Exhibit 99.3

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF TEXAS

HOUSTON

 

  In Re. Core Scientific Operating Company    §    Case No. 22-90343
   §   
          §    Lead Case No. 22-90341
 

 

Debtor(s)

   §   
        ☒ Jointly Administered

 

Monthly Operating Report        Chapter 11

 

Reporting Period Ended: 11/30/2023       Petition Date: 12/21/2022
Months Pending: 11                                    Industry Classification:    3    3    4    1

 

Reporting Method:    Accrual Basis ☒    Cash Basis ☐
Debtor’s Full-Time Employees (current):       0
Debtor’s Full-Time Employees (as of date of order for relief):    0

Supporting Documentation (check all that are attached):

(For jointly administered debtors, any required schedules must be provided on a non-consolidated basis for each debtor)

 

Statement of cash receipts and disbursements

 

Balance sheet containing the summary and detail of the assets, liabilities and equity (net worth) or deficit

 

Statement of operations (profit or loss statement)

 

Accounts receivable aging

 

Postpetition liabilities aging

 

Statement of capital assets

 

Schedule of payments to professionals

 

Schedule of payments to insiders

 

All bank statements and bank reconciliations for the reporting period

 

Description of the assets sold or transferred and the terms of the sale or transfer

 

/s/ Alfredo R. Pérez

     

Alfredo R. Pérez

Signature of Responsible Party       Printed Name of Responsible Party

12/31/2023

     
Date                       

700 Louisiana Street, Suite 1700, Houston, Texas 77002

      Address

STATEMENT: This Periodic Report is associated with an open bankruptcy case; therefore, Paperwork Reduction Act exemption 5 C.F.R. § 1320.4(a)(2) applies.

 

1


Debtor's Name Core Scientific Operating Company                Case No. 22-90343

 

Part 1: Cash Receipts and Disbursements

   Current Month      Cumulative  

a.

  

Cash balance beginning of month

   $ 35,779,737     
     

 

 

    

b.

  

Total receipts (net of transfers between accounts)

   $ 54,839,085      $ 430,784,204  
     

 

 

    

 

 

 

c.

  

Total disbursements (net of transfers between accounts)

   $ 28,516,840      $ 63,080,460  
     

 

 

    

 

 

 

d.

  

Cash balance end of month (a+b-c)

   $ 62,101,982     
     

 

 

    

e.

  

Disbursements made by third party for the benefit of the estate

   $ 0      $ 0  
     

 

 

    

 

 

 

f.

  

Total disbursements for quarterly fee calculation (c+e)

   $ 28,516,840      $ 63,080,460  
     

 

 

    

 

 

 

Part 2: Asset and Liability Status
(Not generally applicable to Individual Debtors. See Instructions.)

   Current Month         

a.

  

Accounts receivable (total net of allowance)

   $ -472,304,059     
     

 

 

    

b.

  

Accounts receivable over 90 days outstanding (net of allowance)

   $ 0     
     

 

 

    

c.

  

Inventory    (Book  ☒     Market  ☐ Other  ☐ (attach explanation))

   $ 791,603     
     

 

 

    

d

  

Total current assets

   $ -1,105,043,765     
     

 

 

    

e.

  

Total assets

   $ -512,612,521     
     

 

 

    

f.

  

Postpetition payables (excluding taxes)

   $ 212,479,036     
     

 

 

    

g.

  

Postpetition payables past due (excluding taxes)

   $ 0     
     

 

 

    

h.

  

Postpetition taxes payable

   $ 911,247     
     

 

 

    

i.

  

Postpetition taxes past due

   $ 0     
     

 

 

    

j.

  

Total postpetition debt (f+h)

   $ 213,390,283     
     

 

 

    

k.

  

Prepetition secured debt

   $ 272,998,831     
     

 

 

    

l.

  

Prepetition priority debt

   $ 3,964,554     
     

 

 

    

m.

  

Prepetition unsecured debt

   $ 111,329,081     
     

 

 

    

n.

  

Total liabilities (debt) (j+k+l+m)

   $ 601,682,749     
     

 

 

    

o.

  

Ending equity/net worth (e-n)

   $ -1,114,295,270     
     

 

 

    

Part 3: Assets Sold or Transferred

   Current Month      Cumulative  

a.

  

Total cash sales price for assets sold/transferred outside the ordinary course of business

   $ 14,000,000      $ 17,036,635  
     

 

 

    

 

 

 

b.

  

Total payments to third parties incident to assets being sold/transferred outside the ordinary course of business

   $ 0      $ 0  
     

 

 

    

 

 

 

c.

  

Net cash proceeds from assets sold/transferred outside the ordinary course of business (a-b)

   $ 14,000,000      $ 17,036,635  
     

 

 

    

 

 

 

Part 4: Income Statement (Statement of Operations)

(Not generally applicable to Individual Debtors. See Instructions.)

   Current Month      Cumulative  

a.

  

Gross income/sales (net of returns and allowances)

   $ 43,464,304     
     

 

 

    

b.

  

Cost of goods sold (inclusive of depreciation, if applicable)

   $ 30,626,501     
     

 

 

    

c.

  

Gross profit (a-b)

   $ 12,837,803     
     

 

 

    

d.

  

Selling expenses

   $ 411,886     
     

 

 

    

e.

  

General and administrative expenses

   $ 8,111,276     
     

 

 

    

f.

  

Other expenses

   $ 764,177     
     

 

 

    

g.

  

Depreciation and/or amortization (not included in 4b)

   $ 0     
     

 

 

    

h.

  

Interest

   $ 612,116     
     

 

 

    

i.

  

Taxes (local, state, and federal)

   $ 0     
     

 

 

    

j.

  

Reorganization items

   $ 9,971,029     
     

 

 

    

k.

