PROPERTY AND EQUIPMENT AND DEPOSITS ON EQUIPMENT

9 Months Ended

Feb. 28, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT AND DEPOSITS ON EQUIPMENT

Property and equipment consisted of the following as of February 28, 2023, and May 31, 2022:


(in thousands)	Estimated Useful Life	February 28, 2023		May 31, 2022
Hosting Equipment
Electric Generation and Transformers	15 years	$	4,520	$	4,338

Other Equipment and Fixtures	5 years-7 years	1,034		588
Construction in Progress		109,822		18,305
Information Systems and Software	5 years	11,229		9,608
Land & Building
Land		2,152		1,074
Land Improvements	15 years	1,285		1,180
Building	39 years	33,008		30,176
Deposits on Equipment		7,816		—
Total cost of property and equipment		170,865		65,269
Accumulated Depreciation		(3,590)		(1,009)
Property and Equipment, Net		$	167,276	$	64,260

Depreciation expense from continuing operations totaled $0.9 million and $0.2 million and for the three months ended February 28, 2023 and 2022, respectively. Depreciation expense from continuing operations totaled $2.6 million and $0.2 million and for the nine months ended February 28, 2023 and 2022, respectively. Construction in progress as of February 28, 2023 represents assets not placed into service at the Company’s Garden City, Texas and Ellendale, North Dakota locations, which were not operational as of February 28, 2023.