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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2023
or
☐
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _______________ to _______________.
Commission
file number: 001-40792
BTCS
Inc.
(Exact
name of registrant as specified in its charter)
Nevada |
|
90-1096644 |
(State
or other jurisdiction of incorporation or organization)
|
|
(I.R.S.
Employer Identification No.)
|
9466
Georgia Avenue #124, Silver Spring, MD |
|
20910 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code (202) 430-6576
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.001 |
|
BTCS |
|
The
Nasdaq Stock Market |
|
|
|
|
(The
Nasdaq Capital Market) |
Indicate
by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
Emerging
growth company ☐ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As
of August 9, 2023, there were 14,333,292
shares of Common Stock, par value $0.001, issued and outstanding.
BTCS
INC.
TABLE
OF CONTENTS
BTCS
INC.
As
used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” the “Company,”
the “Registrant,” and “BTCS Inc.,” mean BTCS Inc., unless otherwise indicated.
PART
I - FINANCIAL INFORMATION
ITEM
1 Financial Statements
BTCS
Inc.
Balance
Sheets
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
| |
Assets: | |
| | |
| |
Current
assets: | |
| | | |
| | |
Cash | |
| 943,418 | | |
$ | 2,146,783 | |
Crypto
assets/currencies | |
| 948 | | |
| 982 | |
Investments,
at value (Cost $100,000) | |
| 100,000 | | |
| 100,000 | |
Staked
crypto assets/currencies | |
| 8,185,089 | | |
| 1,826,307 | |
Prepaid
expense | |
| 175,395 | | |
| 123,727 | |
Total
current assets | |
| 9,404,850 | | |
| 4,197,799 | |
| |
| | | |
| | |
Other
assets: | |
| | | |
| | |
Property
and equipment, net | |
| 8,834 | | |
| 11,152 | |
Staked
crypto assets/currencies - long term | |
| - | | |
| 5,708,624 | |
Total
other assets | |
| 8,834 | | |
| 5,719,776 | |
| |
| | | |
| | |
Total
Assets | |
$ | 9,413,684 | | |
$ | 9,917,575 | |
| |
| | | |
| | |
Liabilities
and Stockholders’ Equity: | |
| | | |
| | |
Accounts
payable and accrued expense | |
$ | 188,144 | | |
$ | 76,727 | |
Accrued
compensation | |
| 253,995 | | |
| 295,935 | |
Warrant
liabilities | |
| 356,250 | | |
| 213,750 | |
Total
current liabilities | |
| 798,389 | | |
| 586,412 | |
| |
| | | |
| | |
Stockholders’
equity: | |
| | | |
| | |
Preferred stock;
20,000,000 shares authorized at $0.001 par value: | |
| - | | |
| - | |
Series
V Preferred stock: 14,542,803
and 0
shares issued and outstanding at June 30, 2023 and December 31,
2022, respectively | |
| 2,559,533 | | |
| - | |
Common
stock, 97,500,000 shares authorized at $0.001 par value, 14,181,410 and 13,107,149 shares issued and outstanding at June 30, 2023
and December 31, 2022, respectively | |
| 14,182 | | |
| 13,108 | |
Additional
paid in capital | |
| 159,955,610 | | |
| 160,800,263 | |
Accumulated
deficit | |
| (153,914,030 | ) | |
| (151,482,208 | ) |
Total
stockholders’ equity | |
| 8,615,295 | | |
| 9,331,163 | |
| |
| | | |
| | |
Total
Liabilities and Stockholders’ Equity | |
$ | 9,413,684 | | |
$ | 9,917,575 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
BTCS
Inc.
Statements
of Operations
(Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For
the Three Months Ended | | |
For
the Six Months Ended | |
| |
June
30, | | |
June
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenues | |
| | | |
| | | |
| | | |
| | |
Validator
revenue (net of fees) | |
$ | 385,753 | | |
$ | 514,349 | | |
$ | 697,261 | | |
$ | 1,077,364 | |
Total
revenues | |
| 385,753 | | |
| 514,349 | | |
| 697,261 | | |
| 1,077,364 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| | | |
| | | |
| | | |
| | |
Validator
expense | |
| 113,612 | | |
| 93,900 | | |
| 195,626 | | |
$ | 231,769 | |
Gross
profit | |
| 272,141 | | |
| 420,449 | | |
| 501,635 | | |
| 845,595 | |
| |
| | | |
| | | |
| | | |
| | |
Operating
expenses: | |
| | | |
| | | |
| | | |
| | |
General
and administrative | |
$ | 617,569 | | |
$ | 512,051 | | |
$ | 1,227,398 | | |
$ | 1,162,340 | |
Research
and development | |
| 180,903 | | |
| 185,004 | | |
| 382,528 | | |
| 321,722 | |
Compensation
and related expenses | |
| 578,496 | | |
| 638,025 | | |
| 1,040,586 | | |
| 2,061,921 | |
Marketing | |
| 2,723 | | |
| 23,691 | | |
| 8,966 | | |
| 65,484 | |
Impairment
loss on crypto assets/currencies | |
| 784,602 | | |
| 8,894,797 | | |
| 879,509 | | |
| 12,202,225 | |
Realized
gains on crypto asset/currency transactions | |
| (731,199 | ) | |
| (398,446 | ) | |
| (748,030 | ) | |
| (469,556 | ) |
Total
operating expenses | |
| 1,433,094 | | |
| 9,855,122 | | |
| 2,790,957 | | |
| 15,344,136 | |
| |
| | | |
| | | |
| | | |
| | |
Other
income (expenses): | |
| | | |
| | | |
| | | |
| | |
Change
in fair value of warrant liabilities | |
| 142,500 | | |
| 1,710,000 | | |
| (142,500 | ) | |
| 1,068,750 | |
Distributions
to warrant holders | |
| - | | |
| - | | |
| - | | |
| (35,625 | ) |
Total
other income (expenses) | |
| 142,500 | | |
| 1,710,000 | | |
| (142,500 | ) | |
| 1,033,125 | |
| |
| | | |
| | | |
| | | |
| | |
Net
loss | |
$ | (1,018,453 | ) | |
$ | (7,724,673 | ) | |
$ | (2,431,822 | ) | |
$ | (13,465,416 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
loss per share attributable to common stockholders, basic and diluted | |
$ | (0.07 | ) | |
$ | (0.61 | ) | |
$ | (0.18 | ) | |
$ | (1.08 | ) |
Net
loss per share attributable to common stockholders, basic | |
$ | (0.07 | ) | |
$ | (0.61 | ) | |
$ | (0.18 | ) | |
$ | (1.08 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted
average number of common shares outstanding, basic and diluted | |
| 13,873,331 | | |
| 12,644,719 | | |
| 13,773,782 | | |
| 12,446,102 | |
Weighted
average number of common shares outstanding, basic | |
| 13,873,331 | | |
| 12,644,719 | | |
| 13,773,782 | | |
| 12,446,102 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
BTCS
Inc.
