Property, Plant, and Equipment and Other Assets

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment and Other Assets

Note 4. Property, Plant, and Equipment and Other Assets

Property and equipment consisted of the following:

	As of
	December 31, 2020			December 31, 2019
Land	$	57		$	57
Computer hardware and software		10			10
Bitcoin mining machines		1,206			2,313
Infrastructure		905			771
Containers		550			467
Leasehold improvements		4			-
Property and equipment, gross		2,732			3,618
Less: Accumulated depreciation		(860	)		(82	)
Property and equipment, net	$	1,872		$	3,536

The Company recorded depreciation expense of $1,102 and $170 for the years ended December 31, 2020 and 2019, respectively. For the year ended December 31, 2020 a loss on sale of property and equipment of $352 was recorded as other non-operating expense related to the sale and disposition of Antminer S17 Pro Bitcoin miners. For the year ended December 31, 2019 a gain on sale of property and equipment of $599 was recorded as other non-operating income related to the sale and disposition of Antminer S9 Bitcoin miners. For the year ended December 31, 2020 an impairment of mining assets of $49 was recorded as general and administrative expense related to the disposal of Antminer S17 Pro Bitcoin miners.

During the year ended December 31, 2019, the Company recorded an impairment charge of $64 in connection with the termination of its hosting agreement in Ohio. See Note 9 for a further description of this termination.

Other assets consisted of the following:

	As of
	December 31, 2020		December 31, 2019
Deposits on containers	$	-	$	203
Security deposits		123		118
Other Assets	$	123	$	321

During September 2019, the Company entered into an agreement to purchase two containers to house the Bitcoin mining machines and paid a deposit of $203. Full payment on these containers was made upon delivery and installation in January 2020, at which time the cost of containers was reclassified to property and equipment and depreciated over the estimated useful life of 5 years using the straight-line method. The Company has paid $120 in security deposits related to its electrical contract, see Note 9, and $3 related to its office lease in Raleigh, NC.