Annual report pursuant to Section 13 and 15(d)

Property and Equipment (Tables)

v3.21.1
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

Property and equipment consisted of the following as of December 31, 2020 and 2019:

December 31, 2020

December 31, 2019

Miners

$

14,406

 

$

5,010

Leasehold improvements

-

 

38

Office and computer equipment

83

 

103

Total cost of property and equipment

14,489

 

5,151

Less accumulated depreciation

(4,346

)

(100

)

Property and equipment, net

$

10,143

 

$

5,051

Schedule of Impairment Charges

As of December 31, 2020, the Company had outstanding executed purchase agreements primarily for the purchase of miners from Bitmain for a total of 30,603 new S19-Pro miners, to be delivered in 2021 through October 2021. A summary of the purchase agreement commitments, deposits paid and expected delivery timing (remaining balances are payable in advance of shipping) is summarized as follows:

Agreement Date *

Purchase Commitment

Deposits Paid

Expected Shipping

August 12, 2020

$

17,428

$

13,071

First Quarter 2021

August 25, 2020

$

11,110

$

5,773

First - Second Quarter 2021

September 30, 2020

$

6,094

$

6,124

First Quarter 2021

December 18, 2020 (1 of 2)

$

26,308

$

2,631

Third - Fourth Quarter 2021

December 18, 2020 (2 of 2)

$

8,577

$

4,289

Second - Third Quarter 2021

Other contracts and costs

$

2,804

$

1,205

Total

$

72,321

$

33,093