Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment and Intangible Assets

v3.20.1
Property and Equipment and Intangible Assets
 3 Months Ended
Mar. 31, 2020
Property And Equipment And Intangible Assets  
Property and Equipment and Intangible Assets

NOTE 3 – PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS

 

The components of property, equipment and intangible assets as of March 31, 2020 and December 31, 2019 are:

 

    Useful life (Years)     March 31, 2020     December 31, 2019  
Website     7     $ 121,787     $ 121,787  
Mining equipment     2       6,711,880       7,120,505  
Mining patent     17       1,210,000       1,210,000  
Gross property, equipment and intangible assets             8,043,667       8,452,292  
Less: Accumulated depreciation and amortization             (4,152,320 )     (3,623,745 )
Property, equipment and intangible assets, net           $ 3,891,347     $ 4,828,547  

 

The Company’s depreciation expense for the three months ended March 31, 2020 and 2019 were $510,781 and $137,361, and amortization expense were $17,794 and $17,794 for the three months ended March 31, 2020 and 2019, respectively.