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DIGITAL CURRENCIES
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
DIGITAL CURRENCIES
NOTE 2 – DIGITAL CURRENCIES
As of December 31, 2023, the Company held an aggregate amount of $3,175,595 in digital currencies comprised of unrestricted Bitcoin. Changes in digital currencies consisted of the following for the years ended December 31, 2023, and 2022:
For the years ended
December 31, 2023December 31, 2022
Digital currencies at beginning of period109,827 10,417,865 
Additions of digital currencies62,236,771 58,763,565 
Realized gain on sale of digital currencies967,995 1,102,220 
Impairment losses(910,029)(8,339,660)
Proceeds from sale of digital currencies(59,228,969)(57,274,268)
Collateral sold to close derivative— (4,559,895)
Digital currencies at end of period$3,175,595 $109,827 
Given the existence of a quoted price for Bitcoin on active markets, the Company exercises its unconditional option to bypass the qualitative assessment for its indefinite-lived digital currency assets and proceed directly to performing a
quantitative impairment test. Using the lowest quoted prices for Bitcoin each day during the periods presented in the table above, the Company performed quantitative impairment tests on its digital currencies and recognized impairment losses of $910,029 and $8,339,660 for the years ended December 31, 2023, and 2022, respectively.
On December 15, 2021, the Company entered into a forward sale with NYDIG Derivatives Trading LLC ("NYDIG Trading") providing for the sale of 250 Bitcoin at a floor price of $28,000 per Bitcoin (such sale, the “Forward Sale”). Pursuant to the Forward Sale, NYDIG Trading paid the Company $7.0 million, an amount equal to the floor price per Bitcoin on December 16, 2021, multiplied by the 250 Bitcoin provided for sale.
On March 16, 2022, the Company executed additional option transactions. The net effect of those transactions was to adjust the capped final sale price to $50,000 from $85,500 per Bitcoin, resulting in $970,000 of proceeds to the Company. On July 27, 2022, the Company exited the variable prepaid forward sale contract derivative with NYDIG Trading. As a result, the Company delivered the restricted digital assets previously pledged as collateral to NYDIG Trading.