XML 25 R13.htm IDEA: XBRL DOCUMENT
v3.22.2.2

7. PROPERTY AND EQUIPMENT | 12 Months Ended
--- | ---
Sep. 30, 2022
Property, Plant and Equipment [Abstract] |
PROPERTY AND EQUIPMENT | 7. PROPERTY AND EQUIPMENT Property and equipment consist of the following as of September 30, 2022 and September 30, 2021:
|  | September 30, 2022 |  |  | September 30, 2021 |
Land |  | $ | 2,977,619 |  |  | $ | 2,877,619 |
Land improvements |  |  | 1,529,937 |  |  |  | — |
Building and improvements |  |  | 32,332,251 |  |  |  | 8,170,680 |
Leasehold improvements |  |  | 114,362 |  |  |  | 59,114 |
Miners |  |  | 356,500,871 |  |  |  | 120,330,768 |
Mining equipment |  |  | 17,586,847 |  |  |  | 2,817,074 |
Infrastructure |  |  | 12,421,756 |  |  |  | 81,868 |
Machinery and equipment |  |  | 1,268,932 |  |  |  | 239,283 |
Furniture and fixtures |  |  | 331,444 |  |  |  | 107,660 |
Construction in progress |  |  | 4,816,189 |  |  |  | 10,498,311 |
Total |  |  | 429,880,208 |  |  |  | 145,182,377 |
Less: accumulated depreciation |  |  | (53,098,828 | ) |  |  | (7,560,831 | )
Property and equipment, net |  | $ | 376,781,380 |  |  | $ | 137,621,546 |
Depreciation expense for the years ended September 30, 2022 and 2021 was $47,081,550 and $7,405,025, respectively. During the year ended September 30, 2022, $4,390,160 of property and equipment was disposed of for a gain of $642,691, which included $411,484 of property and equipment that was written-off resulting in a loss of $278,170. There were no disposals during the year ended September 30, 2021. The Company placed-in service property and equipment of $265,204,734 during the year ended September 30, 2022. This increase in fixed assets primarily consisted of miners and mining equipment amounting to $245,706,410. Construction in progress: The Company is expanding its facilities in Georgia. The Company has cancellable purchase commitments for approximately $30 million related to purchase of miners as of September 30, 2022, and the Company has paid $3 million towards these commitments as of the end of this period. As of September 30, 2022, the remaining commitment for future payments was $27 million. As of September 30, 2022 and September 30, 2021, the Company has outstanding deposits for miners and mining equipment totaling $12.5 million a nd $88 million, resp ectively. These deposits are in prepayments paid to premier suppliers and manufacturers to purchase mining ASICs and equipment. The prepayments will be applied to the purchase price when the vendor ships the miners.

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration