Hashchain loses $4.05-million from Q3 continuing ops
2018-07-27 16:37 ET - News Release
Mr. Patrick Gray reports
HASHCHAIN TECHNOLOGY REPORTS THIRD QUARTER FISCAL 2018 FINANCIAL REPORT
Hashchain Technology Inc. has released its financial and operational results for the quarter ended May 31, 2018. Hashchain is a global blockchain company with cryptocurrency mining, accounting, and Masternode hosting services that began operations on November 3, 2017 and subsequently listed for trading on the TSX Venture Exchange on December 18, 2017. As of May 31, 2018, the Company had three wholly owned subsidiaries, Hashchain Mining LLC, Global Crypto Public Accounting Ltd., and TG12 Ventures Inc.
"By following our plan of making strategic acquisitions in order to develop as a marketplace leader in the blockchain technology space, Hashchain has achieved substantial asset growth over the last quarter and currently is expected to have 17.5 MW of computing power up and running by September 2018," says Patrick Gray, CEO of Hashchain. "In spite of the unpredictability seen this past quarter in the cryptocurrency market, our continued deployment of mining rigs has allowed us to continue to grow our coin inventory."
Quarterly Highlights
Deployed 3,395 Bitcoin mining rigs
March 8, 2018: 770 rigs deployed
April 4, 2018: 1,000 rigs deployed - May 30, 2018: 1,625 rigs deployed
Increased total digital currency mining rigs owned to 4,495.
Increased total coins mined over second quarter production by 78%.
Expanded mining footprint to include two US states to facilitate rapid expansion and further growth opportunities.
Purchased a second Dash Masternode.
Recognized operating revenue totaling $1,029,837 from digital currency mining, Node40 operations and Dash Masternode rewards.
Recent Developments
On June 15, 2018, the Company entered into definitive share purchase agreements to obtain an additional 5,000 Bitcoin mining rigs.
On July 5, 2018, Hashchain deployed the 1,000 Bitcoin mining rigs from the TG12 Ventures acquisition.
As of July 18, 2018, 4,000 of the 5,000 Bitcoin min ing rigs from the share purchase agreement described above have been installed.
Upon deployment of the remaining 1,000 Rigs, Hashchain will have over 14 MW of power dedicated to cryptocurrency mining.
On July 25, 2018, the Company entered into definitive agreements to acquire an additional 2,500 Bitcoin mining rigs through the acquisition of two companies, bringing total rigs owned to 11,995 and total power dedicated to cryptocurrency mining to 17.5 MW.
Financial Information
The Company's net losses resultant from continuing operations for the three and nine months ended May 31, 2018 were $4,057,335 and $ 9,382,899 , respectively which included one-time charges associated with the acquisitions of TG12 & NODE40 of $67,308 and $1,076,409 for the respective three and nine month periods. Unrealized currency losses reflected in the three and nine month periods ended totaled $685,541 and $298,118 respectively.
General and administrative expenses for the aforementioned three and nine months were $ 3,948,016 and $ 8,825,888 respectively, which included non-cash charges for share-based compensation of $1,718,442 and $2,217,851 and depreciation of $342,357 and $416,635 for each of the three and nine months. Ongoing general and administration expenses relate to the Company's growth plans and compliance costs related to operating a public company.
Operating and maintenance costs for the three and nine months ended May 31, 2018 were $ 386,307 and $ 449,933 , respectively, consisting primarily of fees paid under a master services agreement include: electricity, daily monitoring and maintenance, facility costs and all other costs directly related to the maintenance and operation of the Company's mining equipment.
A comprehensive discussion of Hashchain's financials and operations are provided in the Company's "Management Discussion & Analysis and Financial Statements" filed with SEDAR and can be found on www.sedar.com.
About Hashchain Technology Inc.
Hashchain is a blockchain company, and the first publicly traded (TSXV: KASH; OTCQB: HSSHF) Canadian cryptocurrency mining company to file a final prospectus supporting highly scalable and flexible mining operations across all major cryptocurrencies. Hashchain taps low-cost North American power, cool climate and high-speed Internet: the trifecta most critical to mining success, to create a competitive position for maximizing the number of mining 'wins.'
Hashchain currently operates 100 DASH mining Rigs and 8,395 Bitcoin Rigs with an additional 1,000 Rigs to be deployed from its previously announced acquisitions. Once all Rigs are operational, including the anticipated 2,500 Rigs expected to be acquired, Hashchain's mining operations will consist of 11,995 Rigs consuming approximately 17.5 megawatts of power. Hashchain also acquired two Dash Masternodes, which requires a collateral investment of 1,000 DASH coins for each Masternode.
Hashchain Mining is a wholly owned subsidiary of Hashchain Technology Inc. based out of Albany, New York, and an office in Vancouver, British Columbia.
https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aKASH-2638568&symbol=KASH®ion=C
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