10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

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: 001-40808

 

Greenidge Generation Holdings Inc.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

 

86-1746728

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

590 Plant Road,

Dresden, NY 14441

 

14441

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (315) 536-2359

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.0001 par value

GREE

The Nasdaq Global Select Market

8.50% Senior Notes due 2026

GREEL

The Nasdaq Global Select Market

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 (§ 232.405 of this chapter) 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, smaller reporting company, or an 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 Exchange Act). Yes ☐ No

Securities registered pursuant to Section 12(g) of the Act: None

As of November 12, 2021, the registrant had 11,605,205 shares of Class A common stock, $0.0001 par value per share, outstanding and 29,040,000 shares of Class B common stock, $0.0001 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

 

Item 1.

Financial Statements

 

 

 

Condensed Consolidated Balance Sheets (Unaudited)

 

5

 

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)

 

6

 

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)

 

7

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

 

8

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

9

Item 2.

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

 

29

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

45

Item 4.

Controls and Procedures

 

45

PART II.

OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

 

46

Item 1A.

Risk Factors

 

46

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

72

Item 3.

Defaults Upon Senior Securities

 

73

Item 4.

Mine Safety Disclosures

 

73

Item 5.

Other Information

 

73

Item 6.

Exhibits

 

76

Exhibit Index

 

76

Signatures

 

78

 

1


 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Form 10-Q includes certain statements that may constitute “forward-looking statements” within the meaning of 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 fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect our financial or operating results. These forward-looking statements may be identified by terms such as “anticipate,” “believe,” “continue,” “foresee,” “expect,” “intend,” “plan,” “may,” “will,” "would," “could” and “should” and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this document include, among other things, statements regarding our business plan, business strategy and operations in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future, including statements relating to creating value for stockholders and benefits of the Merger (as defined below) to our customers, vendors, employees, stockholders and other constituents, are forward-looking statements.

Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part II, Item 1A. “Risk Factors” of this Quarterly Report on Form 10-Q, as well as statements about or relating to or otherwise affected by:

the ability to recognize the anticipated objectives and benefits of an expansion into multiple data centers in Texas;
the ability to negotiate or execute definitive documentation with respect to potential expansion sites on terms and conditions that are acceptable to Greenidge, whether on a timely basis or at all;
the ability to recognize the anticipated objectives and any benefits of the merger described in Note 1 of the Notes to Consolidated Financial Statements (Unaudited) herein (the “Merger”), including the anticipated tax treatment of the Merger;
changes in applicable laws, regulations or permits affecting our operations or the industries in which we operate, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining;
any failure by us to obtain acceptable financing with regard to our growth strategies or operations;
fluctuations and volatility in the price of bitcoin and other cryptocurrencies;
loss of public confidence in, or use cases of, bitcoin and other cryptocurrencies;
the potential of cryptocurrency market manipulation;
the economics of mining cryptocurrency, including as to variables or factors affecting the cost, efficiency and profitability of mining;
the availability, delivery schedule and cost of equipment necessary to maintain and grow our business and operations, including mining equipment and equipment meeting the technical or other specifications required to achieve our growth strategy;
the possibility that we may be adversely affected by other economic, business or competitive factors, including factors affecting the industries in which we operate or upon which we rely and are dependent;
the ability to expand successfully to other facilities, mine other cryptocurrencies or otherwise expand our business;
changes in tax regulations applicable to us, our assets or cryptocurrencies, including bitcoin;
any litigation involving us;
costs and expenses relating to cryptocurrency transaction fees and fluctuation in cryptocurrency transaction fees;
the condition of our physical assets, including that our current single operating facility may realize material, if not total, loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage; and

2


 

the actual and potential impact of the COVID-19 pandemic.

Consequently, all of the forward-looking statements made in this Quarterly Report on Form 10-Q are qualified by the information contained herein, including the information contained under this caption and the information in Part II, Item 1A. “Risk Factors” of this Quarterly Report on Form 10-Q. No assurance can be given that these are all of the factors that could cause actual results to vary materially from the forward-looking statements.

You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, what impact they will have on the results of our operations, financial condition or cash flows. Actual results may differ materially from those discussed in this Quarterly Report on Form 10-Q. All forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and we do not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise, as of any future date.

