) of 1.05. This cooler environment
has been shown to extend machine lives by 30% or longer.
Our digital asset mining operation is focused
on the generation of digital assets by solving complex cryptographic algorithms to validate transactions on specific digital asset network
blockchains, which is commonly referred to as “mining.” Mining requires the use of specialized computers equipped with application-specific
integrated circuit (ASIC) chips (known as “miners”) to solve complex cryptographic algorithms in support of the Bitcoin blockchain
(in a process known as “solving a block”) in exchange for digital asset rewards (to date, only bitcoin). Whether we are hosting
our client’s computers or mining for our own account with our own computers, the miners participate in “mining pools”
organized by “mining pool operators” in which we or our clients share mining power (known as “hash rate”) with
the hash rate generated by other miners participating in the pool to earn digital asset rewards. The mining pool operator provides a service
that coordinates the hash calculation services of the independent mining enterprises participating in the mining pool. Fees are paid to
the mining pool operator to cover the costs of maintaining the pool. The pool uses software that coordinates the pool members’ mining
power, identifies new block rewards, and records how much hash rate each participant contributes to the pool. Pools typically pay rewards
in two different ways: as a percentage of the total reward received by the mining pool each day based on each pool participant’s
proportionate share of hashing power provided that day (the “Actual Reward Method”); or based on the theoretical reward the
pool participant should have received each day based on its hashing power contributed to the pool each day times the difficulty index
(the “Expected Reward Method”). We only use mining pools that pay rewards under the Expected Reward Method. Even though we
plan to effect our self-mining operations in data centers that we own, we reserve the right to operate miners in third-party data centers
when we receive advantageous terms and/or do not have sufficient capacity in our own data centers.
Our digital asset self-mining activity competes
with a myriad of mining operations throughout the world to complete new blocks in the blockchain and earn the reward in the form of an
established unit of a digital asset. Revenue from digital asset mining and hosting third party digital asset miners are impacted by volatility
in bitcoin prices, as well as increases in the Bitcoin blockchain’s network hash rate resulting from the growth in the overall quantity
and quality of miners working to solve blocks on the Bitcoin blockchain and the difficulty index associated with the secure hashing algorithm
employed in solving the blocks. Gross profits from digital asset mining are primarily impacted by the cost of electricity to operate
the miners and to a lesser extent by other operating costs. While we expect to sell or exchange a portion of the digital assets we mine
to fund our growth strategies or for general corporate purposes, we reserve the right to hold our digital assets as a long-term investment.
As the demand for digital assets increases and
digital assets become more widely accepted, there is an increasing demand for professional-grade, scalable infrastructure to support growth
of the blockchain ecosystem. We expect to continually evaluate the performance of our data centers, including our ability to access additional
megawatts of electric power and to expand our total self-mining and customer and related party hosting hash rates.
We also generate revenues from the advantageous
purchase and sale of equipment used for digital asset mining and hosting. We have relationships with some suppliers that enable us to
acquire highly desired equipment at attractive prices, which we plan to resell to third parties. In most cases, resales of digital asset
mining equipment would be to our hosting customers, which have the dual benefit of generating short-term gross profits from the equipment
sale as well as growing the customer base of our hosting business.
The primary factors that will impact future hosting
revenues include: (i) the price of bitcoin, since hosting revenues are primarily a percentage of bitcoin mined by clients; (ii) the completion
of operational hosting facilities, as potential hosting clients have been reluctant to sign contracts prior to the date the Company has
a fully operational hosting facility; and (iii) the availability of attractive electricity prices, since power usage is the primary marginal
cost for any mining operation.
The primary factors that will impact proprietary
mining revenues include: (i) the price of bitcoin; (ii) the completion of operational facilities to provide us with a cost-effective facility
to operate in; (iii) the availability of attractive electricity prices, since power usage is the primary marginal cost for any mining
operation; and (iv) the availability of mining equipment suitable for the Company’s immersion hosting environment at attractive
prices and available capacity in the Company’s hosting facilities.
Revenues from cryptocurrency mining, whether derived
from hosting clients or from proprietary mining, are impacted significantly by volatility in Bitcoin prices, as well as increases in the
Bitcoin blockchain’s network hash rate resulting from the growth in the overall quantity and quality of miners working to solve
blocks on the Bitcoin blockchain and the difficulty index associated with the secure hashing algorithm employed in solving the blocks.
Below are changes in key metrics effecting the profitability of mining Bitcoin during the nine months ended May 31, 2024:
| |
As of May 31, 2024 | | |
As of August 31, 2023 | | |
Percent Change | |
| |
| | |
| | |
| |
Network hash rate | |
| 599.46 EH/s | | |
| 368.924 EH/s | | |
| 62.49% | |
Difficulty index | |
| 84.38 trillion | | |
| 55.61 trillion | | |
| 51.74% | |
Bitcoin market price | |
| 68,362.52 | | |
$ | 25,931.47 | | |
| 163.63% | |
The primary factors that will impact resales of
mining equipment include the availability of equipment at attractive prices and the number of participants willing to enter the mining
business or expand their existing operations, which is highly correlated to the margin from mining, as determined by the market price
of bitcoin and prevailing energy costs. Also, our resales of mining equipment will be impacted by the existence of hosting capacity with
attractive electricity rates in our hosting operations.
Trinidad Operations
We initially decided to locate our initial facilities
in Trinidad, because it has some of the cheapest electricity in the world due to its abundant supplies of oil and gas and because some
of our technical staff is located there. We have entered into an agreement with Telecommunications Services of Trinidad & Tobago Limited
(“TSTT”), the largest and oldest telecom company in Trinidad, to co-locate up to 125 800 kw containers for hosting digital
asset miners. TSTT has up to 93 potential locations for co-location of our containers. Under the agreement, we have the option, but not
obligation, to co-locate containers at our own pace. We pay a fixed amount per container, plus the actual electricity costs incurred by
our containers in the amount billed to TSTT by the local utility without any markup. The agreement provides that our hosting containers
will be billed for electricity usage at the local utility’s standard rates, which is the greater of 3.5 cents per kwh or 75% of
the declared reserve capacity, which is equal to the customer’s highest expected monthly kilovolt-ampere demand at $7.40. The term
of the agreement expires on October 14, 2031. We have the right to terminate our agreement with TSTT at any time that the price for electricity
consumption exceeds $0.05 per kwh.
In October 2022, we completed the installation
of initial hosting containers under our agreement with TSTT. However, prior to commencing operations, TSTT advised us that the utility
refused to honor its existing agreement with TSTT with respect to electricity supplied to our pilot hosting site, and instead indicated
that the rate would be approximately $0.09 per kwh, which TSTT disputed. At this time, the dispute has been resolved, the site became
operational in October 2023, and our rate for electricity will be TSTT’s existing rate of 3.5 cents per kwh or 75% of the declared
reserve capacity, which is equal to the customer’s highest expected monthly kilovolt-ampere demand at $7.40. As of July 1, 2024,
we had 148 miners located at our initial TSTT facility. While our TSTT site was delayed pending electrification, we entered into a hosting
agreement with a third party in Trinidad to host up to 192 miners (of which 158 are installed) in one immersion container until December
31, 2024. We do not pay a hosting fee for this space, but we do reimburse the host for its actual electricity costs, which are a variable
rate that averages approximately $0.05 per kwh each month. We are also leasing space with a third party on an at will basis to co-host
60 miners, for which we pay a flat rate of $0.06 per kwh for the electricity used by our miners. We ultimately intend to move all of our
currently owned and customer owned miners to our new TSTT hosting facilities.
Despite the expective favorable resolution of
our dispute in Trinidad, we are currently focusing our efforts on the development of hosting centers in the United States and Canada,
both directly and in joint ventures with third parties. We are exploring situations where medium to long-term power agreements may be
available at affordable prices, whether using traditional power sources such as coal or natural gas, as well as environmentally friendly
sources such as hydroelectric, wind and solar-backed projects, which might allow us to generate collateral revenue from the sale of excess
power to the local utility grid and from the generation of saleable carbon credits.
Pecos, Texas Operations
In October 2022, we entered into a joint venture
arrangement with ROC Digital Mining to jointly develop and operate a Bitcoin mining operation in Pecos, Texas. Under the joint venture,
we contributed one immersion container, six transformers and cash with a value of $987,429 as a capital contribution to ROC Digital Mining
I, LLC (the “ROC Digital”). In return, we received 240 Class B Units of ROC Digital pursuant to an ongoing offering of a total
of 1,000 Class B Units at $4,400 per unit. We simultaneously sold ROC Digital four immersion containers for $1,200,000, which is payable
pursuant to a promissory note that bears interest at 5% per annum, and is payable pursuant to monthly payments of $31,203.64 per month
commencing on December 30, 2022, with any remaining principal and interest payable in full on May 31, 2026. The note is secured by the
equipment that was sold. We also obtained the right to locate one container at the location that we would be able to use for self-mining.
As of August 31, 2023 and May 31, 2024, the note receivable from ROC Digital amounted to $1,029,721 and $748,888, respectively.
Any distributions of assets by ROC Digital are
allocated as follows: i) 100% to the Class B Members until each Class B Member has received the return of its capital contributions; ii)
100% to the Class B Members until each Class B Member has received a non-compounded preferred return of 1% per month (12% per year) on
its capital contribution, provided that a Class Member will no longer entitled to a preferred return once it has received total distributions
equal to five times its capital contributions; iii) 70% to the Class Members and 30% to the Class A Members until each Class B Member
has received total distributions equal to three times its capital contributions; (iv) 60% to the Class Members and 40% to the Class A
Members until each Class B Member has received total distributions equal to four times its capital contributions; (v) 50% to the Class
Members and 50% to the Class A Members until the seventh anniversary of the final closing of Class B Units; and (vi) thereafter, all to
the Class A Members.
ROC Digital is managed by ROC Digital Mining Manager
LLC (“ROC Manager”), which owns all of the Class A Units of ROC Digital. The Class A Units have the sole right to vote on
any matter that requires a vote of members, including in the selection of the manager. We own 33 1/3% of ROC Manager. ROC Manager is managed
by from one to three managers selected by a vote of the members. We do not currently have a representative or designee serving as manager
of ROC Manager. However, the operating agreement for ROC Manager provides that ROC Manager may not take a number of actions in relation
to ROC Digital without the unanimous consent of its members, such as incurring more than $50,000 of indebtedness, approval of operating
budget, filing for bankruptcy, making any material change in ROC Digital’s business, merging, consolidating or combining ROC Digital
with another entity, selling off a substantial part of ROC Digital’s assets, amending the operating agreement of ROC Digital, or
causing ROC Digital to enter into any agreement with a related party.
Day to day management of the operations of ROC
Digital is provided by ROC Digital Mining LLC (“ROC Mining”), an affiliate of ROC Manager in which we do not have an interest.
ROC Mining is entitled to a monthly management fee equal to 3% of ROC Digital’s gross revenue, subject to a monthly minimum of $10,000
and a monthly maximum of $15,000. In additional ROC Mining is entitled to an acquisition fee of 1% of the cost of any assets acquired
by ROC Digital.
Our joint venture partner initially expected the
site would be operational by December 31, 2022. After the site work was substantially completed, the commencement of operations was delayed
as a result of a request by the electricity provider for an additional deposit as a result of recent bankruptcies in the mining and hosting
industry. In addition, a dispute with the joint venture’s vendor for ASIC miners delayed the delivery of miners for the facility.
In April 2023, the joint venture entered into
a new one year agreement with the electricity provider, under which the site received electricity at $0.03991 per kwh for at least 95%
of the annualized hourly intervals during the period, which provided the joint venture with more predictable pricing than the initial
agreement. The initial agreement had a term of four years and seven months, and supplied electricity at $0.06896 per kwh, which the joint
venture expected to reduce by reselling electricity during peak periods. At the same time, we finalized a hosting agreement with the joint
venture, under which we located one immersion container at the site for $500 per month, plus payment of our pro rata share of electricity,
internet and insurance for the site. Under the hosting agreement, we also agreed to contribute $100,000 toward the electricity deposit
for the site, which is refundable to us at the earlier of the date the electricity provider releases the deposit or 90 days after the
expiration or termination of the hosting agreement. The hosting agreement has a term of one year, subject to our right to renew the agreement
for two one year terms after receipt of notice of the renewal terms of the joint venture’s electricity supply agreement for the
upcoming year. The site became fully electrified in June 2023. As of July 10, 2024, we had deployed 145 Antminer S-19 pro miners to our
hosting container at the site. The joint venture initially filled its five immersion containers with ASIC miners provided by hosting clients,
although most of the hosting clients agreements terminated in April 2024. Currently, approximately one of the hosting containers
owned by the joint venture is occupied by clients, although the joint venture is aggressively trying to fill the remaining capacity with
hosting clients.
On April 29, 2024, the joint venture executed
an energy services agreement for the site that runs from May 1, 2024 to April 30, 2025. Under the current agreement, the site will receive
electricity at the prevailing rate plus $0.0055 per kwh. The joint venture is not obligated to purchase any specific quantity of electricity,
and employs software which automatically discontinues mining operations when the prevailing rate exceeds certain levels.
Murray, Kentucky Operations
On October 4, 2023, the Company purchased 1,050
used ASIC miners from Luxor Technology Corporation (“Luxor”) for $488,775, and simultaneously entered into a Co-Location Services
Agreement to host the miners at a hosting facility owned by Soluna SW, LLC (“Soluna”) in Murray, Kentucky. We subsequently
added 45 ASIC miners in May 2024 that we purchased from Soluna. The hosting agreement with Soluna has a term of 18 months, and provides
that the Company is obligated to reimburse Soluna for the actual cost of the electricity used by the Company’s machines and pay
a hosting fee equal to 50% of the net profit generated by the machines each month. The hosting fee is payable in bitcoin. The hosting
facility has an electricity cost of $0.025 per kwh and guarantees uptime of 83% per week.
Miner Summary
Set forth below is a summary of the Company’s
ASIC miner inventory as of May 31, 2024:
Site | |
Present | | |
Installed | | |
In Transit | | |
Needing Repair | | |
Immersion/Air-cooled |
Trinidad | |
| 366 | | |
| 333 | | |
| – | | |
| – | | |
Immersion |
Pecos, Texas | |
| 145 | | |
| 145 | | |
| – | | |
| – | | |
Immersion |
Murray, Kentucky | |
| 1,095 | | |
| 1,095 | | |
| – | | |
| – | | |
Air Cooled |
Other | |
| – | | |
| – | | |
| – | | |
| 85 | | |
n/a |
Total | |
| 1,606 | | |
| 1,573 | | |
| – | | |
| 85 | | |
|
Results of Operations
Comparison of Results of Operations for the Three Months Ended May
31, 2024 and May 31, 2023.
Revenues
During the three months ended May 31, 2024, the
Company generated $1,224,992 of revenue, compared to $142,126 of revenue in the three months ended May 31, 2023.
During the three months ended May 31, 2024, the
Company generated $1,187,759 in Bitcoin revenue from self-mining digital assets, compared to $128,479 of revenue from self-mining in the
three months ended May 31, 2023. At May 31, 2024, the Company owned 1,691 miners, of which 1,573 were deployed for self-mining. The number
of undeployed miners was mainly impacted by miners that were offline due to maintenance issues. Mining revenue should be lower in future
periods as a halving occurred in April 2024, which significantly reduced the rewards from mining. However, the impact of the halving was
offset by a rise in the price of bitcoin due to fewer miners online after halving event, as has historically occurred after a halving
event, and by the positive impact of “ordinals,” which are increased transaction fees that occur as parties have discovered
ways to imbed data regarding other assets, such as art, in the bitcoin blockchain. Mining revenues in the three months ended May 31, 2024
were positively impacted due to resolution of operating issues at the Company’s first hosting facilities in Trinidad and Pecos,
Texas, and the commencement of operations at a facility in Murray, Kentucky that is hosted by a third-party. Mining revenues were also
positively impacted by a short-term lease of miners that the Company entered in March that expired when the halving occurred in April
2024.
Self-mining revenues in the three months ended
May 31, 2024 were positively impacted by 4.70 bitcoin earned, with a value of $319,465, from operating 777 S-19 miners under a short-term
lease from Luxor Technology Corporation (“LTC”) that began in March 8, 2024 and expired when the halving occurred on April
19, 2024.
Despite the expective favorable resolution of
our dispute in Trinidad, we are currently focusing our efforts on the development of hosting centers in the United States and Canada,
both directly and in joint ventures with third parties.
During the three months ended May 31, 2024 and
May 31, 2023, the Company generated $20,471 in revenue from equipment sales, compared to $13,647 in revenue in the three months ended
May 31, 2023. The revenue from equipment sales in the three months ended May 31, 2024 were derived from the following transactions:
|
· |
In October 2022, the Company sold four hosting containers to a joint venture that was constructing a hosting facility in Texas for $1,200,000. The purchase price is payable pursuant to a promissory note bearing interest at 5% per annum, and is paid by 41 equal monthly payments of $31,204 commencing December 30, 2022. |
|
|
|
|
· |
In August 2022, the Company sold two hosting containers to a private
party in Trinidad for $960,000. After a down payment of $50,000, the balance of the purchase price is payable pursuant to a
promissory note bearing interest at 7.5% per annum, and is paid by 24 equal monthly payments of $40,950 commencing September 30,
2022. On February 1, 2023, the Company modified this agreement in conjunction with its entry into a new hosting agreement with the
party, under which the Company agreed that the remaining principal balance of the note was $731,472, and that the note would be
converted into an interest only note until August 31, 2024, at which time all principal and interest due is payable in full. In
addition, the Company agreed to allow the note obligor to repay the note principal at a 10% discount if it was repaid prior to May
31, 2023. In March 2024, the note was further amended to extend the maturity date to December 31, 2024. |
Under the guidelines of ASC 606, the Company reports
revenue from both equipment sales described above under the installment sale method, under which the Company reports its gross profit
on the sales as payments are received from the purchaser. During the three months ended May 31, 2024, the Company recorded $20,471 in
equipment sales as a result of the receipt of three payments of $31,204 each on the October 2022 note. The current terms of the August
2022 note provide for only interest payments until December 31, 2024, at which time all principal and accrued interest is due. As a result,
no revenue is recorded on the August 2022 note since all payments were of interest only.
