LOS ANGELES, CA / ACCESSWIRE / November 15, 2017 / The Crypto Company (OTC PINK: CRCW), one of the first publicly traded technology companies in the digital currencies and blockchain sector, today announced financial results for the third quarter of 2017, ended September 30, 2017.
"This has been an exciting time for The Crypto Company as we execute on our strategic plans to be a leader in the developing blockchain and cryptocurrency sector. As our operations continue to ramp up, we ended the third quarter with a strong balance sheet that includes approximately $2.6 million in cash and no long-term debt," said Mike Poutre, Chairman and Chief Executive Officer of The Crypto Company. "Our value proposition as a proxy and medium to the growing asset class of crypto currencies and blockchain technologies is resonating with our investor base. The diversified exposure that a shareholder achieves through owning our common shares allows investors to access this new and exciting space through a well-understood and familiar venue. The investment class, as a whole, remains difficult to access for the average investor, and contains risks that most don't yet know how to evaluate or mitigate. For those interested in the space, owning our stock could be a compelling solution. We believe that the blockchain and cryptocurrency sector has the potential to change the way business is done around the world and we look forward to contributing to its growth and development as we continue to actively explore the addition of other services that will support industry development and further our corporate goals."
Revenue for the third quarter of 2017 totaled $487,692, primarily reflecting a net realized gain on investment in cryptocurrency. Total operating expenses were $1,688,941 which included stock-based compensation of $1,083,224. The operating loss was $1,201,249. The third quarter net loss was $1,507,073, or ($0.08) per basic and diluted share. Basic and diluted per share results are based on weighted average shares outstanding of 18,565,062 for the three months ended September 30, 2017.
Mr. Poutre continued, "The release of our third quarter earnings marks our second publicly filed 'Q'. These filings, alongside our Form 8-K filed on June 7th, show that one can be engaged in the business of digital currencies and the blockchain space, and do so within the framework of existing securities laws. Most seem to feel that this whole space was created to circumvent securities laws, and while some may be trying to do just that, it has always been The Crypto Company's intention to show that one can be operating in this brand new field of technology, and do so as good corporate citizens - honoring the spirit and the letter of the laws that were designed to protect investors."
"With the filing of our Form 8-K in June, as amended, we believe we are one of, if not the first, fully reporting, publicly traded companies to report an audited, diversified portfolio of digital assets. We believe we are also one of, if not the first, publicly traded companies to complete a PIPE offering where we accepted cryptocurrencies in consideration for our stock. It is a humble and proud moment for us to be the first to achieve these milestones, and especially to do so within the framework of the existing guidelines set forth by the SEC. These actions are in line with our endeavor to provide an opportunity for investors to access this new and transformative investment genre," concluded Mr. Poutre.
About The Crypto Company
The Crypto Company (CRCW), one of the first publicly traded technology companies in the digital currencies and blockchain sector, offers a portfolio of digital assets, technologies, and consulting services to the blockchain and cryptocurrency markets. Shareholders in The Crypto Company gain diversified exposure to this exponentially growing asset class. To learn more please visit www.thecryptocompany.com.
Certain information set forth herein contains "forward-looking information", including "future oriented financial information" and "financial outlook", under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of shares being offered hereunder; (iii) the expected development of the Company's business, projects and joint ventures; (iv) execution of the Company's vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company's projects; (vi) completion of the Company's projects that are currently underway, in development or otherwise under consideration; (vii) renewal of the Company's current agreements; and (viii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.
These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.
Although forward-looking statements contained herein are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Jeff Ramson / Stephanie Prince
PCG Advisory Group
SOURCE: The Crypto Company