2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Earnings Per Share Basic and Diluted

Provided below is the loss per share calculation for the years ended September 30, 2024, 2023 and 2022:

	For the Year Ended September 30,
($ in thousands, except share and per share amounts)	2024			2023			2022
Continuing Operations
Numerator
Loss from continuing operations	$	(145,777	)	$	(133,719	)	$	(40,089	)
Preferred stock dividends		3,422			—			336
Loss from continuing operations attributable to common shareholders	$	(149,199	)	$	(133,719	)	$	(40,425	)
Denominator
Weighted-average common shares outstanding, basic		216,860,819			102,707,509			42,614,197
Weighted-average common shares outstanding, diluted		216,860,819			102,707,509			42,614,197
Loss from continuing operations per common share attributable to common shareholders
Basic	$	(0.69	)	$	(1.30	)	$	(0.95	)
Diluted	$	(0.69	)	$	(1.30	)	$	(0.95	)
Discontinued Operations
Numerator
Loss income from discontinued operations	$	—		$	(4,429	)	$	(17,237	)
Denominator
Weighted-average common shares outstanding, basic		216,860,819			102,707,509			42,614,197
Dilutive impact of stock options and other share-based awards		—			—			—
Weighted-average common shares outstanding, diluted		216,860,819			102,707,509			42,614,197
Loss on discontinued operations per common share attributable to common shareholders
Basic	$	—		$	(0.04	)	$	(0.40	)
Diluted	$	—		$	(0.04	)	$	(0.40	)

Schedule of Potentially Dilutive Securities

The number of shares that were not included in the calculation of net loss per diluted share because to do so would have been anti-dilutive, or for preferred stock, because the conversion contingency associated with the change in control had not occurred, and the contingency was not resolved for the years ended September 30, 2024, 2023 and 2022 are as follows:

	For the Year Ended September 30,
	2024		2023		2022
Restricted stock awards		1,383,425		-		5,448,548
Stock options		169,636		11,087		1,418,938
Warrants		12,419		62		202,220
Contingently issuable shares		-		289,549		-
Series A preferred stock conversion		5,250,000		5,250,000		5,250,000
Total anti-dilutive shares		6,815,480		5,550,698		12,319,706

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 (1)
Mining equipment	3 - 15
Infrastructure asset	Shorter of lease term or 15 years
Machinery and equipment	3 - 10
Furniture and fixtures	1 - 5
(1) Effective May 1, 2024, the Company reduced the useful life for miners from five years to three years.

Schedule of Finite Lived Intangible Assets Useful Lives

The Company amortizes intangible assets with finite lives over their estimated useful lives as follows:

	Useful life (years)
Websites	3
Software	5
Strategic contract	5

Schedule of Impairment Loss

During the years ended September 30, 2024, 2023 and 2022, the Company incurred the following impairment losses related to bitcoin and goodwill:

	Years ended September 30,
($ in thousands)		2024		2023		2022
Impairment of bitcoin		$	—	$	7,163	$	12,210
Impairment of goodwill			—		—		12,048
Total impairment loss		$	—	$	7,163	$	24,258

Schedule of Segment Wise Goodwill Activity

The following table reflects goodwill activity for the years ended September 30, 2024, 2023 and 2022, respectively:

	For the year ended September 30,
($ in thousands)	2024		2023		2022
Beginning of year balance	$	8,043	$	—	$	12,048
Acquisitions		—		8,043		—
Impairment		—		—		(12,048	)
End of year balance	$	8,043	$	8,043	$	—

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 Consolidated Balance Sheets on a recurring basis, and their level within the fair value hierarchy as of September 30, 2024 and September 30, 2023:

September 30, 2024
($ in thousands)	Amount			Level 1		Level 2			Level 3
Cash equivalents(1)	$	120,639		$	120,639	$	—		$	—
Receivable from bitcoin collateral(2)		77,827			—		77,827			—
Bitcoin		431,661			431,661		—			—
ILAL derivative asset		1,932			—		—			1,932
Investment in debt security		918			—		—			918
Interest rate swap derivative		(100	)		—		(100	)		—
Total	$	632,877		$	552,300	$	77,727		$	2,850

(1) Represents money market funds.

(2) See Note 12 - Loans for more information.

September 30, 2023
($ in thousands)	Amount		Level 1		Level 2		Level 3
ILAL derivative asset	$	2,697	$	—	$	—	$	2,697
Investment in debt security		726		—		—		726
Total	$	3,423	$	—	$	—	$	3,423