Business
MGT Capital Reports First Quarter Results
MGT Capital Reports First Quarter Results.
About this update from Mgt Capital Investments, Inc.
[{"type":"text","content":"\n\n\n\nMGT Capital Reports First Quarter Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMGT Capital Reports First Quarter Results\nAlso, Important Disclosures Regarding May 11, 2020 Bitcoin Halving\nPR Newswire\nRALEIGH, N.C., May 15, 2020\n\n\n\nRALEIGH, N.C., May 15, 2020 /PRNewswire/ -- MGT Capital Investments, Inc. (OTCQB: MGTI) yesterday filed its Form 10-Q quarterly report with the Securities and Exchange Commission for the period ended March 31, 2020. The complete filing can be accessed via the Company's website or at www.sec.gov.  \nResults for the first quarter reflect operations of the Company-owned and managed facility in Lafayette, GA. This site consists of 1,500 new generation Bitcoin miners (nearly all S17 Pro Antminers from Bitmain Technologies), collectively rated at approximately 80 Ph/s in computing power. As previously stated, all third-party hosting arrangements and investor-owned miner agreements were terminated by year-end 2019.\nRevenue for the three months ended March 31, 2020 totaled $677,000, reflecting nearly a full quarter of mining at the site. Operating expenses for the quarter totaled $1.6 million, including $605,000 in cost of revenues and $1.0 million in general and administrative expenses. Non-operating expenses totaled $366,000, resulting in a net loss for the quarter of $1.3 million. Included in the net loss figure are non-cash charges totaling just under $1.0 million. \nCash flow provided by operations was $183,000 for the quarter and included the recovery of $431,000 in previously paid energy taxes in Sweden. The Company used $381,000 in investing activities, $343,000 of which was used to complete the final operating phase of its mining facility in Georgia. \nIn April, MGT secured a $108,000 loan in connection with the Paycheck Protection Program offered by the U.S Small Business Administration.  During the quarter and through May 14, 2020, the Company issued 49.2 million shares of common stock upon the conversion of $500,000 in debt principal, reducing the outstanding debt principal to $429,000. Shares outstandin...