| Schedule of Reconciliation of Unaudited Condensed Consolidated and Combined Balance Sheets Prior to and Following the Effectiveness Transactions |
The following table presents a reconciliation of the Unaudited Condensed Consolidated and Combined Balance Sheets of the Company as of March 31, 2025, prior to the effectiveness of the Transactions, and the Unaudited Condensed Consolidated and Combined Balance Sheets of the Company as of March 31, 2025, following the effectiveness of the Transactions:
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Combined
Balance Sheet as of |
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Adjustments Post |
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Balance
Sheet as of |
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|
March 31, 2025 |
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Carveout |
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|
March 31, 2025 |
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Assets |
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Current assets |
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Deposits and prepaid expenses |
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$ |
36,920 |
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|
$ |
(36,920 |
) |
|
$ |
— |
|
Derivative assets |
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|
21,397 |
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|
|
(21,397 |
) |
|
|
— |
|
Digital assets – pledged for miner purchase |
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|
79,893 |
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|
|
(79,893 |
) |
|
|
— |
|
Total current assets |
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|
138,210 |
|
|
|
(138,210 |
) |
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|
— |
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Non-current assets |
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Digital assets – held in custody |
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597,743 |
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|
(597,743 |
) |
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|
— |
|
Digital assets – pledged as collateral |
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|
169,608 |
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|
(169,608 |
) |
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|
— |
|
Property and equipment, net |
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|
123,079 |
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|
(1,967 |
) |
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|
121,112 |
|
Goodwill |
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|
53,169 |
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|
(53,169 |
) |
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— |
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Total non-current assets |
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|
943,599 |
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|
|
(822,487 |
) |
|
|
121,112 |
|
Total assets |
|
$ |
1,081,809 |
|
|
$ |
(960,697 |
) |
|
$ |
121,112 |
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Liabilities and equity |
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Current liabilities |
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Accounts payable and accrued expenses |
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$ |
108,235 |
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|
$ |
(108,235 |
) |
|
$ |
— |
|
Derivative liability |
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|
896 |
|
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|
(896 |
) |
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|
— |
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Income tax payable |
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|
19 |
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(19 |
) |
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— |
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Total current liabilities |
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109,150 |
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(109,150 |
) |
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— |
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Non-current liabilities |
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Deferred tax liability |
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21,103 |
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(15,748 |
) |
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|
5,355 |
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Total liabilities |
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130,253 |
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(124,898 |
) |
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|
5,355 |
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Stockholders’ equity |
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Net Hut 8 investment |
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995,436 |
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(995,436 |
) |
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— |
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Common stock |
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|
— |
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|
5 |
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|
5 |
|
Additional paid-in capital(1) |
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|
— |
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|
115,752 |
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|
115,752 |
|
Accumulated other comprehensive income |
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|
(43,880 |
) |
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|
43,880 |
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|
— |
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Total stockholders’ equity |
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|
951,556 |
|
|
|
(835,799 |
) |
|
|
115,757 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,081,809 |
|
|
$ |
(960,697 |
) |
|
$ |
121,112 |
|
(1)The reclassification between Common stock outstanding and Additional paid-in capital resulting from the Reverse Stock Split (as defined below) has not been reflected in the balance sheet as of March 31, 2025, as this balance sheet represents the opening equity position of the Company established upon the effectiveness of the Transactions.
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