James Manning: Great. Thanks, Liam.
Liam Wilson: Thanks, James.
James Manning: Next one is from Josh — next one is from John. I read in the analyst report, CLSK have a ROFR on MIGI USA assets. When does this expire, i.e., how long do they have on this, my memory, it was 12 months from September this year. Given the recent M&A in the space with how they et cetera could this become relevant? Thanks. I might take that one. Yeah. There was a structure with a first rate of refusal, first right of offer with CLSK over select assets in the USA. It’s part of that, those rights expire at six months and September was the date. So some of them are just coming up to expiry and some have a longer tail, which is the 12-month tail. So you are correct in that, but it was six months and 12 months sale. Look, I can’t talk for CLSK.
We have great respect to Zach and his team over there. They have obviously acquired our Georgia facility, which we think we have built a world-class facility there and I am sure they would like to have a look at our other facilities in due course. But I don’t want to preempt or cause any speculation on that. But there’s obviously a lot of M&A potentially on the cards this year and in the industry and Mawson wants to be part, be at the table playing with everyone and we will obviously make sure that if anything is occurring in that space, we are out there talking to everyone and making sure we are looking at the right deals with counterparties to see if there’s any other opportunity to create value for shareholders. And I think, back to Kevin’s point, it’s all the focus on return on capital.
So and making sure we squeeze every last drop out of it. So we are very much focused on identifying anything we can to create extra value. I have got a mail. I have got one from Aaron. What’s the current debt and liability situation. I might pass that one to Ariel to take off.
Ariel Sivikofsky: Hi. It’s Ariel from — CFO of Mawson. Welcome to everybody. The current debt just speeding off the balance sheet is $35.5 million. It’s a combination of trade payables and borrowings. Borrowings being about $23 million at year end and trade payables about 10.5%.
James Manning: Thanks, Aaron, for that question. And then, I might — I have got one last question, which was, your low cost of energy in Pennsylvania, what is the power and how long do you have this in place? From my analysis of the sector, this is among the lost in the industry, it’s green nuclear power, if I recall. Thanks, Andrew. The Pennsylvania power, we have got a combination of PG and market power and we would comb — and a hedge. So our hedges locked in at 3.68 and then the PJM market is spot market power. Currently in the market, PJM power is in the high-teens per megawatt to the mid-$20 per megawatt. So between $0.01 per megawatt hour and $0.02 per megawatt hour. And it’s very competitive power and that’s why I say it’s competitive power anywhere else within the USA.
We have a hedge for approximately — that’s approximately four years left to run on it. And you are right, it is 100% green power, it’s nuclear and it’s all zero carbon. So that’s a very important point for us from an ESG perspective is that we are on zero carbon power and we believe that it’s really important for the entire industry to be moving towards that, because it will ultimately result in us being considered as a sustainable business and a sustainable industry. So we would like to think that we are leading the charge on that and it’s important part of our investment criteria from an ESG lens is when we are looking at new sites, what’s the generational mix of the power and what they are going to do. And it’s not to say we won’t look at a site with some negative generation, but we will always need to look at a site and say, what’s the path to being carbon neutral in this site.
