Property, Plant, and Equipment and Other Assets

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment and Other Assets

Note 4. Property, Plant, and Equipment and Other Assets

Property and equipment consisted of the following:

	As of
	September 30, 2020			December 31, 2019
Land	$	57		$	57
Computer hardware and software		10			10
Bitcoin mining machines		1,469			2,313
Infrastructure		1,032			771
Containers		550			467
Leasehold improvements		4			-
Property and equipment, gross		3,122			3,618
Less: Accumulated depreciation		(757	)		(82	)
Property and equipment, net	$	2,365		$	3,536

The Company recorded depreciation expense of $244 and $902 for the three and nine months ended September 30, 2020, respectively. The Company recorded depreciation expense of $27 for the three and nine months ended September 30, 2019. For the three and nine months ended September 30, 2020, a loss on sale of property and equipment of $123 and $381, respectively, was recorded as other non-operating expense related to the sale and disposition of Antminer S17 Pro Bitcoin miners.

Other Assets consisted of the following:

	As of
	September 30, 2020		December 31, 2019
Deposits on containers	$	-	$	203
Security deposits		123		118
Other Assets	$	123	$	321

During September 2019, the Company entered into an agreement to purchase two containers to house the Bitcoin mining machines and paid a deposit of $203. Full payment on these containers was made upon delivery and installation in January 2020, at which time the cost of containers was reclassified to property and equipment and depreciated over the estimated useful life of 5 years using the straight-line method. The Company has paid $120 in security deposits related to its electrical contract, see Note 9, and $3 related to its office lease in Raleigh, NC.