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Mining Equipment, Net
 3 Months Ended
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.