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Property and Equipment
 3 Months Ended
Mar. 31, 2024
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 6 – PROPERTY AND EQUIPMENT

 

Property and equipment, net, consisted of the following:

 

   March 31,
2024		   December 31,
2023		 
         
Plant and equipment  $4,960,188   $4,973,191 
Computer equipment   125,695    125,695 
Processing machines (Miners)   77,447,520    102,984,186 
Modular data center   21,346,757    25,449,717 
Motor Vehicles   199,246    199,246 
Transformers   9,344,544    9,843,359 
Low-cost assets   976,717    998,815 
Assets under construction   4,764,051    4,764,051 
Leasehold improvements   487,527    487,527 
Total   119,652,245    149,825,787 
Less: Accumulated depreciation   (83,282,367)   (92,085,496)
Property and equipment, net  $36,369,878   $57,740,291 

 

The Company incurred depreciation and amortization expense in the amounts of $7.99 million and $7.96 million for the quarters ended March 31, 2024 and 2023, respectively. There were no impairment charges recognized for property and equipment for either the quarter ended March 31, 2024, or 2023.