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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number: 001-40931
Stronghold Digital Mining, Inc.
(Exact name of registrant as specified in its charter)
Delaware86-2759890
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
595 Madison Avenue, 28th Floor
                           New York, New York
10022
(Address of principal executive offices)(Zip Code)
(845) 579-5992
(Registrant's telephone number, including area code)

Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stockSDIGThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
APPLICABLE ONLY TO CORPORATE ISSUERS:
The registrant had outstanding 23,133,893 shares of Class A common stock, par value $0.0001 per share, and 28,209,600 shares of Class V common stock, par value $0.0001 per share, as of November 7, 2022.
Table of Contents
Page No.




Part I - Financial Information
Item 1. Financial Statements
STRONGHOLD DIGITAL MINING, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2022December 31, 2021
(unaudited)
ASSETS:
Cash and cash equivalents$16,723,511 $31,790,115 
Digital currencies2,186,704 7,718,221 
Digital currencies, restricted 2,699,644 
Accounts receivable775,038 2,111,855 
Due from related parties58,735  
Prepaid insurance980,180 6,301,701 
Inventory3,316,716 3,372,254 
Assets held for sale39,008,651  
Other current assets1,527,938 661,640 
Total current assets64,577,473 54,655,430 
Equipment deposits24,385,876 130,999,398 
Property, plant and equipment, net182,869,685 166,657,155 
Land1,748,439 1,748,440 
Road bond211,958 211,958 
Security deposits348,888 348,888 
TOTAL ASSETS$274,142,319 $354,621,269 
LIABILITIES:
Current portion of long-term debt, net of discounts and issuance fees$90,298,367 $45,799,651 
Financed insurance premiums307,385 4,299,721 
Forward sale contract 7,116,488 
Accounts payable28,491,137 28,650,659 
Due to related parties2,212,145 1,430,660 
Accrued liabilities7,385,258 5,053,957 
Total current liabilities128,694,292 92,351,136 
Asset retirement obligation992,201 973,948 
Contract liabilities132,093 187,835 
Paycheck Protection Program Loan 841,670 
Warrant liabilities5,056,065  
Long-term debt, net of discounts and issuance fees7,607,240 18,378,841 
Total long-term liabilities13,787,599 20,382,294 
Total liabilities142,481,891 112,733,430 
COMMITMENTS AND CONTINGENCIES (NOTE 8)
REDEEMABLE COMMON STOCK:
Common Stock – Class V; $0.0001 par value; 34,560,000 shares authorized; 27,057,600 and 27,057,600 shares issued and
   outstanding as of September 30, 2022, and December 31, 2021, respectively.
29,433,528 301,052,617 
Total redeemable common stock29,433,528 301,052,617 
STOCKHOLDERS’ EQUITY (DEFICIT):
Noncontrolling Series A redeemable and convertible preferred stock; $0.0001 par value; $5,000,000 aggregate liquidation
   value; 1,152,000 and 1,152,000 shares issued and outstanding as of September 30, 2022, and December 31, 2021,
   respectively.
34,140,047 37,670,161 
Common Stock – Class A; $0.0001 par value; 685,440,000 shares authorized; 23,063,813 and 20,016,067 shares issued
   and outstanding as of September 30, 2022, and December 31, 2021, respectively.
2,307 2,002 
Accumulated deficits(211,325,844)(338,709,688)
Additional paid-in capital279,410,390 241,872,747 
Total stockholders’ equity (deficit)102,226,900 (59,164,778)
Total redeemable common stock and stockholders' equity (deficit)131,660,428 241,887,839 
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)$274,142,319 $354,621,269 

The accompanying notes are an integral part of these condensed consolidated financial statements.
2


