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Stronghold Digital Mining, Inc. (SDIG) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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SDIG Annual Reports

  • 10-K Annual Report March 2022

Stronghold Digital Mining, Inc.

CIK: 1856028 Ticker: SDIG
                                        Exhibit 99.1
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Stronghold Digital Mining Reports Fourth Quarter and Year-End 2021 Results and Provides Operational Update

NEW YORK, March 29, 2022 –
Stronghold Digital Mining, Inc. (Nasdaq: SDIG) (“Stronghold,” or the “Company”) today reported financial results for its fourth quarter and full year ended December 31, 2021, and provided an operational update.

Fourth Quarter and Year-End 2021 and Recent Operational and Financial Highlights
Removed approximately 264,561 tons of coal refuse and returned approximately 141,876 tons of beneficial use ash to waste coal sites during the fourth quarter, facilitating the remediation of these sites.
As of December 31, 2021, we had received a total of 14,700 miners with total hash rate capacity of approximately 1.3 exahash per second (“EH/s”). As of March 24, 2022, we had received approximately 25,200 miners with total hash rate capacity of approximately 2.3 EH/s.
As of March 24, 2022, we have entered into purchase agreements for an additional 29,400 miners to be delivered with total hash rate capacity of approximately 3.0 EH/s, including 11,700 miners with total hash rate capacity of approximately 1.2 EH/s associated with the delayed and uncertain order from MinerVa Semiconductor Corp. (“MinerVa”).
On March 28, 2022, we restructured our existing data center hosting agreement on favorable terms to obtain an additional 2,675 miners at a cost of $37.50 per terahash per second and temporarily reduced the profit share to be received by the partner while incorporating performance thresholds until the data center build-out is complete.
Secured approximately $54 million in equipment financing on December 15, 2021 with NYDIG ABL, LLC (“NYDIG”).
Initially amended the existing equipment financing agreement with WhiteHawk Finance LLC (the “WhiteHawk Agreement”) to extend the final MinerVa delivery date from December 31, 2021 to April 30, 2022 and subsequently amended the WhiteHawk Agreement to remove all MinerVa miners from the collateral package in exchange for other miners and a $25 million increase in the total advance.
Provided thorough and transparent response to congressional inquiry addressed to U.S. Bitcoin miners regarding their environmental footprints.
Total liquidity at March 28, 2022 is approximately $50 million, comprising approximately $27 million in cash, including the approximately $24 million funded by WhiteHawk Finance LLC on March 28, 2022 under the amended WhiteHawk Agreement, approximately $5 million in unrestricted digital currencies and approximately $18 million in availability under existing financing agreements.
Management Commentary
“We built Stronghold and consummated our IPO with the goal of becoming a leading Bitcoin miner, with core principles of being vertically integrated, delivering low costs, and having positive impacts on the environment and the communities in which we operate; these principles remain intact,” said Greg Beard, co-chairman and chief executive officer of Stronghold. “Over the past few months, we have