In future periods, the Company expects to generate
additional revenues from the resale of certain hosting equipment, primarily containers and transformers, and of miners in “buy/host”
transactions, in which the Company sells miners already installed in its hosting facilities to buyers that simultaneously execute a hosting
agreement for the purchased miners, and in some cases additional miners.
The Company generated $16,762 in revenues from
hosting in the three months ended May 31, 2024, as compared to $-0- in hosting revenues in the three months ended May 31, 2023. The Company
did not have any hosting clients during the three months ended May 31, 2023. In June 2023, the Company signed two new hosting clients.
In the current market environment, the price of ASIC miners has fallen to the point that we believe self-mining is more profitable than
hosting third party miners, however we will pursue hosting opportunities on a selective basis. While the Company still sees good opportunities
to acquire mining equipment at attractive prices, the price of mining equipment has recently increased with the recent increase in the
price of Bitcoin.
The primary factors that will impact our revenues
in subsequent periods are described in the “—Overview” above.
Cost of Sales
Cost of sales were $1,003,305 in the three months
ended May 31, 2024, compared to $72,392 in the three months ended May 31, 2023.
Cost of sales related to mining was $988,094 in
the three months ended May 31, 2024, compared to $72,392 in the three months ended May 31, 2023. Cost of sales normally includes electricity,
utilities, facilities costs, and supplies where we perform mining from our own facilities, but not depreciation of equipment, which is
stated separately. Major components of cost of sales include rent to house mining and hosting equipment, electricity, and supplies. Where
our miners are hosted by third parties, cost of sales normally includes hosting fees and/or electricity costs. The Company believes that
cost of sales related to mining as a percentage of revenues will be greater in future periods as revenues will be adversely impacted by
a halving that occurred in April 2024.
Cost of sales related to mining was impacted by
costs associated with operating 777 S-19 miners under a short-term lease from LTC that began on March 8, 2024 and expired when the halving
occurred on April 19, 2024. The Company paid LTC 1.75 bitcoin upon entry into the lease and paid LTC 70% of all bitcoin mined during the
lease term as rental payments. LTC was obligated to pay for all insurance on the units, repair and maintenance of the units, hosting fees,
electricity costs, and any taxes assessed against the units. Total costs incurred by the Company in operating the leased miners was $337,341.
The table below describes the average cost of
mining each bitcoin for the three months ended May 31, 2024 and May 31, 2023, and the total energy usage and cost per each kilowatt hour
(“KWH”) utilized within our facilities.
| |
For the Three Months Ended | | |
For the Three Months Ended | |
Cost of Revenues - Analysis of costs to mine one bitcoin (per bitcoin amounts are actual) | |
May 31 2024 | | |
May 31 2023 | |
| |
| | |
| |
Cost of Mining - owned facilities | |
| | | |
| | |
Cost of energy per bitcoin mined | |
$ | 31,603.37 | | |
$ | – | |
Other direct costs of mining - non energy utilities per bitcoin mined | |
$ | 20,034.53 | | |
$ | – | |
Cost to mine one bitcoin | |
$ | 51,637.89 | | |
$ | – | |
| |
| | | |
| | |
Average revenue of each bitcoin mined | |
$ | 66,526.02 | | |
$ | – | |
Cost of mining one bitcoin as % of average bitcoin mining revenue | |
| 77.62% | | |
| | |
| |
| | | |
| | |
| |
| | | |
| | |
Cost of Mining - hosted facilities | |
| | | |
| | |
Hosting fees expense per bitcoin | |
$ | 41,918.84 | | |
$ | 15,823.39 | |
| |
| | | |
| | |
Cost to mine one bitcoin - Hosted | |
$ | 41,918.84 | | |
$ | 15,823.39 | |
| |
| | | |
| | |
Average revenue of each bitcoin mined | |
$ | 66,476.26 | | |
$ | 27,023.48 | |
Cost of mining one bitcoin as % of average bitcoin mining revenue | |
| 63.06% | | |
| 58.55% | |
| |
| | | |
| | |
Statistics - owned facilities | |
| | | |
| | |
Total bitcoin mined | |
| 2.54554732 | | |
| – | |
Bitcoin mining revenue | |
$ | 169,345.14 | | |
$ | – | |
Total miners - as of the periods ended | |
| 293 | | |
| – | |
Total KWHs utilized | |
| 1617536.147 | | |
| – | |
Total energy expense | |
$ | 80,447.86 | | |
$ | – | |
Cost per KWH | |
$ | 0.05 | | |
$ | – | |
Energy expense as % of bitcoin mining revenue, net | |
| 47.51% | | |
| | |
Other direct costs of mining - non energy utilities | |
$ | 50,998.84 | | |
$ | – | |
| |
| | | |
| | |
Statistics - hosted facilities | |
| | | |
| | |
Total bitcoin mined | |
| 10.05033625 | | |
| 4.7543276 | |
Bitcoin mining revenue | |
$ | 668,108.80 | | |
$ | 128,478.50 | |
Total miners - as of the periods ended | |
| 1,313 | | |
| | |
Total KWHs utilized | |
| 6,653,427.30 | | |
| 1,481,730.60 | |
Total energy expense | |
| 227377.5578 | | |
| 75229.59337 | |
Cost per KWH | |
$ | 0.03 | | |
$ | 0.05 | |
Energy expense as % of bitcoin mining revenue, net | |
| 34.03% | | |
| 58.55% | |
Other direct costs of mining - non energy utilities | |
$ | 193,920.88 | | |
$ | – | |
________________________
(1) Weighted
average cost of mining one bitcoin is calculated by dividing the sum of total energy expense, other direct costs of mining and depreciation
(owned facilities) and energy costs, hosting fee expense and depreciation (hosted facilities) by the total bitcoin mined during the respective
periods.
(2) Average
revenue of each bitcoin mined is calculated by dividing the sum of bitcoin mining revenue for both owned and hosted facilities by the
total number of bitcoin mined during the respective periods. We have determined that Coinbase is the principal market for valuing bitcoin
transactions and uses the daily closing prices as the source of recording revenue.
(3) Other direct costs of mining
for owned facilities include electricity, utilities, facilities costs (mainly rent to house hosting equipment) and supplies.
Energy prices can be highly volatile and global
events (including the war in Ukraine and the resulting natural gas shortage) have caused fuel prices, and to a lesser extent power prices,
to fluctuate widely over the past year. All of our sites are currently subject to relatively fixed rates during the term of their current
power supply agreements, but variable prices and market rate fluctuations with respect to wholesale power costs over the long-term. While
this renders energy prices less predictable, it also gives us greater ability and flexibility to actively manage the energy we consume
with an eye towards increasing profitability and energy efficiency. Energy prices are also highly sensitive to weather events, such as
winter storms and polar vortices, which increase the demand for power regionally. When such events occur, we may curtail our operations
to avoid using power at increased rates.
Cost of sales related to hosting was $15,211 in
the three months ended May 31, 2024, compared to $-0- in the three months ended May 31, 2023. Cost of sales normally includes utilities,
facilities costs, and supplies. Unlike the cost of sales from mining, cost of sales from hosting does not include electricity costs, as
such costs are passed on to the hosting client.
Cost of sales related to sales of mining equipment
was $-0- for the three months ended May 31, 2024, compared to $-0- in the three months ended May 31, 2023. Cost of sales from equipment
sales includes the purchase price of equipment sold, plus shipping and value added tax on the equipment for sales reported under the completed
sales method. There is no cost of sales associated with equipment sales reported under the installment sales method. Cost of sales from
equipment sales in the nine months ended May 31, 2024 and 2023 were low as a result of the fact that most of the equipment sales in those
periods were reported under the installment sales method under the guidelines of ASC 606.
Operating Expenses
During the three months ended May 31, 2024, the
Company incurred $751,712 in operating expenses, compared to $579,248 in operating expenses during the three months ended May 31, 2023.
Major components of operating expenses for the 2024 period as compared to the 2023 period were:
| |
Three months ended | | |
Three months ended | | |
Percentage | |
| |
May 31, 2024 | | |
May 31, 2023 | | |
Change % | |
| |
| | |
| | |
| |
General and administrative expenses | |
$ | 100,308 | | |
$ | 183,610 | | |
| (45)% | |
Depreciation | |
| 232,781 | | |
| 147,005 | | |
| 58 % | |
Professional fees | |
| 116,734 | | |
| 143,580 | | |
| (19)% | |
Related party compensation | |
| 349,584 | | |
| 110,712 | | |
| 216 % | |
Realized gain from the sale of bitcoin | |
| (43,183 | ) | |
| (5,659 | ) | |
| 663 % | |
| |
| | | |
| | | |
| | |
Total operating expenses | |
$ | 756,224 | | |
$ | 579,248 | | |
| 31 % | |
The higher level of operating expenses in the
2024 period as compared to the 2023 period is partly attributable to increased depreciation in 2024 as compared 2023 as a result of higher
level of equipment in service, and increased related party compensation in 2024 as compared to 2023. Included in operating expenses in
the three months ended May 31, 2024 was $279,496 in non-cash expenses due to the issuance of common stock for professional services and
to related parties as compensation, as compared to $51,335 in the three months ended May 31, 2023. Additionally, we incurred $232,781
in depreciation expense in the three months ended May 31, 2024 due to the deployment of new mining equipment compared to $147,005 during
the same three month period in 2023. The Company expects that operating expenses will trend materially higher in future periods as the
Company begins paying regular compensation to existing officers and directors, hires additional employees, and incurs other costs, such
as increased depreciation expense due to the addition of new mining equipment and the completion of the buildout of the operating facilities.
Other Income (Expense)
During the three months ended May 31, 2024, the
Company had $119,690 in other (expense), net as compared to $14,189 of other (expense) in the three months ended May 31, 2023. The significant
increase in other (expense) was mainly attributable to a number of factors, including higher interest expense in the three months ended
May 31, 2024 of $56,563 as compared to $28,622 in the three months ended May 31, 2023, which was due to higher outstanding loan balances
during the 2024 period compared to the 2023 period. The Company also recorded a loss of $133,915 from the extinguishment of debt in the
2024 period compared to $-0- in the three-month 2023 period, a loss of $58,840 from the Company’s investment in ROC Digital in the
2024 period compared to $-0- in the 2023 period, offset by income of $114,835 from a change in derivative liability in 2024 as compared
to $-0- in 2023.
In addition, the Company recorded interest income
of $14,793 in the three months ended May 31, 2024 compared to $14,433 in the three months ended May 31, 2023.
Net (Loss)
As a result of the foregoing, during the three
months ended May 31, 2024, the Company incurred a net loss of $6 or $(0.01) per share, as compared to a net loss of $523,704 or $(0.01)
per share during the three months ended May 31, 2023. The increase in the Company’s net loss in the three months ended May 31, 2024,
compared to the three months ended May 31, 2023, is attributable to the factors discussed above.
Comparison of Results of Operations for the Nine Months Ended May
31, 2024 and May 31, 2023.
Revenues
During the nine months ended May 31, 2024, the
Company generated $2,627,913 of revenue, compared to $399,932 of revenue in the nine months ended May 31, 2023.
During the nine months ended May 31, 2024, the
Company generated $2,378,507 in Bitcoin revenue from self-mining digital assets, compared to $261,921 of revenue from self-mining in the
nine months ended May 31, 2023. At May 31, 2024, the Company owned 1,691 miners, of which 1,573 were deployed for self-mining. The number
of undeployed miners was mainly impacted by miners that were offline due to maintenance issues. Mining revenue should be lower in future
periods as a halving occurred in April 2024, which significantly reduced the rewards from mining. However, the impact of the halving was
offset by a rise in the price of bitcoin due to fewer miners online after halving event, as has historically occurred after a halving
event, and by the positive impact of “ordinals,” which are increased transaction fees that occur as parties have discovered
ways to imbed data regarding other assets, such as art, in the bitcoin blockchain. Mining revenues in the nine months ended May 31, 2024
were positively impacted due to resolution of operating issues at the Company’s first hosting facilities in Trinidad and Pecos,
Texas, and the commencement of operations at a facility in Murray, Kentucky that is hosted by a third-party. Mining revenues were also
positively impacted by a short-term lease of miners that the Company entered in March that expired when the halving occurred in April
2024.
Self-mining revenues in the three months ended
May 31, 2024 were positively impacted by 4.70 bitcoin earned, with a value of $319,465, from operating 777 S-19 miners under a short-term
lease from Luxor Technology Corporation that began in March 8, 2024 and expired when the halving occurred on April 19, 2024.
Despite the expective favorable resolution of
our dispute in Trinidad, we are currently focusing our efforts on the development of hosting centers in the United States and Canada,
both directly and in joint ventures with third parties.
During the nine months ended May 31, 2024 and May 31, 2023, the Company generated
$210,662 in revenue from equipment sales, compared to $138,011 in revenue in the nine months ended May 31, 2023. The revenue from equipment
sales in the nine months ended May 31, 2024 were derived from the following transactions:
|
· |
In October 2022, the Company sold four hosting containers to a joint venture that was constructing a hosting facility in Texas for $1,200,000. The purchase price is payable pursuant to a promissory note bearing interest at 5% per annum, and is paid by 41 equal monthly payments of $31,204 commencing December 30, 2022. |
|
|
|
|
· |
In August 2022, the Company sold two hosting containers to a private party in Trinidad for $960,000. After a down payment of $50,000, the balance of the purchase price is payable pursuant to a promissory note bearing interest at 7.5% per annum, and is paid by 24 equal monthly payments of $40,950 commencing September 30, 2022. On February 1, 2023, the Company modified this agreement in conjunction with its entry into a new hosting agreement with the party, under which the Company agreed that the remaining principal balance of the note was $731,472, and that the note would be converted into an interest only note until August 31, 2024, at which time all principal and interest due is payable in full. In addition, the Company agreed to allow the note obligor to repay the note principal at a 10% discount if it was repaid prior to May 31, 2023. In March 2024, the note was further amended to extend the maturity date to December 31, 2024. |
Under the guidelines of ASC 606, the Company reports
revenue from both equipment sales described above under the installment sale method, under which the Company reports its gross profit
on the sales as payments are received from the purchaser. During the nine months ended May 31, 2024, the Company recorded $61,412 in equipment
sales as a result of the receipt of nine payments of $31,204 each on the October 2022 note. The current terms of the August 2022 note
provide for only interest payments until December 31, 2024, at which time all principal and accrued interest is due. As a result, no revenue
is recorded on the August 2022 note since all payments were of interest only.
During the nine months ended May 31, 2024, the
Company sold 100 new ASIC miners to a third party for $149,250. Under the guidelines of ASC 606, the Company reported revenue from the
June 2023 equipment sales under the completed sale method.
In future periods, the Company expects to generate
additional revenues from the resale of certain hosting equipment, primarily containers and transformers, and of miners in “buy/host”
transactions, in which the Company sells miners already installed in its hosting facilities to buyers that simultaneously execute a hosting
agreement for the purchased miners, and in some cases additional miners.
The Company generated $38,743 in revenues from
hosting in the nine months ended May 31, 2024, as compared to $-0- in hosting revenues in the nine months ended May 31, 2023. The Company
did not have any hosting clients during the nine months ended May 31, 2023. In June 2023, the Company signed two new hosting clients.
In the current market environment, the price of ASIC miners has fallen to the point that we believe self-mining is more profitable than
hosting third party miners, however we will pursue hosting opportunities on a selective basis. While the Company still sees good opportunities
to acquire mining equipment at attractive prices, the price of mining equipment has recently increased with the recent increase in the
price of Bitcoin.
The primary factors that will impact our revenues
in subsequent periods are described in the “—Overview” above.
Cost of Sales
Cost of sales were $1,978,522 in the nine months
ended May 31, 2024, compared to $286,233 in the nine months ended May 31, 2023.
Cost of sales related to mining was $1,767,885
in the nine months ended May 31, 2024, compared to $241,743 in the nine months ended May 31, 2023. Cost of sales normally includes electricity,
utilities, facilities costs, and supplies where we perform mining from our own facilities, but not depreciation of equipment, which is
stated separately. Major components of cost of sales include rent to house mining and hosting equipment, electricity, and supplies. Where
our miners are hosted by third parties, cost of sales normally includes hosting fees and/or electricity costs. The Company believes that
cost of sales related to mining as a percentage of revenues will be greater in future periods as revenues will be adversely impacted by
a halving that occurred in April 2024.
Cost of sales related to mining was impacted by
costs associated with operating 777 S-19 miners under a short-term lease from LTC that began on March 8, 2024 and expired when the halving
occurred on April 19, 2024. The Company paid LTC 1.75 bitcoin upon entry into the lease and paid LTC 70% of all bitcoin mined during the
lease term as rental payments. LTC was obligated to pay for all insurance on the units, repair and maintenance of the units, hosting fees,
electricity costs, and any taxes assessed against the units. Total costs incurred by the Company in operating the leased miners was $337,341.
