PROPERTY AND EQUIPMENT

9 Months Ended

Mar. 31, 2022

PROPERTY AND EQUIPMENT

4. Property And Equipment

4. PROPERTY AND EQUIPMENT

Property and equipment consisted of the following as of:

	March 31,  2022			June 30, 2021
Cryptocurrency mining equipment	$	12,242,863		$	3,664,573
Furniture and equipment		207,975			16,366
Total		12,450,838			3,680,939
Less accumulated depreciation and amortization		(1,630,180	)		(521,416	)
Net	$	10,820,658		$	3,159,523

Depreciation and amortization expense, included in cost of revenues, for the three months ended March 31, 2022 and 2021 was $417,312 and $111,672, respectively, and $1,142,192 and $289,464 for the nine months ended March 31, 2022 and 2021, respectively.

During the three months ended March 31, 2022, we sold used mining equipment and realized a loss on the sale of $46,999. During the nine months ended March 31, 2021, we disposed of and wrote off non-serviceable, defective mining equipment with a net book value of $207,281.