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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Accounts Receivable

Accounts receivable, net consists of the following:

($ in thousands)

 

December 31,
2023

 

 

September 30,
2023

 

Accounts Receivable, gross

 

$

348

 

 

$

353

 

Provision for doubtful allowances

 

 

(348

)

 

 

(348

)

Total Accounts Receivable, net

 

$

—

 

 

$

5

 
Schedule of Earnings Per Share Basic and Diluted Provided below is the income (loss) per share calculation for the three months ended December 31, 2023 and 2022:

 

 

For the Three Months
Ended December 31,

 

 ($ in thousands, except share and per share)

 

2023

 

 

2022

 

Continuing Operations

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

25,909

 

 

$

(30,488

)

Preferred stock dividends

 

 

579

 

 

 

—

 

Income (loss) from continuing operations attributable to common shareholders

 

$

25,330

 

 

$

(30,488

)

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

Weighted- average common shares outstanding,
   basic

 

 

178,809,264

 

 

 

66,395,174

 

Dilutive impact of stock options and other share-based awards

 

 

1,974,271

 

 

 

—

 

Dilutive impact of contingent shares issued for business acquisition

 

 

—

 

 

 

—

 

Weighted- average common shares outstanding,
   diluted

 

 

180,783,535

 

 

 

66,395,174

 

Income (loss) from continuing operations per common share attributable to common shareholders

 

 

 

 

 

 

Basic

 

$

0.14

 

 

$

(0.46

)

Diluted

 

$

0.14

 

 

$

(0.46

)

 

 

 

 

 

 

Discontinued Operations

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

Income from discontinued operations

 

$

—

 

 

$

1,457

 

Denominator

 

 

 

 

 

 

Weighted- average common shares outstanding,
   basic

 

 

178,809,264

 

 

 

66,395,174

 

Dilutive impact of stock options and other share-based awards

 

 

1,974,271

 

 

 

1,005,160

 

Dilutive impact of contingent shares issued for business acquisition

 

 

—

 

 

 

—

 

Weighted- average common shares outstanding,
   diluted

 

 

180,783,535

 

 

 

67,400,334

 

Income on discontinued operations per common share attributable to common shareholders

 

 

 

 

 

 

Basic

 

$

-

 

 

$

0.02

 

Diluted

 

$

-

 

 

$

0.02

 
Schedule of Estimated Useful Life of Asset

Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows:

 

 

Useful life (years)

Land improvements

 

5 - 15

Building and building improvements

 

Shorter of lease term or 30 years

Leasehold improvements



Shorter of lease term or 15 years

Miners

 

3 - 5

Mining equipment

 

3 - 15

Infrastructure asset

 

Shorter of lease term or 15 years

Machinery and equipment

 

3 - 10

Furniture and fixtures

 

1 - 5
Schedule of Financial Instruments

The following table presents the Company’s financial instruments that are measured and recorded at fair value on the Company’s balance sheets on a recurring basis, and their level within the fair value hierarchy as of December 31, 2023 and September 30, 2023:

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Bitcoin

 

$

126,951

 

 

$

126,951

 

 

$

—

 

 

$

—

 

Derivative investment asset

 

 

1,454

 

 

 

—

 

 

 

—

 

 

 

1,454

 

Investment in debt security

 

 

755

 

 

 

—

 

 

 

—

 

 

 

755

 

Total

 

$

129,160

 

 

$

126,951

 

 

$

—

 

 

$

2,209

 

 

September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Derivative investment asset

 

$

2,697

 

 

$

—

 

 

$

—

 

 

$

2,697

 

Investment in debt security

 

 

726

 

 

 

—

 

 

 

—

 

 

 

726

 

Total

 

$

3,423

 

 

$

—

 

 

$

—

 

 

$

3,423