Statements
of Changes in Stockholders’ Equity
(Unaudited)
For
the Six Months Ended June 30, 2023
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
| |
Series
V | | |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Preferred
Stock | | |
Common
Stock | | |
Paid-in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance
December 31, 2022 | |
| - | | |
$ | - | | |
| 13,107,149 | | |
$ | 13,108 | | |
$ | 160,800,263 | | |
$ | (151,482,208 | ) | |
$ | 9,331,163 | |
Issuance
of common stock, net of offering cost / At-the-market offering | |
| - | | |
| - | | |
| 651,172 | | |
| 651 | | |
| 925,850 | | |
| - | | |
| 926,501 | |
Issuance
of Series V preferred stock | |
| 14,542,803 | | |
| 2,559,533 | | |
| - | | |
| - | | |
| (2,559,533 | ) | |
| - | | |
| - | |
Stock-based
compensation | |
| - | | |
| - | | |
| 423,089 | | |
| 423 | | |
| 789,030 | | |
| - | | |
| 789,453 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,431,822 | ) | |
| (2,431,822 | ) |
Balance
June 30, 2023 | |
| 14,542,803 | | |
$ | 2,559,533 | | |
| 14,181,410 | | |
$ | 14,182 | | |
$ | 159,955,610 | | |
$ | (153,914,030 | ) | |
$ | 8,615,295 | |
For
the Six Months Ended June 30, 2022
| |
| | |
| | |
Additional | | |
| | |
Total
Stockholders’ | |
| |
Common
Stock | | |
Paid-in | | |
Accumulated | | |
(Deficit) | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance
December 31, 2021 | |
| 10,528,212 | | |
$ | 10,529 | | |
$ | 147,682,384 | | |
$ | (135,589,470 | ) | |
$ | 12,103,443 | |
Issuance
of common stock, net of offering cost / At-the-market offering | |
| 1,830,588 | | |
| 1,831 | | |
| 10,602,610 | | |
| - | | |
| 10,604,441 | |
Stock-based
compensation | |
| 344,994 | | |
| 345 | | |
| 1,782,457 | | |
| - | | |
| 1,782,802 | |
Dividend
distributions | |
| - | | |
| - | | |
| (634,557 | ) | |
| - | | |
| (634,557 | ) |
Net
loss | |
| - | | |
| - | | |
| - | | |
| (13,465,416 | ) | |
| (13,465,416 | ) |
Balance
June 30, 2022 | |
| 12,703,794 | | |
$ | 12,705 | | |
$ | 159,432,894 | | |
$ | (149,054,886 | ) | |
$ | 10,390,713 | |
For
the Three Months Ended June 30, 2023
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
| |
Series
V | | |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Preferred
Stock | | |
Common
Stock | | |
Paid-in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance
March 31, 2023 | |
| - | | |
$ | - | | |
| 13,799,745 | | |
$ | 13,800 | | |
$ | 161,839,971 | | |
$ | (152,895,577 | ) | |
$ | 8,958,194 | |
Issuance
of common stock, net of offering cost / At-the-market offering | |
| - | | |
| - | | |
| 350,018 | | |
| 350 | | |
| 417,369 | | |
| - | | |
| 417,719 | |
Issuance
of Series V preferred stock | |
| 14,542,803 | | |
| 2,559,533 | | |
| - | | |
| - | | |
| (2,559,533 | ) | |
| - | | |
| - | |
Stock-based
compensation | |
| - | | |
| - | | |
| 31,647 | | |
| 32 | | |
| 257,803 | | |
| - | | |
| 257,835 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,018,453 | ) | |
| (1,018,453 | ) |
Balance
June 30, 2023 | |
| 14,542,803 | | |
$ | 2,559,533 | | |
| 14,181,410 | | |
$ | 14,182 | | |
$ | 159,955,610 | | |
$ | (153,914,030 | ) | |
$ | 8,615,295 | |
For
the Three Months Ended June 30, 2022
| |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Common
Stock | | |
Paid-in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance
March 31, 2022 | |
| 12,616,010 | | |
$ | 12,617 | | |
$ | 158,848,780 | | |
$ | (141,330,213 | ) | |
$ | 17,531,184 | |
Issuance
of common stock, net of offering cost / At-the-market offering | |
| 40,012 | | |
| 40 | | |
| 90,634 | | |
| - | | |
| 90,674 | |
Stock-based
compensation | |
| 47,772 | | |
| 48 | | |
| 493,480 | | |
| - | | |
| 493,528 | |
Dividend
distributions | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| (7,724,673 | ) | |
| (7,724,673 | ) |
Balance
June 30, 2022 | |
| 12,703,794 | | |
$ | 12,705 | | |
$ | 159,432,894 | | |
$ | (149,054,886 | ) | |
$ | 10,390,713 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
BTCS
Inc.
Statements
of Cash Flows
(Unaudited)
| |
2023 | | |
2022 | |
| |
For
the Six Months Ended June
30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Net
Cash flows used from operating activities: | |
| | | |
| | |
Net
loss | |
$ | (2,431,822 | ) | |
$ | (13,465,416 | ) |
Adjustments
to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation
expense | |
| 2,318 | | |
| 1,727 | |
Stock-based
compensation | |
| 789,453 | | |
| 1,782,802 | |
Validator
revenue | |
| (697,261 | ) | |
| (1,077,364 | ) |
Blockchain
network fees (non-cash) | |
| - | | |
| 1,321 | |
Change
in fair value of warrant liabilities | |
| 142,500 | | |
| (1,068,750 | ) |
Sale
of non-productive crypto assets/currencies | |
| - | | |
| 2,547,322 | |
Realized
gain on crypto assets/currencies transactions | |
| (748,030 | ) | |
| (469,556 | ) |
Impairment
loss on crypto assets/currencies | |
| 879,509 | | |
| 12,202,225 | |
Changes
in operating assets and liabilities: | |
| | | |
| - | |
Prepaid
expenses and other current assets | |
| (51,668 | ) | |
| 63,376 | |
Accounts
payable and accrued expenses | |
| 111,417 | | |
| 565 | |
Accrued
compensation | |
| (41,940 | ) | |
| 132,853 | |
Net
cash used in operating activities | |
| (2,045,524 | ) | |
| 651,105 | |
| |
| | | |
| | |
Net
cash used in investing activities: | |
| | | |
| | |
Purchase
of productive crypto assets/currencies for validating | |
| (1,804,213 | ) | |
| (9,141,785 | ) |
Sale
of productive crypto assets/currencies | |
| 1,719,871 | | |
| 310,149 | |
Purchase
of investments | |
| - | | |
| - | |
Purchase
of property and equipment | |
| - | | |
| (2,558 | ) |
Net
cash used in investing activities | |
| (84,342 | ) | |
| (8,834,194 | ) |
| |
| | | |
| | |
Net
cash provided by financing activities: | |
| | | |
| | |
Dividend
distributions | |
| - | | |
| (630,801 | ) |
Net
proceeds from issuance common stock/ At-the-market offering | |
| 926,501 | | |
| 10,604,441 | |
Net
cash provided by financing activities | |
| 926,501 | | |
| 9,973,640 | |
| |
| | | |
| | |
Net
increase in cash | |
| (1,203,365 | ) | |
| 1,790,551 | |
Cash,
beginning of period | |
| 2,146,783 | | |
| 1,400,867 | |
Cash,
end of period | |
$ | 943,418 | | |
$ | 3,191,418 | |
| |
| | | |
| | |
Supplemental
disclosure of non-cash financing and investing activities: | |
| | |
| |
Series
V Preferred Stock Distribution | |
$ | 2,559,533 | | |
$ | - | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
BTCS
Inc.
Notes
to Unaudited Condensed Financial Statements
Note
1 - Business Organization and Nature of Operations
BTCS
Inc. (formerly Bitcoin Shop, Inc.), a Nevada corporation (“BTCS” or the “Company”) was incorporated in 2008 and
is an early entrant in the crypto asset (also referred to “cryptocurrencies”, “crypto”, or “tokens”)
market with a primary focus on blockchain infrastructure and staking. The Company operates validator nodes on various proof-of-stake
(“PoS”) and delegated proof-of-stake (“DPoS”) based blockchain networks and stakes the native crypto assets on
those blockchains to earn rewards. The Company’s Staking-as-a-Service (“StaaS”) business allows crypto asset holders
to earn rewards by participating in network consensus mechanisms through staking and delegating their crypto assets to Company-operated
validator nodes (or “nodes”). The Company believes that StaaS provides a more accessible and cost-effective way for crypto
asset holders to participate in blockchain networks’ consensus mechanisms, thereby promoting the growth and adoption of blockchain
technology. The Company’s recently launched StakeSeeker platform (the “Digital Asset Platform”), currently in beta,
is a comprehensive crypto dashboard and education center designed to empower users to better understand and grow their crypto holdings
with innovative portfolio analytics and a non-custodial process to earn staking rewards through direct participation in blockchain consensus
algorithms.