  

Profit (loss)

   $ -7,268,966      $ -13,709,335  
     

 

 

    

 

 

 

 

   2   


Debtor's Name Core Scientific Operating Company                Case No. 22-90343

 

Part 5: Professional Fees and Expenses                    
          Approved
Current Month
  Approved
Cumulative
  Paid Current
Month    
  Paid
Cumulative    
a.   Debtor’s professional fees & expenses (bankruptcy)   Aggregate Total   $            0   $212,975   $            0   $212,975
    Itemized Breakdown by Firm                    
        Firm Name   Role                
    i   Stretto, Inc   Other   $            0   $212,975   $            0   $212,975
    ii                        
    iii                        
    iv                        
    v                        
    vi                        
    vii                        
    viii                        
    ix                        
    x                        
    xi                        
    xii                        
    xiii                        
    xiv                        
    xv                        
    xvi                        
    xvii                        
    xviii                        
    xix                        
    xx                        
    xxi                        
    xxii                        
    xxiii                        
    xxiv                        
    xxv                        
    xxvi                        
    xxvii                        
    xxviii                        
    xxix                        
    xxx                        
    xxxi                        
    xxxii                        
    xxxiii                        
    xxxiv                        
    xxxv                        
    xxxvi                        

 

   3   


Debtor's Name Core Scientific Operating Company                Case No. 22-90343

 

  

                                                
  xxxvii                                           
  xxxviii                        
  xxxix                        
  xl                        
  xli                        
  xlii                        
  xliii                        
  xliv                        
  xlv                        
  xlvi                        
  xlvii                        
  xlviii                        
  xlix                        
  l                        
  li                        
  lii                        
  liii                        
  liv                        
  lv                        
  lvi                        
  lvii                        
  lviii                        
  lix                        
  lx                        
  lxi                        
  lxii                        
  lxiii                        
  lxiv                        
  lxv                        
  lxvi                        
  lxvii                        
  lxviii                        
  lxix                        
  lxx                        
  lxxi                        
  lxxii                        
  lxxiii                        
  lxxiv                        
  lxxv                        
  lxxvi                        
  lxxvii                        
  lxxviii                        

 

   4   


Debtor's Name Core Scientific Operating Company                Case No. 22-90343

 

        lxxix                              
   lxxx                              
   lxxxi                              
   lxxxii                              
   lxxxiii                              
   lxxxiv                              
   lxxxv                              
   lxxxvi                              
   lxxxvii                              
   lxxxviii                              
   lxxxix                              
   xc                              
   xci                              
   xcii                              
   xciii                              
   xciv                              
   xcv                              
   xcvi                              
   xcvii                              
   xcviii                              
   xcix                              
   c                              
   ci                              

 

          Approved
Current Month
    Approved
Cumulative
    Paid Current
Month
    Paid
Cumulative
 

b.

  Debtor’s professional fees & expenses (nonbankruptcy) Aggregate Total   $ 269,031     $ 5,862,343     $ 396,954     $ 4,211,412  
    Itemized Breakdown by Firm                                
        Firm Name   Role                                
    i   Fishman Stewart PLLC   Local Counsel   $ 40,290     $ 299,177     $ 0     $ 125,988  
    ii   Frost Brown Todd Attorneys LL   Other   $ 11,235     $ 86,639     $ 9,640     $ 75,404  
    iii   Horne LLP   Other   $ 925     $ 13,443     $ 1,270     $ 13,443  
    iv   Marcum LLP   Other   $ 0     $ 1,500,000     $ 0     $ 1,465,259  
    v   Quinn Emanuel Urquhart & Sul   Other   $ 14,648     $ 1,118,943     $ 38,103     $ 406,895  
    vi   Alston and Bird LLP   Other   $ 705     $ 227,544     $ 1,410     $ 217,095  
    vii   Carey Olsen Cayman Limited   Other   $ 0     $ 2,239     $ 0     $ 2,239  
    viii   Murphy and Grantland PA   Other   $ 0     $ 480     $ 0     $ 0  
    ix   Parker Poe   Other   $ 0     $ 2,096     $ 0     $ 2,096  
    x   Morgan Lewis and Bockius LLP   Other   $ 0     $ 104,111     $ 3,724     $ 43,009  
    xi   Deloitte & Touche LLP   Other   $ 177,150     $ 2,296,584     $ 293,000     $ 1,672,975  
    xii   Ernst and Young US LLP   Other   $ 0     $ 9,632     $ 0     $ 9,632  
    xiii   Hall, Estill, Hardwick, Gable, G   Other   $ 0     $ 1,777     $ 0     $ 1,777  
    xiv   Andersen Tax LLC   Other   $ 24,078     $ 195,180     $ 49,808     $ 171,102  

 

   5   


Debtor's Name Core Scientific Operating Company                Case No. 22-90343

 

    xv   Ryan LLC   Other   $            0   $     4,500   $            0   $     4,500
  xvi                        
  xvii                        
  xviii                        
  xix                        
  xx                        
  xxi                        
  xxii                        
  xxiii                        
  xxiv                        
  xxv                        
  xxvi                        
  xxvii                        
  xxviii                        
  xxix                        
  xxx                        
  xxxi                        
  xxxii                        
  xxxiii                        
  xxxiv                        
  xxxv                        
  xxxvi                        
  xxxvii                        
  xxxviii                        
  xxxix                        
  xl                        
  xli                        
  xlii                        
  xliii                        
  xliv                        
  xlv                        
  xlvi                        
  xlvii                        
  xlviii                        
  xlix                        
  l                        
  li                        
  lii                        
  liii                        
  liv                        
  lv                        
  lvi                        

 

   6   


Debtor's Name Core Scientific Operating Company                Case No. 22-90343

 

    lvii                                              
    lviii                        
    lix                        
    lx                        
    lxi                        
    lxii                        
    lxiii                        
    lxiv                        
    lxv                        
    lxvi                        
    lxvii                        
    lxviii                        
    lxix                        
    lxx                        
    lxxi                        
    lxxii                        
    lxxiii                        
    lxxiv                        
    lxxv                        
    lxxvi                        
    lxxvii                        
    lxxviii                        
    lxxix                        
    lxxx                        
    lxxxi                        
    lxxxii                        
    lxxxiii                        
    lxxxiv                        
    lxxxv                        
    lxxxvi                        
    lxxxvii                        
    lxxxviii                        
    lxxxix                        
    xc                        
    xci                        
    xcii                        
    xciii                        
    xciv                        
    xcv                        
    xcvi                        
    xcvii                        
    xcviii                        

