|
Nevada
(State or other jurisdiction of incorporation or organization) |
| |
7370
(Primary Standard Industrial Classification Code Number) |
| |
95-4863690
(I.R.S. Employer Identification No.) |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☒
|
| |
Smaller reporting company
☒
|
|
| | | |
Emerging growth company
☐
|
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| | | | | ii | | | |
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| | | | | 95 | | | |
| | | | | 100 | | | |
| | | | | 102 | | | |
| | | | | 103 | | | |
| | | | | 104 | | | |
| | | | | 106 | | |
| | |
Prior to the Reverse Stock Split
|
| |
After Giving Effect to the Reverse Stock Split
|
| ||||||||||||||||||||||||||||||
| | |
0% Debt
Finance |
| |
30% Debt
Finance |
| |
70% Debt
Finance |
| |
0% Debt
Finance |
| |
30% Debt
Finance |
| |
70% Debt
Finance |
| ||||||||||||||||||
Capital Expenditure per MW
|
| | | $ | 250,000 | | | | | $ | 250,000 | | | | | $ | 250,000 | | | | | $ | 250,000 | | | | | $ | 250,000 | | | | | $ | 250,000 | | |
Total Capital Expenditure for
1.5GW |
| | | $ | 375,000,000 | | | | | $ | 375,000000 | | | | | $ | 375,000,000 | | | | | $ | 375,000,000 | | | | | $ | 375,000,000 | | | | | $ | 375,000,000 | | |
Amount Financed with Debt
|
| | | $ | 0 | | | | | $ | 112,500,000 | | | | | $ | 262,500,000 | | | | | $ | 0 | | | | | $ | 112,500,000 | | | | | $ | 262,500,000 | | |
Total Capital Contribution
|
| | | $ | 375,000,000 | | | | | $ | 262,500,000 | | | | | $ | 112,500,000 | | | | | $ | 375,000,000 | | | | | $ | 262,500,000 | | | | | $ | 112,500,000 | | |
Capital Contribution by Antpool (20%)
|
| | | $ | 75,000,000 | | | | | $ | 42,500,000 | | | | | $ | 22,500,000 | | | | | $ | 75,000,000 | | | | | $ | 42,500,000 | | | | | $ | 22,500,000 | | |
APLD Shares issuable upon
Conversion of Antpool Capital Contributions at a $1.25 conversion price (or $7.50 after giving effect to the Reverse Stock Split) |
| | | | 60,000,000 | | | | | | 42,000,000 | | | | | | 18,000,000 | | | | | | 10,000,000 | | | | | | 7,000,000 | | | | | | 3,000,000 | | |
Shares Outstanding after this Offering plus Shares issuable to Antpool
|
| | | | 606,191,999 | | | | | | 588,191,999 | | | | | | 564,191,999 | | | | | | 101,031,904 | | | | | | 98,031,904 | | | | | | 94,031,904 | | |
Percentage of APLD Common Stock
if Antpool Converted all of its Capital Contributions |
| | | | 9.90% | | | | | | 7.14% | | | | | | 3.19% | | | | | | 9.90% | | | | | | 7.14% | | | | | | 3.19% | | |
| | |
As of November 30, 2021
|
| | | | |||||||||||||||
| | |
Actual
|
| |
Pro Forma As Adjusted
|
| | ||||||||||||||
| | | | | | | | |
Prior to the
Reverse Stock Split |
| |
After giving effect to the
Reverse Stock Split |
| | ||||||||
| | |
(in thousands)
|
| | | ||||||||||||||||
Cash and cash equivalents
|
| | | $ | 14,045 | | | | | $ | 14,045 | | | | | $ | 14,045 | | | | ||
Mezzanine equity: | | | | | | | | | | | | | | | | |||||||
Series C convertible and redeemable preferred
stock, $.001 par value, 660,000 shares authorized, issued and outstanding and 0 and 0 shares outstanding, respectively |
| | | | 15,135 | | | | | | — | | | | | | — | | | | ||
Series D convertible and redeemable preferred
stock, $.001 par value, 1,380,000 shares authorized, issued and outstanding and 0 and 0 shares outstanding, respectively |
| | | | 31,574 | | | | | | — | | | | | | — | | | | ||
Stockholders’ equity | | | | | | | | | | | | | | | | |||||||
Common stock, $.001 par value, 1,000,000,000 (or 166,666,666 after giving effect to the Reverse Stock Split) shares authorized, 320,381,519, 546,191,999 and 91,301,890 shares issued and outstanding, respectively
|
| | | | 320 | | | | | | 546 | | | | | | 91 | | | | ||
Additional paid-in capital
|
| | | | 43,657 | | | | | | 92,145 | | | | | | 92,601 | | | | ||
Treasury Stock, 36,300 shares, at cost (or 6,050 after the Reverse Stock Split)
|
| | | | (62) | | | | | | (62) | | | | | | (62) | | | | ||
Accumulated deficit
|
| | | | (44,837) | | | | | | (44,837) | | | | | | (44,837) | | | | ||
Total stockholders’ equity
|
| | | | (922) | | | | | | 47,793 | | | | | | 47,793 | | | | ||
Total capitalization
|
| | | | 45,787 | | | | | | 47,793 | | | | | | 47,793 | | | |
| | |
Before the Reverse Stock Split
|
| |
After Giving Effect to the Reverse Stock Split
|
| ||||||||||||||||||
Fiscal Quarter End
|
| |
RSUs Vested
|
| |
Implied
Expense |
| |
RSUs Vested
|
| |
Implied
Expense |
| ||||||||||||
May 31, 2022
|
| | | | 2,650,000 | | | | | $ | 3,551,000 | | | | | | 441,666 | | | | | $ | 3,551,000 | | |
August 31, 2022
|
| | | | 4,800,000 | | | | | $ | 6,432,000 | | | | | | 800,000 | | | | | $ | 6,432,000 | | |
November 30, 2022
|
| | | | 3,300,000 | | | | | $ | 4,422,000 | | | | | | 550,000 | | | | | $ | 4,422,000 | | |
| | |
Before the Reverse Stock Split
|
| |
After Giving Effect to the Reverse Stock Split
|
| ||||||||||||||||||
Fiscal Quarter End
|
| |
Vesting
Restricted Stock |
| |
Implied
Expense |
| |
Vesting
Restricted Stock |
| |
Implied
Expense |
| ||||||||||||
May 31, 2022
|
| | | | 1,800,000 | | | | | $ | 2,412,000 | | | | | | 300,000 | | | | | $ | 2,412,000 | | |
August 31, 2022
|
| | | $ | 450,000 | | | | | $ | 603,000 | | | | | | 75,000 | | | | | $ | 603,000 | | |
November 30, 2022
|
| | | $ | 450,000 | | | | | $ | 603,000 | | | | | | 75,000 | | | | | $ | 603,000 | | |
February 28, 2023
|
| | | $ | 450,000 | | | | | $ | 603,000 | | | | | | 75,000 | | | | | $ | 603,000 | | |
May 31, 2023
|
| | | $ | 450,000 | | | | | $ | 603,000 | | | | | | 75,000 | | | | | $ | 603,000 | | |
| | |
Before the Reverse Stock Split
|
| |
After Giving Effect to the Reverse Stock Split
|
| ||||||||||||||||||
Fiscal Quarter End
|
| |
Vesting
Restricted Stock |
| |
Implied
Expense |
| |
Vesting
Restricted Stock |
| |
Implied
Expense |
| ||||||||||||
May 31, 2022
|
| | | | 2,300,000 | | | | | $ | 3,082,000 | | | | | | 383,334 | | | | | $ | 3,082,000 | | |
August 31, 2022
|
| | | | 575,000 | | | | | $ | 770,500 | | | | | | 95,833 | | | | | $ | 770,500 | | |
November 30, 2022
|
| | | | 575,000 | | | | | $ | 770,500 | | | | | | 95,833 | | | | | $ | 770,500 | | |
February 28, 2023
|
| | | | 575,000 | | | | | $ | 770,500 | | | | | | 95,833 | | | | | $ | 770,500 | | |
May 31, 2023
|
| | | | 575,000 | | | | | $ | 770,500 | | | | | | 95,833 | | | | | $ | 770,500 | | |
Name
|
| |
Age
|
| |
Position(s)
|
| |
Period of Services
|
|
Executive Officers | | | | | | | | | ||
Wes Cummins | | |
44
|
| |
Chief Executive Officer, Secretary, Treasurer, Chairman of the Board
|
| |
Director from February 2007 to December 2020 and March 2021 to Present, sole officer from March 2012 to December 2020 and CEO, Secretary and Treasurer from March 2021 to Present
|
|
David Rench | | |
44
|
| |
Chief Financial Officer
|
| |
March 2021 to Present
|
|
Regina Ingel | | |
34
|
| |
Executive Vice President of Operations
|
| |
April 2021 to Present
|
|
Non-Employee Directors | | | | | | | | | ||
Chuck Hastings(1)(3) | | |
43
|
| |
Director
|
| |
April 2021 to Present
|
|
Kelli McDonald(2)(3) | | |
43
|
| |
Director
|
| |
April 2021 to Present
|
|
Douglas Miller(1)(2)(4) | | |
64
|
| |
Director
|
| |
April 2021 to Present
|
|
Virginia Moore(2)(3) | | |
48
|
| |
Director
|
| |
April 2021 to Present
|
|
Richard Nottenburg(1)(2) | | |
68
|
| |
Director
|
| |
June 2021 to Present
|
|
Jason Zhang | | |
29
|
| |
Director
|
| |
April 2021 to Present
|
|
Name and position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Total
($)(a) |
