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v3.25.1

Mining Equipment, Net | 3 Months Ended
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Mar. 31, 2025
Mining Equipment, Net [Abstract] |
MINING EQUIPMENT, NET | NOTE 5 - MINING EQUIPMENT, NET Mining equipment consisted of 10,725 and 8,825 units of bitcoin mining machines as of March 31, 2025 and December 31, 2024, respectively. The following table summarizes the carrying amount of the Company’s mining equipment as of:
|  | March 31, 2025 |  |  | December 31, 2024 |
Mining equipment |  |  |  |  |  |
Balance, beginning of year |  | $ | 17,109,000 |  |  | $ | 15,978,000 |
Additions |  |  | 686,000 |  |  |  | 1,573,000 |
Disposals |  |  | - |  |  |  | (442,000 | )
Ending balance |  | $ | 17,795,000 |  |  | $ | 17,109,000 |
Accumulated depreciation |  |  |  |  |  |  |  |
Balance, beginning of year |  | $ | 14,115,000 |  |  | $ | 3,062,000 |
Additions |  |  | 1,071,000 |  |  |  | 11,179,000 |
Disposals |  |  | - |  |  |  | (126,000 | )
Ending balance |  | $ | 15,186,000 |  |  | $ | 14,115,000 |
Net carrying amount |  | $ | 2,609,000 |  |  | $ | 2,994,000 |
Purchase of mining machines In March 2025, the Company purchased 1,900 SI 9JPro series machines with an extended warranty. The purchase price was a cash payment of approximately $608,000 and the issuance of $100,000 of the Company’s common stock at a price of $0.40 per share. The common stock had a fair market price of approximately $86,000 on the commitment date. As of March 31, 2025, the Company paid $558,000 of the $608,000 cash payment due. The issuance of $100,000 of the Company’s common stock remains outstanding.

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