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LEASES | 9 Months Ended
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Sep. 30, 2023
Leases |
LEASES | NOTE 12 – LEASES Leases The Company leases office space in the United States under operating lease agreements. The Company also entered into an arrangement with Applied Blockchain for the use of energized cryptocurrency mining facilities under which the Company pays for electricity per megawatt based on usage. The Company has determined that it has embedded operating leases at two of the facilities governed by this arrangement that commenced in January and March 2023, and has elected not to separate lease and non-lease components. Payments made for these two operating leases are entirely variable and are based on usage of electricity, and the Company therefore does not record a right-of-use asset or lease liability associated with the leases. Variable lease cost during the nine months ended September 30, 2023 are disclosed in the table below. Office space and mining facilities comprise the Company’s material underlying asset classes under operating lease agreements. The Company has no material finance leases. As of September 30, 2023, the Company’s right-of-use (“ROU”) assets and total lease liabilities were $501 and $538, respectively. As of December 31, 2022, the Company’s ROU assets and total lease liabilities were $1,276 and $1,343, respectively. The Company has amortized right-of-use assets totaling $57 and $79 for the three months ended September 30, 2023 and 2022, respectively. The Company has amortized right-of-use assets totaling $224 and $178 for the nine months ended September 30, 2023 and 2022, respectively. Operating lease costs are recorded on a straight-line basis within operating expenses. The Company’s total lease expense is comprised of the following: SCHEDULE OF COMPONENTS OF LEASE COST
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 65 |  |  | $ | 114 |  |  | $ | 250 |  |  | $ | 214 |
Operating lease expense |  |  | 65 |  |  |  | 114 |  |  |  | 250 |  |  |  | 214 |
Short-term lease rent expense |  |  | 8 |  |  |  | 7 |  |  |  | 28 |  |  |  | 22 |
Variable lease cost |  |  | 26,263 |  |  |  | — |  |  |  | 46,201 |  |  |  | — |
Total rent expense |  | $ | 26,336 |  |  | $ | 121 |  |  | $ | 46,479 |  |  | $ | 236 |
Additional information regarding the Company’s leasing activities as a lessee is as follows: SUMMARY OF MINIMUM LEASE PAYMENTS
|  | For the Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |
Operating cash flows from operating leases |  | $ | 319 |  |  | $ | 261 |
Weighted-average remaining lease term – operating leases |  |  | 3.3 |  |  |  | 3.9 |
Weighted-average discount rate – operating leases |  |  | 5 | % |  |  | 5 | %
SCHEDULE OF LEASE LIABILITY MATURITY
Year |  | Amount |
2023 (remaining) |  | $ | 66 |
2024 |  |  | 166 |
2025 |  |  | 143 |
2026 |  |  | 147 |
2027 |  |  | 63 |
Thereafter |  |  | — |
Total |  | $ | 585 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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