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Property and Equipment, net

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment, net

4. Property and Equipment, net

The following represents a summary of our property and equipment:

		December 31,
		2018				2017
Cryptocurrency mining equipment			192,305				—
Less: accumulated depreciation			(45,629	)			(—)
Less: reserve for impairment			(55,000	)			(—)
		$	91,676			$	—

Between March and August, 2018, the Company purchased $974,305 worth of cryptocurrency mining equipment. In December 2018, the Company sold $782,000 worth of this equipment for $150,000 for a loss on disposal of equipment of $522,917. For the year ended December 31, 2018, the Company recorded an impairment expense of $55,000 to reflect the expected sale of additional cryptocurrency mining equipment in 2019 at a loss.

Depreciation expense was $154,712 and $0 for the years ended December 31, 2018 and 2017, respectively. This is reflected as part of cost of revenues on the statement of operations.

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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