PROPERTY AND EQUIPMENT

12 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

NOTE 8: PROPERTY AND EQUIPMENT

Property and equipment consisted of the following as of March 31, 2024 and 2023:

Schedule of property and equipment
	March 31, 2024			March 31, 2023
Auto – BNC	$	232,406		$	232,406
Equipment – BNC		-			84,604
Computers and software		55,935			90,000
Equipment		31,136			-
Leasehold improvements		14,420			-
Total property and equipment		333,897			407,010
Accumulated depreciation		(70,215	)		(83,194	)
Property and equipment, net	$	263,682		$	323,816

Depreciation expenses for the years ended March 31, 2024 and 2023 were $77,985 and $82,490, respectively.

Effective March 31, 2024, the Company impaired $92,554 of gross fixed assets that had $763 in accumulated depreciation. The $91,791 of net property and equipment remaining was impaired as the Company deemed the assets without value as they had been either abandoned or unable to commence certain operations and are not expected to.

Effective September 30, 2023, the Company impaired $5,679,942 of gross fixed assets related to Agora and Bitstream that had $1,784,189 in accumulated depreciation. The $3,895,753 of net property and equipment remaining was impaired as the Company deemed the assets without value as they had been unable to commence mining operations, either for themselves or from others through hosting arrangements, and were not expected to. During the year ended March 31, 2024, the Company determined certain Agora leased property was abandoned and therefore fully impaired the remaining lease right-of-use asset, which had a balance of $247,969.

On November 1, 2023, both Agora and Bitstream filed petitions for Chapter 7 bankruptcy in the United States Bankruptcy Court for the Western District of Texas. As a result, Agora’s assets have been considered as held-for-sale which includes only one parcel of land in West Texas as of March 31, 2024.

RiskOn International, Inc. 10-K