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Property and Equipment | 12 Months Ended
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Dec. 31, 2022
Property, Plant and Equipment [Abstract] |
PROPERTY AND EQUIPMENT |
NOTE 6:- | PROPERTY AND EQUIPMENT
Property and equipment, net, consisted of the following:
|  | December 31, 2022 |  |  | December 31, 2021 |
Plant and equipment |  |  | 4,263,662 |  |  |  | 1,046,866 |
Computer equipment |  |  | 163,060 |  |  |  | 216,099 |
Furniture & fixtures |  |  | 29,492 |  |  |  | 31,474 |
Processing machines (Miners) |  |  | 103,337,719 |  |  |  | 81,341,098 |
Modular data center |  |  | 19,713,534 |  |  |  | 9,819,796 |
Motor Vehicles |  |  | 326,704 |  |  |  | 250,425 |
Transformers |  |  | 8,886,576 |  |  |  | 1,190,609 |
Low-cost assets |  |  | 995,292 |  |  |  | 246,154 |
Assets under construction |  |  | 11,592,582 |  |  |  | 1,008,001 |
Leasehold improvements |  |  | 487,527 |  |  |  | - |
Total |  |  | 149,796,148 |  |  |  | 95,150,522 |
Less: Accumulated depreciation |  |  | (54,489,966 | ) |  |  | (18,213,672 | )
Reclassification to assets held for sale (NOTE 8) |  |  | (4,289,684 | ) |  |  | - |
Property and equipment, net |  |  | 91,016,498 |  |  |  | 76,936,850 |
The Company incurred depreciation and amortization expense in the amounts of $63,200,178 and $14,113,730 for the year ended December 31, 2022 and December 31, 2021, respectively. The company changed its estimate of the useful life of its Miners with effect from December 1, 2022 to better reflect the pattern of consumption, the change was effected by changing the method of depreciation from reducing balance to the straight line method from that date. The effect of this is to increase the depreciation charge in the period by $5.29 million to $63.20 million. The effect on loss per share in the period is a change from $3.74 per share to $4.16 per share. There were impairment charges recognized for processing machines of $5.45 million for year ended December 31, 2022, these assets were disposed of as part of the sale of the Georgia site to CleanSpark. There was $nil impairment charges for the year ended December 31, 2021. There was a write-off of miners amounting to $1.56 million during the year to December 2022. The reclassification of property and equipment to assets held for sale is in relation to the sale of Luna Squares Texas LLC to BMF HOLDING GP PTE.LTD., refer to NOTE 8 for further details. During the year ended December 31, 2022, $32.05 million cash was paid for equipment which was recorded as either a deposit or within property plant and equipment on the balance sheet.

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- 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
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