BTCS Inc ., a provider of ecommerce and bitcoin transaction verification services, suffered a $10 million-plus net loss in 2015 despite a revenue gain, according to a 10-K form filed with the U.S. Securities Exchange Commission for fiscal 2015.
The statement noted net losses of $14,757,016 and $10,047,036 in 2014 and 2015, respectively. Total revenues were $38,214 and $506,190 for 2014 and 2015, respectively. Revenues came from processing customer transactions through the ecommerce website and from fees for transaction verification services. Focus Shifts To Mining
Formerly Bitcoin Shop, Inc. , BTCS in February 2014 entered the business of hosting an online ecommerce marketplace where consumers purchase merchandise using digital currencies. While the company continues to develop its ecommerce marketplace, it has shifted its focus to transaction verification service business, also known as bitcoin mining. The company is building a diversified company with operations in the blockchain and digital currency ecosystems.
Gross profit was $31,468 and $216,091 for 2014 and 2015, respectively. Gross profit improved from 2014 to 2015, despite an increase in power and mining expenses incurred; that cost jumped from $6,746 in 2014 to $290,099 in 2015.
Operating expenses improved in 2015. Total operating expenses fell from $14,593,437 in 2014 to $8,414,390 in 2015.
Total assets rose from $273,802 in 2014 to $3,232,853 in 2015. Total current liabilities also rose, from $266,120 in 2014 to $6,022,773 in 2015. Company May Need Funding
As of Dec. 31, 2015, the company had a cash position equal to $124,535. It may require additional funds for anticipated operations and further expansion. If not successful in securing additional financing, the company may have to delay, reduce the scope of or eliminate one or more business activities, downsize general and administrative infrastructure, or seek other measures to avoid insolvency.
“We expect to incur additional net expenses over the […]
