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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

7. PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

   December 31, 2025   December 31, 2024 
Bitcoin Mining facility and infrastructure  $2,555,848   $170,139 
Bitminers   1,570,552    102,225 
Transformers and generators   779,950    562,778 
Furniture and fixtures   -    2,358 
Total property and equipment   4,906,350    837,500 
Less: accumulated depreciation   (660,103)   (28,605)
Property and equipment, net  $4,246,247   $808,895 

 

During the years ended December 31, 2025 and 2024, the depreciation expenses on property and equipment was $592,709 and $1,970, respectively.

 

The Company determined there was an indication of impairment for the Redwater reporting unit during the year ended December 31, 2025 due to the operating performance, which resulted in an impairment of Bitminers totalling $452,635 based on the replacement cost which was considered a level 2 fair value estimate.

 

The Company disposed of property and equipment during the year ended December 31, 2024, resulting in a loss of $4,252, which is reflected as other losses in the accompanying consolidated statement of operations.