BTCS Filing: 'Substantial Doubt' About Bitcoin Firm's Future
Bitcoin mining firm BTCS has indicated there are concerns within the public company's management about its ability to sustain operations. As noted in its latest quarterly SEC filing, BTCS believes it will require "significant additional capital" to sustain short-term operations as well as long-term plans. The company cited recurring operating losses and net operating cash flow deficits as reasons for the lack of optimism about its prospects. "Because of recurring operating losses, net operating cash flow deficits, and an accumulated deficit, there is substantial doubt about the Company's....
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Bitcoin mining firm BTCS, formerly known as Bitcoin Ship has completed a $1.45 million round of financing on December 16, led by Cavalry Fund LP. Originally known as Bitcoin Shop, BTCS was an e-commerce retailer that shifted its business model to bitcoin mining. The company was in need of a cash-boost after a recent SEC filing raised concerns of the company's ability to even exist in the long term. The SEC filing shows a net loss of $8.4 million for nine months ending September 2015. An excerpt from the SEC filing read: Because of recurring operating losses, net operating cash flow....
Bitcoin mining company BTCS Inc has incurred a $4.5 million loss in the first half of 2015. According to its recent 10-Q filing with the US Securities and Exchange Commission (SEC), a major part of the said loss have been navigated by the surge in the company's non-operational costs, which jumped from $205,000 to around $791,000 since December 31st last year. The said non-operational costs include some additional expenses, such as inducement expense, interest expenses, loss on issuance of units, and others. At the same time, BTCS reported revenues from some of its services, including....
Bitcoin mining and consumer services firm BTCS Inc (formerly Bitcoin Shop) lost more money than it made the first half of this year. The Nevada company reported a net loss of $4.59m for the first half of 2015 in its 10-Q filing with the SEC. The loss represented an increase over the roughly $4m loss incurred over the same period in 2014. The change seems to have been driven largely by rise in non-operational costs, which rose from $205,000 to $791,000. In interview, however, CEO Charles Allen suggested that he views the report as a validation of BTCS' recent market strategy shift. Allen....
Bitcoin mining firm BTCS announced a $1,450,000 financing on December 16, 2015. Cavalry Fund I LP led the financing, which marks yet another significant financing for BTCS in 2015, putting it in a position to develop and expand its services within the Bitcoin industry. “The successful closing of this round of financing is an important milestone for BTCS,” according to Charles Allen, CEO of BTCS. “It enabled us to invest an additional $750,000 in Spondoolies-Tech Ltd. (“Spondoolies”), increasing our ownership from 6.6% to 9.6% ahead of our pending merger, and sets the stage for the rollout....
BTCS has indicated it has completed the merger with Spondoolies-Tech. BTCS shareholders now own approximately 55.4% of the merged company, while Spondoolies-Tech shareholders own 44.6% of the new entity. In a statement, BTCS CEO called the move a "major milestone" that would help reinvent the former bitcoin-specific retail website as a leading transaction processing firm. Bitcoin Shop (BTCS) and Spondoolies-Tech have signed an agreement that would find the publicly traded bitcoin services firm and the Israeli mining hardware manufacturer merging and continuing under a united brand. The....