| ||||||||||||
Wes Cummins
|
| | | | 2021 | | | | | | 52,083 | | | | | | — | | | | | | 52,083 | | |
CEO, President, Secretary and Treasurer
|
| | | | 2020 | | | | | | — | | | | | | — | | | | | | — | | |
David Rench,
|
| | | | 2021 | | | | | | 41,667 | | | | | | — | | | | | | 41,667 | | |
Chief Financial Officer
|
| | | | 2020 | | | | | | — | | | | | | — | | | | | | — | | |
Regina Ingel
|
| | | | 2021 | | | | | | 12,500 | | | | | | — | | | | | | 12,500 | | |
Vice President of Operations
|
| | | | 2020 | | | | | | — | | | | | | — | | | | | | — | | |
|
Number of Shares
|
| | | | |||
|
Prior to the
Reverse Stock Split |
| |
After Giving Effect to the
Reverse Stock Split |
| |
Vesting Date*
|
|
|
1,500,000
|
| |
250,000
|
| |
4/1/2022
|
|
|
375,000
|
| |
62,500
|
| |
7/1/2022
|
|
|
375,000
|
| |
62,500
|
| |
10/1/2022
|
|
|
375,000
|
| |
62,500
|
| |
1/1/2023
|
|
|
375,000
|
| |
62,500
|
| |
4/1/2023
|
|
|
Number of Shares
|
| | | | |||
|
Prior to the
Reverse Stock Split |
| |
After Giving Effect to the
Reverse Stock Split |
| |
Vesting Date*
|
|
|
500,000
|
| |
83,333
|
| |
4/1/2022
|
|
|
125,000
|
| |
20,833
|
| |
7/1/2022
|
|
|
125,000
|
| |
20,833
|
| |
10/1/2022
|
|
|
125,000
|
| |
20,833
|
| |
1/1/2023
|
|
|
125,000
|
| |
20,834
|
| |
4/1/2023
|
|
|
Number of Shares
|
| | | | |||
|
Prior to the
Reverse Stock Split |
| |
After Giving Effect to the
Reverse Stock Split |
| |
Vesting Date*
|
|
|
300,000
|
| |
50,000
|
| |
4/1/2022
|
|
|
75,000
|
| |
12,500
|
| |
7/1/2022
|
|
|
75,000
|
| |
12,500
|
| |
10/1/2022
|
|
|
75,000
|
| |
12,500
|
| |
1/1/2023
|
|
|
75,000
|
| |
12,500
|
| |
4/1/2023
|
|
|
Base retainer
|
| | | $ | 25,000 | | |
|
Audit Committee Chair
|
| | | $ | 15,000 | | |
|
Audit Committee Member
|
| | | $ | 8,000 | | |
|
Compensation Committee Chair
|
| | | $ | 10,000 | | |
|
Compensation Committee Member
|
| | | $ | 5,000 | | |
|
Nominating and Governance Committee Chair
|
| | | $ | 5,000 | | |
|
Nominating and Governance Committee Member
|
| | | $ | 3,000 | | |
| | |
Before Offering
|
| |
After Offering
|
| ||||||||||||||||||||||||||||||
Name and Address(a)
|
| |
Total Common
(As-if Preferred was Converted) |
| |
Total Common
(As-if Preferred was Converted and Reverse Stock Split effected) |
| |
Percentage
Beneficially Owned |
| |
Total
Common |
| |
Total Common
(As-if Reverse Stock Split effected) |
| |
Percentage
Beneficially Owned |
| ||||||||||||||||||
Directors and Officers: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Wes Cummins
|
| | | | 127,272,414(b) | | | | | | 21,212,068(b) | | | | | | 23.26% | | | | | | 127,272,414(b) | | | | | | 21,212,068(b) | | | | | | 23.26% | | |
David Rench
|
| | | | 1,002,847(c) | | | | | | 167,141(c) | | | | | | * | | | | | | 1,002,847(c) | | | | | | 167,141(c) | | | | | | * | | |
Chuck Hastings
|
| | | | 2,607,000(d) | | | | | | 434,500(d) | | | | | | * | | | | | | 2,607,000(d) | | | | | | 434,500(d) | | | | | | * | | |
Kelli McDonald
|
| | | | 600,000(e) | | | | | | 100,000(e) | | | | | | * | | | | | | 600,000(e) | | | | | | 100,000(e) | | | | | | * | | |
Douglas Miller
|
| | | | 600,000(f) | | | | | | 100,000(f) | | | | | | * | | | | | | 600,000(f) | | | | | | 100,000(f) | | | | | | * | | |
Virginia Moore
|
| | | | 5,584,683(g) | | | | | | 930,780(g) | | | | | | 1.02% | | | | | | 1,530,000(m) | | | | | | 255,000(m) | | | | | | * | | |
Richard Nottenburg
|
| | | | 600,000(h) | | | | | | 100,000(h) | | | | | | * | | | | | | 600,000(h) | | | | | | 100,000(h) | | | | | | * | | |
Jason Zhang
|
| | | | 19,538,559(i) | | | | | | 3,256,426(i) | | | | | | 3.57% | | | | | | 19,538,559(i) | | | | | | 3,256,426(i) | | | | | | 3.57% | | |
Regina Ingel
|
| | | | 600,000(j) | | | | | | 100,000(j) | | | | | | * | | | | | | 600,000(j) | | | | | | 100,000(j) | | | | | | * | | |
Officers and Directors as a group
(9 people) |
| | | | 158,405,503(b)-(j) | | | | | | 26,400,915(b)-(j) | | | | | | 28.95% | | | | | | 154,350,820(b)-(g), | | | | | | 25,725,135(b)-(g), | | | | | | 28.21% | | |
| | | | | | | | | | | | | | | | | | | |
|
(i)-(j),(m)
|
| | | |
|
(i)-(j),(m)
|
| | | | | | | |
| | |
Before Offering
|
| |
After Offering
|
| ||||||||||||||||||||||||||||||
Name and Address(a)
|
| |
Total Common
(As-if Preferred was Converted) |
| |
Total Common
(As-if Preferred was Converted and Reverse Stock Split effected) |
| |
Percentage
Beneficially Owned |
| |
Total
Common |
| |
Total Common
(As-if Reverse Stock Split effected) |
| |
Percentage
Beneficially Owned |
| ||||||||||||||||||
5% Holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Xin Xu
c/o Xsquared Holding Limited c/o Vistra Corporate Services Centre Wickhams Cay II Tortola British Virgin Islands |
| | | | 44,640,889(k) | | | | | | 7,440,148 | | | | | | 8.16% | | | | | | 44,640,889(k) | | | | | | 7,440,148 | | | | | | 8.16% | | |
Guo Chen
c/o GMR Limited Trinity Chamber PO BOX 4301 Tortola British Virgin Islands |
| | | | 44,640,889(l) | | | | | | 7,440,148 | | | | | | 8.16% | | | | | | 44,640,889(l) | | | | | | 7,440,148 | | | | | | 8.16% | | |
| | |
Shares of
Common Stock Beneficially owned Prior to the Sale of Registered Shares(a)(b) |
| |
Shares of
Common Stock Beneficially Owned Prior to the Sale of Registered Shares Giving Effect to the Reverse Stock Split |
| |
Registered
Shares being Offered(b) |
| |
Registered
Shares Offered Giving Effect to Reverse Stock Split |
| |
Shares of Common Stock
Beneficially Owned after the Sale of Registered Shares |
| | |||||||||||||||||||||||
Name of Selling Stockholder
|
| |
Shares(c)
|
| |
Shares
Giving Effect to Reverse Stock Split |
| |
%
|
| ||||||||||||||||||||||||||||||
Deep Field Opportunities Fund, LP
|
| | | | 14,547,800 | | | | | | 2,424,633 | | | | | | 14,547,800 | | | | | | 2,424,633 | | | | | | — | | | | | | — | | | |
|
|
Knott Partners LP
|
| | | | 14,009,323 | | | | | | 2,334,887 | | | | | | 14,009,323 | | | | | | 2,334,887 | | | | | | — | | | | | | — | | | |
|
|
William Herbert Hunt Trust, Estate
|
| | | | 14,016,060 | | | | | | 2,336,010 | | | | | | 14,016,060 | | | | | | 2,336,010 | | | | | | — | | | | | | — | | | |
|
|
Voss Value Master Fund, L.P.
|
| | | | 9,975,600 | | | | | | 1,662,600 | | | | | | 9,975,600 | | | | | | 1,662,600 | | | | | | — | | | | | | — | | | |
|
|
Voss Value-Oriented Special
Situations Fund |
| | | | 1,180,853 | | | | | | 196,808 | | | | | | 1,180,853 | | | | | | 196,808 | | | | | | — | | | | | | — | | | |
|
|
Keen Microcap Fund LP
|
| | | | 7,656,655 | | | | | | 1,276,109 | | | | | | 7,656,655 | | | | | | 1,276,109 | | | | | | — | | | | | | — | | | |
|
|
Anson Investments Master Fund LP
|
| | | | 8,006,050 | | | | | | 1,334,341 | | | | | | 8,006,050 | | | | | | 1,334,341 | | | | | | — | | | | | | — | | | |
|
|
Nokomis Capital Master Fund LP
|
| | | | 5,967,178 | | | | | | 994,529 | | | | | | 5,967,178 | | | | | | 994,529 | | | | | | — | | | | | | — | | | |
|
|
AFOB FIP MS, LLC
|
| | | | 8,176,039 | | | | | | 1,362,673 | | | | | | 8,176,039 | | | | | | 1,362,673 | | | | | | — | | | | | | — | | | |
|
|
David S. Hunt
|
| | | | 4,676,203 | | | | | | 779,367 | | | | | | 4,676,203 | | | | | | 779,367 | | | | | | — | | | | | | — | | | |
|
|
Hunt Technology Ventures,
LP |
| | | | 4,520,294 | | | | | | 753,382 | | | | | | 4,520,294 | | | | | | 753,382 | | | | | | — | | | | | | — | | | |
|
|
Kingdom Investments,
Limited |
| | | | 5,195,748 | | | | | | 865,958 | | | | | | 5,195,748 | | | | | | 865,958 | | | | | | — | | | | | | — | | | |
|
|
Placid Ventures, L.P.
