Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.20.1
Property and Equipment
3 Months Ended
Mar. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 6.  Property and Equipment

 

Property and equipment consisted of the following as of March 31, 2020 and December 31, 2019 (in thousands): 

 

    March 31, 2020   December 31, 2019
      (Unaudited)          
Miners   $ 6,458     $ 5,010  
Leasehold improvements     38       38  
Office and computer equipment     103       103  
Total cost of property and equipment     6,599       5,151  
Less accumulated depreciation     (733 )     (100 )
Property and equipment, net   $ 5,866     $ 5,051  

 

During the three months ended March 31, 2020, the Company received 1,000 miners at its Oklahoma City facility, and the related $1.4 million prepayment recorded as a deposit as of December 31, 2019, was reclassified to property and equipment as of March 31, 2020. As of December 31, 2019, approximately $4.9 million of miners had been received but not yet placed in service until January 2020.

 

Depreciation and amortization expense totaled approximately $0.7 million (including $0.03 million of patent amortization) for the three months ended March 31, 2020. Depreciation and amortization expense was nominal for the three months ended March 31, 2019. Depreciation is computed on the straight-line basis for the periods the assets are in service.