The
Company’s business is subject to various risks and uncertainties, including risks associated with the evolving regulatory landscape
for crypto assets, risks associated with the volatility of crypto asset prices, and risks associated with the development and adoption
of blockchain technology. The Company’s future success is dependent on various factors, including the growth of the crypto asset
market, the adoption of blockchain technology, and the Company’s ability to effectively operate and grow its blockchain infrastructure
operations and StaaS business.
The
Company plans to expand its PoS operations to secure other disruptive blockchain protocols that also allow for delegating and asset leveraging.
The growth of both StakeSeeker’s user base as well as the number and size of staked cryptocurrencies by delegators to Company-run
validator nodes are critical to the Company’s strategy and success.
Note
2 - Basis of Presentation
The
accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted
in the United States (“GAAP”) for interim financial information, the instructions to Form 10-Q and the rules and regulations
of the SEC. Accordingly, since they are interim statements, the accompanying unaudited condensed financial statements do not include
all of the information and notes required by GAAP for annual financial statements, but in the opinion of the Company’s management,
reflect all adjustments consisting of normal, recurring adjustments, that are necessary for a fair presentation of the financial position,
results of operations and cash flows for the interim periods presented. Interim results for the three and six months ended June 30, 2023
are not necessarily indicative of results for the full year ended December 31, 2023. The unaudited condensed financial statements and
notes should be read in conjunction with the financial statements and notes for the year ended December 31, 2022.
Note
3 - Summary of Significant Accounting Policies
There
have been no material changes in the Company’s significant accounting policies to those previously disclosed in the 2022 Annual
Report.
Basis
of presentation
The
accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”).
Reclassifications
Certain
prior period amounts have been reclassified in order to conform with the current period presentation. These reclassifications have no
impact on the Company’s previously reported net income (loss).
Concentration
of Cash
The
Company maintains cash balances at three financial institutions in checking accounts and money market accounts. The Company considers
all highly liquid investments with original maturities of six months or less when purchased to be cash and cash equivalents. As of June
30, 2023 and December 31, 2022, the Company had approximately $0.9 million and $2.1 million in cash. The Company has not experienced
any losses in such accounts and believes it is not exposed to any significant credit risk on cash.
Financial
instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each
institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of June 30, 2023 and December
31, 2022, the Company had approximately $0.3 million and $1.7 million in excess of the FDIC insured limit, respectively.
Revenue
Recognition
The
Company recognizes revenue under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.
The core principle of the new revenue standard is that a company should recognize revenue to depict the transfer of promised goods or
services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those
goods or services. The following five steps are applied to achieve that core principle:
|
● |
Step
1: Identify the contract with the customer |
|
● |
Step
2: Identify the performance obligations in the contract |
|
● |
Step
3: Determine the transaction price |
|
● |
Step
4: Allocate the transaction price to the performance obligations in the contract |
|
● |
Step
5: Recognize revenue when the Company satisfies a performance obligation |
Revenue
is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those goods or services. The Company generates revenue through staking rewards.
The
Company has entered into network-based smart contracts by running its own crypto asset validator nodes as well as by staking crypto assets
on nodes run by third-party operators (either directly or through crypto exchanges). Through these contracts, the Company provides cryptocurrency
to stake on a node for the purpose of validating transactions and adding blocks to a respective blockchain network. The term of a smart
contract can vary based on the rules of the respective blockchain and typically last a few weeks to months after it is cancelled by the
operator and requires that the cryptocurrency staked remain locked up during the duration of the smart contract. In exchange for staking
the cryptocurrency and validating transactions on blockchain networks, the Company is entitled to all of the fixed cryptocurrency award
for running the Company’s own node and is entitled to a fractional share of the fixed cryptocurrency award a third-party node operator
receives (less crypto asset transaction fees payable to the node operator or exchanges, which are immaterial and are recorded as a deduction
from revenue), for successfully validating or adding a block to the blockchain. The Company’s fractional share of awards received
from delegating to a third-party validator node is based on the proportion of cryptocurrency the Company staked to the node to the total
cryptocurrency staked by delegators to the node.
The
provision of validating blockchain transactions is an output of the Company’s ordinary activities. Each separate block creation
or validation under a smart contract with a network represents a performance obligation. The transaction consideration the Company receives
- the cryptocurrency award - is a non-cash consideration, which the Company measures at fair value on the date received. The fair value
of the cryptocurrency award received is determined using the quoted price of the related cryptocurrency on the date of receipt. The satisfaction
of the performance obligation for processing and validating blockchain transactions occurs at a point in time when confirmation is received
from the network indicating that the validation is complete, and the awards are available for transfer. At that point, revenue is recognized.
Cost
of Revenue
The
Company’s cost of revenue consists primarily of direct production costs related to the operations of validating transactions on
the network, rent and utilities for locations housing server nodes to the extent applicable, hosting costs if cloud-based servers are
utilized and fees (including equity compensation stock-based fees) paid to 3rd parties to assist in software maintenance and operations
of its nodes.
Crypto
Assets Translations and Remeasurements
The
Company accounts for its crypto assets as indefinite-lived intangible assets in accordance with ASC 350, Intangibles – Goodwill
and Other. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently,
when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired.
Impairment exists when the carrying amount exceeds its fair value. In testing for impairment, the Company has the option to first perform
a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not
more likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise,
it is required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new
cost basis of the asset. Subsequent reversal of impairment losses is not permitted.
Crypto
assets held are included in the balance sheets as either current assets or other assets if they are staked and locked up for over one
year. The Company’s crypto assets are initially recorded at fair value upon receipt (or “carrying value”). The fair
value of crypto assets is determined using the U.S. dollar spot price of the related crypto asset. On a quarterly basis, crypto assets
are measured at carrying value, net of any impairment losses incurred since receipt. The Company will record impairment losses as the
fair value falls below the carrying value of the crypto assets at any time during the period, as determined using the lowest U.S. dollar
spot price of the related crypto asset subsequent to its acquisition. The crypto assets can only be marked down when impaired and not
marked up when their value increases.
Such
impairment in the value of crypto assets is recorded as a component of costs and expenses in our Statements of Operations. The Company
recorded impairment losses related to crypto assets of approximately $0.9 million and $12.2 million during the six months ended June
30, 2023, and 2022, respectively.
Impairment
losses cannot be recovered for any subsequent increase in fair value until the sale or disposal of the asset. Realized gain (loss) on
sale of crypto assets are included in other income (expense) in the Statements of Operations. The Company recorded realized gains (losses)
on crypto assets of approximately $0.7 million and $0.5 million during the six months ended June 30, 2023 and 2022, respectively.
The
presentation of purchases and sales of crypto assets on the Statement of Cash Flows is determined by the nature of the crypto assets,
which can be characterized as productive (i.e. purchased for purposes of staking) or non-productive. The purchase of non-productive crypto
assets and currencies are included as an operating activity, whereas the purchase of productive crypto assets and currencies are included
as investing activities in accordance with ASC 230-10-20 Investing activities. Productive crypto assets that are staked with a
lock-up period of less than 12 months are presented on the Balance Sheet as current assets. Staked crypto assets with remaining lock-up
periods of greater than 12 months are presented as long-term other assets on the Balance Sheet.
