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HashChain Technology Reports Third Quarter Fiscal 2019 Financial Report and Provides Update on Proposed Reverse Takeover
(via TheNewswire) VANCOUVER - TheNewswire - July 29, 2019 - HashChain Technology...
About this update from Intellabridge Technology Corp.
[{"type":"text","content":"HashChain Technology Reports Third Quarter Fiscal 2019 Financial Report and Provides Update on Proposed Reverse Takeover(via TheNewswire)\n \n \nVANCOUVER - TheNewswire - July 29, 2019 - HashChain Technology Inc. (\"HashChain\" or the \"Company\") (TSXV:KASH) (OTCQB:HSSHF) today announced its financial and operating results for the quarter ended May 31, 2019. \n\n\n \nQuarterly Highlights\n\n\n \n\n\n\n \n- 8,395 Bitcoin mining rigs in operation.\n\n\n \n- Mined 400 newly minted Bitcoin.\n\n\n \n- Recognized operating revenue totaling $2 .8 million from digital currency mining. \n\n\n \nFinancial Information\n\n\n \nThe Company's net losses resulting for the three and nine months ended May 31, 2019 were $1,301,928 and $8,096,457, respectively. \n\n\n \nGeneral and administrative expenses for the three and nine months were $136,310 and $1,930,371 respectively, which as of May 31, 2019 included a non-cash charge for share-based compensation of $758,704. Additional ongoing general and administration expenses relate to the professional fees incurred by the Company to execute current plans and compliance costs related to operating a public company.\n\n\n \nOperating and maintenance costs for the three and nine months ended May 31, 2019 were $4,126,086 and $13,110,278 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 $717,404 and $2,197,796, 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 Digihos...