10-Q Filing

CLEANSPARK, INC. CIK: 827876 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001663577-20-000033`
Period End Date	20191231
Filing Date	20200210
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	clsk-20191231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 35 Cash Flow Statement 78 Stockholders Equity 22

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$7.84M	USD	Point-in-time
Cash	`Cash`	$6.38M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$707.51K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$777.72K	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetGross`	$57.08K	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetGross`	$28.52K	USD	Point-in-time
Inventory	`InventoryNet`	$145.93K	USD	Point-in-time
Inventory	`InventoryNet`	-	USD	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseCurrentAndNoncurrent`	$1.21M	USD	Point-in-time
Common Stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseCurrentAndNoncurrent`	$608.27K	USD	Point-in-time
Common Stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Derivative asset	`DerivativeAssets`	$2.27M	USD	Point-in-time
Derivative asset	`DerivativeAssets`	-	USD	Point-in-time
Common Stock, Shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock, Shares authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	175,000.00	shares	Point-in-time
Investment in equity security	`EquitySecuritiesFvNi`	$462.00K	USD	Point-in-time
Investment in equity security	`EquitySecuritiesFvNi`	-	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	4.87M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	4.68M	shares	Point-in-time
Investment in available for sale debt security, at fair value	`DebtSecurities`	$425.70K	USD	Point-in-time
Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Investment in available for sale debt security, at fair value	`DebtSecurities`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.02M	USD	Point-in-time
Preferred Stock, Shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$9.88M	USD	Point-in-time
Preferred Stock, Shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$145.07K	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$140.85K	USD	Point-in-time
Preferred Stock, shares issued and outstanding	`PreferredStockSharesIssued`	1.75M	shares	Point-in-time
Preferred Stock, shares issued and outstanding	`PreferredStockSharesIssued`	1.00M	shares	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$74.55K	USD	Point-in-time
Capitalized Software, net	`CapitalizedComputerSoftwareNet`	$1.06M	USD	Point-in-time
Capitalized Software, net	`CapitalizedComputerSoftwareNet`	$1.02M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsCurrent`	$7.43M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsCurrent`	$6.82M	USD	Point-in-time
Goodwill	`Goodwill`	$4.92M	USD	Point-in-time
Goodwill	`Goodwill`	$4.92M	USD	Point-in-time
Total assets	`Assets`	$23.99M	USD	Point-in-time
Total assets	`Assets`	$23.43M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.07M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$848.76K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiability`	$499.40K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiability`	$610.83K	USD	Point-in-time
Convertible notes, net of unamortized discounts	`ConvertibleNotesPayable`	-	USD	Point-in-time
Convertible notes, net of unamortized discounts	`ConvertibleNotesPayable`	$623.90K	USD	Point-in-time
Due to related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$86.97K	USD	Point-in-time
Due to related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$70.00K	USD	Point-in-time
Lease liability	`LeaseDepositLiability`	$74.79K	USD	Point-in-time
Lease liability	`LeaseDepositLiability`	-	USD	Point-in-time
Loans payable, net of unamortized discounts	`AccountsNotesAndLoansReceivableNetCurrent`	-	USD	Point-in-time
Loans payable, net of unamortized discounts	`AccountsNotesAndLoansReceivableNetCurrent`	$67.47K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.45M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.50M	USD	Point-in-time
Convertible notes, net of unamortized discounts	`ConvertibleNotesNetOfUnamorizedLongTerm`	$2.90M	USD	Point-in-time
Convertible notes, net of unamortized discounts	`ConvertibleNotesNetOfUnamorizedLongTerm`	$3.78M	USD	Point-in-time
Loans payable	`LoansPayable`	$150.00K	USD	Point-in-time
Loans payable	`LoansPayable`	$150.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$6.38M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.55M	USD	Point-in-time
4,868,911 and 4,679,018 shares issued and outstanding as of December 31, 2019 and September 30, 2019, respectively	`CommonStockValue`	$4.87K	USD	Point-in-time
4,868,911 and 4,679,018 shares issued and outstanding as of December 31, 2019 and September 30, 2019, respectively	`CommonStockValue`	$4.68K	USD	Point-in-time
1,750,000 and 1,000,000 Series A shares issued and outstanding as of December 31, 2019 and September 30, 2019, respectively	`PreferredStockValue`	$1.00K	USD	Point-in-time
1,750,000 and 1,000,000 Series A shares issued and outstanding as of December 31, 2019 and September 30, 2019, respectively	`PreferredStockValue`	$1.75M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$112.57M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$111.94M	USD	Point-in-time
Accumulated earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$-94.97M	USD	Point-in-time
