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COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

13. COMMITMENTS AND CONTINGENCIES

 

On January 22, 2016, the Company relocated its corporate office to 70 North Main Street, Suite 105, Bountiful, Utah 84010. The Company executed a one-year lease agreement that calls for the Company to make payments of $850 per month. The Company has prepaid rent for January 2017. Future minimum lease payments under the operating leases for the facilities as of December 31, 2016, are $0. At the conclusion of the lease term the Company intends to continue occupying the leased space on a month to month basis.

 

CleanSpark, LLC has agreed to warranty and maintain the microgrid assets located on the fractalgrid demonstration facility to Camp Pendleton Marine Corp Base. In exchange, the Company has been granted the permission to locate its system on the base and the access to conduct guided tours of the fractalgrid demonstration facility for the Company’s potential customers.

 

On December 16, 2016, the Company executed an 18-month lease agreement at 6365 Nancy  Ridge Drive, 2nd Floor, San Diego California. The Company executed a one-year lease agreement that calls for the Company to make payments of $2,375 per month through December 31, 2017 and $2,446 per month from January 1, 2018 through May 31, 2018. Future minimum lease payments under the operating leases for the facilities as of December 31, 2016, are $28,500 and $12,230 for the fiscal years ending December 31, 2017 and 2018, respectively.