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Property and Equipment
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 6 – PROPERTY AND EQUIPMENT

 

Property and equipment, net, consisted of the following:

 

   September 30,
2022		   December 31,
2021		 
         
Plant and equipment   7,062,259    1,046,866 
Computer equipment   467,209    216,099 
Furniture & fixtures   28,133    31,474 
Processing machines (Miners)   135,620,594    81,341,098 
Modular data center   22,154,243    9,819,796 
Motor Vehicles   326,704    250,425 
Transformers   10,822,776    1,190,609 
Low-cost assets   902,421    246,154 
Assets under construction   17,248,364    1,008,001 
Leasehold improvements   487,527    
-
 
Total    195,120,230    95,150,522 
Less: Accumulated depreciation    (57,717,088)   (18,213,672)
Less: Provision for impairment   (4,195,046)   
-
 
Reclassification to assets held for sale (NOTE 7)   (20,701,544)   
-
 
Property and equipment, net    112,506,552    76,936,850 

 

Depreciation and amortization expense for the three month period ended September 30, 2022 and 2021 was $16,252,106 and $4,129,862, respectively. Depreciation and amortization expense for the nine month period ended September 30, 2022 and 2021 was $46,061,673 and $7,977,800, respectively. There were impairment charges recognized for processing machines of $4,195,046 for nine month period ended September 30, 2022, and $nil for nine month period ended September 30, 2021. 

 

The reclassification of property and equipment to assets held for sale is in relation to the sale of the Georgia Bitcoin Mining facility to CleanSpark, refer to NOTE 7 for further details.