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FLEXPOWER SYSTEM
 3 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Flexpower System

7.    FLEXPOWER SYSTEM

 

A microgrid is comprised of any number of generation, energy storage, and smart distribution assets that serve single or multiple loads, both connected to the grid and islanded. The FlexPower system is an integrated microgrid control platform that seamlessly integrates energy generation with energy storage devices and controls facility loads to provide energy security in real time. The system is able to interoperated with the local utility grid and allows users the ability to obtain the most cost effective power for a facility. The FlexPower system is ideal for commercial, industrial, mining, defense, campus and community users ranging from 4 kw to 100 MW and beyond and can deliver power at or below the current cost of utility power.

 

The FlexPower System proprietary software and methodology was acquired as part of the CleanSpark acquisition and the project was capitalized at $20,007,624, which was the fair value of the assets at the time of the acquisition.

 

 

The FlexPower system consist of the following as of December 31, 2016 and September 30, 2016:

 

   December 31, 2016  September 30, 2016
FlexPower System  $20,025,267   $20,007,624 
Less: accumulated amortization   (667,211)   (331,638)
Intangible assets, net  $19,358,056   $19,675,986 

 

Amortization expense for the three months ended December 31, 2016 and 2015 was $335,573 and $0, respectively.