XML 23 R13.htm IDEA: XBRL DOCUMENT v3.23.2
Property and Equipment
 6 Months Ended
Jun. 30, 2023
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

 

Property and equipment, net, consisted of the following:

 

   June 30,
2023		   December 31,
2022		 
         
Plant and equipment  $4,672,674   $4,263,662 
Computer equipment   162,060    163,060 
Furniture and fixtures   28,703    29,492 
Processing machines (Miners)   102,164,610    103,337,719 
Modular data center   24,935,634    19,713,534 
Motor vehicles   357,704    326,704 
Transformers   9,893,024    4,596,892 
Low-cost assets   1,134,858    995,292 
Assets under construction   5,183,049    11,592,582 
Leasehold improvements   487,527    487,527 
Total   149,019,843    145,506,464 
Less: Accumulated depreciation   (70,490,369)   (54,489,966)
Property and equipment, net  $78,529,474   $91,016,498 

 

The Company incurred depreciation and amortization expenses in the amounts of $8.79 million and $16.02 million for the three month period ended June 30, 2023 and 2022, respectively. The Company incurred depreciation and amortization expenses in the amounts of $16.75 million and $29.83 million for the six month periods ended June 30, 2023 and 2022, respectively. There were no impairment charges recognized for property and equipment for either the six month periods ended June 30, 2023 and 2022.

 

On April 18, 2023, the Company sold 100% of its membership interest in Luna Squares Texas LLC along with 59 transformers. The total sales price was $8.5 million in cash and stablecoins, the profit on sale of this site has been included in the consolidated condensed statement of operations.