Risk Factor Summary

Our business is subject to numerous risks and uncertainties, which illuminate challenges that we face in connection with the successful implementation of our strategy and the growth of our business. The following considerations, among others, may offset our competitive strengths or have a negative effect on our business strategy, which could cause a decline in the price of our class A common stock and result in a loss of all or a portion of your investment:

Our business and operating plan may be altered due to several external factors including but not limited to market conditions, the ability to procure equipment in a quantity, cost and timeline consistent with the business plan and the ability to identify and acquire additional locations to replicate the operating model in place at our existing facility.
 
It may take significant time, expenditure or effort for us to grow our business, including our bitcoin mining operations, through acquisitions, and our efforts may not be successful.
 
The loss of any of our management team, an inability to execute an effective succession plan, or an inability to attract and retain qualified personnel could adversely affect our results of operations, strategy and financial performance.
 
We have been, are currently, and may be in the future, the subject of legal proceedings, including governmental investigations, relating to our products or services.
 
Our ability to use our net operating losses to offset future taxable income may be subject to certain limitations.
 
We have a limited operating history, with operating losses as we have grown. If we are unable to sustain greater revenues than our operating costs of bitcoin mining and power generation, as well as expansion plans, we will resume operating losses, which could negatively impact our results of operations, strategy and financial performance.
While we have multiple sources of revenue from our business and operations, these sources of revenue currently all depend on the single natural gas power generation facility that we operate. Any disruption to our single power plant would have a material adverse effect on our business and operations, as well as our results of operations and financial condition.
As the aggregate amount of computing power, or hash rate, in the bitcoin network increases, the amount of bitcoin earned per unit of hash rate decreases; as a result, in order to maintain our market share, we may have to incur significant capital expenditures in order to expand our fleet of miners.
The properties utilized by us in our bitcoin mining operations may experience damage, including damage not covered by insurance.
Our bitcoin may be subject to loss, theft or restriction on access.
If bitcoin or other cryptocurrencies are determined to be investment securities, and we hold a significant portion of our assets in such cryptocurrency, investment securities or non-controlling equity interests of other entities, we may inadvertently violate the Investment Company Act.

3


 

There has been limited precedent set for financial accounting of digital assets and so it is unclear how we will be required to account for digital asset transactions.
Regulatory changes or actions may alter the nature of an investment in us or restrict the use of bitcoin in a manner that adversely affects our business prospects and our results of operations and financial condition.
We are subject to risks related to Internet disruptions, which could have an adverse effect on our ability to mine bitcoin.
Our future success will depend significantly on the price of bitcoin, which is subject to risk and has historically been subject to wide swings and significant volatility.
We may not be able to compete effectively against other companies, some of whom have greater resources and experience.
The impact of geopolitical and economic events on the supply and demand for bitcoin is uncertain.
Bitcoin miners and other necessary hardware are subject to malfunction, technological obsolescence, the global supply chain and difficulty and cost in obtaining new hardware.
We face risks and disruptions related to the COVID-19 pandemic and supply chain issues, including in semiconductors and other necessary mining components, which could significantly impact our operations and financial results.
We may not adequately respond to rapidly changing technology.
A failure to properly monitor and upgrade the bitcoin network protocol could damage the bitcoin network which could, in turn, have an adverse effect on our business.
Over time, incentives for bitcoin miners to continue to contribute processing power to the bitcoin network may transition from a set reward to transaction fees. If the incentives for bitcoin mining are not sufficiently high, we may not have an adequate incentive to continue to mine.
Our operations and financial performance may be impacted by fuel supply disruptions, price fluctuations in the wholesale power and natural gas markets, and fluctuations in other market factors that are beyond our control.
A substantial portion of revenue generated by our Support Services segment is attributable to a limited number of clients. The loss or reduction in business from any of these clients could adversely affect its business and results of operations.
Our Support Services segment's business is based on a relatively new and evolving business model.

The risks described above should be read together with the text of the full risk factors described in Part II, Item 1A. “Risk Factors” and the other information set forth in this Quarterly Report on Form 10-Q, including our condensed consolidated financial statements and the related notes, as well as in other documents that we file with the SEC. Our business, prospects, financial condition or operating results could be harmed by any of these risks, as well as other risks not currently known to us or that we currently consider immaterial. Certain statements in “Risk Factors” are forward-looking statements. See “Cautionary Statement Regarding Forward-Looking Statements” above.

