Property, Plant and Equipment
|9 Months Ended|
Oct. 31, 2019
|Property, Plant and Equipment [Abstract]|
|Property, Plant and Equipment||
In a major transaction, the Company acquired the 420 Cloud software environment which includes, 420 Cloud mobile, 420 Cloud browser, 420 Cloud API, WhoDab, BangPunch, 420 single sign-on mobile wallet, 420 job search, Weedistry, Ehesive, 420 cue, 420 wise guy, and Palm weed. While some of the software applications are currently in use, others are still under development. The Company launched its 420 cloud software service on April 20, 2017. On June 3, 2019 OBITX sold all assets held for sale to MCIG for the price of $408,166. The payment was made by OBITX decreasing the amount owed to MCIG by $408,166.
The following is a detail of equipment:
Depreciation expense on property, plant and equipment was $363,477 for the nine month period ended October 31, 2019 and $363,475 for the nine month period ending October 31, 2018.
The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef