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FLEXPOWER SYSTEM
 9 Months Ended
Jun. 30, 2017
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 interoperate 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 deemed to be the fair value of the assets at the time of the acquisition.

 

The FlexPower system consist of the following as of June 30, 2017 and September 30, 2016:

 

   June 30, 2017  September 30, 2016
FlexPower System  $20,078,097   $20,007,624
Less: accumulated amortization   (1,328,842)   (331,638)
Intangible assets, net  $18,749,255   $19,675,986

 

Amortization expense for the nine months ended June 30, 2017 and 2016 was $997,204 and $0, respectively.