 

 

4


Table of Contents

 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

Greenidge Generation Holdings Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars Amounts in thousands, except share and member unit data)

 

 

September 30, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents

$

51,149

 

 

$

5,052

 

Short term investments

 

496

 

 

 

-

 

Digital assets

 

421

 

 

 

254

 

Accounts receivable

 

5,501

 

 

 

390

 

Prepaid expenses

 

5,042

 

 

 

155

 

Emissions and carbon offset credits

 

1,816

 

 

 

1,923

 

Total current assets

 

64,425

 

 

 

7,774

 

LONG-TERM ASSETS:

 

 

 

 

 

Property and equipment, net

 

121,532

 

 

 

56,645

 

Right-of-use assets

 

1,369

 

 

 

-

 

Intangible assets

 

22,493

 

 

 

-

 

Goodwill

 

46,349

 

 

 

-

 

Other long-term assets

 

2,143

 

 

 

148

 

Total assets

$

258,311

 

 

$

64,567

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

Accounts payable

$

3,368

 

 

$

1,745

 

Accrued emissions expense

 

1,674

 

 

 

2,082

 

Accrued expenses

 

9,566

 

 

 

946

 

Accrued interest expense - related party

 

-

 

 

 

20

 

Notes payable, current portion

 

17,994

 

 

 

3,273

 

Notes payable - related party, current portion

 

-

 

 

 

3,573

 

Lease obligations, current portion

 

852

 

 

 

-

 

Total current liabilities

 

33,454

 

 

 

11,639

 

LONG-TERM LIABILITIES:

 

 

 

 

 

Deferred tax liability

 

3,959

 

 

 

-

 

Notes payable, net of current portion

 

7,369

 

 

 

1,364

 

Lease obligations, net of current portion

 

111

 

 

 

-

 

Asset retirement obligations

 

2,380

 

 

 

2,277

 

Environmental trust liability

 

4,994

 

 

 

4,927

 

Other long-term liabilities

 

242

 

 

 

-

 

Total liabilities

 

52,509

 

 

 

20,207

 

COMMITMENTS AND CONTINGENCIES (NOTE 13)

 

 

 

 

 

STOCKHOLDERS' EQUITY:

 

 

 

 

 

 Preferred stock, par value $0.0001, 20,000,000 and 0 shares authorized,
  
0 and 0 shares issued and outstanding as of September 30, 2021 and
  December 31, 2020, respectively

 

-

 

 

 

-

 

Common stock, par value $0.0001, 3,000,000,000 and 0 shares authorized,
 
38,667,705 and 0 shares issued and outstanding as of September 30, 2021
 and December 31, 2020, respectively

 

4

 

 

 

-

 

Additional paid-in capital

 

233,813

 

 

 

-

 

Members' capital, 0 and 49,978 units outstanding as of September 30, 2021

 

 

 

 

 

 and December 31, 2020, respectively

 

-

 

 

 

69,276

 

Accumulated deficit

 

(28,015

)

 

 

(24,916

)

Total stockholders' equity

 

205,802

 

 

 

44,360

 

Total liabilities and stockholders' equity

$

258,311

 

 

$

64,567

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


Table of Contents

 

Greenidge Generation Holdings Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(in thousands, except per share data)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

REVENUE:

 

 

 

 

 

 

 

 

 

 

 

Cryptocurrency mining

$

31,156

 

 

$

3,043

 

 

$

54,217

 

 

$

8,673

 

Power and capacity

 

3,077

 

 

 

3,080

 

 

 

7,255

 

 

 

5,264

 

Services and other

 

1,521

 

 

 

-

 

 

 

1,521

 

 

 

-

 

Total revenue

 

35,754

 

 

 

6,123

 

 

 

62,993

 

 

 

13,937

 

OPERATING COSTS AND EXPENSES

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue - cryptocurrency mining (exclusive of
 depreciation and amortization shown below)

 

5,974

 

 

 

1,027

 

 

 

11,504

 

 

 

2,966

 

Cost of revenue - power and capacity (exclusive of
 depreciation and amortization shown below)

 

2,831

 

 

 

3,045

 

 

 

6,688

 

 

 

5,715

 

Cost of revenue - services and other (exclusive of
 depreciation and amortization shown below)

 

854

 

 

 

-

 

 

 

854

 

 

 

-

 

Selling, general and administrative

 

5,446

 

 

 

1,493

 

 

 

12,017

 

 

 

4,131

 

Merger and other costs (Note 4)

 

29,847

 

 

 

-

 

 

 

31,095

 

 

 

-

 

Depreciation and amortization

 

2,667

 

 

 

1,064

 

 

 

5,531

 

 

 

3,227

 

Total operating costs and expenses

 

47,619

 