The table below describes the average cost of
mining each bitcoin for the nine months ended May 31, 2024 and May 31, 2023, and the total energy usage and cost per each kilowatt hour
(“KWH”) utilized within our facilities.
| |
For the Nine Months Ended | | |
For the Nine Months Ended | |
Cost of Revenues - Analysis of costs to mine one bitcoin (per bitcoin amounts are actual) | |
May 31 2024 | | |
May 31 2023 | |
| |
| | |
| |
Cost of Mining - owned facilities | |
| | | |
| | |
Cost of energy per bitcoin mined | |
$ | 22,270.46 | | |
$ | – | |
Other direct costs of mining - non energy utilities per bitcoin mined | |
$ | 14,347.09 | | |
$ | – | |
Cost to mine one bitcoin | |
$ | 36,617.55 | | |
$ | – | |
| |
| | | |
| | |
Average revenue of each bitcoin mined | |
$ | 48,938.34 | | |
$ | – | |
Cost of mining one bitcoin as % of average bitcoin mining revenue | |
| 74.82% | | |
| | |
| |
| | | |
| | |
| |
| | | |
| | |
Cost of Mining - hosted facilities | |
| | | |
| | |
Hosting fees expense per bitcoin | |
$ | 29,990.47 | | |
$ | 18,023.28 | |
| |
| | | |
| | |
Cost to mine one bitcoin - Hosted | |
$ | 29,990.47 | | |
$ | 18,023.28 | |
| |
| | | |
| | |
Average revenue of each bitcoin mined | |
$ | 48,590.69 | | |
$ | 23,473.64 | |
Cost of mining one bitcoin as % of average bitcoin mining revenue | |
| 61.72% | | |
| 76.78% | |
| |
| | | |
| | |
Statistics - owned facilities | |
| | | |
| | |
Total bitcoin mined | |
| 7.73501378 | | |
| – | |
Bitcoin mining revenue | |
$ | 378,538.72 | | |
$ | – | |
Total miners - as of the periods ended | |
| 293 | | |
| – | |
Total KWHs utilized | |
| 3549179.484 | | |
| – | |
Total energy expense | |
$ | 172,262.28 | | |
$ | – | |
Cost per KWH | |
$ | 0.05 | | |
$ | – | |
Energy expense as % of bitcoin mining revenue, net | |
| 45.51% | | |
| – | |
Other direct costs of mining - non energy utilities | |
$ | 110,974.94 | | |
$ | – | |
| |
| | | |
| | |
Statistics - hosted facilities | |
| | | |
| | |
Total bitcoin mined | |
| 34.03642394 | | |
| 11.158081 | |
Bitcoin mining revenue | |
$ | 1,653,853.31 | | |
$ | 261,920.83 | |
Total miners - as of the periods ended | |
| 1,313 | | |
| | |
Total KWHs utilized | |
| 16,526,381.40 | | |
| 3,098,443.72 | |
Total energy expense | |
$ | 580,434.30 | | |
$ | 162,737.25 | |
Cost per KWH | |
$ | 0.04 | | |
$ | 0.05 | |
Energy expense as % of bitcoin mining revenue, net | |
| 35.10% | | |
| 62.13% | |
Other direct costs of mining - non energy utilities | |
$ | 440,334.11 | | |
$ | 38,368.00 | |
________________________
(1) Weighted
average cost of mining one bitcoin is calculated by dividing the sum of total energy expense, other direct costs of mining and depreciation
(owned facilities) and energy costs, hosting fee expense and depreciation (hosted facilities) by the total bitcoin mined during the respective
periods.
(2) Average
revenue of each bitcoin mined is calculated by dividing the sum of bitcoin mining revenue for both owned and hosted facilities by the
total number of bitcoin mined during the respective periods. We have determined that Coinbase is the principal market for valuing bitcoin
transactions and uses the daily closing prices as the source of recording revenue.
(3) Other
direct costs of mining for owned facilities include electricity, utilities, facilities costs (mainly rent to house hosting equipment)
and supplies.
Energy prices can be highly volatile and global
events (including the war in Ukraine and the resulting natural gas shortage) have caused fuel prices, and to a lesser extent power prices,
to fluctuate widely over the past year. All of our sites are currently subject to relatively fixed rates during the term of their current
power supply agreements, but variable prices and market rate fluctuations with respect to wholesale power costs over the long-term. While
this renders energy prices less predictable, it also gives us greater ability and flexibility to actively manage the energy we consume
with an eye towards increasing profitability and energy efficiency. Energy prices are also highly sensitive to weather events, such as
winter storms and polar vortices, which increase the demand for power regionally. When such events occur, we may curtail our operations
to avoid using power at increased rates.
Cost of sales related to hosting was $29,746 in
the nine months ended May 31, 2024, compared to $-0- in the nine months ended May 31, 2023. Cost of sales normally includes utilities,
facilities costs, and supplies. Unlike cost of sales from mining, cost of sales from hosting does not include electricity costs, as such
costs are passed on to the hosting client.
Cost of sales related to sales of mining equipment
was $180,891 for the nine months ended May 31, 2024, compared to $44,580 in the nine months ended May 31, 2023. Cost of sales from equipment
sales includes the purchase price of equipment sold, plus shipping and value added tax on the equipment for sales reported under the completed
sales method. There is no cost of sales associated with equipment sales reported under the installment sales method. Cost of sales from
equipment sales in the nine months ended May 31, 2024 and 2023 were low as a result of the fact that most of the equipment sales in those
periods were reported under the installment sales method under the guidelines of ASC 606.
Operating Expenses
During the nine months ended May 31, 2024, the
Company incurred $2,431,889 in operating expenses, compared to $1,403,965 in operating expenses during the nine months ended May 31, 2023.
Major components of operating expenses for the 2024 period as compared to the 2023 period were:
|
|
Nine months ended |
|
|
Nine months ended |
|
|
Percentage |
|
|
|
May 31, 2024 |
|
|
May 31, 2023 |
|
|
Change % |
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
$ |
399,753 |
|
|
$ |
244,723 |
|
|
|
63% |
|
Depreciation |
|
|
684,564 |
|
|
|
294,270 |
|
|
|
133% |
|
Professional fees |
|
|
420,124 |
|
|
|
406,383 |
|
|
|
3% |
|
Related party compensation |
|
|
1,053,733 |
|
|
|
350,536 |
|
|
|
201% |
|
Impairment of fixed assets |
|
|
– |
|
|
|
122,950 |
|
|
|
n/a |
|
Realized gain from the sale of bitcoin |
|
|
(119,774 |
) |
|
|
(18,420 |
) |
|
|
563% |
|
Impairment of cryptocurrency |
|
|
|
|
|
|
3,523 |
|
|
|
n/a |
|
Total operating expenses |
|
$ |
2,436,401 |
|
|
$ |
1,403,965 |
|
|
|
74% |
|
The higher level of operating expenses in the
2024 period as compared to the 2023 period is partly attributable to increased depreciation in 2024 as compared 2023 as a result of higher
level of equipment in service, and increased related party compensation in 2024 as compared to 2023. Included in operating expenses in
the nine months ended May 31, 2024 was $834,427 in non-cash expenses due to the issuance of common stock for professional services and
to related parties as compensation, as compared to $418,649 in the nine months ended May 31, 2023. Additionally, we incurred $684,564
in depreciation expense in the nine months ended May 31, 2024 due to the deployment of new mining equipment compared to $294,270 during
the same nine month period in 2023. The Company expects that operating expenses will trend materially higher in future periods as the
Company begins paying regular compensation to existing officers and directors, hires additional employees, and incurs other costs, such
as increased depreciation expense due to the addition of new mining equipment and the completion of the buildout of the operating facilities.
Other Income (Expense)
During the nine months ended May 31, 2024, the
Company had $691,622 in other (expense), net as compared to $11,418 of other income, net in the nine months ended May 31, 2023. The significant
increase in other (expense) was mainly attributable to a number of factors, including higher interest expense in the nine months ended
May 31, 2024 of $210,262 as compared to $55,641 in the nine months ended May 31, 2023, which was due to higher outstanding loan balances
during the 2024 period compared to the 2023 period. The Company also recorded a loss of $355,123 from the extinguishment of debt in the
2024 period compared to $-0- in the three-month 2023 period, and a loss of $170,613 from the Company’s investment in the ROC Digital
joint venture in the 2024 period compared to $-0- in the 2023 period.
In addition, the Company recorded interest income
of $44,376 in the nine months ended May 31, 2024 compared to $27,284 in the nine months ended May 31, 2023.
Net (Loss)
As a result of the foregoing, during the nine
months ended May 31, 2024, the Company incurred a net loss of $2,474,120 or $(0.05) per share, as compared to a net loss of $1,301,775
or $(0.03) per share during the nine months ended May 31, 2023. The increase in the Company’s net loss in the nine months ended
May 31, 2024, compared to the nine months ended May 31, 2023, is attributable to the factors discussed above.
Liquidity and Capital Resources
As of May 31, 2024, the Company had $281,004 in
cash on hand.
During the nine months ended May 31, 2024, the
Company had a net loss of $2,478,632.
Cash flows used in operating activities were $247,017
for the nine months ended May 31, 2024, compared to cash flows used of $443,025 for the nine months ended May 31, 2023. The decrease in
cash flows used in operating activities for the nine months ended May 31, 2024 was primarily attributable a change in balance sheet accounts
in 2024 compared to 2023, offset by a decrease in profitability in 2024 net of non-cash items. Prepaid expenses increased by $673,703
during the nine months ended May 31, 2024 as compared to $100,000 in the nine months ended May 31, 2023, primarily as a result of a deposit
of $670,000 paid in the 2024 period for transformers that are being resold. Customer advances increased by $703,500 in the nine months
ended May 31, 2024 as compared to $-0- in the nine months ended May 31, 2023, all of which is the result of a deposit received for the
transformer sale previously discussed. Accounts payable increased by $484,241 in the nine months ended May 31, 2024 as compared to a decrease
of $32,032 in the nine months ended May 31, 2023, primarily as a result amounts due consultants in the amount of $155,320 which was payable
in 353,000 shares of common stock (and will be paid after July 15, 2024), and $125,000 due to an employee which was settled after May
31, 2024.
Cash flows used in investing activities were $67,526
for the nine months ended May 31, 2024, compared to cash flows used in investing activities of $731,100 for the nine months ended May
31, 2023. Cash flows used in investing activities consisted primarily of purchases of $75,934 and $731,100 in equipment, respectively
in the 2024 and 2023 periods. In the 2024 period the Company also received a return on investment of $8,408.
Cash flows provided by financing activities were
$325,000 for the nine months ended May 31, 2024, compared to cash flows provided by financing activities of $1,300,000 for the nine months
ended May 31, 2023. The cash flows provided by financing activities in both periods in both the 2024 and 2023 period were made pursuant
to a line of credit with Innovative Digital Investors Emerging Technology, L.P. (“IDI”), a limited partnership controlled
by Jonathan Bates, our Chairman, and Raymond Mow, our chief financial officer.
On October 19, 2022, the Company entered into
a new Line of Credit Agreement with IDI (the “2022 LOC Agreement”), under which the Company has the right to borrow up to
$1,000,000 to finance the purchase of equipment necessary for the operation of the Company’s business, and related working capital.
Loans under the 2022 LOC Agreement accrue interest at twelve percent (12%) per annum, compounded on a 30/360 monthly basis until the loans
have been repaid in full. Effective May 13, 2023, the Company and IDI amended the 2022 LOC Agreement. As amended, the 2022 LOC Agreement
allows the Company to up to $1,750,000 thereunder until December 1, 2023. Each draw request is subject to the approval of IDI in its sole
discretion. As amended, all principal and interest due under the 2022 LOC Agreement are due and payable on December 1, 2024. As of May
31, 2024, the amount borrowed under the 2022 LOC Agreement was $1,625,000.
The Company believes that cash on hand, amounts
that it may borrow under the 2022 LOC Agreement, expected receipts from the sale of equipment, and revenues from self-mining and hosting
will provide it with sufficient liquidity to fund its operations for the next 12 months. The Company expects revenue from self-mining
to decrease following the halving that occurred in April 2024, but the decrease will be mitigated by an expected increase in the price
of bitcoin, as has typically happened following a halving event, as well as increased cash flow from our Murray, Kentucky miners after
the derivative financing used to acquire them is repaid. The halving reduced the block rewards from mining by exactly 50%. However, the
halving did not reduce revenues from self-mining by exactly 50% since part of the rewards consist of transaction fees which are not impacted
by the halving. In recent periods, transaction fees have made up an ever-increasing share of mining revenue due to the impact of “ordinals,”
which are increased transaction fees that occur as parties have discovered ways to imbed data regarding other assets, such as art, in
the bitcoin blockchain. In past halving events, the price of bitcoin typically increased in the nine months after the halving event, in
part as a result of the retirement of miners that were rendered uneconomic as a result of the reduced rewards. Furthermore, there had
already been a sufficient increase in the price of bitcoin this fiscal year, which lessened the impact of the halving event. Nevertheless,
the halving event has increased the difficulty of predicting cash flows from mining activities for all industry participants, including
the Company.
The Company also expects to receive approximately
$4,572 in interest payments monthly from the sale of two immersion containers in August 2022, and approximately $31,000 per month from
the sale of four immersion containers to a joint venture in which the Company is both a lender to and equity investor. While the Company
is scheduled to receive a balloon payment of approximately $734,000 in principal in December 2024, the Company expects to extend the maturity
of that note to a later date. The Company does not budget to include any further equity distributions from ROC Digital in the short-term,
as ROC Digital currently has significant vacancies in its facilities as a result of the expiration of major hosting client agreements
in April 2024, and it is unknown how long it will take the joint venture to fill the facility with a new hosting client or its own miners.
The Company does not budget to include any proceeds from the exercise of its outstanding warrants because it is not able to predict when
or if the market price of its common stock will exceed the exercise price of its warrants. Nevertheless, the Company still may not achieve
profitable operations within the next 12 months. In that event, the Company may need to raise additional capital or liquidate part of
its operations to sustain its business. At this time, the Company does not have any commitments for additional capital after the next
12 months, and there is no assurance that it be able to locate additional capital on terms that are not unduly dilutive to existing shareholders.
Nevertheless, while the Company does not need
additional capital to maintain operations, it will need additional capital to expand its digital asset hosting and mining business, and
take advantage of opportunities in the marketplace that currently exist due to the recent decline in digital asset prices. Therefore,
the Company has engaged an investment banker and is pursuing additional capital-raising alternatives, including the potential issuance
of common stock in a private placement, or the issuance of convertible notes or preferred stock. There is no assurance that the Company
will be able to raise additional capital or that the terms of any capital raise are not dilutive to current shareholders or carry other
terms that are unfavorable to the Company and its shareholders.
Critical Accounting Estimates
Our management’s discussion and analysis
of our financial condition and results of operations is based on our condensed financial statements, which have been prepared in accordance
with U.S. generally accepted accounting principles, or “GAAP.” The preparation of these condensed financial statements requires
us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities
at the date of the condensed financial statements, and the reported amounts of revenue and expenses during the reported period. In accordance
with GAAP, we base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances.
Actual results may differ from these estimates under different assumptions or conditions.
Our significant accounting policies are fully
described in Note 1 to our condensed financial statements appearing elsewhere in this Quarterly Report, and we believe those accounting
policies are critical to the process of making significant judgments and estimates in the preparation of our condensed financial statements.
Off-Balance Sheet Arrangements
None.
Item 3. Quantitative And Qualitative Disclosures
About Market Risk.
As a smaller reporting company, we are not required
to provide the information called for by this Item.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures.
Our Principal Executive Officer and Principal
Financial Officer, with the assistance of management, conducted an evaluation of the effectiveness of our disclosure controls and procedures
as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 as of the end of the period covered by this Quarterly
Report on Form 10-Q. Based on this evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure
controls and procedures were effective as of May 31, 2024. These controls are designed to ensure that information required to be disclosed
in the reports that are filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods
specified in the rules and forms of the Securities and Exchange Commission (“SEC”), and that such information is accumulated
and communicated to our management, including the Principal Executive Officer and Principal Financial Officer, to allow timely decisions
regarding required disclosure.
Changes in Internal Control over Financial
Reporting.
During the quarter ended May 31, 2024, there were
no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings.
The Company may be involved in certain
legal proceedings that arise from time to time in the ordinary course of its business. Legal expenses associated with any contingency
are expensed as incurred. The Company’s officers and directors are not aware of any threatened or pending litigation to which the
Company is a party.
Item 1A. Risk Factors.
We are a smaller reporting company
as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item. However,
please carefully consider the information set forth in this Quarterly Report on Form 10-Q and the risk factors discussed in Part I, Item
IA. of our Annual Report on Form 10-K for the year ended August 31, 2023, as updated in our Quarterly Reports on Form 10-Q for the periods
ending November 30, 2023 and February 29, 2024, which could materially affect our business, financial condition or future results. In
evaluating our business, you should carefully consider the risk factors discussed in our Annual Report on Form 10-K, as updated by our
subsequent filings under the Exchange Act. The occurrence of any of the risks discussed in such filings, or other events that we do not
currently anticipate or that we currently deem immaterial, could harm our business, prospects, financial condition and results of operations.
In that case, the trading price of our common stock could decline, and you may lose all or part of your investment.
Item 2. Unregistered Sales of Equity
Securities and Use Of Proceeds.
During the three months ended May 31,
2024, the Company issued securities in the following private transactions:
|
· |
90,909 shares were issued to an officer pursuant to the terms of his employment contract, which entitle the officer to a quarterly bonus payable in shares of common stock. The shares were valued at $40,000 or $0.44 per share, based on the value indicated by the Company’s recently completed Unit Offering. The bonus shares vest on January 15, 2027 if the officer is still employed with us on that date, and are amortized from the date of issuance to January 15, 2027. |
All of the securities were issued pursuant to
the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
During the
quarter ended May 31, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement”
or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Item 6. Exhibits.
The exhibits listed on the Exhibit Index below are provided
as part of this report.
* Filed herewith.
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, thereunto duly authorized.
|
BITMINE IMMERSION TECHNOLOGIES, INC. |
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Dated: July 15, 2024 |
By: |
/s/ Jonathan Bates |
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Jonathan Bates, Chief Executive Officer
(Principal Executive Officer) |
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Dated: July 15, 2024 |
By: |
/s/ Raymond Mow |
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|
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Raymond Mow Chief Financial Officer
(Principal Financial and Accounting Officer) |
|
EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE
OFFICER
PURSUANT TO RULES 13a-14(a) AND 15d-14(a)
OF THE SECURITIES EXCHANGE ACT OF
1934
I, Jonathan Bates, certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2024 of Bitmine Immersion Technologies, Inc. |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
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3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
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4. |
I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
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a. |
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
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b. |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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c. |
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
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d. |
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and; |
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5. |
I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions); |
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a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
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b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls. |
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Dated: July 15, 2024 |
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/s/ Jonathan Bates |
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Jonathan Bates, CEO |
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Chief Executive Officer
(Principal Executive Officer) |
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EXHIBIT 31.2
CERTIFICATION OF CHIEF FINANCIAL
OFFICER
PURSUANT TO RULES 13a-14(a) AND 15d-14(a)
OF THE SECURITIES EXCHANGE ACT OF
1934
I, Raymond Mow, certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2024 of Bitmine Immersion Technologies, Inc. |
|
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2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
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3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
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4. |
I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
|
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|
a. |
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
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b. |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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c. |
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
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d. |
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and; |
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5. |
I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions); |
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a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
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b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls. |
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Dated: July 15, 2024 |
|
/s/ Raymond Mow |
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|
|
Chief Financial Officer
(Principal Financial and Accounting Officer) |
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EXHIBIT 32.1
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY
ACT OF 2002
In connection with the Quarterly Report
on Form 10-Q of Bitmine Immersion Technologies, Inc. (the “Company”) for the fiscal quarter ended May 31, 2024 as filed with
the Securities and Exchange Commission (the “Report”), I, Jonathan Bates, Chief Executive Officer, certify, pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
1. The Report fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the
Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
This certification accompanies this
Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by
such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.