Internally
Developed Software
Internally
developed software consists of the core technology of the Company’s Digital Asset Platform, which is being designed to allow users
to track, monitor and analyze their aggregate cryptocurrency portfolio holdings by connecting their crypto exchanges and digital wallets
as well as providing a non-custodial delegation process to earn staking rewards on crypto asset holdings. For internally developed software,
the Company uses both its own employees as well as the services of external vendors and independent contractors. The Company accounts
for computer software used in the business in accordance with ASC 985-20 and ASC 350.
ASC
985-20, Software-Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed, requires that software development costs
incurred in conjunction with product development be charged to research and development expense until technological feasibility is established.
Thereafter, until the product is released for sale, software development costs must be capitalized and reported at the lower of unamortized
cost or net realizable value of the related product. Some companies use a “tested working model” approach to establishing
technological feasibility (i.e., beta version). Under this approach, software under development will pass the technological feasibility
milestone when the Company has completed a version that contains essentially all the functionality and features of the final version
and has tested the version to ensure that it works as expected.
ASC
350, Intangibles-Goodwill and Other, requires computer software costs associated with internal use software to be charged to operations
as incurred until certain capitalization criteria are met. Costs incurred during the preliminary project stage and the post-implementation
stages are expensed as incurred. Certain qualifying costs incurred during the application development stage are capitalized as property,
equipment and software. These costs generally consist of internal labor during configuration, coding, and testing activities. Capitalization
begins when (i) the preliminary project stage is complete, (ii) management with the relevant authority authorizes and commits to the
funding of the software project, and (iii) it is probable both that the project will be completed, and that the software will be used
to perform the function intended.
Property
and Equipment
Property
and equipment consists of computer, equipment and office furniture and fixtures, all of which are recorded at cost. Depreciation and
amortization are recorded using the straight-line method over the respective useful lives of the assets ranging from three to five years.
Long-lived assets are reviewed for impairment whenever events or circumstances indicate that the carrying amount of these assets may
not be recoverable.
Use
of Estimates
The
accompanying financial statements have been prepared in conformity with U.S. GAAP. This requires management to make estimates and assumptions
that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the
financial statements, and the reported amounts of revenue and expenses during the period. The Company’s significant estimates and
assumptions include the recoverability and useful lives of indefinite life intangible assets, stock-based compensation, and the valuation
allowance related to the Company’s deferred tax assets. Certain of the Company’s estimates, including the carrying amount
of the indefinite life intangible assets, could be affected by external conditions, including those unique to the Company and general
economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and
could cause actual results to differ from those estimates and assumptions.
Income
Taxes
The
Company recognizes income taxes on an accrual basis based on tax positions taken or expected to be taken in its tax returns. A tax position
is defined as a position in a previously filed tax return or a position expected to be taken in a future tax filing that is reflected
in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not
(i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities.
Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of
tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability
approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that
have been recognized in the Company’s financial statements or tax returns. A valuation allowance is established to reduce deferred
tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Company’s policy
is to classify interest and penalties related to tax positions as income tax expense. Since the Company’s inception, no such interest
or penalties have been incurred.
Accounting
for Warrants
The
Company accounts for the issuance of Common Stock purchase warrants issued in connection with the equity offerings in accordance with
the provisions of ASC 815, Derivatives and Hedging (“ASC 815”). The Company classifies as equity any contracts that (i) require
physical settlement or net-share settlement or (ii) gives the Company a choice of net-cash settlement or settlement in its own shares
(physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash
settlement (including a requirement to net-cash settle the contract if an event occurs and if that event is outside the control of the
Company) or (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement).
In addition, Under ASC 815, registered Common Stock warrants that require the issuance of registered shares upon exercise and do not
expressly preclude an implied right to cash settlement are accounted for as derivative liabilities. The Company classifies these derivative
warrant liabilities on the balance sheet as a current liability.
The
Company assessed the classification of Common Stock purchase warrants as of the date of each offering and determined that such instruments
originally met the criteria for equity classification; however, as a result of the Company no longer being in control of whether the
warrants may be cash settled, the instruments no longer qualify for equity classification. Accordingly, the Company classified the warrants
as a liability at their fair value and adjusts the instruments to fair value at each reporting period. This liability is subject to re-measurement
at each balance sheet date until the warrants are exercised or expired, and any change in fair value is recognized as “change in
the fair value of warrant liabilities” in the statements of operations. The fair value of the warrants has been estimated using
a Black-Scholes valuation model (see Note 4).
Stock-based
compensation
The
Company accounts for stock-based compensation in accordance with ASC 718 Compensation – Stock Compensation (“ASC 718”).
ASC 718 addresses all forms of share-based payment awards including shares issued under employee stock purchase plans and stock incentive
shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated
number of awards that are expected to vest and will result in a charge to operations.
Share-based
payment awards exchanged for services are accounted for at the fair value of the award on the estimated grant date.
Options
Stock
options issued under the Company’s long-term incentive plans are granted with an exercise price equal to no less than the market
price of the Company’s stock at the date of grant and expire up to ten years from the date of grant. These options often vest over
a one-year period.
The
Company estimates the fair value of stock option grants using the Black-Scholes option pricing model and the assumptions used in calculating
the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application
of management’s judgment.
Restricted
Stock Units (RSUs)
For
awards vesting upon the achievement of a service condition, compensation cost measured on the grant date will be recognized on a straight-line
basis over the vesting period. Stock-based compensation expense for the market-based restricted stock units with explicit service conditions
is recognized on a straight-line basis over the longer of the derived service period or the explicit service period, regardless of whether
the market condition is satisfied. However, in the event that the explicit service period is not met, previously recognized compensation
cost would be reversed. Market-based restricted stock units subject to market-based performance targets require achievement of the performance
target as well as a service condition in order for these RSUs to vest.
The
Company estimates the fair value of market-based RSUs as of the grant date and expected derived term using a Monte Carlo simulation that
incorporates pricing inputs covering the period from the grant date through the end of the derived service period.
Dividends
Effective
January 27, 2023, the Company’s Board of Directors (the “Board”) approved the issuance of a newly designated Series
V Preferred Stock (“Series V”) on a one-for-one basis to the Company’s shareholders (including restricted stock unit
holders and warrant holders who were entitled to such distribution). The distribution of Series V shares was approved and completed on
June 2, 2023 to shareholders as of the record date of May 12, 2023. The
Series V: (i) is non-convertible, (ii) has a 20% liquidation preference over the shares of common stock, (iii) is non-voting and (iv)
has certain rights to dividends and distributions (at the discretion of the Board).
A total of 14,542,803
shares of Series V Preferred Stock were distributed
to shareholders on June 2, 2023.
On
January 5, 2022, the Board declared a non-recurring special dividend of $0.05 for each outstanding share of Common Stock of the Company,
payable to holders of record as of the close of business on March 17, 2022. The dividend distributions are considered a return of capital
as the distributions are in excess of the Company’s current and accumulated earnings and profits. The return of capital distribution
reduces the Company’s additional paid in capital balance. Dividend distributions amounted to $0 and $635,000 during the six months
ended June 30, 2023 and 2022, respectively.
The
Company will evaluate the appropriateness of potential future dividends as the Company continues to grow its operations.
Advertising
Expense
Advertisement
costs are expensed as incurred and included in marketing expenses. Advertising and marketing expenses amounted to approximately $9,000
and $65,000 for the six months ended June 30, 2023 and 2022, respectively.
Net
Loss per Share
Basic
loss per share is computed by dividing the net income or loss applicable to common shares by the weighted average number of common shares
outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive,
potential common shares outstanding during the period. Potential common shares consist of the Company’s convertible preferred stock,
convertible notes, restricted stock units, options and warrants. Diluted loss per share excludes the shares issuable upon the conversion
of preferred stock, notes and warrants from the calculation of net loss per share if their effect would be anti-dilutive.