|
| | | | 5,195,748 | | | | | | 865,958 | | | | | | 5,195,748 | | | | | | 865,958 | | | | | | — | | | | | | — | | | |
|
|
Bond E Oman
|
| | | | 3,533,200 | | | | | | 588,866 | | | | | | 3,533,200 | | | | | | 588,866 | | | | | | — | | | | | | — | | | |
|
|
Granite Point Capital Master Fund, LP
|
| | | | 4,714,053 | | | | | | 785,675 | | | | | | 4,714,053 | | | | | | 785,675 | | | | | | — | | | | | | — | | | |
|
|
Granite Point Capital Scorpion Focused Ideas Fund
|
| | | | 4,714,053 | | | | | | 785,675 | | | | | | 4,714,053 | | | | | | 785,675 | | | | | | — | | | | | | — | | | |
|
|
Bradley L. Radoff
|
| | | | 3,740,882 | | | | | | 623,480 | | | | | | 3,740,882 | | | | | | 623,480 | | | | | | — | | | | | | — | | | |
|
|
Harvey Master Fund, LP
|
| | | | 6,783,917 | | | | | | 1,130,652 | | | | | | 3,240,632 | | | | | | 540,105 | | | | | | 3,543,285 | | | | | | 590,547 | | | |
|
|
Patrice McNicoll
|
| | | | 2,994,723 | | | | | | 499,120 | | | | | | 2,994,723 | | | | | | 499,120 | | | | | | — | | | | | | — | | | |
|
|
Jimmy Baker
|
| | | | 332,600 | | | | | | 55,433 | | | | | | 332,600 | | | | | | 55,433 | | | | | | — | | | | | | — | | | |
|
|
Star V Partners LLC
|
| | | | 3,382,841 | | | | | | 563,806 | | | | | | 3,382,841 | | | | | | 563,806 | | | | | | — | | | | | | — | | | |
|
|
Anson East Master Fund LP
|
| | | | 2,668,855 | | | | | | 444,809 | | | | | | 2,668,855 | | | | | | 444,809 | | | | | | — | | | | | | — | | | |
|
|
Redcap Investments LP
|
| | | | 2,935,730 | | | | | | 489,288 | | | | | | 2,935,730 | | | | | | 489,288 | | | | | | — | | | | | | — | | | |
|
|
Lyda Hunt-Herbert Trusts – Bruce William Hunt
|
| | | | 2,935,730 | | | | | | 489,288 | | | | | | 2,935,730 | | | | | | 489,288 | | | | | | — | | | | | | — | | | |
|
|
Kenneth R. Werner
|
| | | | 59,091 | | | | | | 9,848 | | | | | | 59,091 | | | | | | 9,848 | | | | | | — | | | | | | — | | | |
|
|
Kenneth R. Werner Revocable Trust
|
| | | | 1,454,800 | | | | | | 242,466 | | | | | | 1,454,800 | | | | | | 242,466 | | | | | | — | | | | | | — | | | |
|
|
| | |
Shares of
Common Stock Beneficially owned Prior to the Sale of Registered Shares(a)(b) |
| |
Shares of
Common Stock Beneficially Owned Prior to the Sale of Registered Shares Giving Effect to the Reverse Stock Split |
| |
Registered
Shares being Offered(b) |
| |
Registered
Shares Offered Giving Effect to Reverse Stock Split |
| |
Shares of Common Stock
Beneficially Owned after the Sale of Registered Shares |
| | ||||||||||||||||||||||||||
Name of Selling Stockholder
|
| |
Shares(c)
|
| |
Shares
Giving Effect to Reverse Stock Split |
| |
%
|
| |||||||||||||||||||||||||||||||||
Peter Levinson
|
| | | | 1,631,960 | | | | | | 271,993 | | | | | | 1,631,960 | | | | | | 271,993 | | | | | | — | | | | | | — | | | |
|
| |||
Brian Smoluch
|
| | | | 2,747,189 | | | | | | 457,864 | | | | | | 2,747,189 | | | | | | 457,864 | | | | | | — | | | | | | — | | | |
|
| |||
Andrew Moore
|
| | | | 5,584,683(d)(e) | | | | | | 930,780(d)(e) | | | | | | 4,054,683(d) | | | | | | 675,780(d) | | | | | | 1,530,000(e) | | | | | | 255,000(e) | | | |
|
| |||
Bryant and Carleen Riley JTWROS
|
| | | | 15,766,486(f) | | | | | | 2,627,747(f) | | | | | | 1,164,000(f) | | | | | | 194,000(f) | | | | | | 14,602,486(f) | | | | | | 2,433,747(f) | | | | | | 3.3% | | |
Joseph R. Nardini
|
| | | | 1,400,194 | | | | | | 233,365 | | | | | | 1,400,194 | | | | | | 233,365 | | | | | | — | | | | | | — | | | |
|
| |||
Harvey SMIDCAP Fund, LP
|
| | | | 9,310,468 | | | | | | 1,551,744 | | | | | | 2,219,755 | | | | | | 369,959 | | | | | | 7,090,713 | | | | | | 1,181,785 | | | |
|
| |||
Kelleher Family Trust
|
| | | | 2,495,498 | | | | | | 415,916 | | | | | | 873,000 | | | | | | 145,500 | | | | | | 1,622,498 | | | | | | 270,416 | | | |
|
| |||
TKL Global Investments
LLC |
| | | | 2,133,400 | | | | | | 355,566 | | | | | | 831,400 | | | | | | 138,566 | | | | | | 1,302,000 | | | | | | 217,000 | | | |
|
| |||
Ziyao Wang
|
| | | | 665,200 | | | | | | 110,866 | | | | | | 665,200 | | | | | | 110,866 | | | | | | — | | | | | | — | | | |
|
| |||
Lance Cannon
|
| | | | 806,905 | | | | | | 134,484 | | | | | | 806,905 | | | | | | 134,484 | | | | | | — | | | | | | — | | | |
|
| |||
Rohan Kumar
|
| | | | 901,394 | | | | | | 150,232 | | | | | | 901,394 | | | | | | 150,232 | | | | | | — | | | | | | — | | | |
|
| |||
Alan N. Forman
|
| | | | 582,000 | | | | | | 97,000 | | | | | | 582,000 | | | | | | 97,000 | | | | | | — | | | | | | — | | | |
|
| |||
Bradley Silver
|
| | | | 582,000 | | | | | | 97,000 | | | | | | 582,000 | | | | | | 97,000 | | | | | | — | | | | | | — | | | |
|
| |||
Daniel Ondeck
|
| | | | 582,000 | | | | | | 97,000 | | | | | | 582,000 | | | | | | 97,000 | | | | | | — | | | | | | — | | | |
|
| |||
Eric Rajewski
|
| | | | 723,705 | | | | | | 120,617 | | | | | | 723,705 | | | | | | 120,617 | | | | | | — | | | | | | — | | | |
|
| |||
Manuel Jesus Bueno
|
| | | | 652,853 | | | | | | 108,808 | | | | | | 652,853 | | | | | | 108,808 | | | | | | — | | | | | | — | | | |
|
| |||
Pinnacle Investment Group
LLC |
| | | | 1,290,523 | | | | | | 215,087 | | | | | | 1,290,523 | | | | | | 215,087 | | | | | | — | | | | | | — | | | |
|
| |||
Samantha Gumenick
|
| | | | 582,000 | | | | | | 97,000 | | | | | | 582,000 | | | | | | 97,000 | | | | | | — | | | | | | — | | | |
|
| |||
Terril Scott Peterson
|
| | | | 747,341 | | | | | | 124,556 | | | | | | 747,341 | | | | | | 124,556 | | | | | | — | | | | | | — | | | |
|
| |||
Michael Schlotman
|
| | | | 457,400 | | | | | | 76,233 | | | | | | 457,400 | | | | | | 76,233 | | | | | | — | | | | | | — | | | |
|
| |||
Andrew Russell
|
| | | | 533,925 | | | | | | 88,987 | | | | | | 533,925 | | | | | | 88,987 | | | | | | — | | | | | | — | | | |
|
| |||
John C. Rijo
|
| | | | 533,925 | | | | | | 88,987 | | | | | | 533,925 | | | | | | 88,987 | | | | | | — | | | | | | — | | | |
|
| |||
David J. Morton
|
| | | | 267,091 | | | | | | 44,515 | | | | | | 267,091 | | | | | | 44,515 | | | | | | — | | | | | | — | | | |
|
| |||
BGBY Investments LLC
|
| | | | 267,091 | | | | | | 44,515 | | | | | | 267,091 | | | | | | 44,515 | | | | | | — | | | | | | — | | | |
|
| |||
Dominic Riley
|
| | | | 166,400 | | | | | | 27,733 | | | | | | 166,400 | | | | | | 27,733 | | | | | | — | | | | | | — | | | |
|
| |||
1334 Partners LP
|
| | | | 590,455 | | | | | | 98,409 | | | | | | 590,455 | | | | | | 98,409 | | | | | | — | | | | | | — | | | |
|
| |||
Alexander M. McWilliams III
|
| | | | 59,091 | | | | | | 9,848 | | | | | | 59,091 | | | | | | 9,858 | | | | | | — | | | | | | — | | | |
|
| |||
Allan Weine
|
| | | | 263,194 | | | | | | 39,365 | | | | | | 263,194 | | | | | | 39,365 | | | | | | — | | | | | | — | | | |
|
| |||
Allison Wolford
|
| | | | 23,637 | | | | | | 3,939 | | | | | | 23,637 | | | | | | 3,939 | | | | | | — | | | | | | — | | | |
|
| |||
Alta Fundamental Advisers
Master LP |
| | | | 225,569 | | | | | | 37,594 | | | | | | 225,569 | | | | | | 37,594 | | | | | | — | | | | | | — | | | |
|
| |||
Andrew Aziz
|
| | | | 59,091 | | | | | | 9,848 | | | | | | 59,091 | | | | | | 9,848 | | | | | | — | | | | | | — | | | |
|
| |||
Ardsley Ridgecrest Partners
Fund, L.P. |
| | | | 236,194 | | | | | | 39,365 | | | | | | 236,194 | | | | | | 39,365 | | | | | | — | | | | | | — | | | |
|
|
| | |
Shares of
Common Stock Beneficially owned Prior to the Sale of Registered Shares(a)(b) |
| |
Shares of
Common Stock Beneficially Owned Prior to the Sale of Registered Shares Giving Effect to the Reverse Stock Split |
| |
Registered
Shares being Offered(b) |
| |
Registered
Shares Offered Giving Effect to Reverse Stock Split |
| |
Shares of Common Stock
Beneficially Owned after the Sale of Registered Shares |
| | |||||||||||||||||||||||
Name of Selling Stockholder
|
| |
Shares(c)
|
| |
Shares
Giving Effect to Reverse Stock Split |
| |
%
|
| ||||||||||||||||||||||||||||||
Austin D. Hunt
|
| | | | 118,125 | | | | | | 19,687 | | | | | | 118,125 | | | | | | 19,687 | | | | | | — | | | | | | — | | | |
|
|
B. Riley Securities Inc.
|
| | | | 3,678,978 | | | | | | 613,163 | | | | | | 2,748,978 | | | | | | 458,163 | | | | | | 930,000 | | | | | | 155,000 | | | |
|
|
Bansbach Capital Group, LLC Louise P. Bansbach
|
| | | | 1,771,250 | | | | | | 295,208 | | | | | | 1,771,250 | | | | | | 295,208 | | | | | | — | | | | | | — | | | |
|
|
Bitmain Delaware Holding Company, Inc.
|
| | | | 7,084,944 | | | | | | 1,180,824 | | | | | | 7,084,944 | | | | | | 1,180,824 | | | | | | — | | | | | | — | | | |
|
|
Black Maple Capital Partners LP
|
| | | | 2,361,648 | | | | | | 393,608 | | | | | | 2,361,648 | | | | | | 393,608 | | | | | | — | | | | | | — | | | |
|
|
Blackwell Partners LLC
|
| | | | 1,512,671 | | | | | | 252,111 | | | | | | 1,512,671 | | | | | | 252,111 | | | | | | — | | | | | | — | | | |
|
|
Boardman Bay Master, Ltd.
|
| | | | 826,591 | | | | | | 137,765 | | | | | | 826,591 | | | | | | 137,765 | | | | | | — | | | | | | — | | | |
|
|
Brett Chiles
|
| | | | 47,273 | | | | | | 7,878 | | | | | | 47,273 | | | | | | 7,878 | | | | | | — | | | | | | — | | | |
|
|
Brian Herman
|
| | | | 236,194 | | | | | | 39,365 | | | | | | 236,194 | | | | | | 39,365 | | | | | | — | | | | | | — | | | |
|
|
Cavalry Fund I LP
|
| | | | 944,660 | | | | | | 157,443 | | | | | | 944,660 | | | | | | 157,443 | | | | | | — | | | | | | — | | | |
|
|
Cavalry Special Ops Fund, LLC
|
| | | | 236,194 | | | | | | 39,365 | | | | | | 236,194 | | | | | | 39,365 | | | | | | — | | | | | | — | | | |
|
|
CBH Bahamas Ltd. as Trustee of the Pardiac Trust
|
| | | | 708,523 | | | | | | 118,087 | | | | | | 708,523 | | | | | | 118,087 | | | | | | — | | | | | | — | | | |
|
|
Columbus Capital Partners,
L.P. |
| | | | 4,723,296 | | | | | | 787,216 | | | | | | 4,723,296 | | | | | | 787,216 | | | | | | — | | | | | | — | | | |
|
|
David Bum Park
|
| | | | 23,637 | | | | | | 3,939 | | | | | | 23,637 | | | | | | 3,939 | | | | | | — | | | | | | — | | | |
|
|
David Durkin
|
| | | | 472,330 | | | | | | 78,721 | | | | | | 472,330 | | | | | | 78,721 | | | | | | — | | | | | | — | | | |
|
|
David G. Swank
|
| | | | 944,660 | | | | | | 157,443 | | | | | | 944,660 | | | | | | 157,443 | | | | | | — | | | | | | — | | | |
|
|
Dawn M. Farrell
|
| | | | 23,637 | | | | | | 3,939 | | | | | | 23,637 | | | | | | 3,939 | | | | | | — | | | | | | — | | | |
|
|
Drew Rossi
|
| | | | 11,819 | | | | | | 1,969 | | | | | | 11,819 | | | | | | 1,969 | | | | | | — | | | | | | — | | | |
|
|
EJS Investment Holdings
LLC |
| | | | 708,523 | | | | | | 118,087 | | | | | | 708,523 | | | | | | 118,087 | | | | | | — | | | | | | — | | | |
|
|
F2Pool Mining Inc.
