v3.22.2.2
PROPERTY AND EQUIPMENT
 12 Months Ended
Jun. 30, 2022
PROPERTY AND EQUIPMENT  
4. PROPERTY AND EQUIPMENT

4.  PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following at June 30:

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Cryptocurrency mining equipment

 

$14,729,772

 

 

$3,664,573

 

Furniture and equipment

 

 

252,974

 

 

 

16,366

 

 

 

 

 

 

 

 

 

 

Total

 

 

14,982,746

 

 

 

3,680,939

 

Less accumulated depreciation and amortization

 

 

(1,701,362)

 

 

(521,416)

 

 

 

 

 

 

 

 

 

Net

 

$13,281,384

 

 

$3,159,523

 

 

Depreciation and amortization expense, included in cost of revenues, for the years ended June 30, 2022 and 2021 was $1,617,032 and $408,802, respectively. 

  

During the year ended June 30, 2022, we sold used mining equipment with a net book value of $116,999 for $70,000 resulting in a realized loss on the sale of $46,999. During the years ended June 30, 2022 and 2021, we disposed of and wrote off non-serviceable, defective mining equipment with a net book value of $154,180 and $238,363, respectively.