14. LOAN

6 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

LOAN

14.LOANS

As of March 31, 2023, the Company had a gross balance outstanding of $17,783, netted against discount on the loans payable of $164. Total principal payments on loans during the six months ended March 31, 2023 was $10,433.

The following is a schedule of the Company's future loan payments and loan balance, net of debt discount, as of March 31, 2023:

($ in thousands)	Maturity Date	Rate	Debt Balance, Net
Master Equipment Financing Arrangement	Apr-25	13.80%	$	14,493
SPRE Commercial Group, Inc.	Aug-23	12.00%		844
Marquee Funding Partners	Jul-26 - Feb-27	13.00%		1,933
Auto & Equipment Loans	Oct-26 - Oct-28	0.99-9.20%		349
Total Loans Outstanding			$	17,619
Less: current portion of long-term loans				(7,248	)
Long-term loans, excluding current portion			$	10,371

($ in thousands)	5-Year Loan Maturities
Outstanding Loan	FY 2023		FY 2024		FY 2025		FY 2026		FY 2027		Thereafter		Total
Master Equipment Financing Arrangement	$	2,928	$	6,508	$	5,221	$	—	$	—	$	—	$	14,657
SPRE Commercial Group, Inc.		844		—		—		—		—		—		844
Marquee Funding Partners		208		458		521		593		153		—		1,933
Auto & Equipment Loans		29		67		70		74		59		50		349
Total principal amount of loan payments by fiscal year	$	4,009	$	7,033	$	5,812	$	667	$	212	$	50	$	17,783
Unamortized deferred financing costs and discounts on Master Equipment Financing Arrangement														(164	)
Total loan book value as of December 31, 2022													$	17,619

Master Equipment Financing Agreement

On April 22, 2022, the Company entered into a Master Equipment Financing Agreement with Trinity Capital Inc. (the "Lender"). The Master Equipment Financing Agreement provided for up to $35 million of borrowings to finance the Company’s acquisition of blockchain computing equipment. The Company received a loan of $20 million at closing, with the remaining $15 million fundable upon the Company's request, if requested no later than December 31, 2022, subject to certain customary conditions. The Company did not request the funding and agreed with the Lender that the related 1% loan commitment fee for the unused portion would be refunded to the Company, which was received in December 2022. The borrowings under the Master Equipment Financing Agreement are collateralized by 3,336 S19j Pro miners, which are located at our Godby, GA and Norcross, GA sites.

SPRE Commercial Group, Inc.

In connection with the WAHA Transaction, the Company entered into a financing arrangement with the seller. The loan has a term of 12 months with monthly payments of $174 and a stated interest rate of 12%.

Marquee Funding Partners

In connection with the WAHA Transaction, certain assets were encumbered with mortgages which the Company assumed. The mortgages assumed have a current unpaid principal balance of $2,031 and remaining payment terms ranging from 47-54 months and annual interest of 13%.

Auto Loans

The Company has entered into various financing arrangements to purchase vehicles and non-miner equipment with combined principal amount of $364. The loans vary in terms from 48-72 months with annual interest rates ranging from 0.99% - 9.20%. The loans are secured with the purchased vehicles and equipment. During the six months ended March 31, 2023, the Company entered into two separate agreements for the purchase of equipment with a combined principal of $164, with terms ranging from 48-60 months and interest rates ranging from 0.99%-2.90%.