|
| | | | 11,808,239 | | | | | | 1,968,039 | | | | | | 11,808,239 | | | | | | 1,968,039 | | | | | | — | | | | | | — | | | |
|
|
Frederick Baily Dent III
|
| | | | 472,330 | | | | | | 78,721 | | | | | | 472,330 | | | | | | 78,721 | | | | | | — | | | | | | — | | | |
|
|
James M. Clamage
|
| | | | 59,091 | | | | | | 9,848 | | | | | | 59,091 | | | | | | 9,848 | | | | | | — | | | | | | — | | | |
|
|
Jason Alabaster
|
| | | | 18,921 | | | | | | 3,153 | | | | | | 18,921 | | | | | | 3,153 | | | | | | — | | | | | | — | | | |
|
|
John B. Berding
|
| | | | 944,660 | | | | | | 157,443 | | | | | | 944,660 | | | | | | 157,443 | | | | | | — | | | | | | — | | | |
|
|
Jon D. and Linda W. Gruber Trust
|
| | | | 2,361,648 | | | | | | 393,608 | | | | | | 2,361,648 | | | | | | 393,608 | | | | | | — | | | | | | — | | | |
|
|
Jonathan Talcott
|
| | | | 59,091 | | | | | | 9,848 | | | | | | 59,091 | | | | | | 9,848 | | | | | | — | | | | | | — | | | |
|
|
Joseph Robert Nardini Jr.
|
| | | | 28,353 | | | | | | 4,725 | | | | | | 28,353 | | | | | | 4,725 | | | | | | — | | | | | | — | | | |
|
|
Knut Grevle
|
| | | | 59,091 | | | | | | 9,848 | | | | | | 59,091 | | | | | | 9,848 | | | | | | — | | | | | | — | | | |
|
|
Mark C. Koontz
|
| | | | 236,194 | | | | | | 39,365 | | | | | | 236,194 | | | | | | 39,365 | | | | | | — | | | | | | — | | | |
|
|
Martin Friedman
|
| | | | 118,125 | | | | | | 19,687 | | | | | | 118,125 | | | | | | 19,687 | | | | | | — | | | | | | — | | | |
|
|
MC Opportunities Fund LP
|
| | | | 826,591 | | | | | | 137,765 | | | | | | 826,591 | | | | | | 137,765 | | | | | | — | | | | | | — | | | |
|
|
| | |
Shares of
Common Stock Beneficially owned Prior to the Sale of Registered Shares(a)(b) |
| |
Shares of
Common Stock Beneficially Owned Prior to the Sale of Registered Shares Giving Effect to the Reverse Stock Split |
| |
Registered
Shares being Offered(b) |
| |
Registered
Shares Offered Giving Effect to Reverse Stock Split |
| |
Shares of Common Stock
Beneficially Owned after the Sale of Registered Shares |
| | |||||||||||||||||||||||
Name of Selling Stockholder
|
| |
Shares(c)
|
| |
Shares
Giving Effect to Reverse Stock Split |
| |
%
|
| ||||||||||||||||||||||||||||||
Michael Cavanaugh
|
| | | | 177,160 | | | | | | 29,526 | | | | | | 177,160 | | | | | | 29,526 | | | | | | — | | | | | | — | | | |
|
|
Millbrook Consulting Group LLC
|
| | | | 118,125 | | | | | | 19,687 | | | | | | 118,125 | | | | | | 19,687 | | | | | | — | | | | | | — | | | |
|
|
Ohsang Kwon
|
| | | | 2,361,648 | | | | | | 393,608 | | | | | | 2,361,648 | | | | | | 393,608 | | | | | | — | | | | | | — | | | |
|
|
Pacific Capital Management
LLC |
| | | | 590,455 | | | | | | 98,409 | | | | | | 590,455 | | | | | | 98,409 | | | | | | — | | | | | | — | | | |
|
|
Patrick Hanniford
|
| | | | 59,091 | | | | | | 9,848 | | | | | | 59,091 | | | | | | 9,848 | | | | | | — | | | | | | — | | | |
|
|
Paul Choi
|
| | | | 29,546 | | | | | | 4,924 | | | | | | 29,546 | | | | | | 4,924 | | | | | | — | | | | | | — | | | |
|
|
Precept Special Situation Fund, LP
|
| | | | 2,361,648 | | | | | | 393,608 | | | | | | 2,361,648 | | | | | | 393,608 | | | | | | — | | | | | | — | | | |
|
|
Puritan Partners LLC
|
| | | | 1,180,853 | | | | | | 196,808 | | | | | | 1,180,853 | | | | | | 196,808 | | | | | | — | | | | | | — | | | |
|
|
Richard Marks
|
| | | | 590,455 | | | | | | 98,409 | | | | | | 590,455 | | | | | | 98,409 | | | | | | — | | | | | | — | | | |
|
|
Ryan Aceto
|
| | | | 17,728 | | | | | | 2,954 | | | | | | 17,728 | | | | | | 2,954 | | | | | | — | | | | | | — | | | |
|
|
Spencer Gottshall
|
| | | | 11,819 | | | | | | 1,969 | | | | | | 11,819 | | | | | | 1,969 | | | | | | — | | | | | | — | | | |
|
|
Spencer Hempleman
|
| | | | 236,194 | | | | | | 39,365 | | | | | | 236,194 | | | | | | 39,365 | | | | | | — | | | | | | — | | | |
|
|
Verition Multi-Strategy Master Fund Ltd
|
| | | | 3,542,500 | | | | | | 590,416 | | | | | | 3,542,500 | | | | | | 590,416 | | | | | | — | | | | | | — | | | |
|
|
James W. Aston
|
| | | | 236,194 | | | | | | 39,365 | | | | | | 236,194 | | | | | | 39,365 | | | | | | — | | | | | | — | | | |
|
|
MACABA Holdings, LLC
|
| | | | 311,762 | | | | | | 51,960 | | | | | | 311,762 | | | | | | 51,960 | | | | | | — | | | | | | — | | | |
|
|
Pangea Capital, LLC
|
| | | | 311,762 | | | | | | 51,960 | | | | | | 311,762 | | | | | | 51,960 | | | | | | — | | | | | | — | | | |
|
|
Marshall Webb Mulligan
|
| | | | 239,035 | | | | | | 39,839 | | | | | | 239,035 | | | | | | 39,839 | | | | | | — | | | | | | — | | | |
|
|
| | |
Per Share Bid Price
Prior to the Reverse Stock Split |
| |
Per Share Bid Price
After Giving Effect to the Reverse Stock Split |
| ||||||||||||||||||
|
High
|
| |
Low
|
| |
High
|
| |
Low
|
| ||||||||||||||
Annual | | | | | | | | | | | | | | | | ||||||||||
Year Ended May 31, 2021
|
| | | $ | 2.25 | | | | | $ | 0.0071 | | | | | $ | 13.50 | | | | | $ | 0.0426 | | |
Quarterly | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended May 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 0.025 | | | | | $ | 0.0071 | | | | | $ | 0.15 | | | | | $ | 0.0426 | | |
Second Quarter
|
| | | $ | 0.03 | | | | | $ | 0.0085 | | | | | $ | 0.18 | | | | | $ | 0.0510 | | |
Third Quarter
|
| | | $ | 0.3499 | | | | | $ | 0.0153 | | | | | $ | 2.10 | | | | | $ | 0.0918 | | |
Fourth Quarter
|
| | | $ | 2.25 | | | | | $ | 0.14 | | | | | $ | 13.50 | | | | | $ | 0.84 | | |
Year Ending May 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 2.63 | | | | | $ | 0.6275 | | | | | $ | 15.78 | | | | | $ | 3.765 | | |
Second Quarter
|
| | | $ | 5.70 | | | | | $ | 1.27 | | | | | $ | 34.20 | | | | | $ | 7.62 | | |
Third Quarter
|
| | | $ | 4.68 | | | | | $ | 1.35 | | | | | $ | 28.08 | | | | | $ | 8.10 | | |
Audited Consolidated Financial Statements:
|
| |
Page
|
| |||
| | | | F-1 | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | |
Unaudited Consolidated Financial Statements:
|
| |
Page
|
| |||
| | | | F-16 | | | |
| | | | F-17 | | | |
| | | | F-18 | | | |
| | | | F-19 | | | |
| | | | F-20 | | | |
| | | | F-21 | | |
| | |
May 31, 2021
|
| |
May 31, 2020
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 11,750 | | | | | $ | — | | |
Prepaid expenses and other current assets
|
| | | | | | | | | | — | | |
Total current assets
|
| | | | 11,750 | | | | | | — | | |
Deposit on equipment
|
| | | | 3,282 | | | | | | — | | |
Property and equipment, net
|
| | | | 20 | | | | | | — | | |
TOTAL ASSETS
|
| | | $ | 15,052 | | | | | $ | — | | |
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 249 | | | | | $ | — | | |
Accrued dividends
|
| | | | 116 | | | | | | 116 | | |
Related party notes payable
|
| | | | 2,135 | | | | | | 1,899 | | |
Total current liabilities
|
| | | | 2,500 | | | | | | 2,015 | | |
Commitments and contingencies (Note 10) | | | | | | | | | | | | | |
Mezzanine equity: | | | | | | | | | | | | | |
Series C, convertible and redeemable preferred stock, $.001 par value, 660,000
shares authorized, issued and outstanding |
| | | | 15,135 | | | | | | — | | |
Stockholders’ deficit: | | | | | | | | | | | | | |
Series A, convertible preferred stock, $.001 par value, authorized 70,000 shares, 27,195 issued and outstanding
|
| | | $ | 3,370 | | | | | $ | 3,370 | | |
Series B convertible preferred stock, $.001 par value, authorized 50,000 shares, 17,087 issued and outstanding
|
| | | | 1,849 | | | | | | 1,849 | | |
Common stock, $.001 par value, 500,000,000 shares authorized, 39,569,335 and 9,066,363 shares issued and outstanding, respectively
|
| | | | 9 | | | | | | 9 | | |
Additional paid in capital
|
| | | | 13,874 | | | | | | 13,874 | | |
Treasury stock, 36,300 shares, at cost
|
| | | | (62) | | | | | | (62) | | |
Accumulated deficit
|
| | | | (21,623) | | | | | | (21,055) | | |
Total stockholders’ deficit
|
| | | | (2,583) | | | | | | (2,015) | | |
Total Mezzanine equity and stockholders’ deficit
|
| | | | 12,552 | | | | | | (2,015) | | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT
|
| | | $ | 15,052 | | | | | $ | — | | |
| | |
Fiscal Year Ended
|
| |||||||||
| | |
May 31, 2021
|
| |
May 31, 2020
|
| ||||||
Total Revenue
|
| | | $ | — | | | | | $ | — | | |
Costs and expenses: | | | | | | | | | | | | | |
Selling, General and Administrative
|
| | | | (331) | | | | | | — | | |
Depreciation
|
| | | | (1) | | | | | | — | | |
Total costs and expenses
|
| | | | (332) | | | | | | | | |
Operating income (loss)
|
| | | | (332) | | | | | | | | |
Other income (expense) | | | | | | | | | | | | | |
Interest Expense
|
| | | | (236) | | | | | | (263) | | |
Total Other Income (Expense)
|
| | | | (236) | | | | | | (263) | | |
Net Income (loss) attributable to Common Shareholders
|
| | | $ | (568) | | | | | $ | (263) | | |
Basic and Diluted net loss per share
|
| | | | (0.06) | | | | | | (0.03) | | |
Basic and Diluted weighted average number of shares outstanding
|
| | | | 9,066,363 | | | | | | 9,066,363 | | |
| | |
Series A
Convertible Preferred Stock |
| |
Series B
Convertible Preferred Stock |
| |
Common Stock
|
| |
Additional
Paid in Capital |
| |
Treasury
Stock |
| |
Accumulated
Deficit |
| |
Stockholders’
Equity |
| |||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
Balance, May 31, 2019
|
| | | | 27,195 | | | | | $ | 3,370 | | | | | | 17,087 | | | | | $ | 1,849 | | | | | | 9,066,363 | | | | | $ | 9 | | | | | $ | 13,874 | | | | | $ | (62) | | | | | $ | (20,792) | | | | | $ | (1,752) | | |
Net Income (Loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (263) | | | | | | (263) | | | | | | (263) | | | | | | (263) | | |
Balance, May 31, 2020
|