Accumulated earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$-93.06M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$17.61M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.06M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$18.89M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$19.83M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$23.99M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$23.43M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`Revenues`	$976.82K	USD	1 Quarter
Revenues, net	`Revenues`	$262.91K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$882.72K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$223.33K	USD	1 Quarter
Gross profit	`GrossProfit`	$94.10K	USD	1 Quarter
Gross profit	`GrossProfit`	$39.58K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$1.52M	USD	1 Quarter
Professional fees	`ProfessionalFees`	$1.02M	USD	1 Quarter
Payroll expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$160.35K	USD	1 Quarter
Payroll expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$711.54K	USD	1 Quarter
Product development	`BusinessDevelopment`	$348.66K	USD	1 Quarter
Product development	`BusinessDevelopment`	-	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$230.66K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$96.99K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$626.78K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$157.48K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.78M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.09M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.74M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.99M	USD	1 Quarter
Loss on settlement of debt	`GainsLossesOnRestructuringOfDebt`	$-26.23K	USD	1 Quarter
Loss on settlement of debt	`GainsLossesOnRestructuringOfDebt`	-	USD	1 Quarter
Unrealized gain on equity security	`UnrealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments`	$368.87K	USD	1 Quarter
Unrealized gain on equity security	`UnrealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments`	-	USD	1 Quarter
Gain on derivative asset	`FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss`	$2.27M	USD	1 Quarter
Gain on derivative asset	`FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$517.42K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.56M	USD	1 Quarter
Total other income (expense)	`OtherExpenses`	$543.64K	USD	1 Quarter
Total other income (expense)	`OtherExpenses`	$1.08M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.92M	USD	1 Quarter
Loss per common share - basic and diluted	`EarningsPerShareBasic`	$-0.40	USD	1 Quarter
Loss per common share - basic and diluted	`EarningsPerShareBasic`	$-0.63	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	3.65M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	4.78M	shares	1 Quarter

Cash Flow Statement 78 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.92M	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$627.96K	USD	1 Quarter
Unrealized gain on equity security	`UnrealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments`	$368.87K	USD	1 Quarter
Unrealized gain on equity security	`UnrealizedGainLossOnMarketableSecuritiesCostMethodInvestmentsAndOtherInvestments`	-	USD	1 Quarter
Amortization of operating right of use asset	`AmortizationOfLeasedAsset`	$10.73K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$157.48K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$626.78K	USD	1 Quarter
Amortization of capitalized software	`AmortizationOfCapitalizedSoftware`	$348.66K	USD	1 Quarter
Amortization of capitalized software	`AmortizationOfCapitalizedSoftware`	$39.29K	USD	1 Quarter
Amortization of debt premium	`AmortizationOfDebtDiscountPremium`	$-18.83K	USD	1 Quarter
Loss on settlement of debt	`DebtorReorganizationItemsImpairmentLoss`	-	USD	1 Quarter
Loss on settlement of debt	`DebtorReorganizationItemsImpairmentLoss`	$26.23K	USD	1 Quarter
Gain on derivative asset	`FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss`	$2.27M	USD	1 Quarter
Gain on derivative asset	`FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss`	-	USD	1 Quarter
Amortization of debt discount	`AmortizationOfFinancingCosts`	$1.51M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfFinancingCosts`	$466.34K	USD	1 Quarter
Decrease in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$602.12K	USD	1 Quarter
Decrease in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$22.16K	USD	1 Quarter
Decrease in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$52.44K	USD	1 Quarter
Decrease in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$28.56K	USD	1 Quarter
Increase in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$111.43K	USD	1 Quarter
Increase in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	-	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$70.21K	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-114.48K	USD	1 Quarter
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$221.05K	USD	1 Quarter
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$252.97K	USD	1 Quarter
Decrease in lease liability	`IncreaseDecreaseInOperatingLiabilities`	$-10.49K	USD	1 Quarter
Decrease in lease liability	`IncreaseDecreaseInOperatingLiabilities`	-	USD	1 Quarter
Increase in inventory	`IncreaseDecreaseInInventories`	-	USD	1 Quarter
Increase in inventory	`IncreaseDecreaseInInventories`	$-145.93K	USD	1 Quarter
Decrease in due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-16.97K	USD	1 Quarter
Decrease in due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-222.64K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-885.39K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-666.44K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.45K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.93K	USD	1 Quarter
