Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment (Tables)

v3.21.1
Property and Equipment (Tables)
3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

Property and equipment consisted of the following as of March 31, 2021 and December 31, 2020:

March 31, 2021

December 31, 2020

Miners and mining equipment

$

35,383

$

14,406

Office and computer equipment

93

83

Total cost of property and equipment

35,476

14,489

 

Less accumulated depreciation

(7,170

)

(4,346

)

Property and equipment, net

$

28,306

$

10,143

Schedule of Purchase Agreement Commitments, Deposits Paid and Expected Delivery Timing

Agreement Date*

Original Purchase Commitment

Open Purchase Commitment

Deposit Balance

Expected Shipping

August 12, 2020

$

17,428

$

-

$

8,714

Second Quarter 2021

August 25, 2020

$

11,110

$

-

$

10,666

Second Quarter 2021

December 18, 2020 (1 of 2)

$

26,308

$

13,154

$

13,154

Second - Third Quarter 2021

December 18, 2020 (2 of 2)

$

8,577

$

3,002

$

5,604

Second - Third Quarter 2021

March 11, 2021

$

7,224

$

3,612

$

3,612

Fourth Quarter 2021

March 31, 2021**

$

-

$

-

$

28,980

Deposit on 42,000 miners

Total

$

70,647

$

19,768

$

70,730

* Pursuant to the Company’s agreements with Bitmain, the Company is responsible for all shipping charges incurred in connection with the delivery of the miners.

** On March 31, 2021, the Company paid approximately $29 million as a deposit for the miners to be acquired under the purchase agreement, dated effective as of April 5, 2021, with Bitmain to acquire approximately 42,000 Antminer model S19j Miners, which are scheduled to be shipped in 12 batches of approximately 3,500 miners each, on a monthly basis, between November 2021 and October 2022. See Note 11.