| | | | 27,195 | | | | | $ | 3,370 | | | | | | 17,087 | | | | | $ | 1,849 | | | | | | 9,066,363 | | | | | $ | 9 | | | | | $ | 13,874 | | | | | $ | (62) | | | | | $ | (21,055) | | | | | $ | (2,015) | | |
Net Income (Loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (568) | | | | | $ | (568) | | |
Balance, May 31, 2021
|
| | | | 27,195 | | | | | $ | 3,370 | | | | | | 17,087 | | | | | $ | 1,849 | | | | | | 9,066,363 | | | | | $ | 9 | | | | | $ | 13,874 | | | | | $ | (62) | | | | | $ | (21,623) | | | | | $ | (2,583) | | |
| | |
Fiscal Years Ended
|
| |||||||||
| | |
May, 31, 2021
|
| |
May, 31, 2020
|
| ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | |
Net loss
|
| | | $ | (568) | | | | | $ | (263) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 1 | | | | | | — | | |
Accrued paid in kind interest
|
| | | | 236 | | | | | | 263 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | | 248 | | | | | | — | | |
NET CASH USED BY OPERATING ACTIVITIES
|
| | | | (83) | | | | | | — | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (20) | | | | | | — | | |
Deposit on equipment
|
| | | | (3,282) | | | | | | — | | |
NET CASH USED IN INVESTING ACTIVITIES
|
| | | | (3,302) | | | | | | — | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | |
Sale of preferred stock
|
| | | | 16,500 | | | | | | — | | |
Issuance cost for preferred stock
|
| | | | (1,365) | | | | | | — | | |
NET CASH PROCEEDS FROM FINANCING ACTIVITIES
|
| | | | 15,135 | | | | | | — | | |
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
| | | | 11,750 | | | | | | — | | |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
| | | | — | | | | | | — | | |
CASH AND CASH EQUIVALENTS, END OF YEAR
|
| | | $ | 11,750 | | | | | $ | — | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | | | | | | | | | | | | | |
Interest paid
|
| | | $ | — | | | | | $ | — | | |
Class of Stock
|
| |
Common Share
Conversion Ratio |
| |
Shares
|
| |
May 31, 2021
|
| |
May 31, 2020
|
|
Convertible Series A preferred shares
|
| |
1 to 1429
|
| |
27,195
|
| |
38,861,655
|
| |
38,861,655
|
|
Convertible Series B preferred shares
|
| |
1 to 1000
|
| |
17,087
|
| |
17,087,000
|
| |
17,087,000
|
|
Convertible and Redeemable Series preferred shares
|
| |
1 to 200
|
| |
660,000
|
| |
132,000,000
|
| |
—
|
|
Total
|
| | | | | | | |
187,948,655
|
| |
55,948,655
|
|
| | |
May 31
2021 |
| |
May 31
2020 |
| ||||||
Office and computer equipment
|
| | | $ | 21 | | | | | $ | — | | |
Total cost of property and equipment
|
| | | | 21 | | | | | | | | |
Accumulated depreciation
|
| | | | (1) | | | | | | | | |
Property and equipment, net
|
| | | $ | 20 | | | | | $ | — | | |
Holder
|
| |
Interest
Rate |
| |
Status
|
| |
Principal
Amount |
| |
May 31, 2021
Accrued Interest Payable |
| |
Total
|
| |||||||||||||||
Related Party
|
| | | | 16% | | | | | | Default | | | | | $ | 220 | | | | | $ | 828 | | | | | $ | 1,048 | | |
Non-Related Party
|
| | | | 16% | | | | | | Default | | | | | | 250 | | | | | | 837 | | | | | | 1,087 | | |
Total
|
| | | | | | | | | | | | | | | $ | 470 | | | | | $ | 1,665 | | | | | $ | 2,135 | | |
Holder
|
| |
Interest
Rate |
| |
Status
|
| |
Principal
Amount |
| |
May 31, 2020
Accrued Interest Payable |
| |
Total
|
| |||||||||||||||
Related Party
|
| | | | 16% | | | | | | Default | | | | | $ | 220 | | | | | $ | 713 | | | | | $ | 933 | | |
Non-Related Party
|
| | | | 16% | | | | | | Default | | | | | | 250 | | | | | | 717 | | | | | | 967 | | |
Total
|
| | | | | | | | | | | | | | | $ | 470 | | | | | $ | 1,429 | | | | | $ | 1,899 | | |
| | |
Year ended
May 31, 2021 |
| |
Year ended
May 31, 2020 |
| ||||||
Current expense (benefit) | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | |
Total current expense
|
| | | $ | — | | | | | $ | — | | |
Deferred expense (benefit) | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | |
Total deferred expense (benefit)
|
| | | | — | | | | | | — | | |
Total income tax expense (benefit)
|
| | | $ | — | | | | | $ | — | | |
| | |
May 31,
2021 |
| |
May 31,
2020 |
| ||||||
Expected income tax expense (benefit) at U.S. statutory rate
|
| | | | 21% | | | | | | 21% | | |
State Tax Expense
|
| | | | 0% | | | | | | 0% | | |
Change in Valuation Allowance
|
| | | | -21% | | | | | | -21% | | |
Income Tax Expense / (Benefit)
|
| | | | 0% | | | | | | 0% | | |
| | |
May 31,
2021 |
| |
May 31,
2020 |
| ||||||
Deferred Tax Assets: | | | | | | | | | | | | | |
Federal Net Operating Loss
|
| | | $ | 175 | | | | | $ | 55 | | |
Valuation Allowance
|
| | | | (175) | | | | | | (55) | | |
Total Net Deferred Tax Assets/(Liabilities)
|
| | | $ | — | | | | | $ | — | | |
Class of Stock
|
| |
Ranking
|
| |
Liquidation Preferences
|
| |||
Redeemable and Convertible Series C shares | | |
Priority 1
|
| | Cash equal to $25 per share plus accrued or unpaid Paid in Kind dividends | | | Ratably share in distribution of assets in proportion to preferential entitled amounts | |
Convertible Series A preferred shares | | |
Priority 2
|
| | Cash equal to $100 per share plus declared or accrued and unpaid dividends | | | Ratably share in distribution of assets in proportion to preferential entitled amounts | |
Convertible Series B preferred shares | | |
Priority 3
|
| | Cash equal to $100 per share plus declared or accrued and unpaid dividends | | | Ratably share in distribution of assets in proportion to preferential entitled amounts | |
Class of Stock
|
| |
Carrying Value
|
| |
Accrued
Dividends |
| |
Accumulating
Dividends not Declared |
| |
Liquidation
Amount |
| ||||||||||||
Redeemable and Convertible Series C shares
|
| | | $ | 16,500,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 16,500,000 | | |
Convertible Series A preferred shares
|
| | | $ | 2,719,500 | | | | | $ | 70,821 | | | | | $ | 767,500 | | | | | $ | 3,557,821 | | |
Convertible Series B preferred shares
|
| | | $ | 1,708,700 | | | | | $ | 45,279 | | | | | $ | 402,400 | | | | | $ | 2,156,379 | | |
Class of Stock
|
| |
Ranking
|
| |
Liquidation Preferences
|
| |||
Convertible Series A preferred shares | | |
Priority 1
|
| | Cash equal to $100 per share plus declared or accrued and unpaid dividends | | | Ratably share in distribution of assets in proportion to preferential entitled amounts | |
Convertible Series B preferred shares | | |
Priority 2
|
| | Cash equal to $100 per share plus declared or accrued and unpaid dividends | | | Ratably share in distribution of assets in proportion to preferential entitled amounts | |
Class of Stock
|
| |
Carrying Value
|
| |
Accrued
Dividends |
| |
Accumulating
Dividends not Declared |
| |
Liquidation
Amount |
| ||||||||||||
Convertible Series A preferred shares
|
| | | $ | 2,719,500 | | | | | $ | 70,821 | | | | | $ | 767,500 | | | | | $ | 3,557,821 | | |
Convertible Series B preferred shares
|
| | | $ | 1,708,700 | | | | | $ | 45,279 | | | | | $ | 402,400 | | | | | $ | 2,156,379 | | |
Service Provider
|
| |
Common Stock
Shares Committed |
| |||
Valuefinder
|
| | | | 18,938,559 | | |
SparkPool
|
| | | | 44,640,889 | | |
GMR
|
| | | | 44,649,889 | | |
Total
|
| | | | 108,220,337 | | |
Agreement Date*
|
| |
Purchase
Commitment |
| |
Deposit Paid
|
| |
Expected Shipping
|
| ||||||
May 27, 2021
|
| | | $ | 4,968 | | | | | $ | — | | | | | |
April 13, 2021
|
| | | $ | 8,512 | | | | | $ | 3,277 | | | |
August 2021 – July 2022
|
|
Total
|
| | | $ | 13,480 | | | | | | 3,277 | | | | | |
Lease Period
|
| |
Monthly
Base Rent |
| |||
Months 1 – 13
|
| | | $ | 25,856 | | |
Months 14 – 25
|
| | | $ | 26,525 | | |
Months 26 – 37
|
| | | $ | 27,193 | | |
Months 38 – 49
|
| | | $ | 27,862 | | |
Months 50 – 61
|
| | | $ | 28,531 | | |
Month 62 – (10/31/26)
|
| | | $ | 29,199 | | |
| | |
November 30,
2021 |
| |
May 31,
2021 |
| ||||||
| | | | | | | | |
Audited
|
| |||
ASSETS | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 14,045 | | | | | $ | 11,750 | | |
Prepaid expenses and other current assets
|
| | | | 1,649 | | | | | | 5 | | |
Cryptoassets
|
| | | | — | | | | | | — | | |
Total current assets
|
| | | | 15,694 | | | | | | 11,755 | | |
Right of use asset, net
|
| | | | 1,204 | | | | | | — | | |
Deposit on equipment
|
| | | | 26,507 | | | | | | 3,277 | | |
Property and equipment, net
|
| | | | 10,145 | | | | | | 20 | | |
TOTAL ASSETS
|
| | | $ | 53,550 | | | | | $ | 15,052 | | |
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT)
|
| | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 5,323 | | | | | $ | 248 | | |
Accrued dividends
|
| | | | — | | | | | | 116 | | |
Current portion of operating lease liability
|
| | | | 190 | | | | | | — | | |
Related party notes payable
|
| | | | — | | | | | | 2,135 | | |
Customer deposits
|
| | | | 484 | | | | | | — | | |
Deferred revenue
|
| | | | 526 | | | | | | — | | |
Other current liabilities
|
| | | | 16 | | | | | | — | | |
Total current liabilities
|
| | | | 6,539 | | | | | | 2,500 | | |
Deferred tax liability
|
| | | | 214 | | | | | | — | | |
Long-term portion of operating lease liability
|
| | | | 1,010 | | | | | | — | | |
Total liabilities
|
| | | | 7,763 | | | | | | 2,500 | | |
Commitments and contingencies (Note 10) | | | | | | | | | | | | | |
Mezzanine equity: | | | | | | | | | | | | | |
Series C, convertible and redeemable preferred stock, $.001 par value, 660,000 shares authorized, issued and outstanding
|
| | | $ | 15,135 | | | | | $ | 15,135 | | |
Series D, convertible and redeemable preferred stock, $.001 par value, 1,380,000
shares authorized, issued, and outstanding |
| | | | 31,574 | | | | | | — | | |
Total mezzanine’ equity
|
| | | | 46,709 | | | | | | 15,135 | | |
Shareholders’ equity (deficit): | | | | | | | | | | | | | |
Series A, convertible preferred stock, $.001 par value, authorized 70,000 shares, 0 and 70,000 shares issued and outstanding, respectively
|
| | | $ | — | | | | | $ | 3,370 | | |
Series B convertible preferred stock, $.001 par value, authorized 50,000 shares, 0 and 50,000 shares issued and outstanding, respectively
|
| | | | — | | | | | | 1,849 | | |
Common stock, $.001 par value, 1,000,000,000 shares authorized, 320,381,519 and 9,066,363 shares issued and outstanding
|
| | | | 3,121 | | | | | | 9 | | |
Additional paid in capital
|
| | | | 40,856 | | | | | | 13,874 | | |
Treasury stock, 36,300 shares, at cost
|
| | | | (62) | | | | | | (62) | | |
Accumulated deficit
|
| | | | (44,837) | | | | | | (21,623) | | |
Total shareholders’ equity (deficit)
|
| | | | (922) | | | | | | (2,583) | | |
Total Mezzanine and shareholders’ equity (deficit)
|
| | | | 45,787 | | | | | | 12,552 | | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT)
|
| | | $ | 53,550 | | | | | $ | 15,052 | | |
| | |
Three Months Ended
|
| | |
Six Months Ended
|
| ||||||||||||||||||
|
November 30,
2021 |
| |
November 30,
2020 |
| | |
November 30,
2021 |
| |
November 30,
2020 |
| ||||||||||||||
Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cryptocurrency mining revenue, net
|
| | | $ | 1,426 | | | | | $ | — | | | | | | $ | 2,038 | | | | | $ | — | | |
Cost of revenues
|
| | | $ | 433 | | | | | | — | | | | | | $ | 782 | | | | | | — | | |
Gross Profit
|
| | | | 993 | | | | | | — | | | | | | | 1,256 | | | | | | — | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, General and Administrative
|
| | | | 1,181 | | | | | | — | | | | | | | 1,879 | | | | | | — | | |
Stock-based compensation for service agreement
|
| | | | — | | | | | | — | | | | | | | 12,337 | | | | | | — | | |
Impairment of Cryptocurrency Assets
|
| | | | 145 | | | | | | — | | | | | | | 165 | | | | | | — | | |
Depreciation
|
| | | | 174 | | | | | | — | | | | | | | 177 | | | | | | — | | |
Total costs and expenses
|
| | | | 1,500 | | | | | | — | | | | | | | 14,558 | | | | | | — | | |
Operating income (loss)
|
| | | | (507) | | | | | | — | | | | | | | (13,302) | | | | | | — | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest Expense
|
| | | | — | | | | | | (74) | | | | | | | — | | | | | | (147) | | |
Gain/Loss on Extinguishment of Accounts Payable
|
| | | | 285 | | | | | | — | | | | | | | 325 | | | | | | — | | |
Gain/Loss on Extinguishment of Debt
|
| | | | — | | | | | | — | | | | | | | (1,342) | | | | | | — | | |
Gain/Loss on Sale of Fixed Assets
|
| | | | 265 | | | | | | — | | | | | | | 265 | | | | | | — | | |
Income Tax Expense
|
| | | | (214) | | | | | | — | | | | | | | (214) | | | | | | — | | |
Total Other Income (Expense)
|
| | | | 336 | | | | | | (74) | | | | | | | (966) | | | | | | (147) | | |
Net Income (loss) attributable to Common Shareholders
|
| | | $ | (171) | | | | | $ | (74) | | | | | | $ | (14,268) | | | | | $ | (147) | | |
Basic and diluted net loss per share
|
| | | | (0.00) | | | | | | (0.01) | | | | | | | (0.05) | | | | | | (0.02) | | |
Basic and diluted weighted average number of shares outstanding
|
| | | | 320,381,519 | | | | | | 9,066,363 | | | | | | | 294,863,883 | | | | | | 9,066,363 | | |
| | |
Series A
Convertible Preferred Stock |
| |
Series B
Convertible Preferred Stock |
| |
Series C
Convertible Preferred and Redeemable Stock |
| |
Series D
Convertible Preferred and Redeemable Stock |
| |
Common Stock
|
| |
Additional
Paid in Capital |
| |
Treasury
Stock |
| |
Accumulated
Deficit |
| |
Mezzanine
and Shareholders’ Equity (Deficit) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, August 31, 2021
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 660,000 | | | | | $ | 15,135 | | | | | | 1,304,000 | | | | | $ | 29,902 | | | | | | 320,381,516 | | | | | $ | 3,122 | | | | | $ | 40,856 | | | | | $ | (62) | | | | | $ | (44,666) | | | | | $ | 44,287 | | |
Issuance of Preferred Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 76,000 | | | | | | 1,900 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 1,900 | | |
Issuance Costs of Preferred Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (228) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (228) | | |
Net Income (Loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (171) | | | | | $ | (171) | | |
Balance, November 30, 2021
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 660,000 | | | | | $ | 15,135 | | | | | | 1,380,000 | | | | | $ | 31,574 | | | | | | 320,381,516 | | | | | $ | 3,122 | | | | | $ | 40,856 | | | | | $ | (62) | | | | | $ | (44,837) | | | | | $ | 45,787 | | |
| | |
Series A
Convertible Preferred Stock |
| |
Series B
Convertible Preferred Stock |
| |
Series C
Convertible Preferred and Redeemable Stock |
| |
Series D
Convertible Preferred and Redeemable Stock |
| |
Common Stock
|
| |
Additional
Paid in Capital |
| |
Treasury
Stock |
| |
Accumulated
Deficit |
| |
Mezzanine
and Shareholders’ Equity (Deficit) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, August 31, 2020
|
| | | | 27,195 | | | | | $ | 3,370 | | | | | | 17,087 | | | | | $ | 1,849 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 9,066,363 | | | | | $ | 9 | | | | | $ | 13,874 | | | | | $ | (62) | | | | | $ | (21,127) | | | | | $ | (2,087) | | |
Net Income (Loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (74) | | | | | $ | — | | |
Balance, November 30, 2020
|
| | | | 27,195 | | | | | $ | 3,370 | | | | | | 17,087 | | | | | $ | 1,849 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 9,066,363 | | | | | $ | 9 | | | | | $ | 13,874 | | | | | $ | (62) | | | | | $ | (21,201) | | | | | $ | (2,161) | | |
| | |
Series A
Convertible Preferred Stock |
| |
Series B
Convertible Preferred Stock |
| |
Series C
Convertible Preferred and Redeemable Stock |
| |
Series D
Convertible Preferred and Redeemable Stock |
| |
Common Stock
|
| |
Additional
Paid in Capital |
| |
Treasury
Stock |
| |
Accumulated
Deficit |
| |
Mezzanine
and Shareholders’ Equity (Deficit) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, May 31, 2021
|
| | | | 27,195 | | | | | $ | 3,370 | | | | | | 17,087 | | | | | $ | 1,849 | | | | | | 660,000 | | | | | $ | 15,135 | | | | | | — | | | | | $ | — | | | | | | 9,066,363 | | | | | $ | 9 | | | | | $ | 13,874 | | | | | $ | (62) | | | | | $ | (21,623) | | | | | $ | 12,552 | | |
Extinguishment of Debt
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,502,970 | | | | | | 305 | | | | | | 3,173 | | | | | | — | | | | | | — | | | | | | 3,478 | | |
Issuance of Dividends to Preferred Stock
|
| | | | 60,822 | | | | | | 6,082 | | | | | | 29,772 | | | | | | 2,979 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,946) | | | | | | 116 | | |
Conversion of Preferred Stock
|
| | | | (88,017) | | | | | | (9,452) | | | | | | (46,859) | | | | | | (4,828) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 172,591,849 | | | | | | 1,726 | | | | | | 12,554 | | | | | | — | | | | | | — | | | | | | — | | |
Service Agreement
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 108,220,337 | | | | | | 1,082 | | | | | | 11,255 | | | | | | — | | | | | | — | | | | | | 12,337 | | |
Issuance of Preferred Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,380,000 | | | | | | 34,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 34,500 | | |
Issuance Costs of Preferred Stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,926) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (2,926) | | |
Net Income (Loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (14,268) | | | | | $ | (14,268) | | |
Balance, November 30, 2021
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 660,000 | | | | | $ | 15,135 | | | | | | 1,380,000 | | | | | $ | 31,574 | | | | | | 320,381,519 | | | | | $ | 3,121 | | | | | $ | 40,856 | | | | | $ | (62) | | | | | $ | (44,837) | | | | | $ | 45,787 | | |
| | |
Series A
Convertible Preferred Stock |
| |
Series B
Convertible Preferred Stock |
| |
Series C
Convertible Preferred and Redeemable Stock |
| |
Series D
Convertible Preferred and Redeemable Stock |
| |
Common Stock
|
| |
Additional
Paid in Capital |
| |
Treasury
Stock |
| |
Accumulated
Deficit |
| |
Mezzanine
and Shareholders’ Equity (Deficit) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, May 31, 2020
|
| | | | 27,195 | | | | | $ | 3,370 | | | | | | 17,087 | | | | | $ | 1,849 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 9,066,363 | | | | | $ | 9 | | | | | $ | 13,874 | | | | | $ | (62) | | | | | $ | (21,055) | | | | | $ | (2,015) | | |
Net Income (Loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (147) | | | | | $ | (147) | | |
Balance, November 30, 2020
|
| | | | 27,195 | | | | | $ | 3,370 | | | | | | 17,087 | | | | | $ | 1,849 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 9,066,363 | | | | | $ | 9 | | | | | $ | 13,874 | | | | | $ | (62) | | | | | $ | (21,201) | | | | | $ | (2,161) | | |
| | |
Six Months Ended
|
| |||||||||
|
November 30,
2021 |
| |
November 30,
2020 |
| ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | |
Net loss
|
| | | $ | (14,268) | | | | | $ | (147) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 436 | | | | | | — | | |
Gain/(Loss) on extinguishment of debt
|
| | | | 1,342 | | | | | | — | | |
Gain/(Loss) on extinguishment of accounts payable
|
| | | | 325 | | | | | | — | | |
Realized gain on cryptoassets
|
| | | | (285) | | | | | | — | | |
Cryptoassets received as revenue
|
| | | | (2,038) | | | | | | — | | |
Cryptoassets impairment expense
|
| | | | 165 | | | | | | — | | |
Cryptoassets payment for expenses
|
| | | | 492 | | | | | | — | | |
Stock compensation for service agreement
