PROPERTY AND EQUIPMENT Property and equipment consisted of the following as of August 31, 2022, and May 31, 2022: | | | | | | | | | | | | | | | | | | (in thousands) | Estimated Useful Life | | August 31, 2022 | | May 31, 2022 | Hosting Equipment | | | | | | Electric Generation and Transformers | 15 years | | 4,376 | | | 4,338 | | | | | | | | Other Equipment and Fixtures | 5 years-7 years | | 588 | | | 588 | | Construction in Progress | | | 46,086 | | | 18,305 | | Information Systems and Software | 5 years | | 9,675 | | | 9,608 | | Land & Building | | | | | | Land | | | 2,125 | | | 1,074 | | Land Improvements | 15 years | | 1,259 | | | 1,180 | | Building | 39 years | | 32,833 | | | 30,176 | | Total cost of property and equipment | | | 96,942 | | | 65,269 | | Accumulated Depreciation | | | (1,847) | | | (1,009) | | Property Plant and Equipment, Net | | | $ | 95,095 | | | $ | 64,260 | | | | | | | | | | | | | |
Depreciation expense from continuing operations totaled $838,000 and $3,000 for the three-month periods ended August 31, 2022 and 2021, respectively.
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