 

   7   


Debtor's Name Core Scientific Operating Company                Case No. 22-90343

 

    xcix                                              
  c                        
c.   All professional fees and expenses (debtor & committees)   $269,031   $6,075,319   $396,954   $4,424,387

 

Part 6: Postpetition Taxes

   Current Month      Cumulative  

a.   Postpetition income taxes accrued (local, state, and federal)

   $ 0      $ 65,977  
  

 

 

    

 

 

 

b.  Postpetition income taxes paid (local, state, and federal)

   $ 0      $ 0  
  

 

 

    

 

 

 

c.   Postpetition employer payroll taxes accrued

   $ 49,848      $ 660,022  
  

 

 

    

 

 

 

d.  Postpetition employer payroll taxes paid

   $ 142,432      $ 1,798,400  
  

 

 

    

 

 

 

e.   Postpetition property taxes paid

   $ 0      $ 17,284  
  

 

 

    

 

 

 

f.   Postpetition other taxes accrued (local, state, and federal)

   $ -8,913      $ 69,061  
  

 

 

    

 

 

 

g.  Postpetition other taxes paid (local, state, and federal)

   $ -1,200      $ -449,265  
  

 

 

    

 

 

 

 

Part 7: Questionnaire - During this reporting period:

                           

a.   Were any payments made on prepetition debt? (if yes, see Instructions)

     Yes  ☐        No  ☒        

b.  Were any payments made outside the ordinary course of business without court approval? (if yes, see Instructions)

     Yes  ☐        No  ☒        

c.   Were any payments made to or on behalf of insiders?

     Yes  ☒        No  ☐        

d.  Are you current on postpetition tax return filings?

     Yes  ☐        No  ☒        

e.   Are you current on postpetition estimated tax payments?

     Yes  ☒        No  ☐        

f.   Were all trust fund taxes remitted on a current basis?

     Yes  ☒        No  ☐        

g.  Was there any postpetition borrowing, other than trade credit? (if yes, see Instructions)

     Yes  ☐        No  ☒        

h.  Were all payments made to or on behalf of professionals approved by the court?

     Yes  ☒        No  ☐        N/A  ☐     

i.   Do you have: Worker’s compensation insurance?

     Yes  ☒        No  ☐        

If yes, are your premiums current?

     Yes  ☒        No  ☐        N/A  ☐        (if no, see Instructions

Casualty/property insurance?

     Yes  ☒        No  ☐        

If yes, are your premiums current?

     Yes  ☒        No  ☐        N/A  ☐        (if no, see Instructions

General liability insurance?

     Yes  ☒        No  ☐        

If yes, are your premiums current?

     Yes  ☒        No  ☐        N/A  ☐        (if no, see Instructions

j.   Has a plan of reorganization been filed with the court?

     Yes  ☒        No  ☐        

k.  Has a disclosure statement been filed with the court?

     Yes  ☒        No  ☐        

l.   Are you current with quarterly U.S. Trustee fees as set forth under 28 U.S.C. § 1930?

     Yes  ☒        No  ☐        

 

   8   


Debtor's Name Core Scientific Operating Company                Case No. 22-90343

 

Part 8: Individual Chapter 11 Debtors (Only)

      

a.

  

Gross income (receipts) from salary and wages

   $                               0  
     

 

 

 

b.

  

Gross income (receipts) from self-employment

   $ 0  
     

 

 

 

c.

  

Gross income from all other sources

   $ 0  
     

 

 

 

d.

  

Total income in the reporting period (a+b+c)

   $ 0  
     

 

 

 

e.

  

Payroll deductions

   $ 0  
     

 

 

 

f.

  

Self-employment related expenses

   $ 0  
     

 

 

 

g.

  

Living expenses

   $ 0  
     

 

 

 

h.

  

All other expenses

   $ 0  
     

 

 

 

i.

  

Total expenses in the reporting period (e+f+g+h)

   $ 0  
     

 

 

 

j.

  

Difference between total income and total expenses (d-i)

   $ 0  
     

 

 

 

k.

  

List the total amount of all postpetition debts that are past due

   $ 0  
     

 

 

 

l.

  

Are you required to pay any Domestic Support Obligations as defined by 11 U.S.C § 101(14A)?

   Yes ☐   No ☒  

m.

  

If yes, have you made all Domestic Support Obligation payments?

   Yes ☐   No ☐   N/A ☒

 

Privacy Act Statement

28 U.S.C. § 589b authorizes the collection of this information, and provision of this information is mandatory under 11 U.S.C.

§§ 704, 1106, and 1107. The United States Trustee will use this information to calculate statutory fee assessments under 28 U.S.C. § 1930(a)(6). The United States Trustee will also use this information to evaluate a chapter 11 debtor’s progress through the bankruptcy system, including the likelihood of a plan of reorganization being confirmed and whether the case is being prosecuted in good faith. This information may be disclosed to a bankruptcy trustee or examiner when the information is needed to perform the trustee’s or examiner’s duties or to the appropriate federal, state, local, regulatory, tribal, or foreign law enforcement agency when the information indicates a violation or potential violation of law. Other disclosures may be made for routine purposes. For a discussion of the types of routine disclosures that may be made, you may consult the Executive Office for United States Trustee’s systems of records notice, UST-001, “Bankruptcy Case Files and Associated Records.” See 71 Fed. Reg. 59,818 et seq. (Oct. 11, 2006). A copy of the notice may be obtained at the following link: http:// www.justice.gov/ust/eo/rules_regulations/index.htm. Failure to provide this information could result in the dismissal or conversion of your bankruptcy case or other action by the United States Trustee. 11 U.S.C. § 1112(b)(4)(F).