|
| | | | 12,337 | | | | | | — | | |
Amortization of right of use asset
|
| | | | 28 | | | | | | — | | |
Deferred Tax
|
| | | | 214 | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses and other current assets
|
| | | | (1,644) | | | | | | — | | |
Accounts payable and accrued liabilities
|
| | | | 5,254 | | | | | | 147 | | |
Payment of operating leases
|
| | | | (25) | | | | | | — | | |
NET CASH GENERATED BY OPERATING ACTIVITIES
|
| | | | 2,334 | | | | | | — | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (10,314) | | | | | | — | | |
Sale of cryptoassets
|
| | | | 1,666 | | | | | | — | | |
Deposit on equipment
|
| | | | (23,230) | | | | | | — | | |
Proceeds from sale of assets
|
| | | | 265 | | | | | | — | | |
NET CASH USED IN INVESTING ACTIVITIES
|
| | | | (31,613) | | | | | | — | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | |
Issuance of preferred stock
|
| | | | 34,500 | | | | | | — | | |
Issuance cost for preferred stock
|
| | | | (2,926) | | | | | | — | | |
NET CASH PROCEEDS FROM FINANCING ACTIVITIES
|
| | | | 31,574 | | | | | | — | | |
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
| | | | 2,295 | | | | | | — | | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
| | | | 11,750 | | | | | | — | | |
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
| | | $ | 14,045 | | | | | $ | — | | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH OPERATING AND INVESTING ACTIVITIES:
|
| | | | | | | | | | | | |
Right-of-use asset obtained by lease obligation
|
| | | $ | 1,291 | | | | | $ | — | | |
Fixed assets in accounts payable
|
| | | $ | 513 | | | | | $ | — | | |
| | |
November 30,
2021 |
| |
May 31,
2021 |
| ||||||
Cryptocurrency mining equipment
|
| | | $ | 5,181 | | | | | $ | — | | |
Office and computer equipment
|
| | | | 184 | | | | | | 21 | | |
Autos
|
| | | | 63 | | | | | | — | | |
Land & Building
|
| | | | 5,153 | | | | | | | | |
Total cost of property and equipment
|
| | | | 10,581 | | | | | | 21 | | |
Accumulated depreciation
|
| | | | (436) | | | | | | (1) | | |
Property and equipment, net
|
| | | $ | 10,145 | | | | | $ | 20 | | |
|
Beginning Balance – May 31, 2021
|
| | | $ | — | | |
|
Cryptoassets earned through mining
|
| | | | 2,059 | | |
|
Mining pool operating fees
|
| | | | (21) | | |
|
Cryptoassets sold or converted
|
| | | | (2,203) | | |
|
Impairment of cryptocurrencies
|
| | | | 165 | | |
|
Ending Balance – November 30, 2021
|
| | | $ | — | | |
| | |
Quarterly and Yearly
Period Ended November 30, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Current expense (benefit) | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | |
Total current expense
|
| | | $ | — | | | | | $ | — | | |
Deferred expense (benefit) | | | | | | | | | | | | | |
Federal
|
| | | $ | 214 | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | |
Total deferred expense (benefit)
|
| | | | 214 | | | | | | — | | |
Total income tax expense (benefit)
|
| | | $ | 214 | | | | | $ | — | | |
| | |
November 30,
2021 |
| |
November 30,
2020 |
| ||||||
Expected income tax expense (benefit) at U.S. statutory rate
|
| | | | 21.00% | | | | | | 21% | | |
Extinguishment of Debt
|
| | | | -1.65% | | | | | | | | |
State Tax Expense
|
| | | | 0.00% | | | | | | 0% | | |
Change in Valuation Allowance
|
| | | | -20.87% | | | | | | -21.00% | | |
Income Tax Expense / (Benefit)
|
| | | | -1.52% | | | | | | 0% | | |
|
Class of Stock
|
| |
Ranking
|
| |
Liquidation Preferences
|
| |||
| Redeemable and Convertible Series C shares | | | Priority 1 | | | Cash equal to $25 per share plus accrued or unpaid PIK dividends | | | Ratably share in distribution of assets in proportion to preferential entitled amounts | |
| Redeemable and Convertible Series D shares | | | Priority 1 | | | Cash equal to $25 per share plus accrued or unpaid PIK dividends | | | Ratably share in distribution of assets in proportion to preferential entitled amounts | |
Class of Stock
|
| |
Carrying Value
|
| |
Accrued Dividends
|
| |
Accumulating
Dividends not Declared |
| |
Liquidation Amount
|
| ||||||||||||
Redeemable and Convertible Series C shares
|
| | | $ | 15,135,023 | | | | | $ | — | | | | | $ | — | | | | | $ | 16,500,000 | | |
Redeemable and Convertible Series D shares
|
| | | $ | 31,574,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 34,500,000 | | |
Service Provider
|
| |
Common Stock
Shares Committed |
| |||
ValueFinder
|
| | | | 18,938,559 | | |
SparkPool
|
| | | | 44,640,889 | | |
GMR
|
| | | | 44,640,889 | | |
Total
|
| | | | 108,220,337 | | |
Class of Stock
|
| |
Option Pricing
Fair Value |
| |
Weight
|
| ||||||
Common Stock
|
| | | $ | 0.067 | | | | | | 8% | | |
Conversion Price of Series C Shares
|
| | | | 0.130 | | | | | | 92% | | |
| | | | $ | 0.125 | | | | | | | | |
|
Weighted-average months remaining
|
| | 59.4 months | |
|
Weighted-average discount rate
|
| | 12.50% | |
Year
|
| |
Office Lease
|
| |
Other Leases
|
| |
Total
|
| |||||||||
FY22
|
| | | $ | 284 | | | | | $ | 46 | | | | | $ | 331 | | |
FY23
|
| | | | 291 | | | | | | 6 | | | | | | 297 | | |
FY24
|
| | | | 298 | | | | | | — | | | | | | 298 | | |
FY25
|
| | | | 306 | | | | | | — | | | | | | 306 | | |
FY26
|
| | | | 313 | | | | | | — | | | | | | 313 | | |
Beyond
|
| | | | 175 | | | | | | — | | | | | | 175 | | |
Year
|
| |
Total
|
| |||
FY22
|
| | | $ | 1,882,100 | | |
FY23
|
| | | | — | | |
FY24
|
| | | | — | | |
FY25
|
| | | | — | | |
FY26
|
| | | | — | | |
Beyond
|
| | | | — | | |
Basic and diluted income (loss) per share:
|
| |
Quarterly Period Ended
|
| |
Year-to-Date Period Ended
|
| ||||||||||||||||||
|
November 30, 2021
|
| |
November 30, 2020
|
| |
November 30, 2021
|
| |
November 30, 2020
|
| ||||||||||||||
Net income (loss)
|
| | | $ | (171) | | | | | $ | (74) | | | | | $ | (14,268) | | | | | $ | (147) | | |
Basic and diluted weighted average
number of shares outstanding |
| | | | 320,381,519 | | | | | | 9,066,363 | | | | | | 294,863,883 | | | | | | 9,066,363 | | |
Basic and diluted net income (loss)
per share |
| | | $ | (0.00) | | | | | $ | (0.01) | | | | | $ | (0.05) | | | | | $ | (0.02) | | |
Scenario
|
| |
Weight
|
| |||
Public Company scenario (“listing scenario”) through a traditional IPO
|
| | | | 95% | | |
Remain a private Company scenario (“private scenario”)
|
| | | | 5% | | |
| | |
As of November 30, 2021
|
| |
As of May 31, 2021
|
| |||||||||||||||||||||||||||
| | |
Actual
|
| |
Pro Forma
|
| |
Pro Forma
As Adjusted |
| |
Actual
|
| |
Pro Forma
|
| |
Pro Forma
As Adjusted |
| |||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 14,045 | | | | | | | | | | | $ | 14,045 | | | | | $ | 11,750 | | | | | | | | $ | 11,750 | | |
Prepaid expenses and other current assets
|
| | | | 1,649 | | | | | | | | | | | | 1,649 | | | | | | 5 | | | | | | | | | 5 | | |
Current assets of discontinued operations
|
| | | | — | | | | | | 1,560 | | | | | | 1,560(a) | | | | | | — | | | | | | | | | — | | |
Total current assets
|
| | | | 15,694 | | | | | | | | | | | | 17,254 | | | | | | 11,755 | | | | | | | | | 11,755 | | |
Right of use asset, net
|
| | | | 1,204 | | | | | | | | | | | | 1,204 | | | | | | — | | | | | | | | | — | | |
Deposit on equipment
|
| | | | 26,507 | | | | | | | | | | | | 26,507 | | | | | | 3,277 | | | | | | | | | 3,277 | | |
Property and equipment, net
|
| | | | 10,145 | | | | | | (4,486) | | | | | | 5,659(a) | | | | | | 20 | | | | | | | | | 20 | | |
TOTAL ASSETS
|
| | | $ | 53,550 | | | | | | | | | | | $ | 50,624 | | | | | $ | 15,052 | | | | | | | | $ | 15,052 | | |
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 5,323 | | | | | | | | | | | $ | 5,323 | | | | | $ | 248 | | | | | | | | $ | 248 | | |
Accrued dividends
|
| | | | — | | | | | | | | | | | | — | | | | | | 116 | | | | | | | | | 116 | | |
Current portion of operating lease liability
|
| | | | 190 | | | | | | | | | | | | 190 | | | | | | — | | | | | | | | | — | | |
Related party notes payable
|
| | | | — | | | | | | | | | | | | — | | | | | | 2,135 | | | | | | | | | 2,135 | | |
Customer deposits
|
| | | | 484 | | | | | | | | | | | | 484 | | | | | | — | | | | | | | | | — | | |
Deferred revenue
|
| | | | 526 | | | | | | | | | | | | 526 | | | | | | — | | | | | | | | | — | | |
Other current liabilities
|
| | | | 16 | | | | | | | | | | | | 16 | | | | | | — | | | | | | | | | — | | |
Total current liabilities
|
| | | | 6,539 | | | | | | | | | | | | 6,539 | | | | | | 2,500 | | | | | | | | | 2,500 | | |
Deferred tax liability
|
| | | | 214 | | | | | | | | | | | | 214 | | | | | | — | | | | | | | | | — | | |
Long-term portion of operating lease liability
|
| | | | 1,010 | | | | | | | | | | | | 1,010 | | | | | | — | | | | | | | | | — | | |
Total liabilities
|
| | | | 1,224 | | | | | | | | | | | | 1,224 | | | | | | — | | | | | | | | | — | | |
Commitments and contingencies (Note 10)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mezzanine equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Series C, convertible and redeemable preferred stock, $.001 par value, 660,000 shares
authorized, issued and outstanding |
| | | $ | 15,135 | | | | | | | | | | | $ | 15,135 | | | | | $ | 15,135 | | | | | | | | $ | 15,135 | | |
Series D, convertible and redeemable preferred stock, $.001 par value, 1,380,000 shares authorized, issued, and outstanding
|
| | | | 31,574 | | | | | | | | | | | | 31,574 | | | | | | — | | | | | | | | | — | | |
Total mezzanine’ equity
|
| | | | 46,709 | | | | | | | | | | | | 46,709 | | | | | | 15,135 | | | | | | | | | 15,135 | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Series A, convertible preferred stock, $.001 par value, authorized 70,000 shares, 0 and 70,000 shares issued and outstanding, respectively