Investment in capitalized software	`InvestmentCompanyCommittedCapital`	$117.77K	USD	1 Quarter
Investment in capitalized software	`InvestmentCompanyCommittedCapital`	-	USD	1 Quarter
Investment in debt and equity securities	`IncreaseDecreaseInEquitySecuritiesFvNi`	$-500.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-509.45K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-120.70K	USD	1 Quarter
Payments on promissory notes	`RepaymentsOfSubordinatedShortTermDebt`	$67.47K	USD	1 Quarter
Payments on promissory notes	`RepaymentsOfSubordinatedShortTermDebt`	$222.72K	USD	1 Quarter
Proceeds from related party debts	`ProceedsFromRelatedPartyDebt`	$75.03K	USD	1 Quarter
Proceeds from related party debts	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Payments on related party debts	`ProceedsFromRepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Payments on related party debts	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-213.10K	USD	1 Quarter
Proceeds from convertible debt, net of issuance costs	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Proceeds from convertible debt, net of issuance costs	`ProceedsFromConvertibleDebt`	$5.00M	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$1.09K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$361.80K	USD	1 Quarter
Net cash from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.00M	USD	1 Quarter
Net cash from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-67.47K	USD	1 Quarter
Net increase (decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.46M	USD	1 Quarter
Net increase (decrease) in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.21M	USD	1 Quarter
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.84M	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$412.78K	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.62M	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.38M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.84M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$412.78K	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.62M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.38M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$49.75K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	-	USD	1 Quarter
Cash paid for tax	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cash paid for tax	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Day one recognition of right of use asset and liability	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	$85.28K	USD	1 Quarter
Day one recognition of right of use asset and liability	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	-	USD	1 Quarter
Shares issued as collateral returned to treasury	`SharesIssuedAsCollateralReturnedToTreasury`	138.00	shares	1 Quarter
Shares issued as collateral returned to treasury	`SharesIssuedAsCollateralReturnedToTreasury`	-	shares	1 Quarter
Stock issued to promissory notes	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$51.23K	USD	1 Quarter
Stock issued to promissory notes	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	1 Quarter
Debt discount on convertible debt	`DebtDiscountOnConvertibleDebt`	-	USD	1 Quarter
Debt discount on convertible debt	`DebtDiscountOnConvertibleDebt`	$5.00M	USD	1 Quarter
Option expense capitalized as software development costs	`OptionsWarrantsIssuedForServices`	-	shares	1 Quarter
Option expense capitalized as software development costs	`OptionsWarrantsIssuedForServices`	21,250.00	shares	1 Quarter

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquity`	$17.61M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$16.06M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$18.89M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$19.83M	USD	Point-in-time
Shares issued for services, shares	`StockIssuedDuringPeriodSharesIssuedForServices`	750,000.00	shares	Point-in-time
Shares issued for services, amount	`StockIssuedDuringPeriodValueIssuedForServices`	$271.73K	USD	1 Quarter
Shares issued for services, amount	`StockIssuedDuringPeriodValueIssuedForServices`	$34.10K	USD	1 Quarter
Option and warrants issued for services, amount	`StockIssuedDuringPeriodValueOther`	$602.17K	USD	1 Quarter
Option and warrants issued for services, amount	`StockIssuedDuringPeriodValueOther`	$377.48K	USD	1 Quarter
Shares issued upon Conversion of debt and accrued interest, amount	`DebtConversionOriginalDebtAmount1`	-	USD	1 Quarter
Shares issued upon exercise of warrants, amount	`StockIssuedDuringPeriodValueConversionOfUnits`	$1.09K	USD	1 Quarter
Beneficial conversion feature and shares and warrants issued with convertible debt, amount	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	$5.00M	USD	1 Quarter
Shares issued for direct investment, amount	`StockIssuedDuringPeriodValueNewIssues`	$361.80K	USD	1 Quarter
Shares issued for direct investment, amount	`StockIssuedDuringPeriodValueNewIssues`	$361.80K	USD	1 Quarter
Shares issued for settlement of debt, amount	`StockIssuedDuringPeriodValueSettlementOfDebt`	$51.23K	USD	1 Quarter
Commitment shares returned and cancelled, amount	`StockRepurchasedAndRetiredDuringPeriodValue`	-	USD	1 Quarter
Rounding shares issued for stock split, amount	`StockIssuedDuringPeriodValueReverseStockSplits`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.92M	USD	1 Quarter
Ending balance, amount	`StockholdersEquity`	$17.61M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$16.06M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$18.89M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$19.83M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.