STRONGHOLD DIGITAL MINING, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended,Nine months ended,
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
(unaudited)(unaudited)(unaudited)(unaudited)
OPERATING REVENUES:
Cryptocurrency mining$12,283,695 $2,060,523 $50,715,424 $3,901,426 
Energy11,454,016 2,388,752 26,946,549 5,875,574 
Capacity878,610 1,069,040 4,591,038 2,352,276 
Cryptocurrency hosting93,279 499,724 282,327 1,742,242 
Other39,171 1,674 91,941 34,797 
Total operating revenues24,748,771 6,019,713 82,627,279 13,906,315 
OPERATING EXPENSES:
Fuel8,466,588 2,411,186 26,485,096 6,511,706 
Operations and maintenance19,528,088 2,835,315 47,449,177 6,040,173 
General and administrative11,334,212 3,469,830 32,848,291 6,377,677 
Impairments on digital currencies465,651 91,040 8,176,868 466,286 
Impairments on equipment deposits  12,228,742  
Impairments on miner assets11,610,000  16,600,000  
Realized gain on sale of digital currencies(185,396) (936,506)(149,858)
Loss on disposal of fixed assets461,940  2,231,540  
Realized loss on sale of miner assets  8,012,248  
Depreciation and amortization12,247,245 1,158,374 37,234,126 2,463,549 
Total operating expenses63,928,328 9,965,745 190,329,582 21,709,533 
NET OPERATING LOSS(39,179,557)(3,946,032)(107,702,303)(7,803,218)
OTHER INCOME (EXPENSE):
Interest expense(3,393,067)(2,460,668)(10,813,302)(2,594,751)
Loss on debt extinguishment(28,697,021) (28,697,021) 
Impairment on assets held for sale(4,159,004) (4,159,004) 
Gain on extinguishment of PPP loan  841,670 638,800 
Changes in fair value of warrant liabilities1,302,065 92,979 1,302,065 (98,498)
Realized gain on sale of derivative contract90,953  90,953  
Changes in fair value of forward sale derivative  3,435,639  
Changes in fair value of convertible note(1,204,739) (2,167,500) 
Waste coal tax credits 23,356 53,443 47,152 
Other20,000 10,336 50,000 48,521 
Total other income (expense)(36,040,813)(2,333,997)(40,063,057)(1,958,776)
NET LOSS(75,220,370)(6,280,029)(147,765,360)(9,761,994)
NET LOSS attributable to noncontrolling interest(44,000,155)(4,328,460)(86,435,347)(6,730,940)
NET LOSS attributable to Stronghold Digital Mining, Inc$(31,220,215)$(1,951,569)$(61,330,013)$(3,031,054)
NET LOSS per share attributable to Class A common shareholders(1)
Basic$(1.27)$(6.05)$(2.82)$(17.05)
Diluted$(1.27)$(6.05)$(2.82)$(17.05)
Weighted average number of Class A common shares outstanding(1)
Basic24,631,626 322,342 21,772,057 173,532 
Diluted24,631,626 322,342 21,772,057 173,532 

(1) Basic and diluted loss per share of Class A common stock is presented only for the period after the Company’s Reorganization Transactions. See Note 1 – Business Combinations for a description of the Reorganization Transactions. See Note 17 – Earnings (Loss) Per Share for the calculation of net loss per share.

The accompanying notes are an integral part of these condensed consolidated financial statements.
3


STRONGHOLD DIGITAL MINING, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ DEFICIT AND STOCKHOLDERS’ EQUITY/(DEFICIT)
September 30, 2022 and September 30, 2021
Three Months Ended September 30, 2022
Noncontrolling Redeemable PreferredCommon A
Limited
Partners
General
Partners
Series A
Shares
AmountSharesAmount
Accumulated
Deficit
Additional Paid-in
Capital
Stockholders’
Equity/(Deficit)
Balance – July 1, 2022$ $ 1,152,000 $35,937,061 20,034,875 $2,002 $(155,708,864)$255,373,253 $135,603,452 
Net loss attributable to Stronghold Digital Mining, Inc.— — — — — — (31,220,215)— (31,220,215)
Net loss attributable to noncontrolling interest— — — (1,797,014)— — (42,203,141)— (44,000,155)
Maximum redemption right valuation [Common V Units]— — — — — — 17,806,376 — 17,806,376 
Vesting of restricted stock units— — — — 152,179 17 — (17) 
Issuance of common stock – September PIPE— — — — 2,876,759 288 — 2,241,022 2,241,310 
McClymonds arbitration award – paid by Q Power— — — — — — — 5,038,122 5,038,122 
Stock-based compensation – refer to Note 13
— — — — — — — 3,377,499 3,377,499 
Balance – September 30, 2022$ $ 1,152,000 $34,140,047 23,063,813 $2,307 $(211,325,844)$279,410,390 $102,226,900 
Three Months Ended September 30, 2021
Noncontrolling Redeemable PreferredCommon APartners' Deficit
Limited
Partners
General
Partners
Series A
Shares
AmountSharesAmount
Accumulated
Deficit
Additional
Paid-in
Capital
Stock Subscriptions
Stockholders’
Equity/(Deficit)
Balance – July 1, 2021$ $ 576,000 $58 140,674 $14 $(182,190,312)$8,659,015 $(1,389,888)$(174,921,113)
Common stock issued as part of debt financing – refer to Note 14
— — — — — — — — 598,686 598,686 
Common stock issued as part of debt financing – refer to Note 14
— — — — — — — — 791,202 791,202 
Net loss for the three months ended September 30, 2021— — — — — — (1,951,569)— — (1,951,569)
Maximum redemption right valuation – refer to Note 15
— — — — — — (79,669,609)— — (79,669,609)
Stock-based compensation – refer to Note 13
— — — — — — — 976,528 — 976,528 
Balance – September 30, 2021$ $ 576,000 $58 140,674 $14 $(263,811,490)$9,635,543 $ $(254,175,875)

The accompanying notes are an integral part of these condensed consolidated financial statements.
4


