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HashChain Technology Reports First Quarter Fiscal 2020 Financial Report and Provides Update on Proposed Reverse Takeover
(via TheNewswire) VANCOUVER, BC - TheNewswire - January 28, 2020 - HashChain Tec...
About this update from Intellabridge Technology Corp.
[{"type":"text","content":"HashChain Technology Reports First Quarter Fiscal 2020 Financial Report and Provides Update on Proposed Reverse Takeover(via TheNewswire)\n \n \nVANCOUVER, BC - TheNewswire - January 28, 2020 - HashChain Technology Inc. (\"HashChain\" or the \"Company\") (TSXV:KASH); (OTC:HSSHF) today announced its financial and operating results for the quarter ended November 30, 2019. \n\n\n \nQuarterly Highlights\n\n\n \n\n\n\n \n\n\n- Mined approximately 200 newly minted Bitcoin.\n\n\n\n- Recognized operating revenue totaling $2.3 million from digital currency mining. \n\n\n\n\n \nFinancial Information\n\n\n \nThe Company's net losses resulting for the three months November 30, 2019 was $2,269,384. \n\n\n \nGeneral and administrative expenses for the aforementioned three months were $172,670 and consisted primarily of legal and professional fees. \n\n\n \nOperating and maintenance costs for the three months ended November 30, 2019 were $3,730,540, consisting primarily of fees transferred for electricity, daily monitoring and maintenance, facility costs, application of deposits to rent and all other costs directly related to the maintenance and operation of the Company's mining equipment. Included in this total is a non-cash charge for depreciation of $699,060. \n\n\n \nA comprehensive discussion of HashChain's financials and operations are provided in the Company's \"Management Discussion & Analysis and Financial Statements\" filed on SEDAR and can be found under the Company's profile on www.sedar.com.\n\n\n \nOutlook\n\n\n \nOn March 28, 2019, the Company announced that it has entered into a Definitive Agreement with shareholders of Digihost International, Inc. (\"Digihost\") whereby the business and assets of the Company and Digihost will be combined by way of a share exchange between the Company and shareholders of Digihost (the \"Proposed Transaction\"), constituting a \"reverse-takeover\" of the Company by Digihost under the policies of the TSX Venture Exchange (the \"Exchange\").\n\n \n \nDue to increasing costs of cryptocurrency mining and volatility in the valuation of mined-cryptocurrencies, the hosting expenses paid by HashChain to its colocation facility per coin mined are presently greater than the value of the coins mined. Completion of the Proposed Transaction will vertically integrate the hosting business to be acquired by...