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ACQUISITION NORTHWAY MINING,LLC
 12 Months Ended
Dec. 31, 2018
Business Combinations [Abstract]  
ACQUISITION NORTHWAY MINING, LLC

NOTE 9: ACQUISITION NORTHWAY MINING,LLC

On August 1, 2018, the Company entered into an acquisition agreement (the “Acquisition Agreement”) to acquire the majority ownership interest of Northway Mining, LLC (“Northway”), a New York limited liability company, located at 707 Flats Road, Athens, New York. Northway is a cryptomining data center hosting third-party owned and operated cryptomining machines within its 5000 square feet facility. It currently is hosting few hundred machines in its facilities at 2 Flint Mine under individual service agreements with third-party machine owners.

List of assets acquired and assigned value:

DATES  DESCRIPTION  TOTAL ACQ COST  NET VALUE
ACQUISITION  SERVICE      
 07/31/18    07/31/18   Pods  $22,003   $22,003 
 07/31/18    07/31/18   Real Estate 707 Flats Rd. - Land   50,588    50,588 
 07/31/18    07/31/18   Real Estate 707 Flats Rd. - Land   84,313    84,313 
 07/31/18    07/31/18     Improvements   79,650    79,650 
 07/09/18    07/31/18   Office Equipments & Furnitures   283    283 
 07/24/18    07/31/18   Vehicles   62,935    62,935 
 TOTAL:            299,770    299,770 

 

Pursuant to the Acquisition Agreement the Company acquired fifty-five percent (55%) of the ownership units of Northway in return for an investment of $1,100,000 (U.S.) for the purposes of providing working capital and funds to Northway for improvements to, and expansion of, its facilities, and the purchase of 30-acres of flat land and buildings at its Athens, New York address owned by a third party per that separate “Agreement for Purchase of Property between Northway Mining, LLC and CSX4236 Motorcycle Salvage LLC” (the “Land Purchase Agreement”). (The “Acquisition”) Under the terms and conditions of the Acquisition, Northway has amended and restated its New York State limited liability company Operating Agreement under which it is stated that it will maintain its current management.