7. PROPERTY AND EQUIPMENT, NET

9 Months Ended

Jun. 30, 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 June 30, 2021 and September 30, 2020:

	June 30, 2021			September 30, 2020
Mining equipment	$	62,399,492			—
Land and building		4,444,685			—
Machinery and equipment		309,833			193,042
Leasehold improvements		44,347			17,965
Furniture and fixtures		107,660			82,547
Construction in progress		140,336			—
Total		67,446,353			293,554
Less: accumulated depreciation		(2,693,210	)		(175,560)
Fixed assets, net	$	64,753,143		$	117,994

Depreciation expense for the nine months ended June 30, 2021 and 2020 was $2,517,650 and $51,952, respectively.

On May 19, 2021, the Company exercised its purchase option on the ATL lease agreement to purchase property for $4.4 million at 2380 Godby Road, College Park, Georgia. The property contains approximately six acres and includes approximately 41,000 square feet of office and warehouse space. ATL utilizes, and intends to utilize, this space for cryptocurrency mining activities.

The Company has purchase commitments for approximately $203.6 million related to purchase of miners as of June 30, 2021, and the Company has paid $125.9 million towards these commitments as of the end of this period.