XML 38 R11.htm IDEA: XBRL DOCUMENT v3.22.1
PROPERTY AND EQUIPMENT
3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
Property and equipment consist of the following as of March 31, 2022 and December 31, 2021:
Useful Lives
(Years)
March 31, 2022Dec 31, 2021
(unaudited)
Electric Plant
10 - 60
$66,153,985 $66,153,985 
Power Transformers
8 - 30
36,426,860 7,489,472 
Machinery and equipment
5 - 20
12,272,899 12,015,811 
Rolling Stock
5 - 7
261,000 261,000 
Cryptocurrency Machines & Powering Supplies
2 - 3
130,503,054 78,505,675 
Computer hardware and software
2 - 5
154,749 56,620 
Vehicles & Trailers
2 - 7
45,000 155,564 
Construction in progressNot Depreciable20,584,993 36,067,776 
Asset retirement obligation
10 - 30
580,452 580,452 
266,982,993 201,286,356 
Accumulated depreciation and amortization(46,782,225)(34,629,200)
TOTALS$220,200,769 $166,657,155 
Construction in Progress
Construction in progress consists of various projects to build out the cryptocurrency machine power infrastructure and is not depreciable until the asset is considered in service and successfully powers and runs the attached cryptocurrency machines. Completion of these projects will have various rollouts of energized transformed containers and are designed to calibrate power from the plant to the container that houses multiple cryptocurrency machines. Currently, the balance of $20,584,993, as of March 31, 2022, represents open contracts with a vendor that have future completion dates scheduled for the remainder of the year.
Depreciation and Amortization
Depreciation and amortization charged to operations was $12,319,581 and $517,443 for the three months ended March 31, 2022 and March 31, 2021 respectively.