The
following financial instruments were not included in the diluted loss per share calculation as of June 30, 2023 and 2022 because their
effect was anti-dilutive:
Schedule
of Earnings Per Share Anti-diluted
| |
2023 | | |
2022 | |
| |
As of June 30, | |
| |
2023 | | |
2022 | |
Warrants
to purchase common stock | |
| 712,500 | | |
| 945,837 | |
Options | |
| 1,135,000 | | |
| 1,235,000 | |
Non-vested
restricted stock awards units | |
| 1,631,399 | | |
| 1,644,198 | |
Total | |
| 3,478,899 | | |
| 3,825,035 | |
Recent
Accounting Pronouncements
In
December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU
2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions
to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance
is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption
permitted. The Company adopted ASU No. 2019-12 effective January 1, 2021, and the adoption did not have a material impact on its financial
statements and related disclosures.
In
August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an
Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under
current U.S. GAAP. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative
scope exception and it also simplifies the diluted earnings per share calculation in certain areas. This guidance is effective for fiscal
years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The Company adopted
ASU No. 2020-06 effective January 1, 2022, and the adoption did not have a material impact on its financial statements and related disclosures.
Other
recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s
present or future financial statements.
Note
4 – Fair Value of Financial Assets and Liabilities
The
Company measures certain assets and liabilities at fair value. The Company defines fair value as the price that would be received from
selling an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market in an orderly transaction
between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the
inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input
that is available and significant to the fair value measurement:
Level
1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or
liabilities.
Level
2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical
or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market
data for substantially the full term of the assets or liabilities.
Level
3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants
would use in pricing the asset or liability.
Financial
instruments, including cash and cash equivalents, accounts and other receivables, accounts payable and accrued liabilities are carried
at cost, which management believes approximates fair value due to the short-term nature of these instruments.
The
following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and the Company’s
estimated level within the fair value hierarchy of those assets and liabilities as of June 30, 2023 and December 31, 2022:
Schedule
of Fair Value of Assets and Liabilities Valued on Recurring Basis
| |
Fair
Value Measured at June 30, 2023 | |
| |
| | |
Quoted | | |
Significant | | |
| |
| |
| | |
prices
in | | |
other | | |
Significant | |
| |
Total
at | | |
active | | |
observable | | |
unobservable | |
| |
June
30, | | |
markets | | |
inputs | | |
inputs | |
| |
2023 | | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
Assets | |
| | |
| | |
| | |
| |
Investments | |
$ | 100,000 | | |
$ | - | | |
$ | - | | |
$ | 100,000 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Warrant
Liabilities | |
$ | 356,250 | | |
$ | - | | |
$ | - | | |
$ | 356,250 | |
| |
Fair
Value Measured at December 31, 2022 | |
| |
| | |
Quoted | | |
Significant | | |
| |
| |
| | |
prices
in | | |
other | | |
Significant | |
| |
Total
at | | |
active | | |
observable | | |
unobservable | |
| |
December 31, | | |
markets | | |
inputs | | |
inputs | |
| |
2022 | | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
Assets | |
| | |
| | |
| | |
| |
Investments | |
$ | 100,000 | | |
$ | - | | |
$ | - | | |
$ | 100,000 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Warrant
Liabilities | |
$ | 213,750 | | |
$ | - | | |
$ | - | | |
$ | 213,750 | |
The
Company did not make any transfers between the levels of the fair value hierarchy during the six months ended June 30, 2023 and 2022.
Level
3 Valuation Techniques
Level
3 financial assets consist of private equity investments for which there is no current public market for these securities such that the
determination of fair value requires significant judgment or estimation. As of June 30, 2023 and December 31, 2022, the Company’s
Level 3 investments were carried at original cost of the investments, with a value of $100,000. The Company has elected to apply the
measurement alternative under ASC 321, Investments—Equity Securities, for these investments.
Level
3 financial liabilities consist of the warrant liabilities for which there is no current market for these securities such that the determination
of fair value requires significant judgment or estimation.
Changes
in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates
or assumptions and recorded as appropriate.
A
significant decrease in the volatility or a significant decrease in the Company’s stock price, in isolation, would result in a
significantly lower fair value measurement. Changes in the values of the warrant liabilities are recorded in “change in fair value
of warrant liabilities” in the Company’s statements of operations.
On
March 2, 2021, the Company entered into a securities purchase agreement with certain purchasers which closed on March 4, 2021 pursuant
to which the Company sold an aggregate of (i) 950,000 shares of Common Stock, and (ii) Common Stock warrants (the “Warrants”)
to purchase up to 712,500 shares of Common Stock for gross proceeds of $9.5 million in a private placement offering.
The
Warrants require, at the option of the holder, a net-cash settlement following certain fundamental transactions (as defined in the Warrants)
at the Company. At the time of issuance, the Company maintained control of certain fundamental transactions and as such the Warrants
were initially classified in equity. As of December 31, 2022, the Company no longer maintained control of certain fundamental transactions
as they did not control a majority of shareholder votes. As such, the Company may be required to cash settle the Warrants if a fundamental
transaction occurs which is outside the Company’s control. Accordingly, the Warrants are classified as liabilities. The Warrants
have been recorded at their fair value using the Black-Scholes valuation model, and will be recorded at their respective fair value at
each subsequent balance sheet date. This model incorporates transaction details such as the Company’s stock price, contractual
terms, maturity, risk-free rates, as well as volatility.
The
Warrants require the issuance of registered shares upon exercise, do not expressly preclude an implied right to cash settlement and are
therefore accounted for as derivative liabilities. The Company classifies these derivative warrant liabilities on the balance sheet as
a current liability.
A
summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s
warrant liabilities that are categorized within Level 3 of the fair value hierarchy at the date of issuance and, as of June 30, 2023
and December 31, 2022, is as follows:
Summary of Valuation Methodology and Significant Unobservable Inputs Warrant Liabilities
| |
June
30,
2023 | | |
December
31,
2022 | |
Risk-free
rate of interest | |
| 4.49 | % | |
| 3.99 | % |
Expected
volatility | |
| 144.6 | % | |
| 152.8 | % |
Expected
life (in years) | |
| 2.68 | | |
| 3.18 | |
Expected
dividend yield | |
| - | | |
| - | |
The
risk-free interest rate was based on rates established by the Federal Reserve Bank. For the Warrants, the Company estimates expected
volatility giving primary consideration to the historical volatility of its Common Stock. The general expected volatility is based on
the standard deviation of the Company’s underlying stock price’s daily logarithmic returns. The expected life of the warrants
was determined by the expiration date of the warrants. The expected dividend yield was based on the fact that the Company has not historically
paid dividends on its Common Stock and does not expect to pay recurring dividends on its Common Stock in the future.
The
following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial assets and liabilities
for the six months ended June 30, 2023 and 2022, that are measured at fair value on a recurring basis:
Schedule
of Changes in Fair Value and Other Adjustments of Warrants
| |
Fair
Value of Level 3 Financial Assets | |
| |
June
30, | | |
June
30, | |
| |
2023 | | |
2022 | |
Beginning
balance | |
$ | 100,000 | | |
$ | - | |
Purchases | |
| - | | |
| - | |
Unrealized
appreciation (depreciation) | |
| - | | |
| - | |
Ending
balance | |
$ | 100,000 | | |
$ | - | |
| |
Fair
Value of Level 3 Financial Liabilities | |
| |
June
30, | | |
June
30, | |
| |
2023 | | |
2022 | |
Beginning
balance | |
$ | 213,750 | | |
$ | 1,852,500 | |
Warrant
liabilities classification | |
| - | | |
| - | |
Fair
value adjustment of warrant liabilities | |
| 142,500 | | |
| (1,068,750 | ) |
Ending
balance | |
$ | 356,250 | | |
$ | 783,750 | |
Note
5 – Stockholders’ Equity
Common
Stock
The
Company received shareholder approval on July 11, 2023 to amend our Articles of Incorporation to increase the number of authorized shares
of common stock from 97,500,000 shares to 975,000,000. On July 12, 2023, the Company filed a Certificate of Amendment to the Articles
of Incorporation to effectuate the increase of our authorized shares of common stock to 975,000,000.