|
| | | $ | — | | | | | | | | | | | $ | — | | | | | $ | 3,370 | | | | | | | | $ | 3,370 | | |
Series B convertible preferred stock, $.001 par value, authorized 50,000 shares, 0 and
50,000 shares issued and outstanding, respectively |
| | | | — | | | | | | | | | | | | — | | | | | | 1,849 | | | | | | | | | 1,849 | | |
Common stock, $.001 par value, 1,000,000,000 shares authorized, 320,381,519 and 9,066,363 shares issued and outstanding
|
| | | | 3,121 | | | | | | | | | | | | 3,121 | | | | | | 9 | | | | | | | | | 9 | | |
Additional paid in capital
|
| | | | 40,856 | | | | | | | | | | | | 40,856 | | | | | | 13,874 | | | | | | | | | 13,874 | | |
Treasury stock, 36,300 shares, at cost
|
| | | | (62) | | | | | | | | | | | | (62) | | | | | | (62) | | | | | | | | | (62) | | |
Accumulated deficit
|
| | | | (44,837) | | | | | | (2,926) | | | | | | (47,763)(a) | | | | | | (21,623) | | | | | | | | | (21,623) | | |
Total shareholders’ equity
|
| | | | (922) | | | | | | | | | | | | (3,848) | | | | | | (2,584) | | | | | | | | | (2,584) | | |
Total Mezzanine and shareholders’ equity
|
| | | | 45,787 | | | | | | | | | | | | 42,861 | | | | | | 12,551 | | | | | | | | | 12,551 | | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
|
| | | $ | 53,550 | | | | | | | | | | | $ | 50,624 | | | | | $ | 15,051 | | | | | | | | $ | 15,051 | | |
| | |
Three Months Ended
|
| | |
Six Months Ended
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
November 30, 2021
|
| |
November 30, 2020
|
| | |
November 30, 2021
|
| |
November 30, 2020
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Actual
|
| |
Pro Forma
Adjustment |
| |
Pro Forma
As Adjusted |
| |
Actual
|
| |
Pro Forma
Adjustment |
| |
Pro Forma
As Adjusted |
| | |
Actual
|
| |
Pro Forma
Adjustment |
| |
Pro Forma
As Adjusted |
| |
Actual
|
| |
Pro Forma
Adjustment |
| |
Pro Forma
As Adjusted |
| ||||||||||||||||||||||||||||||
Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cryptocurrency mining revenue, net
|
| | | $ | 1,426 | | | | | $ | (1,426) | | | | | $ | — | | | | | $ | — | | | | | | | | $ | — | | | | | | $ | 2,038 | | | | | $ | (2,038) | | | | | $ | — | | | | | $ | — | | | | | | | | $ | —(b) | | |
| | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | — | | |
Cost of revenues
|
| | | | 433 | | | | | | (433) | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | 782 | | | | | | (782) | | | | | | — | | | | | | — | | | | | | | | | —(b) | | |
Gross Profit
|
| | | | 993 | | | | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | 1,256 | | | | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, General and Administrative
|
| | | | 1,181 | | | | | | | | | | | | 1,181 | | | | | | — | | | | | | | | | — | | | | | | | 1,879 | | | | | | | | | | | | 1,879 | | | | | | — | | | | | | | | | — | | |
Stock-based compensation for service agreement
|
| | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | 12,337 | | | | | | | | | | | | 12,337 | | | | | | — | | | | | | | | | — | | |
Impairment of Cryptocurrency Assets
|
| | | | 145 | | | | | | (145) | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | 165 | | | | | | (165) | | | | | | — | | | | | | — | | | | | | | | | —(c) | | |
Depreciation
|
| | | | 174 | | | | | | | | | | | | 174 | | | | | | — | | | | | | | | | — | | | | | | | 177 | | | | | | | | | | | | 177 | | | | | | — | | | | | | | | | — | | |
Total costs and expenses
|
| | | | 1,500 | | | | | | | | | | | | 1,355 | | | | | | — | | | | | | | | | — | | | | | | | 14,558 | | | | | | | | | | | | 14,393 | | | | | | — | | | | | | | | | — | | |
Operating income (loss)
|
| | | | (507) | | | | | | | | | | | | (1,355) | | | | | | — | | | | | | | | | — | | | | | | | (13,302) | | | | | | | | | | | | (14,393) | | | | | | — | | | | | | | | | — | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest Expense
|
| | | | — | | | | | | | | | | | | — | | | | | | (74) | | | | | | | | | (74) | | | | | | | — | | | | | | | | | | | | — | | | | | | (147) | | | | | | | | | (147) | | |
Gain/Loss on Extinguishment of
Accounts Payable |
| | | | 285 | | | | | | | | | | | | 285 | | | | | | — | | | | | | | | | — | | | | | | | 325 | | | | | | | | | | | | 325 | | | | | | — | | | | | | | | | — | | |
Gain/Loss on Extinguishment of
Debt |
| | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | (1,342) | | | | | | | | | | | | (1,342) | | | | | | — | | | | | | | | | — | | |
Gain/Loss on Sale of Fixed
Assets |
| | | | 265 | | | | | | (265) | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | 265 | | | | | | (265) | | | | | | — | | | | | | — | | | | | | | | | —(d) | | |
Income Tax Expense
|
| | | | (214) | | | | | | | | | | | | (214) | | | | | | — | | | | | | | | | — | | | | | | | (214) | | | | | | | | | | | | (214) | | | | | | — | | | | | | | | | — | | |
Total Other Income (Expense)
|
| | | | 336 | | | | | | | | | | | | 71 | | | | | | (74) | | | | | | | | | (74) | | | | | | | (966) | | | | | | | | | | | | (1,231) | | | | | | (147) | | | | | | | | | (147) | | |
Net Income (loss) from continuing
Operations |
| | | | (171) | | | | | | | | | | | | (1,284) | | | | | | (74) | | | | | | | | | (74) | | | | | | | (14,268) | | | | | | | | | | | | (15,624) | | | | | | (147) | | | | | | | | | (147) | | |
Net Income (loss) from discontinued Operations
|
| | | | — | | | | | | (1,813) | | | | | | (1,813) | | | | | | — | | | | | | | | | — | | | | | | | — | | | | | | (1,570) | | | | | | (1,570) | | | | | | — | | | | | | | | | —(e) | | |
Net Income (loss) attributable to
Applied Blockchain, Inc. |
| | | $ | (171) | | | | | | | | | | | $ | (3,097) | | | | | $ | (74) | | | | | | | | $ | (74) | | | | | | $ | (14,268) | | | | | | | | | | | $ | (17,194) | | | | | $ | (147) | | | | | | | | $ | (147) | | |
Basic and diluted net loss per share
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Continuing Operations
|
| | | $ | (0.00) | | | | | | | | | | | $ | (0.00) | | | | | $ | (0.01) | | | | | | | | $ | (0.01) | | | | | | $ | (0.05) | | | | | | | | | | | $ | (0.05) | | | | | $ | (0.02) | | | | | | | | $ | (0.02) | | |
Discontinued Operations
|
| | | $ | — | | | | | | | | | | | $ | (0.01) | | | | | $ | — | | | | | | | | $ | — | | | | | | $ | — | | | | | | | | | | | $ | (0.01) | | | | | $ | — | | | | | | | | $ | — | | |
Basic and diluted net loss per share
|
| | | $ | (0.00) | | | | | | | | | | | $ | (0.01) | | | | | $ | (0.01) | | | | | | | | $ | (0.01) | | | | | | $ | (0.05) | | | | | | | | | | | $ | (0.06) | | | | | $ | (0.02) | | | | | | | | $ | (0.02) | | |
Basic and diluted weighted average number of shares outstanding
|
| | | | 320,381,519 | | | | | | | | | | | | 320,381,519 | | | | | | 9,066,363 | | | | | | | | | 9,066,363 | | | | | | | 294,863,883 | | | | | | | | | | | | 294,863,883 | | | | | | 9,066,363 | | | | | | | | | 9,066,363 | | |
|
SEC Registration Fee
|
| | | $ | 35,340.42 | | |
|
Printing Fees and Expenses
|
| | | $ | 60,000 | | |
|
Accounting Fees and Expenses
|
| | | $ | 30,000 | | |
|
Legal Fees and Expenses
|
| | | $ | 250,000 | | |
|
Transfer Agent and Registrar Fees
|
| | | $ | 14,700 | | |
|
Miscellaneous Fees and Expenses
|
| | | $ | 5,000 | | |
|
Total
|
| | | $ | 395,040.42 | | |
Exhibit
No. |
| |
Description
|
|
3.1(1) | | | | |
3.2(1) | | | | |
4.1(1) | | | | |
4.2(4) | | | Amendment, dated December 13, 2021, to Registration Rights Agreement, dated April 15, 2021, by and between the Company and B. Riley Securities, Inc., for the benefit of B. Riley Securities, Inc. and the Investors | |
4.3(7) | | | Amendment No. 2, dated February 22, 2022, to Registration Rights Agreement, dated April 15, 2021, by and between the Company and B. Riley Securities, Inc., for the benefit of B. Riley Securities, Inc. and the Investors | |
4.4(1) | | | | |
4.5(4) | | | Amendment, dated December 13, 2021, to Registration Rights Agreement, dated July 30, 2021, by and between the Company and B. Riley Securities, Inc., for the benefit of B. Riley Securities, Inc. and the Investors | |
4.6(7) | | | | |
4.7(1) | | | | |
4.8(1) | | | | |
5.1* | | | |
Exhibit
No. |
| |
Description
|
|
10.1(1) | | | | |
10.2(1) | | | | |
10.3(1) | | | | |
10.4(1) | | | | |
10.5#(2) | | | | |
10.6#(2) | | | | |
10.7(1) | | | | |
10.8#(2) | | | | |
10.9#(2) | | | | |
10.10#(2) | | | | |
10.11(2) | | | | |
10.12†(2) | | | | |
10.13†(2) | | | | |
10.14#(6) | | | | |
10.15†(6) | | | | |
10.16†(6) | | | | |
10.17†(6) | | | | |
10.18†(6) | | | | |
10.19†(6) | | | | |
10.20(9) | | | | |
10.21(9) | | | | |
21(6) | | | | |
23.1(1) | | | | |
23.2(2) | | | | |
23.3(3) | | | | |
23.4(4) | | | | |
23.5(5) | | | | |
23.6(6) | | | | |
23.7(7) | | | | |
23.8(8) | | | | |
23.9(9) | | | | |
23.10* | | | | |
23.11* | | | | |
24.1(1) | | | | |
107* | | | |
| | | |
APPLIED BLOCKCHAIN, INC.
|
| |||
| | | | By: | | |
/s/ Wes Cummins
Name: Wes Cummins
Title:
Chief Executive Officer, Secretary, Treasurer, Chairperson of the Board and Director (Principal Executive Officer)
|
|
| | | | By: | | |
/s/ David Rench
Name: David Rench
Title:
Chief Financial Officer (Principal Financial and Accounting Officer)
|
|
|
Person
|
| |
Capacity
|
| |
Date
|
|
|
/s/ Wes Cummins
Wes Cummins
|
| |
Chairperson of the Board and Director
(Principal Executive Officer) |
| |
March 28, 2022
|
|
|
*
Chuck Hastings
|
| | Director | | |
March 28, 2022
|
|
|
*
Kelli McDonald
|
| | Director | | |
March 28, 2022
|
|
|
*
Doug Miller
|
| | Director | | |
March 28, 2022
|
|
|
*
Virginia Moore
|
| | Director | | |
March 28, 2022
|
|
|
*
Richard Nottenburg
|
| | Director | | |
March 28, 2022
|
|
|
*
Jason Zhang
|
| | Director | | |
March 28, 2022
|
|