I declare under penalty of perjury that the foregoing Monthly Operating Report and its supporting documentation are true and correct and that I have been authorized to sign this report on behalf of the estate.

 

/s/ Michael Bros

     

Michael Bros

Signature of Responsible Party       Printed Name of Responsible Party

SVP, Capital Markets and Acquisitions

     

12/31/2023

Title       Date

 

   9   


Debtor's Name Core Scientific Operating Company                Case No. 22-90343

 

LOGO

 

 

   10   


Debtor's Name Core Scientific Operating Company                Case No. 22-90343

 

LOGO

 

 

   11   


Debtor's Name Core Scientific Operating Company                Case No. 22-90343

 

LOGO

 

   12   


IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

In re:    §    Chapter 11
   §   
CORE SCIENTIFIC, INC., et al.,    §    Case No. 22-90341 (CML)
   §   

Debtors.1

   §    (Jointly Administered)

MONTHLY OPERATING REPORT NOTES FOR NOVEMBER 2023

On December 21, 2022 (the “Petition Date”), Core Scientific, Inc. and its debtor affiliates, as debtors and debtors in possession in the above-captioned chapter 11 cases (collectively, the “Debtors” or the “Company”), each commenced a voluntary case under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). The Debtors are authorized to operate their businesses and manage their properties as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. The Debtors’ chapter 11 cases are being jointly administered for procedural purposes only pursuant to Rule 1015(b) of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”) and Rule 1015-1 of the Bankruptcy Local Rules for the United States Bankruptcy Court for the Southern District of Texas (the “Local Rules”). On January 9, 2023, the United States Trustee for Region 7 (the “U.S. Trustee”) appointed an official committee of unsecured creditors (the “Creditors’ Committee”) in these chapter 11 cases pursuant to section 1102 of the Bankruptcy Code. On March 23, 2023, the U.S. Trustee appointed an official equity committee (the “Equity Committee”) in these chapter 11 cases pursuant to section 1102 of the Bankruptcy Code. No trustee or examiner has been appointed in these chapter 11 cases.

The following notes and statements of limitations and disclaimers should be referred to, and referenced in connection with, any review of this Monthly Operating Report (the “MOR”).

 

  1.

Introduction. This MOR is unaudited and does not purport to represent financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), and it is not intended to fully reconcile to the consolidated financial statements prepared by the Debtors. Information contained in this MOR has been derived from the Debtors’ books and records, but does not reflect in all circumstances presentation for GAAP or SEC reporting purposes. Therefore, to comply with their obligations to provide MORs during these chapter 11 cases, the Debtors have prepared this MOR using the best information presently available to them, which has been collected, maintained, and prepared in accordance

 

1 

The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, are as follows: Core Scientific Mining LLC (6971); Core Scientific, Inc. (3837); Core Scientific Acquired Mining LLC (6074); Core Scientific Operating Company (5526); Radar Relay, Inc. (0496); Core Scientific Specialty Mining (Oklahoma) LLC (4327); American Property Acquisition, LLC (0825); Starboard Capital LLC (6677); RADAR LLC (5106); American Property Acquisitions I, LLC (9717); and American Property Acquisitions VII, LLC (3198). The Debtors’ corporate headquarters is 210 Barton Springs Road, Suite 300, Austin, Texas 78704. The Debtors’ service address is 2407 S. Congress Ave, Suite E-101, Austin, TX 78704.

 

Page 1


with their historical accounting practices. Accordingly, this MOR is true and accurate to the best of the Debtors’ knowledge, information, and belief, based on currently-available data. The results of operations and financial position contained herein are not necessarily indicative of results that may be expected for any period other than the period beginning on November 1, 2023 and ending November 30, 2023, or for the full year, and may not necessarily reflect the Debtors’ future consolidated results of operations and financial position.

 

  2.

Reservation of Rights. This MOR is limited in scope, covers the period beginning on November 1, 2023 and ending November 30, 2023, and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Debtors’ chapter 11 cases. The unaudited financial information for this report has been derived from the Debtors’ books and records. The information presented herein has not been subject to all procedures that typically would be applied to financial information in accordance with U.S. GAAP. Upon the application of such procedures, the Debtors believe that the financial information could be subject to material change. The information furnished in this MOR includes normal recurring adjustments but does not include all of the adjustments that typically would be made for interim financial information presented in accordance with GAAP.

Given the complexity of the Debtors’ business, inadvertent errors or omission may occur. Accordingly, the Debtors hereby reserve all of their rights to dispute the nature, validity, status, enforceability, or executory natures of any claim amount, agreement, representation, or other statement set forth in this MOR. Further, the Debtors reserve the right to amend or supplement this MOR, if necessary, but shall be under no obligation to do so.

 

  3.

Basis of Presentation. Although the Debtors generally prepare their financial statements on a consolidated basis, the MOR has been prepared on an entity-by-entity basis (excluding most intercompany eliminations) for Debtors Core Scientific, Inc., Core Scientific Acquired Mining LLC, Core Scientific Operating Company, Core Scientific Mining LLC, Radar Relay, Inc., Core Scientific Specialty Mining (Oklahoma) LLC, American Property Acquisition, LLC, Starboard Capital LLC, RADAR LLC, American Property Acquisitions I, LLC, and American Property Acquisitions VII, LLC. The financial information contained herein is unaudited, limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements for chapter 11 debtors issued by the UST.

The amounts reported in this MOR are as-of November 30, 2023, the end of the Debtors’ reporting period. This MOR covers the period beginning November 1, 2023 and ending November 30, 2023.

 

  4.

Accounting Principles. The Debtors maintain their financial records according to GAAP, however the MOR does not purport to represent financial statements prepared in accordance with GAAP, nor are they intended to be fully reconciled with the financial statements of the Debtors.