At
The Market Offering Agreement
On
September 14, 2021, the Company entered into an At-The-Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright
& Co., LLC, as agent (“H.C. Wainwright”), pursuant to which the Company may offer and sell, from time-to-time through
H.C. Wainwright, shares of the Company’s Common Stock having an aggregate offering price of up to $98,767,500 million (the “Shares”).
The Company will pay H.C. Wainwright a commission rate equal to 3.0% of the aggregate gross proceeds from each sale of Shares.
During
the six months ended June 30, 2023, the Company sold a total of 651,172 shares of Common Stock under the ATM Agreement for aggregate
total gross proceeds of approximately $965,000 at an average selling price of $1.48 per share, resulting in net proceeds of approximately
$927,000 after deducting commissions and other transaction costs.
Share
Based Payments
Effective
January 19, 2023, The Board of Directors of the Company approved the issuance of $50,000 of common stock to each independent director.
The shares will be issued in four equal installments ($12,500) at the end of each calendar quarter beginning March 31st, subject
to continued service on each applicable issuance date. The number of shares issuable will be based on the closing price of the Company’s
common stock on the last trading day prior to the end of the applicable calendar quarter. For the six months ended June 30, 2023, 59,223
shares of common stock were issued to independent directors.
Preferred
Stock
Series
V
Effective
January 27, 2023, the Board approved the issuance of a newly designated Series V Preferred Stock (“Series V”) on a one-for-one
basis to the Company’s shareholders (including restricted stock unit holders and warrant holders). The distribution of Series V
shares was approved and completed on June 2, 2023 to shareholders as of the record date of May 12, 2023. The Series V: (i) is non-convertible,
(ii) has a 20% liquidation preference over the shares of common stock, (iii) is non-voting and (iv) has certain rights to dividends and
distributions (at the discretion of the Board of Directors). A total of 14,542,803 shares of Series V Preferred Stock were distributed
to shareholders on June 2, 2023. The Series V is listed to trade on the Upstream, the trading app for digital securities and NFTs powered by Horizon
Fintex and MERJ Exchange Limited, under the ticker symbol BTCSP.
The fair value of the Preferred stock as of the record date, May 12, 2023,
amounted to $2.6 million. The Company used a probability valuation model to determine the fair value of the preferred stock.
2021
Equity Incentive Plan
The
Company’s 2021 Equity Incentive Plan (the “2021 Plan”) was effective on January 1, 2021 and approved by shareholders
on March 31, 2021 and amended on June 13, 2022. The Company received shareholder approval on July 11, 2023 to increase the authorized
amount under the 2021 Plan from 7,000,000 shares to 12,000,000 shares.
Options
During
the six months ended June 30, 2023, the Company granted 20,000 stock options with a weighted average exercise price of $0.63 to non-executive
employees.
The
following weighted-average assumptions were used to estimate the fair value of options granted on the deemed grant date during the six
months ended June 30, 2023 and 2022 for both the Black-Scholes formula:
Schedule of
Weighted-Average Assumptions Used to Estimate Fair Value
| |
Three
Months Ended March 31, | |
| |
2023 | | |
2022 | |
Exercise
price | |
$ | 0.63 | | |
| - | |
Term
(years) | |
| 5.00 | | |
| - | |
Expected
stock price volatility | |
| 152.8 | % | |
| - | |
Risk-free
rate of interest | |
| 3.99 | % | |
| - | |
Expected
Volatility: The Company uses historical volatility as it provides a reasonable estimate of the expected volatility. Historical volatility
is based on the most recent volatility of the stock price over a period of time equivalent to the expected term of the option.
Risk-Free
Interest Rate: The risk-free interest rate is based on the U.S. treasury zero-coupon yield curve in effect at the time of grant for
the expected term of the option.
Expected
Term: The Company’s expected term represents the weighted-average period that the Company’s stock options are expected
to be outstanding. The expected term is based on the expected time to post-vesting exercise of options by employees. The Company uses
historical exercise patterns of previously granted options to derive employee behavioral patterns used to forecast expected exercise
patterns.
For
awards vesting upon the achievement of the market conditions which were met at the date of grant, compensation cost measured on the date
of grant was immediately recognized. For awards vesting upon the achievement of the market conditions which were not met at the date
of grant, compensation cost measured on the grant date will be recognized on a straight-line basis over the vesting period based on estimation
using a Monte-Carlo simulation.
A
summary of option activity under the Company’s stock option plan for six months ended June 30, 2023 is presented below:
Summary of Option Activity
| |
| | |
| | |
| | |
Weighted
Average | |
| |
| | |
Weighted | | |
| | |
Remaining | |
| |
Number
of | | |
Average | | |
Total | | |
Contractual
Life | |
| |
Shares | | |
Exercise
Price | | |
Intrinsic
Value | | |
(in
years) | |
Outstanding
as of December 31, 2022 | |
| 1,150,000 | | |
$ | 2.15 | | |
$ | - | | |
| 3.3 | |
Employee
options granted | |
| 20,000 | | |
| 0.63 | | |
| - | | |
| - | |
Employee
options forfeited | |
| (35,000 | ) | |
| 1.02 | | |
| 11,100 | | |
| - | |
Outstanding
as of June 30, 2023 | |
| 1,135,000 | | |
$ | 2.16 | | |
$ | - | | |
| 2.8 | |
Options
vested and exercisable as of June 30, 2023 | |
| 1,135,000 | | |
$ | 2.16 | | |
$ | - | | |
| 2.8 | |
RSUs
Effective
January 2, 2022, the Board of Directors of the Company ratified the following arrangements approved by its Compensation Committee:
The
Company’s executive officers were granted RSUs as part of a long-term incentive plan (“LTI”), with vesting terms set
for when the Company’s market capitalization reaches and sustains a market capitalization for 30 consecutive days above four defined
market capitalization thresholds of $100 million, $150 million, $200 million and $400 million.
Effective
February 22, 2022, upon appointment of Manish Paranjape as Chief Technology Officer of the Company, Mr. Paranjape was also granted RSUs
as part of the LTI plan, with consistent vesting terms set for when the Company’s market capitalization above the same four defined
market capitalization thresholds.
Effective
January 1, 2023 (the “LTI RSU Amendment Date”), upon recommendation of the Compensation Committee of the Board of Directors
approved an amendment to the LTI plan, whereby the market capitalization threshold targets were lowered to $50 million, $100 million,
$150 million, and $300 million.
The
RSUs granted to each executive employee are as follows:
Schedule of Restricted Stock Units
| |
| |
| |
Total | | |
Market
Cap Vesting Thresholds | |
Officer
Name | |
Title | |
Grant
Date | |
RSUs
Granted | | |
$
50 million | | |
$
100 million | | |
$
150 million | | |
$
300 million | |
Charles
Allen | |
Chief
Executive Officer | |
1/2/2022 | |
| 694,444 | | |
| 173,611 | | |
| 173,611 | | |
| 173,611 | | |
| 173,611 | |
Michal
Handerhan | |
Chief
Operations Officer | |
1/2/2022 | |
| 444,444 | | |
| 111,111 | | |
| 111,111 | | |
| 111,111 | | |
| 111,111 | |
Michael
Prevoznik | |
Chief
Financial Officer | |
1/2/2022 | |
| 222,224 | | |
| 55,556 | | |
| 55,556 | | |
| 55,556 | | |
| 55,556 | |
Manish
Paranjape | |
Chief
Technology Officer | |
2/22/2022 | |
| 160,184 | | |
| 40,046 | | |
| 40,046 | | |
| 40,046 | | |
| 40,046 | |
| |
| |
| |
| 1,521,296 | | |
| 380,324 | | |
| 380,324 | | |
| 380,324 | | |
| 380,324 | |
To
the extent any market capitalization targets set forth above for Mr. Prevoznik and Mr. Paranjape are achieved, the RSUs will also be
subject to the following five-year vesting schedule: 20% of the LTI RSUs which have met a market capitalization criteria will vest on
the one-year anniversary of the grant date, and the remaining 80% of the LTI RSUs which have met a market capitalization criteria will
vest annually on each subsequent calendar year-end date over the four years following the one year anniversary of the grant date.