Dated: July 15, 2024 |
|
/s/ Jonathan Bates |
|
|
Jonathan Bates |
|
|
Chief Executive Officer
(Principal Executive Officer) |
|
|
|
EXHIBIT 32.2
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY
ACT OF 2002
In connection with the Quarterly Report
on Form 10-Q of Bitmine Immersion Technologies, Inc. (the “Company”) for the fiscal quarter ended May 31, 2024 as filed with
the Securities and Exchange Commission (the “Report”), I, Raymond Mow, Chief Financial Officer, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
1. The Report fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the
Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
This certification accompanies this
Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by
such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.
Dated: July 15, 2024 |
|
/s/ Raymond Mow |
|
|
Raymond Mow |
|
|
Chief Financial Officer
(Principal Financial and Accounting Officer) |
|
|
|
v3.24.2
Cover - shares
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May 31, 2024 |
Jul. 10, 2024 |
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BITMINE IMMERSION TECHNOLOGIES, INC.
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v3.24.2
Condensed Balance Sheets - USD ($)
|
May 31, 2024 |
Aug. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 281,004
|
$ 270,547
|
Prepaid expenses |
778,703
|
105,000
|
Cryptocurrency |
169,632
|
129,469
|
Notes receivable - short term |
731,472
|
0
|
Notes receivable related party - short term |
374,444
|
374,444
|
Total current assets |
2,335,255
|
879,460
|
Notes receivable - long term |
0
|
731,472
|
Notes receivable - related party long term |
374,445
|
655,277
|
Investment in joint venture |
808,407
|
987,429
|
Fixed assets, net |
1,938,725
|
495,702
|
Fixed assets -not in service |
2,709,697
|
4,453,466
|
Total assets |
8,166,529
|
8,202,806
|
Current liabilities: |
|
|
Accounts payable and accrued liabilities |
559,145
|
74,904
|
Accrued interest - related party |
257,293
|
97,460
|
Customer advances |
703,500
|
0
|
Loans payable - related party |
1,625,000
|
1,300,000
|
Deferred revenue - short term |
86,193
|
86,193
|
Total current liabilities |
3,231,131
|
1,558,557
|
Deferred revenue long term |
322,239
|
386,884
|
Total liabilities |
3,553,370
|
1,945,441
|
Commitments and contingencies |
|
|
Stockholders' Equity: |
|
|
Series A Preferred Stock, $0.0001 par value, 500,000 shares authorized, 453,966 and 453,966 shares issued and outstanding as of May 31, 2024 and August 31, 2023, respectively |
45
|
45
|
Common stock, $0.0001 par value, 500,000,000 shares authorized; 49,912,607 and 49,665,649 shares issued and outstanding as of May 31, 2024 and August 31, 2023 respectively |
4,991
|
4,967
|
Additional paid-in capital |
12,018,122
|
11,183,720
|
Accumulated deficit |
(7,409,999)
|
(4,931,367)
|
Total stockholders' equity |
4,613,159
|
6,257,365
|
Total liabilities and equity |
$ 8,166,529
|
$ 8,202,806
|
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v3.24.2
Condensed Balance Sheets (Parenthetical) - $ / shares
|
May 31, 2024 |
Aug. 31, 2023 |
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, shares issued |
49,912,607
|
49,665,649
|
Common stock, shares outstanding |
49,912,607
|
49,665,649
|
Series A Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
500,000
|
500,000
|
Preferred stock, shares issued |
453,966
|
453,966
|
Preferred stock, shares outstanding |
453,966
|
453,966
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2
Condensed Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
May 31, 2024 |
May 31, 2023 |
May 31, 2024 |
May 31, 2023 |
Revenue from the sale of mining equipment |
$ 20,471
|
$ 13,647
|
$ 210,662
|
$ 138,011
|
Revenue from hosting |
16,762
|
0
|
38,743
|
0
|
Revenue from self-mining |
1,187,759
|
128,479
|
2,378,507
|
261,921
|
Total revenue |
1,224,992
|
142,126
|
2,627,913
|
399,932
|
Gross profit (loss) |
221,687
|
69,734
|
649,391
|
113,608
|
Operating expenses: |
|
|
|
|
General and administrative expenses |
100,308
|
183,610
|
397,753
|
244,723
|
Depreciation |
232,781
|
147,005
|
684,564
|
294,270
|
Professional fees |
116,734
|
143,580
|
420,124
|
406,383
|
Related party compensation |
349,584
|
110,712
|
1,053,733
|
350,536
|
Impairment of fixed assets |
0
|
0
|
0
|
122,950
|
Realized gain from the sale of bitcoin |
(43,183)
|
(5,659)
|
(119,774)
|
(18,420)
|
Impairment of cryptocurrency |
0
|
0
|
0
|
3,523
|
Total operating expenses |
756,224
|
579,248
|
2,436,401
|
1,403,965
|
Loss from operations |
(534,537)
|
(509,515)
|
(1,787,010)
|
(1,290,357)
|
Other income (expense) |
|
|
|
|
Interest expense |
(56,563)
|
(28,622)
|
(210,262)
|
(55,641)
|
Loss on the extinguishment of debt |
(133,915)
|
0
|
(355,123)
|
0
|
Loss on investment |
(58,840)
|
0
|
(170,613)
|
0
|
Change in derivative liability |
114,835
|
0
|
0
|
0
|
Other income |
0
|
0
|
0
|
16,939
|
Interest income |
14,793
|
14,433
|
44,376
|
27,284
|
Other income (expense), net |
(119,690)
|
(14,189)
|
(691,622)
|
(11,418)
|
Net loss |
$ (654,228)
|
$ (523,704)
|
$ (2,478,632)
|
$ (1,301,775)
|
Basic (loss) per common share |
$ (0.01)
|
$ (0.01)
|
$ (0.05)
|
$ (0.03)
|
Diluted (loss) per common share |
$ (0.01)
|
$ (0.01)
|
$ (0.05)
|
$ (0.03)
|
Weighted-average number of common shares outstanding, Basic |
49,836,850
|
48,855,238
|
49,867,153
|
48,774,671
|
Weighted-average number of common shares outstanding, Diluted |
49,836,850
|
48,855,238
|
49,867,153
|
48,774,671
|
Sale Of Mining Equipment [Member] |
|
|
|
|
Cost of Revenue |
$ 0
|
$ 0
|
$ 180,891
|
$ 44,580
|
Self Mining [Member] |
|
|
|
|
Cost of Revenue |
988,094
|
72,392
|
1,767,885
|
241,743
|
Hosting Services [Member] |
|
|
|
|
Cost of Revenue |
$ 15,211
|
$ 0
|
$ 29,746
|
$ 0
|
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v3.24.2
Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
|
Series A Preferred Stocks [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Aug. 31, 2022 |
$ 45
|
$ 4,861
|
$ 9,865,865
|
$ (2,466,566)
|
$ 7,404,205
|
Beginning balance, shares at Aug. 31, 2022 |
453,966
|
48,606,915
|
|
|
|
Common stock issued for services -related party |
|
$ 7
|
31,422
|
|
31,429
|
Common stock issued for services -related party, shares |
|
71,429
|
|
|
|
Common stock issued for services |
|
$ 10
|
43,990
|
|
44,000
|
Common shares issued for services, shares |
|
100,000
|
|
|
|
Net loss |
|
|
|
(470,665)
|
(470,665)
|
Ending balance, value at Nov. 30, 2022 |
$ 45
|
$ 4,878
|
9,941,277
|
(2,937,231)
|
7,008,969
|
Ending balance, shares at Nov. 30, 2022 |
453,966
|
48,778,344
|
|
|
|
Beginning balance, value at Aug. 31, 2022 |
$ 45
|
$ 4,861
|
9,865,865
|
(2,466,566)
|
7,404,205
|
Beginning balance, shares at Aug. 31, 2022 |
453,966
|
48,606,915
|
|
|
|
Net loss |
|
|
|
|
(1,301,775)
|
Ending balance, value at May. 31, 2023 |
$ 45
|
$ 4,944
|
10,284,331
|
(3,768,342)
|
6,520,979
|
Ending balance, shares at May. 31, 2023 |
453,966
|
49,444,222
|
|
|
|
Beginning balance, value at Nov. 30, 2022 |
$ 45
|
$ 4,878
|
9,941,277
|
(2,937,231)
|
7,008,969
|
Beginning balance, shares at Nov. 30, 2022 |
453,966
|
48,778,344
|
|
|
|
Common stock issued for services -related party |
|
$ 7
|
49,778
|
|
49,785
|
Common stock issued for services -related party, shares |
|
70,423
|
|
|
|
Net loss |
|
|
|
(307,407)
|
(307,407)
|
Ending balance, value at Feb. 28, 2023 |
$ 45
|
$ 4,885
|
9,991,055
|
(3,244,638)
|
6,751,348
|
Ending balance, shares at Feb. 28, 2023 |
453,966
|
48,848,767
|
|
|
|
Common stock issued for services -related party |
|
$ 5
|
51,330
|
|
51,335
|
Common stock issued for services -related party, shares |
|
45,455
|
|
|
|
Common stock issued for services |
|
$ 55
|
241,945
|
|
242,000
|
Common shares issued for services, shares |
|
550,000
|
|
|
|
Net loss |
|
|
|
(523,704)
|
(523,704)
|
Ending balance, value at May. 31, 2023 |
$ 45
|
$ 4,944
|
10,284,331
|
(3,768,342)
|
6,520,979
|
Ending balance, shares at May. 31, 2023 |
453,966
|
49,444,222
|
|
|
|
Beginning balance, value at Aug. 31, 2023 |
$ 45
|
$ 4,967
|
11,183,720
|
(4,931,367)
|
6,257,365
|
Beginning balance, shares at Aug. 31, 2023 |
453,966
|
49,665,649
|
|
|
|
Stock based compensation -related parties |
|
$ 8
|
277,458
|
|
277,466
|
Stock based compensation -related parties, shares |
|
83,056
|
|
|
|
Net loss |
|
|
|
(921,722)
|
(921,722)
|
Ending balance, value at Nov. 30, 2023 |
$ 45
|
$ 4,975
|
11,461,178
|
(5,853,089)
|
5,613,108
|
Ending balance, shares at Nov. 30, 2023 |
453,966
|
49,748,705
|
|
|
|
Beginning balance, value at Aug. 31, 2023 |
$ 45
|
$ 4,967
|
11,183,720
|
(4,931,367)
|
6,257,365
|
Beginning balance, shares at Aug. 31, 2023 |
453,966
|
49,665,649
|
|
|
|
Net loss |
|
|
|
|
(2,478,632)
|
Ending balance, value at May. 31, 2024 |
$ 45
|
$ 4,991
|
12,018,122
|
(7,409,999)
|
4,613,159
|
Ending balance, shares at May. 31, 2024 |
453,966
|
49,912,607
|
|
|
|
Beginning balance, value at Nov. 30, 2023 |
$ 45
|
$ 4,975
|
11,461,178
|
(5,853,089)
|
5,613,108
|
Beginning balance, shares at Nov. 30, 2023 |
453,966
|
49,748,705
|
|
|
|
Stock based compensation -related parties |
|
$ 7
|
277,458
|
|
277,465
|
Stock based compensation -related parties, shares |
|
72,993
|
|
|
|
Net loss |
|
|
|
(902,682)
|
(902,682)
|
Ending balance, value at Feb. 29, 2024 |
$ 45
|
$ 4,982
|
11,738,635
|
(6,755,771)
|
4,987,891
|
Ending balance, shares at Feb. 29, 2024 |
453,966
|
49,821,698
|
|
|
|
Stock based compensation -related party |
|
$ 9
|
279,487
|
|
279,496
|
Stock based compensation -related party, shares |
|
90,909
|
|
|
|
Net loss |
|
|
|
(654,228)
|
(654,228)
|
Ending balance, value at May. 31, 2024 |
$ 45
|
$ 4,991
|
$ 12,018,122
|
$ (7,409,999)
|
$ 4,613,159
|
Ending balance, shares at May. 31, 2024 |
453,966
|
49,912,607
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
May 31, 2024 |
May 31, 2023 |
Cash flows from operating activities |
|
|
Net loss |
$ (2,478,632)
|
$ (1,301,775)
|
Stock based compensation |
834,427
|
418,549
|
Depreciation |
684,564
|
294,270
|
Loss on the sale of equipment |
31,641
|
0
|
Loss on investment |
170,613
|
0
|
Change in balance sheet accounts |
|
|
Impairment of fixed assets |
0
|
122,950
|
Cryptocurrencies |
(379,688)
|
(39,792)
|
Notes receivable |
280,832
|
122,591
|
Prepaid expenses |
(673,703)
|
(100,000)
|
Accounts payable and accrued expenses |
484,241
|
(32,032)
|
Customer advances |
703,500
|
0
|
Deferred revenue |
(64,645)
|
16,573
|
Accrued interest - related party |
159,833
|
55,641
|
Net cash (used in) operating activities |
(247,017)
|
(443,025)
|
Cash flows from investing activities |
|
|
Return of capital on joint venture |
8,408
|
0
|
Purchase of fixed assets |
(75,934)
|
(731,100)
|
Net cash (used in) investing activities |
(67,526)
|
(731,100)
|
Cash flows from financing activities: |
|
|
Related party loans |
325,000
|
1,300,000
|
Net cash provided by financing activities |
325,000
|
1,300,000
|
Net increase in cash and cash equivalents |
10,457
|
125,875
|
Cash and cash equivalents at beginning of period |
270,547
|
392,550
|
Cash and cash equivalents at end of period |
281,004
|
518,425
|
Supplemental disclosure of non-cash financing activity |
|
|
Proceeds received from Bitcoin loan |
577,934
|
0
|
Repayment of bitcoin loan in bitcoin |
577,934
|
0
|
Purchase of equipment with bitcoin |
339,525
|
0
|
Sale of fixed assets for note receivable |
0
|
613,514
|
Property contributed to joint venture |
$ 0
|
$ 987,429
|
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v3.24.2
Pay vs Performance Disclosure - USD ($)
|
3 Months Ended |
9 Months Ended |
May 31, 2024 |
Feb. 29, 2024 |
Nov. 30, 2023 |
May 31, 2023 |
Feb. 28, 2023 |
Nov. 30, 2022 |
May 31, 2024 |
May 31, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
|
|
|
|
Net Income (Loss) |
$ (654,228)
|
$ (902,682)
|
$ (921,722)
|
$ (523,704)
|
$ (307,407)
|
$ (470,665)
|
$ (2,478,632)
|
$ (1,301,775)
|
X |
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v3.24.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT POLICIES
|
9 Months Ended |
May 31, 2024 |
Accounting Policies [Abstract] |
|
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT POLICIES |
NOTE 1 – BASIS OF PRESENTATION AND SUMMARY
OF SIGNIFICANT POLICIES
About Bitmine Immersion Technologies, Inc.
Bitmine Immersion Technologies Inc. f/k/a Sandy
Springs Holdings, Inc. (“Bitmine” or the “Company”) is a Delaware corporation that commenced operations
on July 16, 2020. A predecessor to the Company was incorporated in the state of Nevada on August 16, 1995, as Interactive Lighting Showrooms,
Inc.
By a written consent dated July 16, 2021, holders
of a majority of the Company’s issued and outstanding common stock approved a resolution to appoint Jonathan Bates, Raymond Mow,
Michael Maloney, and Seth Bayles to the board of directors of the Company, and to appoint Jonathan Bates as Chairman, Seth Bayles as Corporate
Secretary, Raymond Mow as Chief Financial Officer, and Ryan Ramnath as Chief Operating Officer (collectively, the “New O&Ds”).
Erik S. Nelson remained a director and the chief executive officer. At the same time, the shareholders approved the issuance of 32,994,999
shares of common stock in the Company’s offering of common stock at $0.015 per share, and the grant of 4,750,000 shares for services,
which were valued at $0.015 per share. As a result of the foregoing stock issuances, the New O&Ds (or entities controlled by them)
collectively acquired 24,893,877 shares of common stock, which represented approximately 62% of the issued and outstanding shares at the
time.
The appointment of certain of the New O&Ds
to the Company’s board, and issuance to the New O&Ds of a controlling interest in the Company, were made in order to enable
the Company to enter the business of creating a hosting center for Bitcoin mining computers primarily utilizing immersion cooling technology,
as well mining the Bitcoin digital currency for its own account. Prior to the change of control to the New O&Ds, the Company was a
shell company.
During the fiscal year ended August 31, 2022,
the Company began implementing its business plan by generating revenue from the mining of Bitcoin digital currency, hosting a third party
Bitcoin miner and the sale of mining equipment.
The Company’s year-end is August 31st.
Basis of Presentation
The foregoing unaudited interim condensed financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)
for interim financial information and with the instructions for Form 10-Q and Regulation S-X as promulgated by the Securities and Exchange
Commission (“SEC”). Accordingly, these condensed financial statements do not include all of the disclosures required
by GAAP for complete condensed financial statements. These unaudited interim condensed financial statements should be read in conjunction
with the audited condensed financial statements and the notes thereto included on Form 10-K for the year ended August 31, 2023. In the
opinion of management, the unaudited interim condensed financial statements furnished herein include all adjustments, all of which are
of a normal recurring nature, necessary for a fair statement of the results for the interim period presented.
The preparation of condensed financial statements
in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure
of contingent assets and liabilities known to exist as of the date the condensed financial statements are published, and the reported
amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent
in the preparation of the Company’s condensed financial statements; accordingly, it is possible that the actual results could differ
from these estimates and assumptions that could have a material effect on the reported amounts of the Company’s financial position
and results of operations.
Operating results for the nine months ended May
31, 2024, are not necessarily indicative of the results that may be expected for the year ending August 31, 2024.
