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Mining Equipment, Net
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
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.

NOTE 5 — MINING EQUIPMENT, NET

Mining equipment consisted of 8,825 and 8,532 units of bitcoin mining machines as of December 31, 2024 and 2023, respectively.

The following table summarizes the carrying amount of the Company’s mining equipment, as of December 31,

 

2024

  

2023

Mining equipment

  

 

  

 

  

 

  

 

Balance, beginning of year

  

$

15,978,000

 

  

$

47,599,000

 

Additions

  

 

1,573,000

 

  

 

1,894,000

 

Disposals

  

 

(442,000

)

  

 

(105,000

)

Impairment

  

 

—

 

  

 

(8,335,000

)

Revaluation from impairment

  

 

—

 

  

 

(25,075,000

)

Ending balance

  

$

17,109,000

 

  

$

15,978,000

 
   

 

  

 

  

 

  

 

Accumulated depreciation

  

 

  

 

  

 

  

 

Balance, beginning of year

  

$

3,062,000

 

  

$

13,231,000

 

Additions

  

 

11,179,000

 

  

 

14,958,000

 

Disposals

  

 

(126,000

)

  

 

(51,000

)

Revaluation from impairment

  

 

—

 

  

 

(25,076,000

)

Ending balance

  

$

14,115,000

 

  

$

3,062,000

 

Mining equipment, net

  

$

2,994,000

 

  

$

12,916,000