PROPERTY AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

7. PROPERTY AND EQUIPMENT, NET

At March 31, 2022 and December 31, 2021, property and equipment consisted of:

	March 31, 2022			December 31, 2021
Cryptocurrency machines and related equipment	$	18,507,000		$	10,763,000
Computer, software and related equipment		7,702,000			8,884,000
Office furniture and equipment		3,362,000			702,000
Land		25,696,000			25,696,000
Building and improvements		69,415,000			68,959,000
		124,682,000			115,004,000
Accumulated depreciation and amortization		(7,493,000	)		(5,096,000	)
Property and equipment placed in service, net		117,189,000			109,908,000
Deposits on cryptocurrency machines		89,608,000			64,117,000
Property and equipment, net	$	206,797,000		$	174,025,000

For the three months ended March 31, 2022 and 2021, depreciation expense amounted to $2.6 million and $0.2 million, respectively.