Management’s Representation of Interim
Condensed Financial Statements
The accompanying unaudited condensed financial
statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission
(“SEC”). The Company uses the same accounting policies in preparing quarterly and annual condensed financial statements. Certain
information and footnote disclosures normally included in condensed financial statements prepared in accordance with accounting principles
generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations,
and management believes that the disclosures are adequate to make the information presented not misleading. These condensed financial
statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position
and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of
results for a full year.
Use of Estimates
The preparation of condensed financial statements
in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and disclosure
of contingent assets and liabilities at the date of the condensed financial statements. The most significant estimates relate to the calculation
of stock-based compensation, calculation of the Company’s derivative liability, useful lives and impairment of fixed assets, income
taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions
that are believed to be reasonable given the quality of information available as of the date of these condensed financial statements.
The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are
not readily apparent from other sources. Actual results could differ from these estimates. There have been no material changes to the
Company’s accounting estimates since the Company’s condensed financial statements for the fiscal year ended August 31, 2023.
Segment Reporting
The Company operates in one segment - the cryptocurrency
mining industry. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision
maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating
resources and assessing performance for the entire Company. All material Company operations qualify for aggregation due to their similar
customer base and similarities in economic characteristics, nature of products and services, and procurement, manufacturing and distribution
processes.
Revenue Recognition
On July 1, 2018, the Company adopted Accounting
Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Results for reporting
periods beginning after January 1, 2018, are presented under ASC 606.
Revenues from digital currency mining
The Company recognizes revenue under ASC 606,
Revenue from Contracts with Customers. The core principle of the revenue standard is that a company should recognize revenue to depict
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be
entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:
|
· |
Step 1: Identify the contract with the customer; |
|
· |
Step 2: Identify the performance obligations in the contract; |
|
· |
Step 3: Determine the transaction price; |
|
· |
Step 4: Allocate the transaction price to the performance obligations in the contract; and |
|
· |
Step 5: Recognize revenue when the Company satisfies a performance obligation. |
Step 1: The Company enters into a contract
with a bitcoin mining pool operator (i.e., the customer) to provide hash calculation services to the mining pool. The Company only utilizes
pool operators that determine awards under the Full Pay-Per-Share method (the “FPPS method”) . The contracts are terminable
at any time by either party without penalty and the Company’s enforceable right to compensation only begins when the Company starts
providing hash calculation services to the mining pool operator (which occurs daily at midnight Universal Time Coordinated (UTC)). In
general, mining revenue for industry participants consists of two parts, (1) the block reward (current bitcoin block reward is 3.125 bitcoin)
paid by the network to the miner for successfully mining a block, and (2) the transaction fees paid by the users to the miner for successfully
mining a block. When a mining pool successfully finds a block, it is awarded all of the transaction fees in that block and the reward
from the network. Under the FPPS method utilized by the Company, the Company is entitled to an award of bitcoin equal to the expected
reward per block over the measurement period of midnight-to-midnight UTC time based on the hash calculation services provided to the pool
during the measurement period. The Company is also entitled to an aware of transaction fees per block based on the average of the transaction
fees over the latest 144 blocks, each of which is about 10 minutes, and the total of 144 blocks equals one day. At the end of each day
that runs from midnight-to-midnight UTC time, the pool operator calculates the pool participant’s expected block reward and transaction
fees for the day based on the hash calculation services provided by the pool participant that day, less net digital asset fees due to
the mining pool operator over the measurement period. The actual reward to the Company each day is based on the number of blocks the Company
should have hypothetically mined during the measurement period based on the hash calculation services provided to the pool by the Company
during the measurement period and the prevailing difficulty index, and is not based on the actual rewards received by the pool during
the measurement period, which may be higher or lower than the expected rewards during such period. Applying the criteria per ASC 606-10-25-1,
the contract arises at the point that the Company provides hash calculation services to the mining pool operator, which is the beginning
of each contract day at midnight UTC (contract inception), because customer consumption is in tandem with daily delivery of the hash calculation
services. Providing hash calculation services to mining pools is an output of our ordinary activities, and an enforceable right to compensation
begins when, and continues as long as, such services are provided.
Step 2: In order to identify the performance
obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised
good or service that is distinct. A performance obligation meets ASC 606’s definition of a “distinct” good or service
(or bundle of goods or services) if both of the following criteria are met:
|
· |
The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct); and |
|
|
|
|
· |
The entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). |
Based on these criteria, the Company has a single
performance obligation in providing hash calculation services (i.e., hashrate) to the mining pool operator (i.e., customer). The performance
obligation of hash calculation services is fulfilled daily over-time, as opposed to a point in time, because the Company provides the
hashrate throughout the day and the customer simultaneously obtains control of it and uses the asset to produce bitcoin. The Company has
full control of the mining equipment utilized in the mining pool and if the Company determines it will increase or decrease the processing
power of its machines and/or fleet (i.e., for repairs or when power costs are excessive) the hash calculation services provided to the
customer will be reduced.
Step 3: The transaction consideration the
Company earns is non-cash digital consideration in the form of bitcoin, which the Company measures at fair value on the date earned at
the daily closing price, which is not materially different from the fair value at contract inception, which is the daily opening price.
According to the customer contract, daily earnings are calculated from midnight-to-midnight UTC time, and the sub-account balance is credited
to the Company’s account shortly thereafter.
The transaction consideration the Company earns
is all variable since it is dependent on the daily hash calculation services provided by the Company, as well as other factors outside
the control of the Company, such as the difficulty index of the bitcoin network. The Company’s bitcoins earned through the contractual
payout formula is not known until the Company’s computational hashrate contributed over the daily measurement period is fulfilled
over-time daily between midnight-to-midnight UTC time. The Company’s expected amount of the global network transaction fee rewards
earned are calculated at the end of each transactional day (midnight to midnight UTC time). There are no other forms of variable considerations,
such as discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties, or other similar items.
The Company fully constrains all variable consideration
as a result of ASC 606-10-32-11 and 12 because the amount of consideration is highly susceptible to factors outside of our control as
defined by the Company’s customer’s payout methodology. The variable consideration is constrained until the Company receives
confirmation of the amount, usually via settlement of the fractional share of block reward and transaction fee in the Company’s
digital wallet (i.e., at that point, the variability is resolved and there is no longer the reasonable possibility of significant reversal
of revenue). Before settlement occurs, estimation of the variable consideration to which the Company is entitled, which depends on inputs
unknowable to the Company, carries the risk of a significant revenue reversal from mis-estimation. Settlement of consideration typically
occurs within 24 hours after the end of each day.
Step 4: The transaction price is allocated
to the single performance obligation upon verification for the provision of hash calculation services to the mining pool operator. There
is a single performance obligation (i.e., hash calculation services or hashrate) for the contract; therefore, all consideration from the
mining pool operator is allocated to this single performance obligation.
Step 5: The Company’s performance
is complete in transferring the hash calculation services over-time (midnight to midnight UTC) to the customer and the customer obtains
control of that asset.
In exchange for providing hash calculation services,
the Company is entitled to the expected bitcoin awards earned over the measurement period, plus the expected global transaction fee rewards
for the respective measurement period, less net digital asset fees due to the mining pool operator over the measurement period. The transaction
consideration the Company receives is non-cash consideration, in the form of bitcoin. Prior to March 1, 2024, the Company measured the
bitcoin at the closing U.S. dollar spot rate at the end of the date earned (midnight UTC). As of March 1, 2024, the Company began measuring
the bitcoin at the opening U.S. dollar spot rate at the beginning of the date earned (midnight UTC). The change in method of calculating
revenues from bitcoin mining did not result in material change in the revenues reported.
There are no deferred revenues or other liability
obligations recorded by the Company since there are no payments in advance of the performance. At the end of the 24 hour “midnight-to-midnight”
period, there are no remaining performance obligations.
During the nine months ending May 31, 2024, the
Company utilized one mining pool for its self-mining operations, which charges 0.3% of the bitcoin payable to the Company as a pool management
fee.
During the three and nine months ending May 31,
2024, the Company generated $1,187,759 and $2,378,507 respectively, in revenues from mining cryptocurrency.
Revenues from Hosting
The Company provides energized space to customers
who locate their equipment within the Company’s co-hosting facility. The equipment generating the hosting revenue is owned by the
customer. The Company gives hosting customers the option of having all mining proceeds paid into a cold wallet address in the Company’s
name, which case the Company pays the hosting client its share of mining awards on a daily basis, or having all mining awards sent to
an account of the customer, in which case the Company bills the customer monthly for any hosting fee that is contingent on the amount
of the client’s award. All performance obligations are achieved simultaneously by providing the hosting environment for the customers’
operations. Hosting revenues consist of amounts billed in U.S. dollars for electricity and other fees, and a percentage of cryptocurrency
generated by the client’s hosting activities. With regard to hosting revenues that are billed in U.S. dollars, revenues are recorded
at the time of invoicing. With regard to hosting revenues that are based on a percentage of cryptocurrency generated by the customer,
revenues are recorded based on the Company’s share of cryptocurrency received from the mining pool on the date of receipt or invoicing.
During the three and nine months ending May 31,
2024, the Company generated $16,762 and $38,743 respectively, in revenues from hosting services.
Revenues from the sale of mining equipment
The Company records revenue from the resale of
mining equipment it has purchased. Revenue for the sale of mining equipment is recognized under the guidelines of ASC 606. During the
three and nine months ending May 31, 2024, the Company generated $20,471 and $210,662, respectively, in revenues from the sale of mining
equipment.
Cash and cash equivalents
The Company considers all highly liquid temporary
cash investments with an original maturity of three months or less to be cash equivalents. On May 31, 2024, and August 31, 2023, respectively,
the Company’s cash equivalents totaled $281,004 and $270,547, respectively.
Cryptocurrency
Cryptocurrencies held are accounted for as intangible
assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment quarterly,
when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired.
Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the cryptocurrency
at the time its fair value is being measured. In testing for impairment, the Company has the option to first perform a qualitative assessment
to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that
an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise, it is required to perform a
quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent
reversal of impairment losses, if the price of cryptocurrency increases, is not permitted. During the three and nine months ending May
31, 2024, the Company realized gains of $43,183 and $119,774 respectively, from sale of cryptocurrency. The Company classifies cryptocurrencies
as current assets because it reasonably expects to sell or exchange all cryptocurrencies within one quarter.
Cryptocurrency earned by the Company through its
mining activities are included within operating activities on the accompanying consolidated statements of cash flows. The sales of digital
currencies are included within investing activities in the accompanying consolidated statements of cash flows and any realized gains or
losses from such sales are included in other income (expense) in the consolidated statements of operations and comprehensive income (loss).
The Company accounts for its gains or losses in accordance with the moving weighted average method of accounting.
The Company holds its cryptocurrencies in an account
at Bitgo Trust (“Bitgo”), a well-known Bitcoin custodian, which it also uses to liquidate its Bitcoin when necessary. The
Company also has an account with Gemini Trust Company, LLC, which is a qualified custodian regulated by the New York Department of Financial
Services as a backup facility, and may hold Bitcoin from time to time in a cold storage wallet. The Company uses Bitgo’s multi-signature
feature for account access.
Income taxes
The Company accounts for income taxes under FASB
ASC 740, “Accounting for Income Taxes”. Under FASB ASC 740, deferred tax assets and liabilities are recognized
for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred
tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. FASB ASC 740-10-05,
“Accounting for Uncertainty in Income Taxes” prescribes a recognition threshold and a measurement attribute for the
financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to
be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized
is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company
assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen
that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit.
Stock-based Compensation
The Company accounts for stock-based compensation
using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure
about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for
an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized
over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually
the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service.
Net Loss per Share
Net loss per common share is computed by dividing
net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260,
“Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income
by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share calculations
are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.
Stock Purchase Warrants
The Company accounts for warrants issued to purchase
shares of its common stock as equity in accordance with FASB ASC 480, Accounting for Derivative Financial Instruments Indexed to, and
Potentially Settled in, a Company’s Own Stock, Distinguishing Liabilities from Equity. We determine the accounting classification
of warrants we issue, as either liability or equity classified, by first assessing whether the warrants meet liability classification
in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, then
in accordance with ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s
Own Stock. Under ASC 480, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate us to settle
the warrants or the underlying shares by paying cash or other assets, and warrants that must or may require settlement by issuing variable
number of shares. If warrants do not meet the liability classification under ASC 480-10, we assess the requirements under ASC 815-40,
which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value,
irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature.
If the warrants do not require liability classification
under ASC 815-40, in order to conclude equity classification, we also assess whether the warrants are indexed to our common stock and
whether the warrants are classified as equity under ASC 815-40 or other GAAP. After all such assessments, we conclude whether the warrants
are classified as liability or equity. Liability classified warrants require fair value accounting at issuance and subsequent to initial
issuance with all changes in fair value after the issuance date recorded in the statements of operations. Equity classified warrants only
require fair value accounting at issuance with no changes recognized subsequent to the issuance date. We do not have any liability classified
warrants as of any period presented.
Property and equipment
Property and equipment are stated at cost and
depreciated using the straight-line method over the estimated useful lives of the assets. Estimated useful lives for leasehold improvements
are typically the lesser of the estimated useful life of the asset or the life of the term of the lease. The estimated useful lives for
all other property and equipment are as follows:
Schedule of estimated useful lives of property and equipment |
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Life (Years) |
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Miners and mining equipment |
|
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2 |
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Machinery and equipment |
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5 - 7 |
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Office and computer equipment |
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3 |
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No depreciation is recorded on an asset until
it is placed in service. Due to the nature of the equipment, it can only be placed in service when the hosting site is properly configured
to turn on the machines. As of May 31, 2024, and August 31, 2023, the Company had $2,709,697 and $4,453,466, respectively, of fixed assets
not in service.
Recent Accounting Pronouncements
In February 2016, the FASB issued ASU No. 2016-02,
Leases (Topic 842), which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize
assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. The
amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early
adoption permitted. In March 2019, the FASB issued ASU 2019-01, Codification Improvements, which clarifies certain aspects of the
new lease standard. The FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases in July 2018. Also in 2018, the
FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements, which provides an optional transition method whereby the new
lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. The amendments have the same effective
date and transition requirements as the new lease standard.
We adopted ASC 842 on July 16, 2020. The adoption
of this guidance did not have any impact on our condensed financial statements.
In March 2022, the SEC staff released Staff Accounting
Bulletin No. 121 (“SAB 121”), which requires entities that hold crypto assets on behalf of platform users to recognize a liability
to reflect the entity’s obligation to safeguard the crypto assets held for its platform users, whether directly or through an agent
or another third party acting on its behalf, along with a corresponding safeguarding asset. Both the liability and corresponding safeguarding
asset shall be measured at fair value. SAB 121 also requires disclosure of the nature and amount of crypto assets being safeguarded, how
the fair value is determined, an entity’s accounting policy for safeguarding liabilities and corresponding safeguarding assets,
and may require disclosure of other information about risks and uncertainties arising from the entity’s safeguarding activities.
The Company is not in the business of holding its customer’s crypto assets for safekeeping. For crypto assets that are not maintained
on our platform and for which the Company does not maintain a private key or the ability to recover a customer’s private key, these
balances are not recorded, as there is no related safeguarding obligation in accordance with SAB 121. This guidance is effective from
the first interim period after June 15, 2022 and should be applied retrospectively. We adopted SAB 121 during the three months ended
August 31, 2023, and it did not have any impact on our condensed financial statements.
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v3.24.2
CRYPTOCURRENCIES
|
9 Months Ended |
May 31, 2024 |
Cryptocurrencies |
|
CRYPTOCURRENCIES |
NOTE 2 – CRYPTOCURRENCIES
The following table presents additional dollar
and unit information (each bitcoin represents one unit) about the Company’s bitcoin activity for the nine months ended May 31, 2024:
Schedule of cryptocurrencies | |
| | | |
| | |
| |
| | |
BTC | |
Beginning balance – August 31, 2023 | |
$ | 129,469 | | |
| 5.0 | |
Revenue received from mining and hosting | |
| 2,417,250 | | |
| 47.7 | |
Loan proceeds received in cryptocurrency | |
| 527,506 | | |
| 19.0 | |
Distribution from joint venture | |
| 8,408 | | |
| 0.2 | |
Purchase of equipment with cryptocurrency | |
| (339,525 | ) | |
| (12.2 | ) |
Payments of loan with cryptocurrency | |
| (882,629 | ) | |
| (20.8 | ) |
Cash proceeds from the sale of cryptocurrency, net of fees | |
| (1,377,575 | ) | |
| (28.6 | ) |
Cryptocurrency used to pay expenses and to purchase equipment | |
| (433,046 | ) | |
| (7.8 | ) |
Realized gain from the sale of bitcoin | |
| 119,774 | | |
| – | |
Ending balance – May 31, 2024 | |
$ | 169,632 | | |
| 2.5 | |
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v3.24.2
REVENUE FROM CONTRACTS WITH CUSTOMERS
|
9 Months Ended |
May 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE FROM CONTRACTS WITH CUSTOMERS |
NOTE 3 – REVENUE FROM CONTRACTS WITH
CUSTOMERS
The following table presents the Company’s
revenues disaggregated into categories based on the nature of such revenues:
Schedule of disaggregation of revenue | |
| | |
| |
| |
Nine months Ended May 31, | |
| |
2024 | | |
2023 | |
Revenues from the sale of mining equipment - net | |
$ | 210,662 | | |
$ | 138,011 | |
Revenue from hosting, net | |
| 38,743 | | |
| – | |
Revenue from self-mining | |
| 2,378,507 | | |
| 261,921 | |
Total revenue | |
$ | 2,627,913 | | |
$ | 399,932 | |
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v3.24.2
PROPERTY AND EQUIPMENT
|
9 Months Ended |
May 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE 4 – PROPERTY AND EQUIPMENT
The following table sets forth the components of the Company’s
property and equipment at May 31, 2024 and August 31, 2023:
Schedule of property and equipment | |
| | |
| | |
| | |
| | |
| | |
| |
| |
May 31, 2024 | | |
August 31, 2023 | |
| |
Cost | | |
Accumulated Depreciation | | |
Net Book Value | | |
Cost | | |
Accumulated Depreciation | | |
Net Book Value | |
Equipment | |
$ | 3,094,077 | | |
$ | (1,155,352 | ) | |
$ | 1,938,725 | | |
$ | 966,407 | | |
$ | (470,705 | ) | |
$ | 495,702 | |
Equipment not in service | |
| 2,709,697 | | |
| – | | |
| 2,709,698 | | |
| 4,453,466 | | |
| – | | |
| 4,453,466 | |
Total fixed assets | |
$ | 5,803,774 | | |
$ | (1,155,352 | ) | |
$ | 4,648,423 | | |
$ | 5,419,873 | | |
$ | (470,705 | ) | |
$ | 4,949,168 | |
Equipment not in service as of May 31, 2024 was
comprised of the following:
Schedule of equipment not in service | |
| |
Transformers and containers | |
$ | 2,589,698 | |
Immersion fluid | |
| 120,000 | |
Total | |
$ | 2,709,698 | |
For the nine months ended May 31, 2024 and 2023,
the Company recorded $684,564 and $294,270 respectively, in depreciation expense.