 

 

6,629

 

 

 

67,689

 

 

 

16,039

 

Loss from operations

 

(11,865

)

 

 

(506

)

 

 

(4,696

)

 

 

(2,102

)

OTHER INCOME (EXPENSE), NET:

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(1,009

)

 

 

-

 

 

 

(1,377

)

 

 

-

 

Interest expense - related party

 

-

 

 

 

-

 

 

 

(22

)

 

 

(540

)

Gain on sale of digital assets

 

18

 

 

 

36

 

 

 

159

 

 

 

11

 

Other (expense) income, net

 

(29

)

 

 

181

 

 

 

(23

)

 

 

165

 

Total other (expense) income, net

 

(1,020

)

 

 

217

 

 

 

(1,263

)

 

 

(364

)

LOSS BEFORE INCOME TAXES

 

(12,885

)

 

 

(289

)

 

 

(5,959

)

 

 

(2,466

)

Benefit for income taxes

 

(4,989

)

 

 

-

 

 

 

(2,860

)

 

 

-

 

NET LOSS AND TOTAL
   COMPREHENSIVE LOSS

$

(7,896

)

 

$

(289

)

 

$

(3,099

)

 

$

(2,466

)

Loss per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.28

)

 

 

 

 

$

(0.13

)

 

 

 

Diluted

$

(0.28

)

 

 

 

 

$

(0.13

)

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

6


Table of Contents

 

Greenidge Generation Holdings Inc.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(in thousands, except share and member unit data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Common Units

 

 

Preferred Units

 

 

Senior Priority Units

 

 

Total

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid - In

 

 

Number

 

 

Members'

 

 

Number

 

 

Members'

 

 

Number

 

 

Members'

 

 

Members'

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

of Units

 

 

Capital

 

 

of Units

 

 

Capital

 

 

of Units

 

 

Capital

 

 

Capital

 

 

Deficit

 

 

Total

 

Balance at January 1, 2021

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

 

$

-

 

 

 

750

 

 

$

-

 

 

 

39,228

 

 

$

39,074

 

 

 

10,000

 

 

$

30,202

 

 

$

69,276

 

 

$

(24,916

)

 

$

44,360

 

Contribution of Preferred Units, Senior
   Priority Units, and notes payable to
   related party for Greenidge class B
   common stock (Note 9)

 

 

-

 

 

 

-

 

 

 

26,800,300

 

 

 

3

 

 

 

72,888

 

 

 

-

 

 

 

-

 

 

 

(39,228

)

 

 

(39,074

)

 

 

(10,000

)

 

 

(30,202

)

 

 

(69,276

)

 

 

-

 

 

 

3,615

 

Contribution of GGH Common Units for
   Greenidge class B common stock (Note 9)

 

 

-

 

 

 

-

 

 

 

1,199,700

 

 

 

-

 

 

 

-

 

 

 

(750

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Proceeds from issuance of preferred
   stock, net of stock issuance costs
   of $
3,387 (Note 9)

 

 

1,620,000

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

37,112

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

37,113

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,063

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,063

 

Proceeds from stock options exercised

 

 

-

 

 

 

-

 

 

 

160,000

 

 

 

-

 

 

 

1,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,000

 

Stock issued to purchase miners

 

 

-

 

 

 

-

 

 

 

160,000

 

 

 

-

 

 

 

991

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

991

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,797

 

 

 

4,797

 

Balance at June 30, 2021

 

 

1,620,000

 

 

$

1

 

 

 

28,320,000

 

 

$

3

 

 

$

113,054

 

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

 

$

-

 

 

$

(20,119

)

 

$

92,939

 

Shares issued to Support.com shareholders
   upon Merger, net of issuance costs of
   $
2,296 (Note 9)

 

 

-

 

 

 

-

 

 

 

2,960,731

 

 

 

-

 

 

 

91,588

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

91,588

 

Issuance of shares for investor fee associated
  with successful completion of Merger (Note 9)

 

 

-

 

 

 

-

 

 

 

562,174

 

 

 

-

 

 

 

17,826

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

17,826

 

Issuance of warrants to advisor in connection
  with completion of Merger (Note 9)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,779

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,779

 

Conversion of preferred stock (Note 9)

 

 

(1,620,000

)

 

 

(1

)

 

 

6,480,000

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Shares issued upon exercise of warrants

 

 

-

 

 

 

-

 

 

 

344,800

 

 

 

-

 

 

 

2,155

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,155

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

411

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

411