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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Sep. 30, 2022
Accounting Policies [Abstract] |
Schedule of Cash and Cash Equivalents | The following table sets forth a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets that agrees to the total of those amounts as presented in the consolidated statements of cash flows.
|  | September 30, 2022 |  |  | September 30, 2021 |
Cash and cash equivalents, excluding restricted cash |  | $ | 20,462,570 |  |  | $ | 14,571,198 |
Restricted cash - construction escrow account |  |  | — |  |  |  | 3,469,129 |
Cash and cash equivalents, including restricted cash |  | $ | 20,462,570 |  |  | $ | 18,040,327 |
Schedule of Accounts receivable | Accounts receivable, net consists of the following:
|  | September 30, 2022 |  |  | September 30, 2021 |
Accounts Receivable, gross |  | $ | 246,839 |  |  | $ | 307,067 |
Provision for doubtful allowances |  |  | (219,810 | ) |  |  | — |
Total Accounts Receivable, net |  | $ | 27,029 |  |  | $ | 307,067 |
Schedule of earnings per share basic and diluted | Provided below is the loss per share calculation for the years ended September 30, 2022 and 2021:
|  | For the Year Ended September 30, |
|  | 2022 |  |  | 2021 |
Continuing Operations |  |  |  |  |  |
Numerator |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | (40,089,393 | ) |  | $ | (8,229,162 | )
Preferred stock dividends |  |  | 335,439 |  |  |  | 177,502 |
Income (loss) from continuing operations attributable to common shareholders |  | $ | (40,424,832 | ) |  | $ | (8,406,664 | )
Denominator |  |  |  |  |  |
Weighted- average common shares outstanding, basic |  |  | 42,614,197 |  |  |  | 29,441,364 |
Dilutive impact of stock options and other share-based awards |  |  | — |  |  |  | — |
Weighted- average common shares outstanding, diluted |  |  | 42,614,197 |  |  |  | 29,441,364 |
Income (loss) from continuing operations per common share attributable to common shareholders |  |  |  |  |  |
Basic |  | $ | (0.95 | ) |  | $ | (0.29 | )
Diluted |  | $ | (0.95 | ) |  | $ | (0.29 | )
Discontinued Operations |  |  |  |  |  |
Numerator |  |  |  |  |  |
Loss on discontinued operations |  | $ | (17,236,961 | ) |  | $ | (13,582,848 | )
Denominator |  |  |  |  |  |
Weighted- average common shares outstanding, basic |  |  | 42,614,197 |  |  |  | 29,441,364 |
Dilutive impact of stock options and other share-based awards |  |  | — |  |  |  | — |
Weighted- average common shares outstanding, diluted |  |  | 42,614,197 |  |  |  | 29,441,364 |
Loss on discontinued operations per common share attributable to common shareholders |  |  |  |  |  |
Basic |  | $ | (0.40 | ) |  | $ | (0.46 | )
Diluted |  | $ | (0.40 | ) |  | $ | (0.46 | )
Schedule of estimated useful life of asset | Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows:
|  | Useful life (years)
Land Improvements |  | 15
Building |  | 30
Leasehold improvements | ﻿ | Shorter of lease term or 15 years
Miners |  | 3-5
Mining Equipment |  | 3-15
Infrastructure asset |  | Shorter of lease term or 5 years
Machinery and equipment |  | 1-10
Furniture and fixtures |  | 3-7
Summary of Impairment Loss | During the years ended September 30, 2022 and 2021, the Company incurred the following impairment losses:
|  | September 30, 2022 |  |  | September 30, 2021 |
Impairment of bitcoin |  | $ | 12,210,269 |  |  | $ | 6,608,076 |
Impairment of goodwill |  |  | 12,048,419 |  |  |  | — |
Total impairment loss |  | $ | 24,258,688 |  |  | $ | 6,608,076 |
Summary of Segment Wise Goodwill Activity | The following table reflects goodwill activity for the years ended September 30, 2022 and 2021, respectively:
|  | Total |
Goodwill- September 30, 2020 |  | $ | — |
New Acquisitions |  |  | 12,048,419 |
Impairment |  |  | — |
Goodwill- September 30, 2021 |  |  | 12,048,419 |
New Acquisitions |  |  | — |
Impairment |  |  | (12,048,419 | )
Goodwill- September 30, 2022 |  | $ | — |
Summary of finite lived intangible assets useful lives | The Company amortizes intangible assets with finite lives over their estimated useful lives, which range between two and twenty years as follows:
|  | Useful life (years)
Websites |  | 3
Software |  | 4-7
Strategic contract |  | 5
Schedule of Activities of Digital Currencies | The following table presents the activities of the bitcoin for the years ended September 30, 2022 and 2021:
|  | Amount |
Balance as on September 30, 2020 |  | $ | — |
Addition of bitcoin |  |  | 38,846,633 |
Sale of bitcoin |  |  | (11,443,132 | )
Bitcoin issued for services |  |  | (296,593 | )
Realized gain on sale of bitcoin |  |  | 3,104,378 |
Impairment loss |  |  | (6,608,076 | )
Balance as on September 30, 2021 |  | $ | 23,603,210 |
Addition of bitcoin |  |  | 130,999,686 |
Sale of bitcoin |  |  | (133,201,006 | )
Bitcoin issued for services |  |  | (611,244 | )
Realized gain on sale of bitcoin |  |  | 2,567,101 |
Impairment loss |  |  | (12,210,269 | )
Balance as on September 30, 2022 |  | $ | 11,147,478 |
Schedule of financial instruments | The following table presents the Company’s financial instruments that are measured and recorded at fair value on the Company’s consolidated balance sheets on a recurring basis, and their level within the fair value hierarchy as of September 30, 2022 and September 30, 2021: September 30, 2022:
|  | Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Derivative asset |  | $ | 2,955,890 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,955,890 |
Investment in debt security |  |  | 610,108 |  |  |  | — |  |  |  | — |  |  |  | 610,108 |
Total |  | $ | 3,565,998 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,565,998 |
September 30, 2021:
|  | Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Derivative asset |  | $ | 4,905,660 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,905,660 |
Investment in equity security |  |  | 10,772 |  |  |  | 10,772 |  |  |  | — |  |  |  | — |
Investment in debt security |  |  | 494,608 |  |  |  | — |  |  |  | — |  |  |  | 494,608 |
Contingent cash consideration |  |  | 820,802 |  |  |  | — |  |  |  | — |  |  |  | 820,802 |
Total |  | $ | 6,231,842 |  |  | $ | 10,772 |  |  | $ | — |  |  | $ | 6,221,070 |

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