XML 24 R12.htm IDEA: XBRL DOCUMENT
v3.22.2

6. PROPERTY AND EQUIPMENT | 9 Months Ended
--- | ---
Jun. 30, 2022
Property, Plant and Equipment [Abstract] |
PROPERTY AND EQUIPMENT | 6. PROPERTY AND EQUIPMENT Property and equipment consist of the following:
|  | June 30, 2022 |  |  | September 30, 2021 |
Mining equipment |  | $ | 12,161,401 |  |  | $ | 2,817,074 |
Miners |  |  | 313,410,536 |  |  |  | 120,330,769 |
Land Improvements |  |  | 1,529,937 |  |  |  | — |
Office Equipment |  |  | 206,101 |  |  |  | — |
Land and building |  |  | 12,744,992 |  |  |  | 11,048,299 |
Machinery and equipment |  |  | 231,609 |  |  |  | 63,978 |
Leasehold improvements |  |  | 144,647 |  |  |  | 63,447 |
Furniture and fixtures |  |  | 118,358 |  |  |  | 39,313 |
Infrastructure |  |  | 12,338,191 |  |  |  | 81,868 |
Construction in progress |  |  | 6,572,849 |  |  |  | 10,498,311 |
Less: accumulated depreciation |  |  | (37,272,698 | ) |  |  | (7,465,324 | )
Property and equipment, net |  | $ | 322,185,923 |  |  | $ | 137,477,735 |
Depreciation expense for the three months ended June 30, 2022 and 2021 was $14,319,194 and $1,584,159, respectively. Depreciation expense for the nine months ended June 30, 2022 and 2021 was $31,185,120 and $2,503,155, respectively. There were no disposals during the three months ended June 30, 2022. For the nine months ended June 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 three and nine months ended June 30, 2021. The Company placed-in service property and equipment of $218,441,023 during the nine months ended June 30, 2022. This increase in fixed assets primarily consisted of miners amounting to $214,680,416, which also includes miners received in-kind under miner purchase agreements valued at $308,038, mining equipment of $9,344,327, and infrastructure of $12,256,322. Construction in progress: The Company is expanding its facilities in Georgia. As of June 30, 2022, the Company has outstanding deposits totaling $31,856,635 for mining equipment. 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