CleanSpark Files 10-Q for June 30, 2024

TL;DR

CLSK 10-Q filed for 6/30/24. Financials updated.

AI Summary

CleanSpark, Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company, previously known as StrataGen Inc. and SmartData Corp, is incorporated in Nevada and operates in the Finance Services sector. Key dates and periods mentioned include fiscal year end September 30, and reporting periods like Q3 2024.

Why It Matters

This filing provides investors with an update on CleanSpark's financial health and operational progress for the latest quarter, crucial for understanding its current market position.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company operates in the volatile cryptocurrency and digital asset space, which carries inherent risks.

Key Numbers

• Q3 2024 — Quarterly Period (Reporting period for the 10-Q filing.)
• 2024-06-30 — End of Reporting Period (The specific date up to which financial information is reported.)
• 2023-09-30 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• CLEANSPARK, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240809 (date) — Filed as of Date
• STRATEAN INC. (company) — Former Company Name
• SMARTDATA CORP (company) — Former Company Name
• 0000827876 (company) — Central Index Key
• CLSK (company) — Ticker Symbol
• GRIID INFRASTRUCTURE (company) — Acquisition Related Entity

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share CLSK The Nasdaq Stock Mar

Filing Documents

• clsk-20240630.htm (10-Q) — 3033KB
• clsk-ex10_13.htm (EX-10.13) — 275KB
• clsk-ex10_14.htm (EX-10.14) — 247KB
• clsk-ex31_1.htm (EX-31.1) — 25KB
• clsk-ex31_2.htm (EX-31.2) — 25KB
• clsk-ex32_1.htm (EX-32.1) — 10KB
• clsk-ex32_2.htm (EX-32.2) — 10KB
• img159699606_0.jpg (GRAPHIC) — 5KB
• img159699606_1.jpg (GRAPHIC) — 5KB
• img160623127_0.jpg (GRAPHIC) — 1KB
• img160623127_1.jpg (GRAPHIC) — 1KB
• 0000950170-24-094891.txt ( ) — 15268KB
• clsk-20240630.xsd (EX-101.SCH) — 2369KB
• clsk-20240630_htm.xml (XML) — 2791KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1:

Financial Statements

Financial Statements 5 Item 2:

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 6 Item 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 4:

Controls and Procedures

Controls and Procedures 21

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1:

Legal Proceedings

Legal Proceedings 24 Item 1A:

Risk Factors

Risk Factors 24 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3: Defaults Upon Senior Securities 24 Item 4: Mine Safety Disclosures 24 Item 5: Other Information 24 Item 6: Exhibits 25 2

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements regarding our future results of operations and financial position, future hash rate capacity, industry and business trends, equity compensation, business strategy, plans, market growth and objectives for future operations. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: our ability to achieve profitability, and to maintain prof

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Our condensed consolidated financial statements included in this Form 10-Q are as follows: Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and September 30, 2023; F- 1 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended June 30, 2024 and 2023 (unaudited); F- 3 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended June 30, 2024 and 2023 the (unaudited); F- 5 Condensed Consolidated Statements of Cash Flow for the nine months ended June 30, 2024 and 2023 (unaudited); F- 7 Notes to Condensed Consolidated Financial Statements (unaudited). F- 9 This Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended September 30, 2023, filed with the SEC on December 1, 2023. The accompanying condensed consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC's instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended June 30, 2024 are not necessarily indicative of the results that can be expected for the full fiscal year. 5 CLEANSPARK, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share amounts) June 30, 2024 September 30, 2023 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 126,141 $ 29,215 Restricted cash 3,023 — Receivable from equity offerings 31,158 9,590 Prepaid expense and other current assets 7,656 3,258 Bitcoin (see Note 2 and Note 5) 413,033 56,241 Note receivable from GRIID (see Note 6) 15,000 — Derivative investment asset 1

View Full Filing

View this 10-Q filing on SEC EDGAR