The following information was filed by Stronghold Digital Mining, Inc. (SDIG) on Tuesday, March 29, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Stronghold Digital Mining, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Partners??? Deficit And Stockholders??? Deficit
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Acquisition
Acquisition (Tables)
Acquisition - Fair Value Of Identifiable Assets And Liabilities As Of Acquisition Date (Details)
Acquisition - Narrative (Details)
Aspen Interest (???Olympus???) Buyout
Aspen Interest (???Olympus???) Buyout (Tables)
Aspen Interest (???Olympus???) Buyout - Narrative (Details)
Aspen Interest (???Olympus???) Buyout - Partners' Deficit Of Aspen Interest (Details)
Business Combinations
Business Combinations (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Installments Remaining (Details)
Commitments And Contingencies - Narrative (Details)
Concentrations
Concentrations (Details)
Covenants
Covenants (Details)
Covid-19
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Potentially Dilutive Securities (Details)
Earnings (Loss) Per Share - Schedule Of Earnings Per Share (Details)
Equipment Deposits
Equipment Deposits (Tables)
Equipment Deposits - Narrative (Details)
Equipment Deposits - Schedule Of Equipment Deposits (Details)
Hosting Services Agreement
Hosting Services Agreement (Details)
Initial Public Offering
Initial Public Offering (Details)
Inventory
Inventory (Details)
Inventory (Tables)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Future Scheduled Maturities On The Outstanding Borrowings (Details)
Long-Term Debt - Schedule Of Long-Term Debt (Details)
Nature Of Operations And Significant Accounting Policies
Nature Of Operations And Significant Accounting Policies (Policies)
Nature Of Operations And Significant Accounting Policies (Tables)
Nature Of Operations And Significant Accounting Policies - Accounts Receivable, Cryptocurrency Machines And Waste Ash Sales (Details)
Nature Of Operations And Significant Accounting Policies - Digital Currencies (Details)
Nature Of Operations And Significant Accounting Policies - Income Taxes (Details)
Nature Of Operations And Significant Accounting Policies - Nature Of Operations (Details)
Nature Of Operations And Significant Accounting Policies - Warrant Liabilities, Segments, Mezzanine Equity And Loss Per Share (Details)
Non-Controlling Interests
Non-Controlling Interests (Tables)
Non-Controlling Interests - Narrative (Details)
Non-Controlling Interests - Permanent Equity Adjustments (Details)
Non-Controlling Interests - Redeemable Common Stock Adjustments (Details)
Non-Employee Directors Compensation Policy
Non-Employee Directors Compensation Policy (Details)
Paycheck Protection Program Loan, Economic Injury Disaster Loan
Paycheck Protection Program Loan, Economic Injury Disaster Loan (Details)
Premium Financing Agreement
Premium Financing Agreement (Details)
Prepaid Insurance
Prepaid Insurance (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Provisions For Income Taxes
Provisions For Income Taxes (Tables)
Provisions For Income Taxes - Components Of Deferred Tax Assets And Liabilities (Details)
Provisions For Income Taxes - Components Of Provision For Income Taxes (Details)
Provisions For Income Taxes - Effective Income Tax Rate Reconciliation (Details)
Provisions For Income Taxes - Narrative (Details)
Redeemable Common Stock
Redeemable Common Stock (Tables)
Redeemable Common Stock - Narrative (Details)
Redeemable Common Stock - Schedule Of Redeemable Common Stock (Details)
Redeemable Common Stock - Series A And B Valuations And Conversions To Common Equity (Details)
Related-Party Transactions
Related-Party Transactions (Tables)
Related-Party Transactions - Amounts Due To Related Parties (Details)
Related-Party Transactions - Narrative (Details)
Related-Party Transactions - Related Party Purchases (Details)
Renewable Energy Credits
Renewable Energy Credits (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Narrative (Details)
Segment Reporting - Results From Operating Segments (Details)
Segment Reporting - Schedule Of Assets, Operating Segments (Details)
Stock Issued Under Master Financing Agreements And Warrants
Stock Issued Under Master Financing Agreements And Warrants (Tables)
Stock Issued Under Master Financing Agreements And Warrants - Narrative (Details)
Stock Issued Under Master Financing Agreements And Warrants - Valuation Assumptions (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Nonvested Restricted Stock Activity (Details)
Stock-Based Compensation - Stock Options Activity (Details)
Stock-Based Compensation - Total Stock-Based Compensation Expense (Details)
Stock-Based Compensation - Valuation Assumptions (Details)
Subsequent Events
Subsequent Events (Details)
Supplemental Cash And Non-Cash Information
Supplemental Cash And Non-Cash Information (Details)
Supplemental Cash And Non-Cash Information (Tables)
Tax Receivable Agreement
Tax Receivable Agreement (Details)
Variable Prepaid Forward Sales Contract Derivative
Variable Prepaid Forward Sales Contract Derivative (Details)
Ticker: SDIG
CIK: 1856028
Form Type: 10-K Annual Report
Accession Number: 0001628280-22-007706
Submitted to the SEC: Tue Mar 29 2022 4:20:42 PM EST
Accepted by the SEC: Tue Mar 29 2022
Period: Friday, December 31, 2021
Industry: Computer Processing And Data Preparation

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