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Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

4. Property, Plant and Equipment

 

Property, plant and equipment consist of the following at:

 

(Dollars in thousands) 

March 31,

2023

  

December 31,

2022

 
Land  $52   $52 
Land improvements   490    488 
Buildings   6,048    6,351 
Leasehold improvements   18    59 
Vehicles   15    15 
Computers and related software   3,686    7,248 
Machinery and equipment   2,605    3,295 
Office furniture and fixtures   22    22 
Equipment held for sale   556    295 
Construction in progress   26,998    26,175 
Property, plant and equipment gross   40,490    44,000 
Less: Accumulated depreciation   (1,682)   (1,496)
Property, plant and equipment  $38,808   $42,504 

 

Depreciation expense was approximately $632 thousand and $4.3 million for the three months ended March 31, 2023, and the three months ended March 31, 2022, respectively.

 

On February 23, 2023, NYDIG proceeded to foreclose on all of the collateral securing the MEFA, which resulted in a reportable disposition of all of the Company’s mining assets at the site and certain of the operating assets of Project Marie. The total net book value of the collateralized assets that were repossessed totaled approximately $3.4 million in which were written off the Company’s books in the first quarter of 2023, offsetting the outstanding loan.

 

In January 2023, the Company sold M20 and M21 miners for a loss on sale of equipment of approximately $82 thousand in which we received proceeds of $213 thousand for our M20 and M21 miners which were previously reported as held for sale as of December 31, 2022, in which had a net book value of $295 thousand. There were additional proceeds of $36 thousand in March 2023, in which resulted in a gain of approximately $3 thousand of scrap and other equipment.

 

During the three months ended March 31, 2023, the Company had impairment charges of approximately $209 thousand in which related to impairment of approximately $166 thousand power supply units (PSUs) at the Sophie location and $43 thousand for M31 miners in which were subsequently sold in April 2023, in which the Company wrote down the net book value to subsequent sale price. There were no impairment charges for the three months ended March 31, 2022.

 

Prior to March 31, 2023, the Company had a business opportunity to sell the M31 miners, in which were subsequently sold in April 2023, as such the Company recorded the net book value of $177 thousand as assets held for sale included within property, plant, equipment on the balance sheet due to a policy election. In addition, due to the closure of the Marie facility in February 2023, the Company had a net book value of approximately $379 thousand for tesseracts in which were also included as held for sale noted within property, plant and equipment as the Company is actively trying to sell the equipment within the next year.