Digital Assets
 9 Months Ended
Sep. 30, 2021
Gryphon Digital Mining, Inc. [Member]  
Digital Assets [Line Items]  
DIGITAL ASSETS

NOTE 2 — DIGITAL ASSETS

As disclosed in Note 8 - Stockholders’ Equity, the Company received digital currency from the private placement of its common stock and series seed II preferred stock. The digital assets (Bitcoin, Ethereum, DAI and USDT) received amounted to $1,374,000 for the common stock. The digital currency transactions are summarized in the following table for the three and nine months ended September 30, 2021:

 

For the
three months
ended
September 30,
2021

  

For the
nine months
ended
September 30,
2021

Beginning Balance

  

$

53,000

 

  

$

—

 

Additions

  

 

5,000

 

  

 

1,374,000

 

Interest earned

  

 

2,000

 

  

 

25,000

 

Noncash disposition

  

 

(54,000

)

  

 

(1,263,000

)

Unrealized losses

  

 

—

 

  

 

(130,000

)

Ending Balance

  

$

6,000

 

  

$

6,000

 

The table below shows the details of the noncash disposition of the Company’s digital assets for the nine months ended September 30, 2021:

Deposit for bitcoin mining machines

  

$

1,067,000

Payment for prepaid expenses

  

 

32,000

Payment for accrued expenses

  

 

69,000

Payment for expenses

  

 

95,000

Total noncash disposition

  

$

1,263,000

During the period ended September 30, 2021, the Company has the following realized gain related to digital currency disposal:

 

For the
three months
ended
September 30,
2021

  

For the
nine months
ended
September 30,
2021

Realized gain

  

$

13,000

  

$

36,000