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Leases | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
LEASES | NOTE 5 – LEASES The Company’s operating leases are for digital mining sites and its finance leases are primarily for related plant and equipment. The Company’s lease costs recognized in the consolidated condensed statements of operations consist of the following:
|  | For the three-months ended June 30, |  |  | For the six-months ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease charges (1) |  | $ | 393,314 |  |  | $ | 404,778 |  |  | $ | 791,208 |  |  | $ | 811,991 |
Finance lease charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 39,695 |  |  | $ | 8,143 |  |  | $ | 47,838 |  |  | $ | 16,287 |
Interest on lease obligations |  | $ | 10,191 |  |  | $ | 1,310 |  |  | $ | 11,698 |  |  | $ | 4,021 |
(1) | Included in selling, general and administrative expenses.
The following is a schedule of the Company’s lease liabilities by contractual maturity as of June 30, 2024:
|  | Operating leases |  |  | Finance leases |
Remainder of 2024 |  | $ | 898,516 |  |  | $ | 206,588 |
2025 |  |  | 1,728,559 |  |  |  | 413,176 |
2026 |  |  | 1,601,064 |  |  |  | 216,266 |
2027 |  |  | 1,108,025 |  |  |  | - |
Total undiscounted lease obligations |  |  | 5,336,164 |  |  |  | 836,030 |
Less inputed interest |  |  | (1,012,995 | ) |  |  | (107,357 | )
Total present value of lease liabilities |  |  | 4,323,169 |  |  |  | 728,673 |
Less current portion of lease liabilities |  |  | 1,319,040 |  |  |  | 335,513 |
Non-current lease liabilities |  | $ | 3,004,129 |  |  | $ | 393,160 |
Other lease information as of June 30, 2024:
|  | Operating leases |  |  | Finance leases |
Operating cash out flows from leases |  | $ | 629,341 |  |  | $ | 123,478 |
Weighted-average remaining lease term (years) |  |  | 3.04 |  |  |  | 1.84 |
Weighted-average discount rate (%) |  |  | 8.6 | % |  |  | 13.4 | %

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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