Revenue and Income - Revenue from digital currency mining for the three months ended March 31, 2022, was $7,312,342, representing a 53% increase from $4,767,075 in the same period of 2021[7] - The company reported a net income of $59,498 for the period, a decrease from $72,957 in the same period of 2021[7] - Operating income for the three months ended March 31, 2022, was $512,644, compared to $228,269 in the same period of 2021, indicating a significant improvement[7] - The company reported a total comprehensive income of $385,936 for the period, a significant decrease from $5,910,974 in the same period of 2021[7] - The total comprehensive loss for the period was $5,910,974, driven by various operational costs and losses[11] - For the three months ended March 31, 2022, the net income was $59,498, a decrease of 18% compared to $72,957 for the same period in 2021[63] - The total comprehensive loss for the three months ended March 31, 2022, was $956,566, down from $1,262,568 in the same period of 2021, reflecting a reduction of about 24%[69] Assets and Liabilities - Total current assets increased to $50,276,229 as of March 31, 2022, compared to $36,216,005 as of March 31, 2021, reflecting a growth of 39%[4] - Total assets reached $97,396,015 as of March 31, 2022, up from $80,026,875 in the previous year, marking a 22% increase[4] - Total liabilities increased to $17,753,365 as of March 31, 2022, from $9,822,106 in the previous year, representing an increase of 80%[4] - As of March 31, 2022, total shareholders' equity was $79,642,650, with share capital amounting to $61,151,235[11] - The company’s total assets as of March 31, 2022, were not explicitly stated but can be inferred from the equity and liabilities[11] Cash and Investments - Cash at the end of the period was $8,180,252, down from $13,190,446 at the end of the same period in 2021[10] - As of March 31, 2022, Digihost Technology Inc. holds digital currencies valued at $39,536,888, an increase from $33,491,986 as of December 31, 2021, representing a growth of approximately 18.3%[21] - The company mined 178 Bitcoin during the first quarter of 2022, contributing to a total Bitcoin balance of 796, with a value of $36,252,328[21] - The total amount receivable from the Miner Lease Agreement increased to $1,751,017 as of March 31, 2022, compared to $911,200 at the end of 2021, reflecting a growth of 92.5%[23] - The total digital assets held as current assets amounted to $21,324,706 as of March 31, 2022[21] Shareholder Equity and Capital - Share capital increased to $61,151,235 as of March 31, 2022, from $54,863,819 in the previous year, showing a growth of 11%[4] - The company completed private placements totaling 2,729,748 shares, raising $9,368,139 in capital[11] - The company closed a private placement on March 9, 2022, raising gross proceeds of $10,424,453 (CAD$13,330,861) by issuing 2,729,748 subordinate voting shares at CAD$4.40 each[41] - The total number of warrants outstanding as of March 31, 2022, was 10,124,330 with an average exercise price of CAD$7.12[47] - The company granted 1,449,250 restricted share units (RSUs) during the three months ended March 31, 2022, with a grant date fair value of $5,725,262[61] Expenses and Costs - The company incurred a gross profit of $581,292 for the three months ended March 31, 2022, compared to $2,108,135 in the same period of 2021, reflecting a decline[7] - Share-based compensation for the period amounted to $764,390, indicating ongoing investment in employee incentives[11] - Share-based compensation expense for the period was $764,390, compared to $1,165,542 in the same period of 2021, indicating a decrease of approximately 34%[69] - The company reported net financial expenses of $84,375 for interest on loans, a decrease from $96,134 in the previous year[69] Market and Currency Exposure - The balance of digital currency revaluation reserve was $3,085,863, reflecting the company's exposure to cryptocurrency fluctuations[11] - A total revaluation loss of $698,800 was recorded for digital assets due to market price fluctuations, net of taxes of $78,039[21] - The company has not hedged the conversion of any of its sales of digital currencies, exposing it to market price fluctuations[82] - As of March 31, 2022, a 10% change in the market price of the company's Bitcoin and Ethereum holdings would result in a corresponding asset value change of approximately $3,953,689[84] Operational and Structural Information - Digihost Technology Inc. operates in the cryptocurrency mining sector, indicating a focus on blockchain technology[12] - The company entered into a $10,000,000 collateralized revolving credit facility with Securitize, Inc., fully drawn as of March 31, 2022, with an interest rate of 7.5% per annum[29] - The company manages its capital structure to ensure it can continue as a going concern and provide returns to shareholders, with no externally imposed capital requirements[85]
Digihost(DGHI) - 2022 Q1 - Quarterly Report