The Debtors generally prepare financial statements on a consolidated basis. To the extent that there are negative asset balances for an individual Debtor, such as accounts receivable and current assets, they may be due to some intercompany elimination transactions or adjustments in each specific Debtor’s books and records.

 

Page 2


  5.

Currency. Unless otherwise indicated, all amounts in the MOR are reflected in U.S. dollars.

 

  6.

Consolidated Entity Accounts Payable and Disbursement Systems. Cash is received and disbursed by the Debtors as described in the Emergency Motion of Debtors for Entry of Interim and Final Orders (I) Authorizing Debtors to (A) Continue their Existing Cash Management System, (B) Maintain Existing Business Forms and Intercompany Arrangements, (C) Continue Intercompany Transactions, and (D) Continue Utilizing Employee Credit Cards; and (II) Granting Related Relief (Docket No. 12) (the “Cash Management Motion”) and the Debtors’ receipt and disbursement of cash is consistent with the Debtors’ historical cash management practices. Due to the consolidated cash management reporting system, certain cash payments may be paid out of a legal entity that is different than the legal entity at which the expenses were incurred. Also, certain cash receipts may be received in a different legal entity than the legal entity at which the accounts receivable is recorded. Disbursements attributed to each entity represent the entity on behalf of which payments were made, on a proportional allocated basis, from the consolidated cash management system.

 

  7.

Supporting Documentation. At the direction of the U.S. Trustee, the following schedules are attached to the MORs: (i) Statement of Cash Receipts and Disbursements; (ii) Balance Sheet; (iii) Income Statement (profit or loss statement); (iv) Schedule of Asset Sales; and (v) Schedule of Payments to Insiders.

Statement of Cash Receipts and Disbursements. Based on guidance received from the Office of the United States Trustee in connection with the completion of UST Form 11-MOR Part 1, Cash Receipts and Disbursements, reported cash receipts and disbursements should exclude intercompany and debtor-to-debtor transactions. As a result, for those debtors with net intercompany cash outflows or inflows during the reporting period, the ending cash balances reported on Form 11-MOR Part 1 may not match the ending cash balances per the Debtors’ bank statements or the Debtors’ books and records. For additional information on ending cash balances per the Debtors’ books and records, see the attached cash balances per MOR-1: Schedule of Cash Receipts and Disbursements.

Balance Sheet. Liabilities Subject to Compromise (“LSTC”): LSTC represent the Debtors’ estimate of prepetition claims to be resolved in connection with the chapter 11 cases. As a result of the chapter 11 filings, the payment of prepetition liabilities are subject to compromise or other treatment under a plan of reorganization. The determination of how such liabilities will ultimately be settled or treated cannot be made until the Court approves a chapter 11 plan of reorganization. Accordingly, the ultimate amount of such liabilities is not determinable at this time. Prepetition liabilities that are subject to compromise under ASC 852 are preliminary and may be subject to, among other things, future adjustments depending on Court actions, further developments with respect to disputed claims, determinations of the secured status of certain claims, the values of any collateral securing such claims, rejection of executory contracts, continued reconciliation or other events.

 

Page 3


As noted, although the Debtors generally prepare financial statements on a consolidated basis, these MORs are prepared on an entity-by-entity basis. The Debtors maintain separate balance sheets in their books and records for the following entities: Core Scientific Acquired Mining LLC, Core Scientific, Inc., Core Scientific Operating Company, and Radar Relay, Inc. The Debtors, however, do not maintain separate balance sheets for the remaining Debtor entities. Consequently, the balance sheets included in the MOR for these Debtors reflect no balances.

Values in the balance sheet(s) attached hereto represent rounded numbers. Accordingly, subtotals may not agree to the summation of the rounded numbers presented.

Income Statement. As noted, although the Debtors generally prepare financial statements on a consolidated basis, these MORs are prepared on an entity-by-entity basis. The Debtors maintain separate income statements in their books and records for the following entities: Core Scientific Acquired Mining LLC, Core Scientific, Inc., Core Scientific Operating Company, and Radar Relay, Inc. The Debtors, however, do not maintain separate income statements for the remaining Debtor entities. Consequently, the income statements included in the MOR for these Debtors reflect no income.

Schedule of Asset Sales. This schedule, as requested by the U.S. Trustee, provides the total cash sales price for assets sold/transferred outside the ordinary course of business for the period on page 1 of the MOR.

Schedule of Payments to Insiders. This schedule provides additional detail for the period on page 1 of the MOR. For each insider payment made during the reporting period the following information is provided: Recipient; Date of payment or benefit provided; Amount of cash payment or market value of non-cash payment; and Reason for each payment made.

 

  8.

Part 1, Cash Receipts and Disbursements. Cumulative quarter-to-date for Q4 2023 disbursements are reported in the Cumulative figures in the MOR. Cumulative case to date total disbursements through November 30, 2023 are $468,213,977.

 

  9.

Part 2: Asset and Liability Status. Long-term lease liabilities resulting from the Debtors’ office / location leases and equipment / fixed asset leases are reported as prepetition unsecured debt. Beginning with the April MOR, the (i) April 2022 $60 million Bridge Promissory Note with BRF Finance Co, LLC and (ii) April 2022 $15 million Bridge Promissory Note with B. Riley Commercial Capital, LLC (collectively, the “Unsecured Bridge Notes”), are also reported as prepetition unsecured debt, whereas the Unsecured Bridge Notes were inadvertently included in prepetition priority debt on previous monthly operating reports.

 

  10.

Part 3, Assets Sold or Transferred. The Company regularly receives credits and/or coupons from Bitmain Technologies Ltd.’s reward and price protection programs. The Company subsequently redeems these credits and/or coupons for new ASIC miner acquisitions or sells them to third parties when they are not able to be utilized by the Company. The Company may recognize other income when the credits and/or coupons are redeemed in noncash acquisitions or sold to third parties.

 

Page 4


  11.