For
awards vesting upon the achievement of a service condition, compensation cost measured on the grant date will be recognized on a straight-line
basis over the vesting period. Stock-based compensation expense for the market-based restricted stock units with explicit service conditions
is recognized on a straight-line basis over the longer of the derived service period or the explicit service period, regardless of whether
the market condition is satisfied. However, in the event that the explicit service period is not met, previously recognized compensation
cost would be reversed. Market-based restricted stock units subject to market-based performance targets require achievement of the performance
target as well as a service condition in order for these RSUs to vest.
The
Company estimates the fair value of market-based RSUs as of the grant date and expected derived term using a Monte Carlo simulation that
incorporates pricing inputs covering the period from the grant date through the end of the derived service period. As of the LTI RSU
Amendment Date, the Company determined the pre-modification and post-modification estimated fair value of the LTI RSUs accounting for
the amended market cap criteria. The increase in fair value of the LTI RSUs attributable to the modification was added to the related
unrecognized compensation expense in accordance with ASC 718 – Share-Based Compensation, whereby any previously recognized
compensation cost that has not vested as of the modification date should be adjusted to reflect the new fair value of the equity awards
on the date of the modification.
The
following weighted-average assumptions were used to estimate the fair value of options granted during the six months ended June 30, 2023
and 2022 for the Monte-Carlo simulation:
Schedule of
Weighted-Average Assumptions Used to Estimate Fair Value
| |
Valuation
Dates | |
| |
January
1, 2023 | | |
January
2, 2022 | |
| |
(Modification) | | |
(Original
Issuance) | |
Vesting Hurdle Price | |
| $3.81
- $30.52 | | |
| $8.07
- $36.99 | |
Term
(years) | |
| 4.00 | | |
| 5.00 | |
Expected
stock price volatility | |
| 97.30 | % | |
| 103.72 | % |
Risk-free
rate of interest | |
| 4.10 | % | |
| 1.32 | % |
Expected
Volatility: The Company uses historical volatility as it provides a reasonable estimate of the expected volatility. Historical volatility
is based on the most recent volatility of the stock price over a period of time equivalent to the expected term of the RSUs.
Risk-Free
Interest Rate: The risk-free interest rate is based on the U.S. treasury zero-coupon yield curve in effect at the time of grant for
the expected term of the RSUs.
Expected
Term: The Company’s expected term represents the weighted-average period that the Company’s RSUs are expected to be outstanding.
The expected term is based on the stipulated five-year period from the grant date until the market-based criteria are achieved. If the
market-based criteria are not achieved within the five-year period from the grant date, the RSUs will not vest and shall expire.
Vesting
Hurdle Price: The vesting hurdle price is determined as the average of the vesting Market Cap criteria divided by the shares outstanding
as of the valuation dates.
On
December 9, 2022, upon recommendation of the Compensation Committee, the Board of Directors approved the grant of 25,000 RSUs to Mr.
Prevoznik and Mr. Paranjape each, effective January 1, 2023, which vest annually over a five-year period with the first vesting date
being on the one-year anniversary of the execution date of the effective grant date, subject to continued employment on each applicable
vesting date.
A
summary of the Company’s restricted stock units granted under the 2021 Plan during the six months ended June 30, 2023 are as follows:
Summary of Restricted Stock
| |
Number
of | | |
Weighted
Average | |
| |
Restricted | | |
Grant
Day | |
| |
Stock
Units | | |
Fair
Value | |
Nonvested
at December 31, 2022 | |
| 1,590,552 | | |
$ | 3.34 | |
Granted | |
| 50,000 | | |
| 0.63 | |
Vested | |
| (9,153 | ) | |
| 4.37 | |
Forfeited | |
| - | | |
| - | |
Nonvested
at June 30, 2023 | |
| 1,631,399 | | |
$ | 3.25 | |
Stock
Based Compensation
Stock-based
compensation expense is recorded as a part of selling, general and administrative expenses, compensation expenses and cost of revenues.
Stock-based compensation expense for the three and six months ended June 30, 2023 and 2022 was as follows:
Schedule of Stock-based Compensation Expense
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For
the Three Months Ended June 30, | | |
For
the Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Employee
bonus stock awards | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 894,027 | |
Employee
stock option awards | |
| (8,619 | ) | |
| 12,812 | | |
| (5,312 | ) | |
| 82,446 | |
Employee
restricted stock unit awards | |
| 228,953 | | |
| 405,714 | | |
| 496,291 | | |
| 747,704 | |
Non-employee
restricted stock awards | |
| 8,333 | | |
| 89,656 | | |
| 24,242 | | |
| 171,737 | |
Stock-based
compensation | |
$ | 228,667 | | |
$ | 508,182 | | |
$ | 515,221 | | |
$ | 1,895,914 | |
Note
6 – Accrued Expenses
Accrued
expenses consist of the following:
Schedule
of Accrued Expenses
| |
June
30, 2023 | | |
December
31, 2022 | |
Compensation
and related expenses | |
$ | 253,995 | | |
$ | 295,935 | |
Accounts
Payable | |
| 188,144 | | |
| 76,727 | |
Accrued
Expenses | |
$ | 442,139 | | |
$ | 372,662 | |
Accrued
compensation and related expenses include approximately $254,000 and $284,000 related to performance bonus accruals as of June 30, 2023
and December 31, 2022, respectively.
Note
7 – Employee Benefit Plans
The
Company maintains defined contribution benefit plans under Section 401(k) of the Internal Revenue Code covering substantially all qualified
employees of the Company (the “401(k) Plan”). Under the 401(k) Plan, the Company may make discretionary contributions of
up to 100% of employee contributions. For the six months ended June 30, 2023 and 2022, the Company made contributions to the 401(k) Plan
of $95,000 and $45,000, respectively.
Note
8 – Liquidity
The
Company follows “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about
an Entity’s Ability to Continue as a Going Concern”. The Company’s financial statements have been prepared assuming
that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities
in the normal course of business.
As
reflected in the financial statements, the Company has historically incurred a net loss and has an accumulated deficit at June 30, 2023,
a net loss and net cash used in operating activities for the reporting period then ended. The Company is implementing its business plan
and generating revenue; however, the Company’s cash position and liquid crypto assets are sufficient to support its daily operations
over the next twelve months.
Note
9 – Subsequent Events
The
Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the
evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure
in the financial statements other than disclosed.
During
the period from July 1, 2023 to August 9, 2023, the Company sold a total of 151,882
shares of Common Stock under the ATM Agreement
for aggregate total gross proceeds of approximately $195,000
at an average selling price of $1.28
per share, resulting in net proceeds of approximately $187,000
after deducting commissions and other transaction costs.
On July 11, 2023, the Company filed
an Amendment to the Articles of Incorporation with the Nevada Secretary of State increasing the authorized shares of common stock to 975
million shares.