STRONGHOLD DIGITAL MINING, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ DEFICIT AND STOCKHOLDERS’ EQUITY/(DEFICIT)
September 30, 2022 and September 30, 2021
Nine Months Ended September 30, 2022
Noncontrolling Redeemable PreferredCommon A
Limited
Partners
General
Partners
Series A
Shares
AmountSharesAmount
Accumulated
Deficit
Additional Paid-in
Capital
Stockholders’
Equity/(Deficit)
Balance – January 1, 2022$ $ 1,152,000 $37,670,161 20,016,067 $2,002 $(338,709,688)$241,872,747 $(59,164,778)
Net loss attributable to Stronghold Digital Mining, Inc.— — — — — — (61,330,013)— (61,330,013)
Net loss attributable to noncontrolling interest— — — (3,530,114)— — (82,905,233)— (86,435,347)
Maximum redemption right valuation [Common V Units]— — — — — — 271,619,090 — 271,619,090 
Vesting of restricted stock units— — — — 170,987 17 — (17) 
Issuance of common stock – September PIPE— — — — 2,876,759 288 — 2,241,022 2,241,310 
Warrants issued and outstanding— — — — — — — 21,135,392 21,135,392 
McClymonds arbitration award – paid by Q Power— — — — — — — 5,038,122 5,038,122 
Stock-based compensation – refer to Note 13— — — — — — — 9,123,124 9,123,124 
Balance – September 30, 2022$ $ 1,152,000 $34,140,047 23,063,813 $2,307 $(211,325,844)$279,410,390 $102,226,900 
Nine Months Ended September 30, 2021
Noncontrolling Redeemable PreferredCommon APartners’ Deficit
Limited
Partners
General
Partners
Series A
Shares
AmountSharesAmount
Accumulated
Deficit
Additional
Paid-in
Capital
Stockholders’
Equity/(Deficit)
Balance – January 1, 2021$(1,336,784)$(2,710,323) $  $ $ $ $(4,047,107)
Net loss for the three months ended March 31, 2021(71,687)(167,261)— — — — — — (238,948)
Effect of reorganizations (see Note 1)
Opco formation and contributions— 2,877,584 — — — — — — 2,877,584 
Aspen Scrubgrass Participant, LLC ["Olympus"] contribution1,408,471 — — — — — (1,408,471)—  
Buyout of Aspen Interest – refer to Note 19— — 576,000 58 — — (7,000,000)4,999,800 (2,000,142)
Exchange of common units for Class A common shares— — — — 14,400 2 — — 2 
Common stock issued as part of debt financing – refer to Note 14— — — — 54,392 5 — 598,687 598,692 
Common stock issued as part of debt financing – refer to Note 14— — — — 71,882 7 — 791,200 791,207 
Warrants issued as part of debt financing – refer to Note 14— — — — — — — 1,999,396 1,999,396 
Net loss for the six months ended September 30, 2021— — — — — — (2,959,369)— (2,959,369)
Maximum redemption right valuation – refer to Note 15— — — — — — (252,443,650)— (252,443,650)
Stock-based compensation – refer to Note 13— — — — — — — 1,246,460 1,246,460 
Balance – September 30, 2021 $ 576,000 $58 140,674 $14 $(263,811,490)$9,635,543 $(254,175,875)

The accompanying notes are an integral part of these condensed consolidated financial statements.
5


STRONGHOLD DIGITAL MINING, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30, 2022September 30, 2021
(unaudited)(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss$(147,765,360)$(9,761,994)
Adjustments to reconcile net loss to cash flows from operating activities:
Depreciation and amortization37,234,126 2,463,549 
Gain on extinguishment of PPP loan(841,670)(638,800)
Realized gain on sale of derivative contract(90,953) 
Loss on disposal of fixed assets2,231,540  
Write-off of bad debts 150,162 
Realized loss on sale of miner assets8,012,248  
Amortization of debt issuance costs2,681,039 643,025 
Stock-based compensation9,123,124 1,246,460 
Loss on debt extinguishment28,697,021  
Impairment on assets held for sale4,159,004  
Impairments on equipment deposits12,228,742  
Impairments on miner assets16,600,000  
Changes in fair value of warrant liabilities(1,302,065)98,498 
Changes in fair value of forward sale derivative(3,435,639) 
Forward sale contract prepayment970,000  
Changes in fair value of convertible note2,167,500  
Accretion of asset retirement obligation18,253  
(Increase) decrease in digital currencies:
Mining revenue(50,715,424)(3,901,426)
Net proceeds from sales of digital currencies46,209,822 434,529 
Impairments on digital currencies8,176,868 466,286 
(Increase) decrease in assets:
Accounts receivable1,336,817 (242,489)
Prepaid insurance5,321,521 (278,538)
Due from related parties(58,735)302,973 
Inventory55,538 29,291 
Other current assets(866,298)(3,713,832)
Increase (decrease) in liabilities:
Accounts payable4,878,600 21,141,055 
Due to related parties781,485 37,280 
Accrued liabilities, excluding sales tax liabilities(407,909)3,832,362 
Contract liabilities(55,742)147,836 
NET CASH FLOWS (USED IN) PROVIDED BY OPERATING ACTIVITIES(14,656,547)12,456,227 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of land (29,919)
Purchases of property, plant and equipment(68,052,422)(34,735,332)
Proceeds from sale of equipment deposits13,844,780  
Equipmen