Of equipment not in service at August 31, 2023,
during the nine months ended May 31, 2024, the Company:
|
· |
placed $892,042 of equipment in service at its Trinidad location; |
|
· |
placed $851,726 of equipment in service at its Pecos, Texas location; and |
|
· |
sold 100 S19 Pro+/117/220 to Luxor for $149,250, which had a cost basis of $180,891, for a loss of $31,641 on the sale. |
On October 4, 2023, the Company purchased 1,050
used ASIC miners from Luxor Technology Corporation (“Luxor”) for $488,775, and simultaneously entered into a Co-Location Services
Agreement to host the miners at a hosting facility owned by Soluna SW, LLC (“Soluna”) in Murray, Kentucky. The purchase price
was paid by crediting amounts due the Company from Luxor from the sale of certain miners to Luxor (see below) and a loan of bitcoin to
the Company (see Note 7 herein).
On May 24, 2025, we purchased 45 S-19 ASIC miners
from Soluna for $10,000 that were already installed in Soluna’s hosting facility.
As of May 31, 2024 the equipment not in service
was solely comprised of 4 immersion containers, immersion fluid and 14 transformers .
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v3.24.2
INVESTMENTS AND NOTES RECEIVABLE
|
9 Months Ended |
May 31, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
INVESTMENTS AND NOTES RECEIVABLE |
NOTE 5 – INVESTMENTS AND NOTES RECEIVABLE
Policy on Doubtful Accounts
We evaluate notes receivable for impairment under
the guidelines of ASC 310-10-35-41. We establish an allowance for doubtful accounts when we determine that collectability of the note
is in question.
Investment in Joint Venture
In October 2022, we entered into a joint venture
arrangement with ROC Digital Mining to jointly develop and operate a Bitcoin mining operation in Pecos, Texas. Under the joint venture,
we contributed one immersion container, six transformers and cash with a value of $987,429 as a capital contribution to ROC Digital Mining
I, LLC (the “ROC Digital”). In return, we received 240 Class B Units of ROC Digital pursuant to an ongoing offering of a total
of 1,000 Class B Units at $4,400 per unit. We simultaneously sold ROC Digital four immersion containers for $1,200,000, which is payable
pursuant to a promissory note the bears interest at 5% per annum, and is payable pursuant to monthly payments of $31,204 per month commencing
on December 30, 2022, with any remaining principal and interest payable in full on May 31, 2026. The note is secured by the equipment
that was sold. We also obtained the right to locate one container at the location that we would be able to use for self-mining.
ROC Digital is managed by ROC Digital Mining Manager
LLC (“ROC Manager”), which owns all of the Class A Units of ROC Digital. The Class A Units have the sole right to vote on
any matter that requires a vote of members, including in the selection of the manager. We own 33 1/3% of ROC Manager. ROC Manager is managed
by from one to three managers selected by a vote of the members. We do not currently have a representative or designee serving as manager
of ROC Manager. However, the operating agreement for ROC Manager provides that ROC Manager may not take a number of actions in relation
to ROC Digital without the unanimous consent of its members, such as incurring more than $50,000 of indebtedness, approval of operating
budget, filing for bankruptcy, making any material change in ROC Digital’s business, merging, consolidating or combining ROC Digital
with another entity, selling off a substantial part of ROC Digital’s assets, amending the operating agreement of ROC Digital, or
causing ROC Digital to enter into any agreement with a related party.
Day to day management of the operations of ROC
Digital is provided by ROC Digital Mining LLC (“ROC Mining”), an affiliate of ROC Manager in which we do not have an interest.
ROC Mining is entitled to a monthly management fee equal to 3% of ROC Digital’s gross revenue, subject to a monthly minimum of $10,000
and a monthly maximum of $15,000. In additional ROC Mining is entitled to an acquisition fee of 1% of the cost of any assets acquired
by ROC Digital. A principal of ROC Mining serves on our board of directors.
As of May 31, 2024 the joint venture arrangement
was classified as a long term asset on the Company’s balance sheet with a value of $867,247. The equipment at the joint venture
location in Pecos, Texas was in the set-up and testing phase and the initial revenues generated by the joint venture occurred in the nine
months ended May 31, 2024. The reduction in the value of the investment of $170,613 during the nine months ended May 31, 2024 represents
the Company’s approximate 30% portion of the ROC Digital’s operating losses during the period. This loss was recorded as “loss
on investment” on the Company’s Condensed Statements of Operations for the nine months ended May 31, 2024. During the nine
months ended May 31, 2024, the Company received an in-kind distribution of .01992 bitcoin as a return of capital from the joint venture.
There were no distributions during the quarter ended May 31, 2024.
Notes Receivable
Notes receivable consist of notes received as
partial consideration for the sale of mining equipment, and are collateralized by the mining equipment that was the subject of the sale.
As of May 31, 2024 and August 31, 2023, notes receivable consist of the following:
Schedule of notes receivable | |
| | |
| |
| |
As of May 31, 2024 | | |
As of August 31, 2023 | |
| |
| | |
| |
Note receivable with an amended principal amount of $731,472, bearing interest at 5.0% per annum payable monthly. Principal due in one payment on December 31, 2024. | |
$ | 731,472 | | |
$ | 731,472 | |
| |
| | | |
| | |
Note receivable in original principal amount of $1,200,000, bearing interest at 5.0% per annum, payable in 41 equal monthly payments of $31,204 commencing December 30, 2022. | |
| 748,888 | | |
| 1,029,721 | |
| |
| | | |
| | |
Total | |
| 1,480,360 | | |
| 1,761,193 | |
| |
| | | |
| | |
Less: Non-current portion | |
| (374,444 | ) | |
| (1,386,749 | ) |
| |
| | | |
| | |
Notes receivable – short-term | |
$ | 1,105,916 | | |
$ | 374,444 | |
As of May 31, 2024 and August 31, 2023 the balance
of notes receivable was $1,480,360 and $1,761,193,
respectively. During the nine months ended May 31, 2024, the Company recorded $44,376
in interest income on these notes.
In April 2024, the Company agreed to extend the
maturity date of a note receivable in the principal amount $731,472 from August 31, 2024 to December 31, 2024. At the same time, the Company
agreed to extend a hosting agreement with the note obligor to December 31, 2024.
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v3.24.2
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
May 31, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE 6 – RELATED PARTY TRANSACTIONS
Line of Credit from IDI
On October 19, 2022, the Company entered into
a Line of Credit Agreement (the “2022 LOC Agreement”) with Innovative Digital Investors Emerging Technology, L.P. (“IDI),
a limited partnership controlled by Jonathan Bates, the Company’s Chairman, and Raymond Mow, the Company’s Chief Financial
Officer and a Director. The 2022 LOC Agreement provided for loans of up to $1,000,000 at the request of the Company to finance the purchase
of equipment necessary for the operation of the Company’s business, and related working capital. Loans under the 2022 LOC Agreement
accrue interest at twelve percent (12%) per annum, compounded on a 30/360 monthly basis until the loans have been repaid in full. The
Company had the right to submit draw requests under the 2022 LOC Agreement until April 15, 2023. Each draw request is subject to the approval
of IDI in its sole discretion. The amount drawn, plus all accrued interest therein, is repayable in full on December 1, 2023.
Effective May 13, 2023, the Company and IDI amended
the 2022 LOC Agreement to increase the amount that the Company may borrow thereunder to $1,750,000, extended the date by which the Company
could borrow funds thereunder to December 1, 2023, and extended the maturity date to December 1, 2024. Simultaneous with the extension,
the Company borrowed an additional $500,000, primarily to fund the purchase of ASIC miners. As of May 31, 2024, the amount of principal
and interest due to related party was $1,625,000 and $257,293 respectively, as compared to $1,300,000 and $97,460 at August 31, 2023.
Transactions with ROC Digital Mining I, LLC
In October 2022, we entered into a joint venture
arrangement with ROC Digital Mining I, LLC (“ROC Digital”) to jointly develop and operate a Bitcoin mining operation in Pecos,
Texas. Under the joint venture, we contributed one immersion container, six transformers and cash with a value of $987,429 as a capital
contribution to ROC Digital Mining I, LLC (the “ROC Digital”). In return, we received 240 Class B Units of ROC Digital pursuant
to an ongoing offering of a total of 1,000 Class B Units at $4,400 per unit. We simultaneously sold ROC Digital four immersion containers
for $1,200,000, which is payable pursuant to a promissory note that bears interest at 5% per annum, and is payable pursuant to monthly
payments of $31,203.64 per month commencing on December 30, 2022, with any remaining principal and interest payable in full on May 31,
2026. The note is secured by the equipment that was sold. As of August 31, 2023 and May 31, 2024, the note receivable from ROC Digital
amounted to $1,029,721 and $748,888, respectively.
We also obtained the right to locate one container
at the location that we would be able to use for self-mining. Under our hosting agreement with ROC Digital, we located one immersion container
at the site for $500 per month, plus payment of our pro rata share of electricity, internet and insurance for the site. Under the hosting
agreement, we also agreed to contribute $100,000 toward the electricity deposit for the site, which is refundable to us at the earlier
of the date the electricity provider releases the deposit or 90 days after the expiration or termination of the hosting agreement. The
hosting agreement has a term of one year, subject to our right to renew the agreement for two one year terms after receipt of notice of
the renewal terms of the joint venture’s electricity supply agreement for the upcoming year.
See “Note 5 – Investment in Joint
Venture,” for more information about ROC Digital.
Transactions with Rykor Energy Solutions,
LLC
In May 2024, we brokered the sale of 20 transformers
to Rykor Energy Solutions, LLC (“Rykor”). The total sales price of the transformers is approximately $1,407,000 and our total
cost is expected to be $1,340,000. Rykor owns 2,672,000 shares of our common stock and warrants to purchase an additional 5,344,000 shares,
and as a result is the beneficial owner of approximately 14.5% of our common stock. A principal of Rykor (who is also a principal of
ROC Mining) also serves on our board of directors.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2
BITCOIN LOAN AND DERIVATIVE LIABILITY
|
9 Months Ended |
May 31, 2024 |
Bitcoin Loan And Derivative Liability |
|
BITCOIN LOAN AND DERIVATIVE LIABILITY |
NOTE 7 – BITCOIN LOAN AND DERIVATIVE
LIABILITY
On October 4, 2023, the Company purchased 1,050
used ASIC miners from Luxor Technology Corporation (“Luxor”) for $488,775, and simultaneously entered into a Co-Location Services
Agreement to host the miners at a hosting facility owned by Soluna SW, LLC (“Soluna”) in Murray, Kentucky. The purchase price
of the used 1,050 ASIC miners was partially financed by selling 100 S19 Pro+/117/220 owned by the Company to Luxor for $149,250. The Company
recorded a loss of $31,641 on this sale.
The remaining purchase price of $339,525 was financed
via a forward sale of future Bitcoin production with Luxor via a hashrate derivatives contract (“Luxor Bitcoin Financing”,
or “LBF”). Under the terms of the LBF, on October 4, 2023 the Company received 18.97542 Bitcoin valued at $27,799.39, each
or a total of $527,505.19 in Bitcoin. In return the Company agreed to pay back Luxor 20.78946 Bitcoin in daily increments from bitcoin
production generated by the 1,050 ASIC miners. The Bitcoin loan was due no later than April 1, 2024 and could not be repaid in cash. As
of May 31, 2024 the Company had repaid all Bitcoin owed to Luxor under the LBF, and had no further liability under the agreement.
|
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v3.24.2
STOCKHOLDERS’ EQUITY
|
9 Months Ended |
May 31, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE 8 – STOCKHOLDERS’ EQUITY
Stockholders’ Equity
The Company is authorized to issue 500,000,000
shares of Common Stock with a par value of $0.0001 per share, and 20,000,000 shares of preferred stock with a par value of $0.0001 per
share. As of May 31, 2024, and August 31, 2023, there were 49,912,607 and 49,665,649 shares of common stock outstanding, respectively.
Series A Convertible Preferred Stock
As of May 31, 2024 and August 31, 2023, our board
of directors had authorized the issuance of one series of preferred stock, the Series A Convertible Preferred Stock (the “Series
A Preferred”), for 500,000 shares, of which 453,966 shares had been issued. The Series A Preferred has the following rights:
Dividends: Each share of Series
A Preferred is entitled to receive non-cumulative dividends equal to the amount of dividends that the holder of such share would have
received if such share of Series A Preferred were converted into shares of common stock immediately prior to the record date of the dividend
declared on the common stock.
Liquidation Preference: The
Series A Preferred Stock is entitled to receive, prior to any distribution to any junior class of securities, an amount equal to $10 per
share, plus any accrued but unpaid dividends, as a liquidation preference before any distribution may be made to the holders of any junior
security, including the common stock.
Voting Rights: Each holder of
Series A Preferred Stock shall vote with holders of the common stock upon any matter submitted to a vote of shareholders, in which event
it shall have the number of votes equal to the number of shares of common stock into which such share of Series A Preferred Stock would
be convertible on the record date for the vote or consent of shareholders. Each holder of Series A Preferred Stock shall also be entitled
to one vote per share on each submitted to a class vote of the holders of Series A Preferred Stock.
Directors: The Series A Preferred
Stock has the exclusive right to nominate and vote on two (2) members of the board of directors.
Voluntary Conversion Rights:
Each share of Series A Preferred Stock is convertible into that number of shares of common stock equal to the liquidation preference of
the Series A Preferred divided by a conversion price of $0.575 per share.
Rank: The Series A Preferred
ranks senior to the common stock and any other class or series of preferred stock that may be authorized.
Redemption by Company: The Company
may redeem all of the Series A Preferred at any time on twenty days notice by payment of the liquidation preference of the Series A Preferred.
Redemption by the Holders: Any
holder of Series A Preferred may request that some or all of its Series A Preferred be redeemed to the extent of 30% of the liquid net
assets of the Company in excess of $2 million. To the extent any holder requests redemption under this provision, the Company is required
to send a notice to all other Series A Preferred holders, who will be entitled to request redemption of some or all of their shares as
well. Each holder is required to redeem at least the lesser of 10,000 shares or the number of shares of Series A Preferred held by the
holder.
Redemption on Fundamental Transaction:
In the event the Company engages in a fundamental transaction, a majority of the holders of Series A Preferred may require the Company
to redeem all of the Series A Preferred at the closing of the transaction.
Right to Participate in Future Fundings:
Each holder of Series A Preferred has the right to participate in future capital raising transactions to the extent of its proportionate
ownership of the Company on an as converted basis. The right extents to any issuance of common or preferred stock or debt securities convertible
into common or preferred stock, except for certain exempted transactions.
Anti-Dilution Protection: The
conversion price of the Series A Preferred is subject to reduction to the extent the company issues shares of common stock at a purchase
price less than the then current conversion price, (ii) debt or equity securities convertible into common stock at a conversion price
less than the then current conversion price, (iii) options or warrants exercisable for common stock at an exercise price less than the
then current conversion price, or (iv) options or warrants to purchase convertible debt or equity securities, where the combined exercise
and conversion prices would enable the holder to acquire shares of common stock for less than the then current conversion price.
Issuance of Shares
During the nine months ended May 31, 2024, the
Company issued the following shares:
|
· |
72,993 shares were issued to an officer pursuant to the terms of his employment contract, which entitle the officer to a quarterly bonus payable in shares of common stock. The shares were valued at $32,117, or $0.44 per share, based on the value indicated by the Company’s recently completed Unit Offering. The bonus shares vest on January 15, 2027 if the officer is still employed with us on that date, and are amortized from the date of issuance to January 15, 2027. |
|
|
|
|
· |
83,056 shares were issued to an officer pursuant to the terms of his employment contract, which entitle the officer to a quarterly bonus payable in shares of common stock. The shares were valued at $36,545 or $0.44 per share, based on the value indicated by the Company’s recently completed Unit Offering. The bonus shares vest on January 15, 2027 if the officer is still employed with us on that date, and are amortized from the date of issuance to January 15, 2027. |
|
|
|
|
· |
90,909 shares were issued to an officer pursuant to the terms of his employment contract, which entitle the officer to a quarterly bonus payable in shares of common stock. The shares were valued at $40,000 or $0.44 per share, based on the value indicated by the Company’s recently completed Unit Offering. The bonus shares vest on January 15, 2027 if the officer is still employed with us on that date, and are amortized from the date of issuance to January 15, 2027. |
The Company estimates the fair value of stock-based
compensation based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during
which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period).
The Company attributes compensation to expense using the straight-line method. Since the Company’s common stock is thinly traded,
the Company utilizes the value, or an estimate thereof, paid by third parties for common stock in arms-length transactions with the Company.
In particular, the Company used the estimated fair value of its common stock derived from a Unit Offering completed in June 2022. Under
the Unit Offering, the Company issued investors Units consisting of one share of common stock, one Class C-1 Warrant and one Class C-2
Warrants for $1.25 per Unit. The value of the Class C-1 and 2 Warrants were deducted from the Unit price to determine the fair value of
the common stock included in the Units. The Class C-1 and 2 Warrants were valued under the Black-Scholes method using the following assumptions:
volatility 223.30%; annual rate of quarterly dividends 0%; term 3 years; treasury bill rate 0.4%.
