Biotech Company-Turned-Mining Firm Riot Blockchain Reports 2018 Net Loss of $58 Million


0

Biotechnology company turned mining firm Riot Blockchain reported a 2018 net loss of about $58 million in its financial report released on April 2.

Per the report, the company’s net loss was primarily attributable to the noncash aggregate impairments, depreciation, amortization and stock-based compensation expenses amounting to about $45.2 million. The company also reportedly generated about $7.7 million in revenue through the mining of 1,081 Bitcoins (BTC), including converted Bitcoin Cash (BCH), and 3,023 Litecoins (LTC) during the year.

The company claims that it has no long-term debt and that before depreciation, amortization, and impairment, it perceived a positive gross margin on 33 percent. Riot Blockchain also notes that the U.S. Securities and Exchange Commission (SEC) probe into the company is still ongoing and that the company is collaborating with the regulator.

Lastly, the report notes that the company had secured $3 million in bridge financing with a syndicate of lenders.

As Cointelegraph has reported, the company received a subpoena by the SEC after changing its name to include the word blockchain (as many other companies did) in April last year.

The company also noted that the work on its cryptocurrency exchange RiotX is still ongoing after it has filed with the SEC to launch by the end of Q2 2019 in March.


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
COINTELEGRAPH

Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format