Part 5: Professional Fees and Expenses. For purposes of the MORs, bankruptcy professional fees are considered approved if the applicable monthly fee statement has been served and the objection deadline with regard to such monthly fee statement has expired prior to the end date of the MOR period.

 

  12.

Part 7 Questionnaire. Pursuant to certain orders of the Bankruptcy Court entered in the Debtors’ chapter 11 cases (the “First Day Orders”), the Debtors were authorized (but not directed) to pay, among other things, certain prepetition claims of their employees, taxing authorities, insurers, critical vendors, and certain other prepetition creditors. Amounts paid pursuant to the First Day Orders are monitored as to limits provided in the applicable orders of the Bankruptcy Court governing payment of such prepetition obligations, and this report is available to the U.S. Trustee as required.

In the ordinary course of business, the Debtors’ tax filings may extend past the normal deadlines and become late in some instances. When this happens, the Debtors arrange to complete the filings and address any related fines and/or penalties. There are no tax filings that are currently late where the Debtors are not also in dialogue with the related taxing authority to become compliant.

All postpetition borrowings since the inception of the case, other than trade credit, are borrowings made under the Initial DIP Facility or the Replacement DIP Facility.

 

Page 5


MOR-1: 11/1/2023 - 11/30/2023 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

 

Description

   Core
Scientific,
Inc.
    Core
Scientific
Acquired
Mining
LLC
    Core
Scientific
Operating
Company
    Radar
Relay,
Inc.
     Core
Scientific
Mining
LLC
     Core
Scientific
Specialty
Mining
(Oklahoma)
LLC
     American
Property
Acquisition,
LLC
     Starboard
Capital
LLC
     RADAR
LLC
     American
Property
Acquisitions I,
LLC
     American
Property
Acquisitions VII,

LLC
     Total  

Receipts

                                

Operating Sales Proceeds

     2,457,125       2,891,139       31,711,324       —          —          —          —          —          —          —          —          37,059,588  

Bitmain Coupon Sales

     —         —         —         —          —          —          —          —          —          —          —          —    

Other Receipts

     45       —         23,127,762       —          —          —          —          —          —          —          —          23,127,806  
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Receipts

     2,457,170       2,891,139       54,839,085       —          —          —          —          —          —          —          —          60,187,394  

Disbursements

                                

Suppliers or vendors

     1,862,473       2,045,219       22,432,890       —          —          —          —          —          —          —          —          26,340,582  

Taxes / Governmental

     —         25,511       279,819       —          —          —          —          —          —          —          —          305,330  

Services

     7,279,963       179,869       1,972,882       —          —          —          —          —          —             —          9,432,714  

Financial / Bank Fees

     —         39,534       433,628       —          —          —          —          —          —          —          —          473,162  

Employee Expense

     —         309,763       3,397,622       —          —          —          —          —          —          —          —          3,707,385  
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Disbursements

     9,142,436       2,599,896       28,516,840       —          —          —          —          —          —          —          —          40,259,172  
                                   205,662,103  
                                

 

 

 

Net Cash Flow (excl. Internal Transfers)

     (6,685,266     291,243       26,322,245       —          —          —          —          —          —          —          —          19,928,222  
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash Balance Beginning of Month

     23,492,509       6,558       35,779,737       —          —          —          —          —          —          —          —          59,278,804  

Net Cash Flow

     (6,685,266     291,243       26,322,245       —          —          —          —          —          —          —          —          19,928,222  

Disbursement Allocation

     —         2,599,896       (2,599,896     —          —          —          —          —          —          —          —          —    

Cash Balance End of Month (excl. Internal Transfers)

     16,807,243       2,897,697       59,502,086       —          —          —          —          —          —          —          —          79,207,026  
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Bank Cash Balance Beginning of Month

     23,492,509       6,558       35,779,737       —          —          —          —          —          —          —          —          59,278,804  

Net Cash Flow (excl. Internal Transfers; w/ Allocation)

     (6,685,266     291,243       26,322,245       —          —          —          —          —          —          —          —          19,928,222  
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

MOR Part 1 d. Cash Balance

   $ 16,807,243     $ 297,801     $ 62,101,982     $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ 79,207,026  
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Reversing Disbursement Allocation

     —         2,599,896       (2,599,896     —          —          —          —          —          —          —          —          —    

Internal Transfers

     5,655,908       (2,105,000     (3,550,908     —          —          —          —          —          —          —          —          —    

Cash Balance End of Month

   $ 22,463,151     $ 792,697     $ 55,951,178     $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ 79,207,026  
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 


MOR-2: End of November 2023 Balance Sheet

 

            Core
Scientific,
Inc.
    Core
Scientific
Acquired
Mining

LLC
    Core
Scientific
Operating
Company
    Radar
Relay, Inc.
    Core
Scientific
Mining
LLC
     Core
Scientific
Specialty
Mining
(Oklahoma)
LLC
     American
Property
Acquisition,
LLC
     Starboard
Capital
LLC
     RADAR
LLC
     American
Property
Acquisitions
I, LLC
     American
Property
Acquisitions
VII, LLC
     Elimination
Co
    Total¹  
(dollars in thousands)    x                                                                                        

ASSETS

     x                                    

Cash and Equivalents

     x        2,267,373       792,697       55,146,154       —         —          —          —          —          —          —          —          —         58,206,224  

Restricted Cash

     x        20,195,778       —         805,024       —         —          —          —          —          —          —          —          —         21,000,802  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Cash

     x        22,463,151       792,697       55,951,178       —         —          —          —          —          —          —          —          —         79,207,026  

Accounts receivable, net of allowance

     x        —         —         1,233,199       —         —          —          —          —          —          —          —          —         1,233,199  

Accounts receivable from related parties

     x        466,527,358       157,574,351       (473,537,258     1,160,033       —          —          —          —          —          —          —          (151,724,483     0  

Deposits for equipment

     x        —         —         —         —         —          —          —          —          —          —          —          —         —    