Warrants
As of May 31, 2024, and August 31, 2023, the Company
had the following warrants outstanding:
Schedule of warrants outstanding | |
| | |
| | |
|
Class | |
Amount Outstanding | | |
Exercise Price | | |
Expiration Date |
Class A Warrants | |
| 590,000 | | |
$ | 2.00 | | |
August 5, 2024 |
Class B Warrants | |
| 590,000 | | |
$ | 5.00 | | |
August 5, 2024 |
Class C-1 Warrants | |
| 4,147,600 | | |
$ | 2.00 | | |
January 15, 2025 |
Class C-2 Warrants | |
| 4,147,600 | | |
$ | 4.00 | | |
January 15, 2025 |
Class C-3 Warrants | |
| 25,600 | | |
$ | 1.25 | | |
June 27, 2027 |
Total | |
| 9,500,800 | | |
| | | |
|
|
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v3.24.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT POLICIES (Policies)
|
9 Months Ended |
May 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation
The foregoing unaudited interim condensed financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)
for interim financial information and with the instructions for Form 10-Q and Regulation S-X as promulgated by the Securities and Exchange
Commission (“SEC”). Accordingly, these condensed financial statements do not include all of the disclosures required
by GAAP for complete condensed financial statements. These unaudited interim condensed financial statements should be read in conjunction
with the audited condensed financial statements and the notes thereto included on Form 10-K for the year ended August 31, 2023. In the
opinion of management, the unaudited interim condensed financial statements furnished herein include all adjustments, all of which are
of a normal recurring nature, necessary for a fair statement of the results for the interim period presented.
The preparation of condensed financial statements
in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure
of contingent assets and liabilities known to exist as of the date the condensed financial statements are published, and the reported
amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent
in the preparation of the Company’s condensed financial statements; accordingly, it is possible that the actual results could differ
from these estimates and assumptions that could have a material effect on the reported amounts of the Company’s financial position
and results of operations.
Operating results for the nine months ended May
31, 2024, are not necessarily indicative of the results that may be expected for the year ending August 31, 2024.
|
Management’s Representation of Interim Condensed Financial Statements |
Management’s Representation of Interim
Condensed Financial Statements
The accompanying unaudited condensed financial
statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission
(“SEC”). The Company uses the same accounting policies in preparing quarterly and annual condensed financial statements. Certain
information and footnote disclosures normally included in condensed financial statements prepared in accordance with accounting principles
generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations,
and management believes that the disclosures are adequate to make the information presented not misleading. These condensed financial
statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position
and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of
results for a full year.
|
Use of Estimates |
Use of Estimates
The preparation of condensed financial statements
in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and disclosure
of contingent assets and liabilities at the date of the condensed financial statements. The most significant estimates relate to the calculation
of stock-based compensation, calculation of the Company’s derivative liability, useful lives and impairment of fixed assets, income
taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions
that are believed to be reasonable given the quality of information available as of the date of these condensed financial statements.
The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are
not readily apparent from other sources. Actual results could differ from these estimates. There have been no material changes to the
Company’s accounting estimates since the Company’s condensed financial statements for the fiscal year ended August 31, 2023.
|
Segment Reporting |
Segment Reporting
The Company operates in one segment - the cryptocurrency
mining industry. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision
maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating
resources and assessing performance for the entire Company. All material Company operations qualify for aggregation due to their similar
customer base and similarities in economic characteristics, nature of products and services, and procurement, manufacturing and distribution
processes.
|
Revenue Recognition |
Revenue Recognition
On July 1, 2018, the Company adopted Accounting
Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Results for reporting
periods beginning after January 1, 2018, are presented under ASC 606.
|
Revenues from digital currency mining |
Revenues from digital currency mining
The Company recognizes revenue under ASC 606,
Revenue from Contracts with Customers. The core principle of the revenue standard is that a company should recognize revenue to depict
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be
entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:
|
· |
Step 1: Identify the contract with the customer; |
|
· |
Step 2: Identify the performance obligations in the contract; |
|
· |
Step 3: Determine the transaction price; |
|
· |
Step 4: Allocate the transaction price to the performance obligations in the contract; and |
|
· |
Step 5: Recognize revenue when the Company satisfies a performance obligation. |
Step 1: The Company enters into a contract
with a bitcoin mining pool operator (i.e., the customer) to provide hash calculation services to the mining pool. The Company only utilizes
pool operators that determine awards under the Full Pay-Per-Share method (the “FPPS method”) . The contracts are terminable
at any time by either party without penalty and the Company’s enforceable right to compensation only begins when the Company starts
providing hash calculation services to the mining pool operator (which occurs daily at midnight Universal Time Coordinated (UTC)). In
general, mining revenue for industry participants consists of two parts, (1) the block reward (current bitcoin block reward is 3.125 bitcoin)
paid by the network to the miner for successfully mining a block, and (2) the transaction fees paid by the users to the miner for successfully
mining a block. When a mining pool successfully finds a block, it is awarded all of the transaction fees in that block and the reward
from the network. Under the FPPS method utilized by the Company, the Company is entitled to an award of bitcoin equal to the expected
reward per block over the measurement period of midnight-to-midnight UTC time based on the hash calculation services provided to the pool
during the measurement period. The Company is also entitled to an aware of transaction fees per block based on the average of the transaction
fees over the latest 144 blocks, each of which is about 10 minutes, and the total of 144 blocks equals one day. At the end of each day
that runs from midnight-to-midnight UTC time, the pool operator calculates the pool participant’s expected block reward and transaction
fees for the day based on the hash calculation services provided by the pool participant that day, less net digital asset fees due to
the mining pool operator over the measurement period. The actual reward to the Company each day is based on the number of blocks the Company
should have hypothetically mined during the measurement period based on the hash calculation services provided to the pool by the Company
during the measurement period and the prevailing difficulty index, and is not based on the actual rewards received by the pool during
the measurement period, which may be higher or lower than the expected rewards during such period. Applying the criteria per ASC 606-10-25-1,
the contract arises at the point that the Company provides hash calculation services to the mining pool operator, which is the beginning
of each contract day at midnight UTC (contract inception), because customer consumption is in tandem with daily delivery of the hash calculation
services. Providing hash calculation services to mining pools is an output of our ordinary activities, and an enforceable right to compensation
begins when, and continues as long as, such services are provided.
Step 2: In order to identify the performance
obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised
good or service that is distinct. A performance obligation meets ASC 606’s definition of a “distinct” good or service
(or bundle of goods or services) if both of the following criteria are met:
|
· |
The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct); and |
|
|
|
|
· |
The entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). |
Based on these criteria, the Company has a single
performance obligation in providing hash calculation services (i.e., hashrate) to the mining pool operator (i.e., customer). The performance
obligation of hash calculation services is fulfilled daily over-time, as opposed to a point in time, because the Company provides the
hashrate throughout the day and the customer simultaneously obtains control of it and uses the asset to produce bitcoin. The Company has
full control of the mining equipment utilized in the mining pool and if the Company determines it will increase or decrease the processing
power of its machines and/or fleet (i.e., for repairs or when power costs are excessive) the hash calculation services provided to the
customer will be reduced.
Step 3: The transaction consideration the
Company earns is non-cash digital consideration in the form of bitcoin, which the Company measures at fair value on the date earned at
the daily closing price, which is not materially different from the fair value at contract inception, which is the daily opening price.
According to the customer contract, daily earnings are calculated from midnight-to-midnight UTC time, and the sub-account balance is credited
to the Company’s account shortly thereafter.
The transaction consideration the Company earns
is all variable since it is dependent on the daily hash calculation services provided by the Company, as well as other factors outside
the control of the Company, such as the difficulty index of the bitcoin network. The Company’s bitcoins earned through the contractual
payout formula is not known until the Company’s computational hashrate contributed over the daily measurement period is fulfilled
over-time daily between midnight-to-midnight UTC time. The Company’s expected amount of the global network transaction fee rewards
earned are calculated at the end of each transactional day (midnight to midnight UTC time). There are no other forms of variable considerations,
such as discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties, or other similar items.
The Company fully constrains all variable consideration
as a result of ASC 606-10-32-11 and 12 because the amount of consideration is highly susceptible to factors outside of our control as
defined by the Company’s customer’s payout methodology. The variable consideration is constrained until the Company receives
confirmation of the amount, usually via settlement of the fractional share of block reward and transaction fee in the Company’s
digital wallet (i.e., at that point, the variability is resolved and there is no longer the reasonable possibility of significant reversal
of revenue). Before settlement occurs, estimation of the variable consideration to which the Company is entitled, which depends on inputs
unknowable to the Company, carries the risk of a significant revenue reversal from mis-estimation. Settlement of consideration typically
occurs within 24 hours after the end of each day.
Step 4: The transaction price is allocated
to the single performance obligation upon verification for the provision of hash calculation services to the mining pool operator. There
is a single performance obligation (i.e., hash calculation services or hashrate) for the contract; therefore, all consideration from the
mining pool operator is allocated to this single performance obligation.
Step 5: The Company’s performance
is complete in transferring the hash calculation services over-time (midnight to midnight UTC) to the customer and the customer obtains
control of that asset.
In exchange for providing hash calculation services,
the Company is entitled to the expected bitcoin awards earned over the measurement period, plus the expected global transaction fee rewards
for the respective measurement period, less net digital asset fees due to the mining pool operator over the measurement period. The transaction
consideration the Company receives is non-cash consideration, in the form of bitcoin. Prior to March 1, 2024, the Company measured the
bitcoin at the closing U.S. dollar spot rate at the end of the date earned (midnight UTC). As of March 1, 2024, the Company began measuring
the bitcoin at the opening U.S. dollar spot rate at the beginning of the date earned (midnight UTC). The change in method of calculating
revenues from bitcoin mining did not result in material change in the revenues reported.
There are no deferred revenues or other liability
obligations recorded by the Company since there are no payments in advance of the performance. At the end of the 24 hour “midnight-to-midnight”
period, there are no remaining performance obligations.
During the nine months ending May 31, 2024, the
Company utilized one mining pool for its self-mining operations, which charges 0.3% of the bitcoin payable to the Company as a pool management
fee.
During the three and nine months ending May 31,
2024, the Company generated $1,187,759 and $2,378,507 respectively, in revenues from mining cryptocurrency.
|
Revenues from Hosting |
Revenues from Hosting
The Company provides energized space to customers
who locate their equipment within the Company’s co-hosting facility. The equipment generating the hosting revenue is owned by the
customer. The Company gives hosting customers the option of having all mining proceeds paid into a cold wallet address in the Company’s
name, which case the Company pays the hosting client its share of mining awards on a daily basis, or having all mining awards sent to
an account of the customer, in which case the Company bills the customer monthly for any hosting fee that is contingent on the amount
of the client’s award. All performance obligations are achieved simultaneously by providing the hosting environment for the customers’
operations. Hosting revenues consist of amounts billed in U.S. dollars for electricity and other fees, and a percentage of cryptocurrency
generated by the client’s hosting activities. With regard to hosting revenues that are billed in U.S. dollars, revenues are recorded
at the time of invoicing. With regard to hosting revenues that are based on a percentage of cryptocurrency generated by the customer,
revenues are recorded based on the Company’s share of cryptocurrency received from the mining pool on the date of receipt or invoicing.
During the three and nine months ending May 31,
2024, the Company generated $16,762 and $38,743 respectively, in revenues from hosting services.
|
Revenues from the sale of mining equipment |
Revenues from the sale of mining equipment
The Company records revenue from the resale of
mining equipment it has purchased. Revenue for the sale of mining equipment is recognized under the guidelines of ASC 606. During the
three and nine months ending May 31, 2024, the Company generated $20,471 and $210,662, respectively, in revenues from the sale of mining
equipment.
|
Cash and cash equivalents |
Cash and cash equivalents
The Company considers all highly liquid temporary
cash investments with an original maturity of three months or less to be cash equivalents. On May 31, 2024, and August 31, 2023, respectively,
the Company’s cash equivalents totaled $281,004 and $270,547, respectively.
|
Cryptocurrency |
Cryptocurrency
Cryptocurrencies held are accounted for as intangible
assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment quarterly,
when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired.
Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the cryptocurrency
at the time its fair value is being measured. In testing for impairment, the Company has the option to first perform a qualitative assessment
to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that
an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise, it is required to perform a
quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent
reversal of impairment losses, if the price of cryptocurrency increases, is not permitted. During the three and nine months ending May
31, 2024, the Company realized gains of $43,183 and $119,774 respectively, from sale of cryptocurrency. The Company classifies cryptocurrencies
as current assets because it reasonably expects to sell or exchange all cryptocurrencies within one quarter.
Cryptocurrency earned by the Company through its
mining activities are included within operating activities on the accompanying consolidated statements of cash flows. The sales of digital
currencies are included within investing activities in the accompanying consolidated statements of cash flows and any realized gains or
losses from such sales are included in other income (expense) in the consolidated statements of operations and comprehensive income (loss).
The Company accounts for its gains or losses in accordance with the moving weighted average method of accounting.
The Company holds its cryptocurrencies in an account
at Bitgo Trust (“Bitgo”), a well-known Bitcoin custodian, which it also uses to liquidate its Bitcoin when necessary. The
Company also has an account with Gemini Trust Company, LLC, which is a qualified custodian regulated by the New York Department of Financial
Services as a backup facility, and may hold Bitcoin from time to time in a cold storage wallet. The Company uses Bitgo’s multi-signature
feature for account access.
|
Income taxes |
Income taxes
The Company accounts for income taxes under FASB
ASC 740, “Accounting for Income Taxes”. Under FASB ASC 740, deferred tax assets and liabilities are recognized
for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred
tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. FASB ASC 740-10-05,
“Accounting for Uncertainty in Income Taxes” prescribes a recognition threshold and a measurement attribute for the
financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to
be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized
is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company
assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen
that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit.
|
Stock-based Compensation |
Stock-based Compensation
The Company accounts for stock-based compensation
using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure
about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for
an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized
over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually
the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service.
|
Net Loss per Share |
Net Loss per Share
Net loss per common share is computed by dividing
net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260,
“Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income
by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share calculations
are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.
|
Stock Purchase Warrants |
Stock Purchase Warrants
The Company accounts for warrants issued to purchase
shares of its common stock as equity in accordance with FASB ASC 480, Accounting for Derivative Financial Instruments Indexed to, and
Potentially Settled in, a Company’s Own Stock, Distinguishing Liabilities from Equity. We determine the accounting classification
of warrants we issue, as either liability or equity classified, by first assessing whether the warrants meet liability classification
in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, then
in accordance with ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s
Own Stock. Under ASC 480, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate us to settle
the warrants or the underlying shares by paying cash or other assets, and warrants that must or may require settlement by issuing variable
number of shares. If warrants do not meet the liability classification under ASC 480-10, we assess the requirements under ASC 815-40,
which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value,
irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature.
If the warrants do not require liability classification
under ASC 815-40, in order to conclude equity classification, we also assess whether the warrants are indexed to our common stock and
whether the warrants are classified as equity under ASC 815-40 or other GAAP. After all such assessments, we conclude whether the warrants
are classified as liability or equity. Liability classified warrants require fair value accounting at issuance and subsequent to initial
issuance with all changes in fair value after the issuance date recorded in the statements of operations. Equity classified warrants only
require fair value accounting at issuance with no changes recognized subsequent to the issuance date. We do not have any liability classified
warrants as of any period presented.
|
Property and equipment |
Property and equipment
Property and equipment are stated at cost and
depreciated using the straight-line method over the estimated useful lives of the assets. Estimated useful lives for leasehold improvements
are typically the lesser of the estimated useful life of the asset or the life of the term of the lease. The estimated useful lives for
all other property and equipment are as follows:
Schedule of estimated useful lives of property and equipment |
|
|
|
|
|
|
|
Life (Years) |
|
Miners and mining equipment |
|
|
2 |
|
Machinery and equipment |
|
|
5 - 7 |
|
Office and computer equipment |
|
|
3 |
|
No depreciation is recorded on an asset until
it is placed in service. Due to the nature of the equipment, it can only be placed in service when the hosting site is properly configured
to turn on the machines. As of May 31, 2024, and August 31, 2023, the Company had $2,709,697 and $4,453,466, respectively, of fixed assets
not in service.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
In February 2016, the FASB issued ASU No. 2016-02,
Leases (Topic 842), which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize
assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. The
amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early
adoption permitted. In March 2019, the FASB issued ASU 2019-01, Codification Improvements, which clarifies certain aspects of the
new lease standard. The FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases in July 2018. Also in 2018, the
FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements, which provides an optional transition method whereby the new
lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. The amendments have the same effective
date and transition requirements as the new lease standard.
We adopted ASC 842 on July 16, 2020. The adoption
of this guidance did not have any impact on our condensed financial statements.
In March 2022, the SEC staff released Staff Accounting
Bulletin No. 121 (“SAB 121”), which requires entities that hold crypto assets on behalf of platform users to recognize a liability
to reflect the entity’s obligation to safeguard the crypto assets held for its platform users, whether directly or through an agent
or another third party acting on its behalf, along with a corresponding safeguarding asset. Both the liability and corresponding safeguarding
asset shall be measured at fair value. SAB 121 also requires disclosure of the nature and amount of crypto assets being safeguarded, how
the fair value is determined, an entity’s accounting policy for safeguarding liabilities and corresponding safeguarding assets,
and may require disclosure of other information about risks and uncertainties arising from the entity’s safeguarding activities.
