7. PROPERTY AND EQUIPMENT, NET

6 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

7. PROPERTY AND EQUIPMENT, NET

7. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consist of the following as of March 31, 2021 and September 30, 2020:

	March 31, 2021			September 30, 2020
Machinery and equipment	$	260,839		$	193,042
Mining equipment		15,497,826			—
Leasehold improvements		17,965			17,965
Furniture and fixtures		105,362			82,547
Total		15,881,992			293,554
Less: accumulated depreciation		(1,020,034	)		(175,560)
Fixed assets, net	$	14,861,958		$	117,994

Depreciation expense for the six months ended March 31, 2021 and 2020 was $930,324 and $32,071, respectively.

The Company has purchase commitments for approximately $146.5 million related to purchase of miners as of March 31, 2021, and the Company has paid $42.8 million towards these commitments as of the end of this period.