Digital currency assets

     x        —         68,620       791,603       —         —          —          —          —          —          —          —          —         860,223  

Prepaid expenses and other

     x        —         22,572,283       26,232,607       —         —          —          —          —          —          —          —          (22,569,133     26,235,758  

Total other current assets

     x        1,850,324,451       (1,128,217,928     (715,715,094     12,734       —          —          —          —          —          —          —          —         6,404,164  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Current Assets

     x        2,339,314,960       (947,209,976     (1,105,043,765     1,172,767       —          —          —          —          —          —          —          (174,293,616     113,940,369  

Property, plant and equipment

     x        —         43,549,380       570,657,457       —         —          —          —          —          —          —          —          (15,616,704     598,590,133  

Operating lease-right-of-use assets

     x        —         —         7,671,257       —         —          —          —          —          —          —          —          —         7,671,257  

Goodwill

     x        —         —         —         —         —          —          —          —          —          —          —          —         —    

Intangible assets, net

     x        —         —         2,257,827       —         —          —          —          —          —          —          —          —         2,257,827  

Other noncurrent assets

     x        2,558,789       (0     11,844,702       —         —          —          —          —          —          —          —          —         14,403,490  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Assets

     x        2,341,873,749       (903,660,597     (512,612,521     1,172,767       —          —          —          —          —          —          —          (189,910,320     736,863,077  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

LIABILITIES, PREFERRED STOCK & EQUITY

     x                                    

Accounts Payable

     x        —         151,732,470       60,981,194       1,750       —          —          —          —          —          —          —          (151,724,483     60,990,931  

Accrued expenses and other

     x        199,366       18,136,331       116,524,395       —         —          —          —          —          —          —          —          —         134,860,092  

Deferred revenue

     x        —         —         81,234,232       —         —          —          —          —          —          —          —          (38,457,330     42,776,902  

Derivative warrant liabilities

     x        —         —         —         —         —          —          —          —          —          —          —          —         —    

Operating lease liabilities, current portion

     x        —         —         79,953       —         —          —          —          —          —          —          —          —         79,953  

Financing lease liabilities, current portion

     x        —         —         19,805,503       —         —          —          —          —          —          —          —          —         19,805,503  

Long-term debt, current portion

     x        (559,901,857     —         734,095,009       —         —          —          —          —          —          —          —          —         174,193,152  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total current liabilities

     x        (559,702,491     169,868,801       1,012,720,287       1,750       —          —          —          —          —          —          —          (190,181,813     432,706,533  

Operating lease liabilities, net of current portion

     x        —         —         1,311,166       —         —          —          —          —          —          —          —          —         1,311,166  

Financing lease liabilities, net of current portion

     x        —         —         35,781,092       —         —          —          —          —          —          —          —          —         35,781,092  

Long-term debt, net of current portion

     x        568,258,150       —         123,361,211       —         —          —          —          —          —          —          —          —         691,619,361  

Other noncurrent liabilities

     x        —         18,084,856       (15,497,087     (2,587,769     —          —          —          —          —          —          —          —         —    
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Liabilities

     x        8,555,659       187,953,657       1,157,676,669       (2,586,019     —          —          —          —          —          —          —          (190,181,813     1,161,418,152  

Pre-Petition Subject to Compromise

     x        684,395,370       —         (684,395,370     —         —          —          —          —          —          —          —          —         —    
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Pre-Petition Subject to Compromise

     x        684,395,370       —         (684,395,370     —         —          —          —          —          —          —          —          —         —    

Preferred stock

     x        —         —         —         —         —          —          —          —          —          —          —          —         —    

Common stock

     x        37,478       —         —         —         —          —          —          —          —          —          —          —         37,478  

Additional paid-in capital

     x        1,828,667,080       (15,979,141     2,887,621       —         —          —          —          —          —          —          —          —         1,815,575,560  

Accumulated deficit

     x        (179,781,838     (843,094,716     (1,155,839,690     (61,770,345     —          —          —          —          —          —          —          318,476       (2,240,168,113

Other Comprehensive Income

     x        —         —         —         —         —          —          —          —          —          —          —          —         —    

Cumulative Translation Adjustment

     x        —         (232,540,397     167,058,249       65,529,130       —          —          —          —          —          —          —          (46,983     (0
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Equity

     x        1,648,922,720       (1,091,614,254     (985,893,820     3,758,786       —          —          —          —          —          —          —          271,494       (424,555,075
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Liabilities, Preferred Stock & Equity

     x        2,341,873,749       (903,660,597     (512,612,521     1,172,767       —          —          —          —          —          —          —          (189,910,320)       736,863,077  


MOR-3: 11/1/2023 - 11/30/2023 Profit & Loss

 

     Core
Scientific,
Inc.
     Core
Scientific
Acquired
Mining
LLC
    Core
Scientific
Operating
Company
    Radar
Relay,
Inc.
     Core
Scientific
Mining
LLC
     Core
Scientific
Specialty
Mining
(Oklahoma)
LLC
     American
Property
Acquisition,
LLC
     Starboard
Capital
LLC
     RADAR
LLC
     American
Property
Acquisitions I,
LLC
     American
Property
Acquisitions VII,
LLC
     Elimination Co  

Total Revenue

                                 

(dollars in thousands)

                                 

Hosting revenue from customers

     —          —         9,585,192       —          —          —          —          —          —          —          —          —    

Hosting revenue from related parties

     —          —         1,808,229       —          —          —          —          —          —          —          —          (1,808,229

Equipment sales to customers

     —          —         —         —          —          —          —          —          —          —          —          —    

Equipment sales to related parties

     —          —         —         —          —          —          —          —          —          —          —          —    

Digital asset mining income

     —          2,907,358       32,070,882       —          —          —          —          —          —          —          —          —    

Network services and defi revenue

     —          —         —         —          —          —          —          —          —          —          —          —    
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Revenue

