Property and Equipment

9 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 7. Property and equipment

Property and equipment consisted of the following:

	September 30, 2017			December 31, 2016
Computer hardware and software	$	10		$	10
Crypto-currency machines		4,223			708
Property and equipment, gross		4,233			718
Less: Accumulated depreciation		(502	)		(116	)
Property and equipment, net	$	3,731		$	602

Property and equipment, net includes $180 of crypto-currency machines not yet received. This equipment is expected to be received and placed into service by December 31, 2017.

The Company recorded depreciation expense of $189 and $19 for the three months ended September 30, 2017, and 2016, respectively. The Company recorded depreciation expense of $385 and $30 for the nine months ended September 30, 2017, and 2016, respectively.

During the second quarter of 2017, the Company sold bitcoin machines with a book value of $262 for gross proceeds of $310 and recorded a gain on sale of $48.

During the third quarter of 2017, the Company sold Bitcoin machines with a book value of $121 for gross proceeds of $130 and recorded a gain on sale of $9.