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SUBSEQUENT EVENTS
6 Months Ended
Dec. 31, 2021
SUBSEQUENT EVENTS  
12. SUBSEQUENT EVENTS

12. SUBSEQUENT EVENTS

 

Management has evaluated subsequent events according to the requirements of ASC TOPIC 855, and has reported the following:

 

Service Agreement

 

On January 25, 2022, the Company and Bitkern Consulting, Inc. (“Bitkern”) entered into a confidential Services Agreement for the Company’s Tioga, Pennsylvania mining operations. Bitkern is to provide management of schedules of deliveries of mining equipment; receive and install mining equipment; install mining software, as needed, and maintain the mining equipment after installation. The agreement shall remain in effect for an indefinite period until terminated by either party in accordance with terms of the agreement. The Company is to pay monthly a contractual rate per kilowatt hour of electricity consumed in the Company’s cryptocurrency mining operations. Other costs of repairs and maintenance incurred by Bitkern, including materials and subcontractors, will be reimbursed by the Company.