Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
6 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

 

The components of property and equipment as of June 30, 2022 and December 31, 2021 are:

 

    Useful life (Years)   June 30, 2022     December 31, 2021  
Website   7     273,122       121,787  
Mining equipment   5     186,608,915       163,868,283  
Construction in Progress    N/A     182,765,654       133,565,908  
Mining patent   17     -       1,210,000  
Gross property, equipment and intangible assets         369,647,691       298,765,978  
Less: Accumulated depreciation and amortization         (55,390,407 )     (21,591,958 )
Property, equipment and intangible assets, net       $ 314,257,284     $ 277,174,020  

 

The Company’s depreciation expense related to property and equipment for the three and six months ended June 30, 2022 and June 30, 2021 was $24,701,111 and $38,565,242, and $2,937,666 and $3,675,603, respectively. Amortization expense for the three and six months ended June 30, 2022 and June 30, 2021 was $8,686 and $21,238, and $17,794 and $35,588, respectively.