Annual report pursuant to Section 13 and 15(d)

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)

v3.22.0.1
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)
12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives of Property and Equipment

Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Estimated useful lives for leasehold improvements are typically the lesser of the estimated useful life of the asset or the life of the term of the lease. The estimated useful lives for all other property and equipment are as follows:

Life (Years)

Buildings and improvements

10-25

Miners and mining equipment

2

Machinery and facility equipment

5-7

Office and computer equipment

3

Schedule of Carrying Amounts and Estimated Lives of Intangible Assets with Finite Lives

As of December 31, 2021, the carrying amounts and estimated lives of the Company’s intangible assets with finite lives were as follows:

($ in thousands)

Gross

book value

Accumulated amortization

Net book

value

Weighted-average life (years)

Customer contracts

$

6,300

$

(51

)

$

6,249

 

10

Trademark

5,000

(42

)

4,958

10

UL Listings

2,700

(19

)

2,681

12

Patents

742

(468

)

274

Various

Finite-lived intangible assets

$

14,742

$

(580

)

$

14,162

As of December 31, 2020, the carrying amounts of the Company’s intangible assets with finite lives were as follows:

Gross

book value

Accumulated amortization

Net book

value

Patents

$

713

$

(377

)

$

336

Schedule of Estimated Amortization of Intangible Asset

The following table represents the total estimated amortization of intangible assets for the five succeeding years:

For the years ending December 31,

Estimated amortization expense

2022

$

1,446

2023

1,446

2024

1,446

2025

1,446

2026

1,446

Thereafter

6,932

Total

$

14,162

Schedule of Antidilutive Securities

Since the Company has only incurred losses, basic and diluted net loss per share is the same. Securities that could potentially dilute loss per share in the future were not included in the computation of diluted loss per share at December 31, 2021, 2020 and 2019 because their inclusion would be anti-dilutive are as follows:

December 31,

2021

2020

2019

Warrants to purchase common stock

63,000

2,061,770

3,574,257

Options to purchase common stock

-

12,000

12,000

Unvested restricted stock awards

4,015,146

633,305

1,524,499

Convertible Series B preferred shares

2,199

4,199

4,199

Total

4,080,345

2,711,274

5,114,955