Business
HashChain Technology Reports Second Quarter Fiscal 2019 Financial Report and Provides Update on Proposed Reverse Takeover
(via TheNewswire) VANCOUVER / TheNewswire / A p ril 26, 2019 - HashChain Te...
About this update from Intellabridge Technology Corp.
[{"type":"text","content":"HashChain Technology Reports Second Quarter Fiscal 2019 Financial Report and Provides Update on Proposed Reverse Takeover(via TheNewswire)\n \n \nVANCOUVER / TheNewswire / April 26, 2019 - HashChain Technology Inc. (\"HashChain\" or the \"Company\") (TSXV: KASH; OTCQB: HSSHF) today announced its financial and operating results for the quarter ended February 28, 2019. \n\n\n \nQuarterly Highlights\n\n\n \n\n\n- 8,395 Bitcoin mining rigs in operation.\n\n\n\n- Increased total coins mined over previous quarter production by 24%. \n\n\n\n- Recognized operating revenue totaling $2 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 and six ended February 28, 2019 were $2,541,496 and $6,361,199, respectively. \n\n\n \nGeneral and administrative expenses for the three and six months were $314,948 and $1,795,061 respectively, which as of February 28, 2019 included a non-cash charge for share-based compensation of $758,704. Additional ongoing general and administration expenses relate to the Company's growth plans and compliance costs related to operating a public company.\n\n\n \nOperating and maintenance costs for the three and six months ended February 28, 2019 were $4,327,917 and $8,550,865 respectively, 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 are a non-cash charges for depreciation of $751,525 and $1,480,392, respectively. \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 \n\n\n\n \nOutlook\n\n\n \nAs of the date of this report, the Company has deployed 8,395 mining rigs. Upon deployment of the remaining 3,500 rigs previously acquired, the Company will have a total of 11,895 in operation, bringing its digital currency mining footprint to 17.5 megawatts of computing power.\n\n \n \nAs disclosed in a press release dated March 28, 2019, the Company announced that it has entered into a Definitive Agreement with shareholders of...