The Company is not in the business of holding its customer’s crypto assets for safekeeping. For crypto assets that are not maintained
on our platform and for which the Company does not maintain a private key or the ability to recover a customer’s private key, these
balances are not recorded, as there is no related safeguarding obligation in accordance with SAB 121. This guidance is effective from
the first interim period after June 15, 2022 and should be applied retrospectively. We adopted SAB 121 during the three months ended
August 31, 2023, and it did not have any impact on our condensed financial statements.
|
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v3.24.2
CRYPTOCURRENCIES (Tables)
|
9 Months Ended |
May 31, 2024 |
Cryptocurrencies |
|
Schedule of cryptocurrencies |
Schedule of cryptocurrencies | |
| | | |
| | |
| |
| | |
BTC | |
Beginning balance – August 31, 2023 | |
$ | 129,469 | | |
| 5.0 | |
Revenue received from mining and hosting | |
| 2,417,250 | | |
| 47.7 | |
Loan proceeds received in cryptocurrency | |
| 527,506 | | |
| 19.0 | |
Distribution from joint venture | |
| 8,408 | | |
| 0.2 | |
Purchase of equipment with cryptocurrency | |
| (339,525 | ) | |
| (12.2 | ) |
Payments of loan with cryptocurrency | |
| (882,629 | ) | |
| (20.8 | ) |
Cash proceeds from the sale of cryptocurrency, net of fees | |
| (1,377,575 | ) | |
| (28.6 | ) |
Cryptocurrency used to pay expenses and to purchase equipment | |
| (433,046 | ) | |
| (7.8 | ) |
Realized gain from the sale of bitcoin | |
| 119,774 | | |
| – | |
Ending balance – May 31, 2024 | |
$ | 169,632 | | |
| 2.5 | |
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v3.24.2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
|
9 Months Ended |
May 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of disaggregation of revenue |
Schedule of disaggregation of revenue | |
| | |
| |
| |
Nine months Ended May 31, | |
| |
2024 | | |
2023 | |
Revenues from the sale of mining equipment - net | |
$ | 210,662 | | |
$ | 138,011 | |
Revenue from hosting, net | |
| 38,743 | | |
| – | |
Revenue from self-mining | |
| 2,378,507 | | |
| 261,921 | |
Total revenue | |
$ | 2,627,913 | | |
$ | 399,932 | |
|
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v3.24.2
PROPERTY AND EQUIPMENT (Tables)
|
9 Months Ended |
May 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of property and equipment |
Schedule of property and equipment | |
| | |
| | |
| | |
| | |
| | |
| |
| |
May 31, 2024 | | |
August 31, 2023 | |
| |
Cost | | |
Accumulated Depreciation | | |
Net Book Value | | |
Cost | | |
Accumulated Depreciation | | |
Net Book Value | |
Equipment | |
$ | 3,094,077 | | |
$ | (1,155,352 | ) | |
$ | 1,938,725 | | |
$ | 966,407 | | |
$ | (470,705 | ) | |
$ | 495,702 | |
Equipment not in service | |
| 2,709,697 | | |
| – | | |
| 2,709,698 | | |
| 4,453,466 | | |
| – | | |
| 4,453,466 | |
Total fixed assets | |
$ | 5,803,774 | | |
$ | (1,155,352 | ) | |
$ | 4,648,423 | | |
$ | 5,419,873 | | |
$ | (470,705 | ) | |
$ | 4,949,168 | |
|
Schedule of equipment not in service |
Schedule of equipment not in service | |
| |
Transformers and containers | |
$ | 2,589,698 | |
Immersion fluid | |
| 120,000 | |
Total | |
$ | 2,709,698 | |
|
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v3.24.2
INVESTMENTS AND NOTES RECEIVABLE (Tables)
|
9 Months Ended |
May 31, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
Schedule of notes receivable |
Schedule of notes receivable | |
| | |
| |
| |
As of May 31, 2024 | | |
As of August 31, 2023 | |
| |
| | |
| |
Note receivable with an amended principal amount of $731,472, bearing interest at 5.0% per annum payable monthly. Principal due in one payment on December 31, 2024. | |
$ | 731,472 | | |
$ | 731,472 | |
| |
| | | |
| | |
Note receivable in original principal amount of $1,200,000, bearing interest at 5.0% per annum, payable in 41 equal monthly payments of $31,204 commencing December 30, 2022. | |
| 748,888 | | |
| 1,029,721 | |
| |
| | | |
| | |
Total | |
| 1,480,360 | | |
| 1,761,193 | |
| |
| | | |
| | |
Less: Non-current portion | |
| (374,444 | ) | |
| (1,386,749 | ) |
| |
| | | |
| | |
Notes receivable – short-term | |
$ | 1,105,916 | | |
$ | 374,444 | |
|
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v3.24.2
STOCKHOLDERS’ EQUITY (Tables)
|
9 Months Ended |
May 31, 2024 |
Equity [Abstract] |
|
Schedule of warrants outstanding |
Schedule of warrants outstanding | |
| | |
| | |
|
Class | |
Amount Outstanding | | |
Exercise Price | | |
Expiration Date |
Class A Warrants | |
| 590,000 | | |
$ | 2.00 | | |
August 5, 2024 |
Class B Warrants | |
| 590,000 | | |
$ | 5.00 | | |
August 5, 2024 |
Class C-1 Warrants | |
| 4,147,600 | | |
$ | 2.00 | | |
January 15, 2025 |
Class C-2 Warrants | |
| 4,147,600 | | |
$ | 4.00 | | |
January 15, 2025 |
Class C-3 Warrants | |
| 25,600 | | |
$ | 1.25 | | |
June 27, 2027 |
Total | |
| 9,500,800 | | |
| | | |
|
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v3.24.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
May 31, 2024 |
May 31, 2023 |
May 31, 2024 |
May 31, 2023 |
Aug. 31, 2023 |
Accounting Policies [Abstract] |
|
|
|
|
|
Revenue from hosting |
$ 16,762
|
$ 0
|
$ 38,743
|
$ 0
|
|
Revenue from the sale of mining equipment |
20,471
|
13,647
|
210,662
|
138,011
|
|
Cash equivalents |
281,004
|
|
281,004
|
|
$ 270,547
|
Realized gain from sale of cryptocurrency |
43,183
|
$ 5,659
|
119,774
|
$ 18,420
|
|
Fixed assets not in service |
$ 2,709,697
|
|
$ 2,709,697
|
|
$ 4,453,466
|
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v3.24.2
CRYPTOCURRENCIES (Details)
|
9 Months Ended |
|
May 31, 2024
USD ($)
Decimal
|
Aug. 31, 2023
USD ($)
Decimal
|
Crypto Asset, Holding [Line Items] |
|
|
Cryptocurrency, balance | $ |
$ 169,632
|
$ 129,469
|
Crypto units, balance | Decimal |
2.5
|
5.0
|
Revenues From Mining And Hosting [Member] |
|
|
Crypto Asset, Holding [Line Items] |
|
|
Crypto asset addition | $ |
$ 2,417,250
|
|
Crypto asset addition in units | Decimal |
47.7
|
|
Loan Proceeds [Member] |
|
|
Crypto Asset, Holding [Line Items] |
|
|
Crypto asset addition | $ |
$ 527,506
|
|
Crypto asset addition in units | Decimal |
19.0
|
|
Distribution From Joint Venture [Member] |
|
|
Crypto Asset, Holding [Line Items] |
|
|
Crypto asset addition | $ |
$ 8,408
|
|
Crypto asset addition in units | Decimal |
0.2
|
|
Purchase Of Equipment [Member] |
|
|
Crypto Asset, Holding [Line Items] |
|
|
Crypto asset reduction | $ |
$ (339,525)
|
|
Crypto asset reduction, in units | Decimal |
(12.2)
|
|
Repayment Of Loan [Member] |
|
|
Crypto Asset, Holding [Line Items] |
|
|
Crypto asset reduction | $ |
$ (882,629)
|
|
Crypto asset reduction, in units | Decimal |
(20.8)
|
|
Sale Of Cryptocurrency [Member] |
|
|
Crypto Asset, Holding [Line Items] |
|
|
Sale of cryptocurrency | $ |
$ (1,377,575)
|
|
Sale of cryptocurrency, in units | Decimal |
(28.6)
|
|
Payment For Expenses And Equipment [Member] |
|
|
Crypto Asset, Holding [Line Items] |
|
|
Payment for services | $ |
$ (433,046)
|
|
Payment for services, in units | Decimal |
(7.8)
|
|
Sale Of Bitcoin [Member] |
|
|
Crypto Asset, Holding [Line Items] |
|
|
Crypto asset realized gain | $ |
$ 119,774
|
|
Crypto asset realized gain, in units | Decimal |
0
|
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v3.24.2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
May 31, 2024 |
May 31, 2023 |
May 31, 2024 |
May 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
|
|
|
Revenues from the sale of mining equipment - net |
$ 20,471
|
$ 13,647
|
$ 210,662
|
$ 138,011
|
Revenue from hosting, net |
16,762
|
0
|
38,743
|
0
|
Revenue from self-mining |
1,187,759
|
128,479
|
2,378,507
|
261,921
|
Total revenue |
$ 1,224,992
|
$ 142,126
|
$ 2,627,913
|
$ 399,932
|
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v3.24.2
PROPERTY AND EQUIPMENT (Details - Property and equipment) - USD ($)
|
May 31, 2024 |
Aug. 31, 2023 |
Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Cost |
$ 3,094,077
|
$ 966,407
|
Accumulated depreciation |
(1,155,352)
|
(470,705)
|
Net Book Value |
1,938,725
|
495,702
|
Equipment Not In Service [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Cost |
2,709,697
|
4,453,466
|
Accumulated depreciation |
0
|
0
|
Net Book Value |
2,709,698
|
4,453,466
|
Fixed Assets [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Cost |
5,803,774
|
5,419,873
|
Accumulated depreciation |
(1,155,352)
|
(470,705)
|
Net Book Value |
$ 4,648,423
|
$ 4,949,168
|
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v3.24.2
PROPERTY AND EQUIPMENT (Details Narrative)
|
|
|
3 Months Ended |
9 Months Ended |
May 24, 2025
USD ($)
|
Oct. 04, 2023
USD ($)
Integer
|
May 31, 2024
USD ($)
|
May 31, 2023
USD ($)
|
May 31, 2024
USD ($)
|
May 31, 2023
USD ($)
|
Depreciation expense |
|
|
$ 232,781
|
$ 147,005
|
$ 684,564
|
$ 294,270
|
Property and equipment not in service |
|
|
2,709,698
|
|
2,709,698
|
|
Loss on sale of property |
|
|
|
|
31,641
|
$ 0
|
ASIC Miners [Member] |
|
|
|
|
|
|
Units purchased | Integer |
|
1,050
|
|
|
|
|
Payment for productive assets |
|
$ 488,775
|
|
|
|
|
ASIC Miners [Member] | Soluna [Member] | Forecast [Member] |
|
|
|
|
|
|
Payment for productive assets |
$ 10,000
|
|
|
|
|
|
Sale To Luxor [Member] |
|
|
|
|
|
|
Property and equipment not in service |
|
|
180,891
|
|
180,891
|
|
Proceeds from sale of property |
|
|
|
|
149,250
|
|
Loss on sale of property |
|
|
|
|
31,641
|
|
Trinidad [Member] |
|
|
|
|
|
|
Property and equipment not in service |
|
|
892,042
|
|
892,042
|
|
Pecos Texas [Member] |
|
|
|
|
|
|
Property and equipment not in service |
|
|
$ 851,726
|
|
$ 851,726
|
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v3.24.2
INVESTMENTS AND NOTES RECEIVABLE (Details) - USD ($)
|
May 31, 2024 |
Aug. 31, 2023 |
Dec. 30, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
Total |
$ 1,480,360
|
$ 1,761,193
|
|
Less: Non-current portion |
(374,444)
|
(1,386,749)
|
|
Notes receivable - short term |
1,105,916
|
374,444
|
|
Note Receivable 1 [Member] |
|
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
Note receivable face amount |
$ 731,472
|
|
|
Note receivable stated interest rate |
5.00%
|
|
|
Total |
$ 731,472
|
731,472
|
|
Note Receivable 2 [Member] |
|
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
Note receivable face amount |
|
|
$ 1,200,000
|
Note receivable stated interest rate |
|
|
5.00%
|
Total |
$ 748,888
|
$ 1,029,721
|
|
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v3.24.2
INVESTMENTS AND NOTES RECEIVABLE (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
Apr. 30, 2024 |
May 31, 2024 |
May 31, 2023 |
May 31, 2024 |
May 31, 2023 |
Aug. 31, 2023 |
Oct. 31, 2022 |
Long term asset |
|
$ 808,407
|
|
$ 808,407
|
|
$ 987,429
|
|
Indebtedness incurred |
|
50,000
|
|
50,000
|
|
|
|
[custom:NotesReceivable-0] |
|
1,480,360
|
|
1,480,360
|
|
1,761,193
|
|
Interest and Other Income |
|
14,793
|
$ 14,433
|
44,376
|
$ 27,284
|
|
|
Description of debt instrument |
the Company agreed to extend the
maturity date of a note receivable in the principal amount $731,472 from August 31, 2024 to December 31, 2024.
|
|
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
Monthly payments related to revenue |
|
|
|
10,000
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
Monthly payments related to revenue |
|
|
|
15,000
|
|
|
|
ROC Digital Mining I, LLC [Member] |
|
|
|
|
|
|
|
Long term asset |
|
867,247
|
|
867,247
|
|
|
|
Reduction in value of investment |
|
|
|
170,613
|
|
|
|
Joint Venture Arrangement [Member] | ROC Digital Mining I, LLC [Member] |
|
|
|
|
|
|
|
Long term asset |
|
|
|
|
|
|
$ 987,429
|
Investment per unit |
|
|
|
|
|
|
4,400
|
Note receivable |
|
$ 748,888
|
|
$ 748,888
|
|
$ 1,029,721
|
|
Joint Venture Arrangement [Member] | ROC Digital Mining I, LLC [Member] | Immersion Containers [Member] |
|
|
|
|
|
|
|
Note receivable |
|
|
|
|
|
|
$ 1,200,000
|
Note receivable interest rate |
|
|
|
|
|
|
5.00%
|
Joint Venture Arrangement [Member] | ROC Digital Mining I, LLC [Member] | ROC Digital Class B Units [Member] |
|
|
|
|
|
|
|
Investment shares owned |
|
|
|
|
|
|
240
|
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v3.24.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
1 Months Ended |
9 Months Ended |
|
Oct. 19, 2022 |
Oct. 31, 2022 |
May 31, 2024 |
Aug. 31, 2023 |
Capital contribution |
|
|
$ 808,407
|
$ 987,429
|
Description site from insurance |
|
Under our hosting agreement with ROC Digital, we located one immersion container
at the site for $500 per month, plus payment of our pro rata share of electricity, internet and insurance for the site. Under the hosting
agreement, we also agreed to contribute $100,000 toward the electricity deposit for the site, which is refundable to us at the earlier
of the date the electricity provider releases the deposit or 90 days after the expiration or termination of the hosting agreement.
|
|
|
Related party transaction description |
|
|
The total sales price of the transformers is approximately $1,407,000 and our total
cost is expected to be $1,340,000. Rykor owns 2,672,000 shares of our common stock and warrants to purchase an additional 5,344,000 shares,
and as a result is the beneficial owner of approximately 14.5% of our common stock.
|
|
ROC Digital Mining I, LLC [Member] |
|
|
|
|
Capital contribution |
|
|
$ 867,247
|
|
Joint Venture Arrangement [Member] | ROC Digital Mining I, LLC [Member] |
|
|
|
|
Capital contribution |
|
$ 987,429
|
|
|
Investment per unit |
|
4,400
|
|
|
Note receivable |
|
|
748,888
|
1,029,721
|
Joint Venture Arrangement [Member] | ROC Digital Mining I, LLC [Member] | Immersion Containers [Member] |
|
|
|
|
Note receivable |
|
$ 1,200,000
|
|
|
Note receivable interest rate |
|
5.00%
|
|
|
Joint Venture Arrangement [Member] | ROC Digital Mining I, LLC [Member] | ROC Digital Class B Units [Member] |
|
|
|
|
Investment shares owned |
|
240
|
|
|
LOC Agreement 2022 [Member] |
|
|
|
|
Line of credit facility |
$ 1,000,000
|
|
|
|
Line of credit interest rate |
12.00%
|
|
|
|
Amount of principal |
|
|
1,625,000
|
1,300,000
|
Interest payable |
|
|
$ 257,293
|
$ 97,460
|
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v3.24.2
STOCKHOLDERS' EQUITY (Details)
|
9 Months Ended |
May 31, 2024
$ / shares
shares
|
Class of Warrant or Right [Line Items] |
|
Warrants amount outstanding |
9,500,800
|
Class A Warrants [Member] |
|
Class of Warrant or Right [Line Items] |
|
Warrants amount outstanding |
590,000
|
Warrants exercise price | $ / shares |
$ 2.00
|
Warrants expiration date |
Aug. 05, 2024
|
Class B Warrants [Member] |
|
Class of Warrant or Right [Line Items] |
|
Warrants amount outstanding |
590,000
|
Warrants exercise price | $ / shares |
$ 5.00
|
Warrants expiration date |
Aug. 05, 2024
|
Class C-1 Warrants [Member] |
|
Class of Warrant or Right [Line Items] |
|
Warrants amount outstanding |
4,147,600
|
Warrants exercise price | $ / shares |
$ 2.00
|
Warrants expiration date |
Jan. 15, 2025
|
Class C-2 Warrants [Member] |
|
Class of Warrant or Right [Line Items] |
|
Warrants amount outstanding |
4,147,600
|
Warrants exercise price | $ / shares |
$ 4.00
|
Warrants expiration date |
Jan. 15, 2025
|
Class C-3 Warrants [Member] |
|
Class of Warrant or Right [Line Items] |
|
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25,600
|
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$ 1.25
|
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Jun. 27, 2027
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v3.24.2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
9 Months Ended |
|
May 31, 2024 |
Aug. 31, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares outstanding |
49,912,607
|
49,665,649
|
Officer Employment Contract [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Number of shares issued for compensation |
72,993
|
|
Number of value issued for compensation |
$ 32,117
|
|
Officer Employment Contract One [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Number of shares issued for compensation |
83,056
|
|
Number of value issued for compensation |
$ 36,545
|
|
Officer Employment Contract Two [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Number of shares issued for compensation |
90,909
|
|
Number of value issued for compensation |
$ 40,000
|
|
Series A Preferred Stock [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Preferred stock, shares authorized |
500,000
|
500,000
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares issued |
453,966
|
453,966
|
Liquidation preference per share |
$ 10
|
|
Conversion price |
$ 0.575
|
|
Redeemed percentage |
30.00%
|
|
Number of value redeemed |
$ 2,000,000
|
|
Number of shares redeemed |
10,000
|
|
Preferred Stock [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Preferred stock, shares authorized |
20,000,000
|
|
Preferred stock, par value |
$ 0.0001
|
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