Quarterly report pursuant to Section 13 or 15(d)

DEPOSIT, PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS (Tables)

v3.21.2
DEPOSIT, PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS (Tables)
9 Months Ended
Sep. 30, 2021
Deposit Property And Equipment And Intangible Assets  
SCHEDULE OF COMPONENTS OF PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS

The components of property, equipment and intangible assets as of September 30, 2021 and December 31, 2020 are:

    Useful life
(Years)
    September 30, 2021     December 31, 2020  
Website     7       121,787     $ 121,787  
Mining equipment     5       98,863,798       12,989,318  
Construction in Progress     N/A       9,389,419       10,593,575  
Mining patent     17       1,210,000       1,210,000  
Gross property, equipment and intangible assets             109,585,004       24,914,680  
Less: Accumulated depreciation and amortization             (14,703,757 )     (6,687,957 )
Property, equipment and intangible assets, net           $ 94,881,247     $ 18,226,723  

 

The Company’s depreciation expense for the three months ended September 30, 2021 and 2020 were $4.3 million and $787,689, and amortization expense were $18,483 and $17,794 for the three months ended September 30, 2021 and 2020, respectively. The Company’s depreciation expense for the nine months ended September 30, 2021 and 2020 were $8.0 million and $1.8 million, and amortization expense were $54,071 and $53,382 for the nine months ended September 30, 2021 and 2020, respectively.