PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 5 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following components as of December 31, 2023, and 2022:

	Useful Lives (Years)	December 31, 2023		December 31, 2022
Electric plant	10 – 60	$	67,063,626	$	66,295,809
Strongboxes and power transformers	8 – 30	54,588,284		52,318,704
Machinery and equipment	5 – 20	16,222,214		18,131,977
Rolling stock	5 – 7	261,000		261,000
Cryptocurrency machines and powering supplies	2 – 3	88,445,931		81,945,396
Computer hardware and software	2 – 5	100,536		17,196
Vehicles and trailers	2 – 7	658,500		659,133
Leasehold Improvements	2 – 3	2,992,845		—
Construction in progress	Not Depreciable	11,562,170		19,553,826
Asset retirement cost	10 – 30	580,452		580,452
		242,475,558		239,763,493
Accumulated depreciation and amortization		(97,832,787)		(72,558,812)
Property, plant and equipment, net		$	144,642,771	$	167,204,681

Construction in progress consists of various projects to build out the cryptocurrency machine power infrastructure and is not depreciable until the asset is considered in service and successfully powers and runs the attached cryptocurrency machines. Completion of these projects will have various rollouts of energized, transformed containers and are designed to calibrate power from the plant to the container that houses multiple cryptocurrency machines. Currently, the balance of $11,562,170 as of December 31, 2023, represents open contracts for future projects.

Depreciation and amortization expense charged to operations was $35,415,286 and $47,235,344 for the years ended December 31, 2023, and 2022, respectively, including depreciation of assets under finance leases of $484,704 and $406,411 for the respective years then ended. The gross value of assets under finance leases and the related accumulated amortization approximated $2,797,265 and $1,420,736 as of December 31, 2023, respectively, and $2,890,665 and $1,074,091 as of December 31, 2022, respectively.

Based on the Company’s analysis of impairment triggering events in accordance with ASC 360, Property, Plant and Equipment, the Company's property, plant and equipment assets were recoverable as of December 31, 2023; however, impairment indicators existed throughout 2022, and as of December 31, 2022, that resulted in impairments on miner assets of $40,683,112 for the year then ended December 31, 2022.