     —          2,907,358       43,464,304       —          —          —          —          —          —          —          —          (1,808,229
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cost of revenue

     —          —         (30,626,501     —          —          —          —          —          —          —          —          —    
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross Profit

     —          2,907,358       12,837,803       —          —          —          —          —          —          —          —          (1,808,229
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gain (loss) on legal settlements

     —          —         —         —          —          —          —          —          —          —          —          —    

Gain (loss) from sales of digital currency assets

     —          12,143       519,366       —          —          —          —          —          —          —          —          —    

Impairments of digital currency assets

     —          (13,642     (508,167     —          —          —          —          —          —          —          —          —    

Impairment of goodwill and other intangibles

     —          —         —         —          —          —          —          —          —          —          —          —    

Impairment of property, plant and equipment

     —          —         —         —          —          —          —          —          —          —          —          —    

Losses on exchange or disposal of property, plant and equipment

     —          —         (295,656     —          —          —          —          —          —          —          —          —    

Operating expenses:

                                 

Research and development

     —          —         (764,177     —          —          —          —          —          —          —          —          —    

Sales and marketing

     —          —         (411,886     —          —          —          —          —          —          —          —          —    

General and administrative

     —          (10,777     (8,111,276     —          —          —          —          —          —          —          —          —    

Advisor Fees

     —          —         —         —          —          —          —          —          —          —          —          —    
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total operating expenses

     —          (10,777     (9,287,340     —          —          —          —          —          —          —          —          —    
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Operating Income (Loss)

     —          2,895,082       3,266,007       —          —          —          —          —          —          —          —          (1,808,229

Non-operating income (expense), net:

                                 

Loss on debt extinguishment

     —          —         —         —          —          —          —          —          —          —          —          —    

Interest expense, net

     —          —         (612,116     —          —          —          —          —          —          —          —          —    

Other non-operating expenses, net

     —          —         51,084       —          —          —          —          —          —          —          —          —    

Reorganization items

     —          —         (9,971,029     —          —          —          —          —          —          —          —          —    
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Non-operating income (expense), net:

     —          —         (10,532,060     —          —          —          —          —          —          —          —          —    
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Income (loss) before income taxes

     —          2,895,082       (7,266,054     —          —          —          —          —          —          —          —          (1,808,229

Income tax expense

     —          —         (2,912     —          —          —          —          —          —          —          —          —    
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Income (Loss)

     —          2,895,082       (7,268,966     —          —          —          —          —          —          —          —          (1,808,229
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 


Core Scientific Operating Company

MOR-4: 11/1/2023 - 11/30/2023 Total cash sales price for assets sold/transferred outside the ordinary course of business

 

Date

  

Description

   Amount  

11/2/2023

   Sale of Cedarvale facility to Celsius¹      14,000,000.00  
     

 

 

 

Total

      $ 14,000,000  

 

1 

Celsius Mining LLC Settlement On September 14, 2023, the Debtors and Celsius entered into a purchase and sale agreement (the “PSA”) that provides in addition to a full mutual release of claims asserted against each party in the respective bankruptcy cases for a cash payment by Celsius to the Company of $14.0 million and a full and final release of all claims of Celsius against the Debtors related to the Celsius Contracts, in exchange for the Debtors, (i) sale to Celsius of the Debtor’s Ward County, Texas bitcoin mining data center site (the “Cedarvale Facility”) and certain related assets, (ii) grant to Celsius of a perpetual, non-transferable (except as described in Section 14 of the PSA), non-exclusive limited license to use identified Company intellectual property solely as and to the extent necessary to (x) finish construction and development of the Cedarvale Facility, (y) develop and construct other mining facilities on other properties owned or leased by Celsius similar in type and scope to the Cedarvale Facility, and (z) operate all of the foregoing, (iii) assumption and assignment to Celsius of certain executory contracts. In connection with the PSA the parties released and (iv) unequivocally release claims against Celsius asserted by the Company in connection with the Celsius Chapter 11 Cases and the Company’s Chapter 11 Cases. On November 2, 2023, the Company received the payment of $14.0 million from Celsius in connection with the PSA.


Core Scientific Operating Company

MOR-5: 11/1/2023 - 11/30/2023 Payments to Insiders

 

Name

  

Title

   Date      Amount     

Description

Mike Levitt

   Chairman of the Board      11/9/2023      $ 2,307.69      Base Salary

Mike Levitt

   Chairman of the Board      11/22/2023      $ 2,307.69      Base Salary

Denise Sterling

   Executive Vice President, Chief Financial Officer      11/9/2023      $ 11,538.46      Base Salary

Denise Sterling

   Executive Vice President, Chief Financial Officer      11/22/2023      $ 11,538.46      Base Salary

Denise Sterling

   Executive Vice President, Chief Financial Officer      11/22/2023      $ 32,000.00      Incentive Bonus Payment¹

Darin Feinstein

   Board Member      11/9/2023      $ 2,307.69      Base Salary

Darin Feinstein

   Board Member      11/22/2023      $ 2,307.69      Base Salary

Darin Feinstein

   Board Member      11/8/2023      $ 6,492.46      Expense Reimbursement

Todd DuChene

   Chief Legal Officer      11/9/2023      $ 19,230.77      Base Salary

Todd DuChene

   Chief Legal Officer      11/22/2023      $ 19,230.77      Base Salary

Adam Sullivan

   President, Chief Executive Officer      11/9/2023      $ 19,230.77      Base Salary

Adam Sullivan

   President, Chief Executive Officer      11/22/2023      $ 19,230.77      Base Salary

Adam Sullivan

   President, Chief Executive Officer      11/15/2023      $ 16,996.10      Housing Expense

Kneeland Youngblood

  

Board Member

     11/1/2023      $ 12,500.00      Board Fee

Neal Goldman

  

Board Member

     11/3/2023      $ 35,000.00      Board Fee

 

¹

Incentive Bonus Payment was made pursuant to the Court-approved amended employment agreement (Docket No. 1211).