ITEM
2 Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The
following discussion and analysis of financial condition and results of operations should be read in conjunction with our historical
financial statements and the notes to those statements that appear elsewhere in this report. Certain statements in the discussion contain
forward-looking statements based upon current expectations that involve risks and uncertainties, such as plans, objectives, expectations
and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements
as a result of a number of factors, including those discussed in the Risk Factors contained in our Annual Report on Form 10-K for the
year ended December 31, 2022. When we refer to the “2023 Quarter” and the “2022 Quarter” we are referring to
the three months ended June 30, 2023 and June 30, 2022 quarters, respectively. When we refer to the “2023 Period” and the
“2022 Period” we are referring to the six months ended June 30, 2023 and June 30, 2022, respectively.
Company
Overview
BTCS
Inc. is an early entrant in the cryptocurrency market and a publicly-traded U.S. company focused on blockchain infrastructure and staking.
The Company specializes in operating validator nodes on various Delegated proof-of-stake (“DPoS”) and proof-of-stake (“PoS”)
based blockchain networks and stakes the native crypto assets on the validator nodes it operates to earn rewards in connection with the
validation of transactions occurring on those blockchain networks. BTCS plans to expand its PoS operations to secure other disruptive
blockchain protocols that allow for delegating, which presents a significant growth opportunity for the Company.
BTCS’s
business model is focused on Staking-as-a-Service (StaaS), allowing crypto asset holders to earn rewards by participating in network
consensus mechanisms through staking and delegating their crypto assets to Company operated validator nodes. As a non-custodial validator
operator, the Company receives a percentage of token holders’ staking rewards generated as a validator node fee, for our ministerial
role in hosting the validator node. This creates an opportunity for scalable revenue and business growth with limited additional costs.
The Company’s StaaS strategy provides a more accessible and cost-effective way for crypto asset holders to participate in blockchain
networks’ consensus mechanisms, promoting the growth and adoption of blockchain technology. The Company’s internally-developed
dashboard, StakeSeeker, is a non-custodial platform that allows users to learn how to earn staking rewards through direct participation
in blockchain consensus algorithms and analyze their crypto portfolios across exchanges and wallets through a comprehensive crypto dashboard
and education center.
The
table below describes BTCS’s quarterly crypto asset holdings as of the 2022 Quarter through the 2023 Quarter.
Crypto
Assets Held at Period End
Asset | |
2022 Q1 | | |
2022 Q2 | | |
2022 Q3 | | |
2022 Q4 | | |
2023 Q1 | | |
2023 Q2 | |
Bitcoin
(BTC) | |
| 90 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Ethereum
(ETH) | |
| 8,196 | | |
| 8,283 | | |
| 8,380 | | |
| 8,454 | | |
| 8,524 | | |
| 7,833 | |
Cardano
(ADA) | |
| 257,757 | | |
| 260,555 | | |
| 262,860 | | |
| 262,860 | | |
| 262,860 | | |
| 263,293 | |
Kusama
(KSM) | |
| 5,278 | | |
| 5,550 | | |
| 6,297 | | |
| 6,493 | | |
| 6,767 | | |
| 6,946 | |
Tezos
(XTZ) | |
| 70,453 | | |
| 71,369 | | |
| 72,578 | | |
| 73,486 | | |
| 74,765 | | |
| 25,375 | |
Solana
(SOL) | |
| 7,043 | | |
| 7,136 | | |
| 7,238 | | |
| 7,371 | | |
| 7,493 | | |
| 7,621 | |
Polkadot
(DOT) | |
| 38,816 | | |
| 39,986 | | |
| 23,905 | | |
| 7,280 | | |
| 7,526 | | |
| 7,882 | |
Terra
(LUNA) | |
| 3,621 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Cosmos
(ATOM) | |
| 80,474 | | |
| 86,613 | | |
| 91,181 | | |
| 96,318 | | |
| 102,298 | | |
| 243,472 | |
Polygon
(MATIC) | |
| 454,486 | | |
| 466,022 | | |
| 474,207 | | |
| 480,825 | | |
| 486,806 | | |
| 492,965 | |
Avalanche
(AVAX) | |
| 14,273 | | |
| 14,594 | | |
| 14,888 | | |
| 17,178 | | |
| 17,178 | | |
| 17,824 | |
Algorand
(ALGO) | |
| 51,197 | | |
| 51,201 | | |
| 51,201 | | |
| - | | |
| - | | |
| - | |
Axie
Infinity (AXS) | |
| 22,322 | | |
| 31,763 | | |
| 37,402 | | |
| 42,030 | | |
| 46,482 | | |
| 50,955 | |
Kava
(KAVA) | |
| 183,966 | | |
| 264,917 | | |
| 280,293 | | |
| 290,909 | | |
| 304,968 | | |
| 315,362 | |
Band
Protocol (BAND) | |
| | | |
| | | |
| 992 | | |
| 992 | | |
| 992 | | |
| 992 | |
Mina
(MINA) | |
| | | |
| | | |
| 71,297 | | |
| 74,177 | | |
| 79,937 | | |
| 81,377 | |
Oasis
Network (ROSE) | |
| | | |
| | | |
| 349,661 | | |
| 359,607 | | |
| 2,569,991 | | |
| 2,600,279 | |
Akash
(AKT) | |
| | | |
| | | |
| 103,730 | | |
| 107,405 | | |
| 110,213 | | |
| 113,063 | |
NEAR
Protocol (NEAR) | |
| | | |
| | | |
| | | |
| 74,702 | | |
| 75,724 | | |
| 77,389 | |
Evmos
(EVMOS) | |
| | | |
| | | |
| | | |
| - | | |
| - | | |
| 295,422 | |
Fair
Value of Crypto Assets at Period End
Asset | |
| 2022 Q1 | | |
| 2022 Q2 | | |
| 2022 Q3 | | |
| 2022 Q4 | | |
| 2023 Q1 | | |
| 2023 Q2 | |
Bitcoin
(BTC) | |
| 4,098,481 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Ethereum
(ETH) | |
| 26,894,723 | | |
| 8,840,595 | | |
| 11,128,675 | | |
| 10,117,237 | | |
| 15,530,133 | | |
| 15,141,859 | |
Cardano
(ADA) | |
| 294,320 | | |
| 119,555 | | |
| 114,190 | | |
| 64,786 | | |
| 104,861 | | |
| 75,553 | |
Kusama
(KSM) | |
| 992,851 | | |
| 267,583 | | |
| 265,505 | | |
| 149,981 | | |
| 236,070 | | |
| 175,352 | |
Tezos
(XTZ) | |
| 262,023 | | |
| 101,102 | | |
| 103,210 | | |
| 52,720 | | |
| 83,614 | | |
| 20,452 | |
Solana
(SOL) | |
| 863,854 | | |
| 239,700 | | |
| 240,377 | | |
| 73,426 | | |
| 158,625 | | |
| 144,010 | |
Polkadot
(DOT) | |
| 826,875 | | |
| 281,496 | | |
| 150,964 | | |
| 31,410 | | |
| 47,720 | | |
| 40,763 | |
Terra
(LUNA) | |
| 373,005 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Cosmos
(ATOM) | |
| 2,325,374 | | |
| 651,909 | | |
| 1,186,824 | | |
| 900,440 | | |
| 1,144,459 | | |
| 2,261,411 | |
Polygon
(MATIC) | |
| 735,034 | | |
| 222,466 | | |
| 368,671 | | |
| 364,714 | | |
| 544,815 | | |
| 325,857 | |
Avalanche
(AVAX) | |
| 1,383,403 | | |
| 247,059 | | |
| 256,021 | | |
| 187,286 | | |
| 304,341 | | |
| 231,941 | |
Algorand
(ALGO) | |
| 47,492 | | |
| 16,115 | | |
| 18,044 | | |
| - | | |
| - | | |
| - | |
Axie
Infinity (AXS) | |
| 1,416,264 | | |
| 461,649 | | |
| 470,116 | | |
| 253,943 | | |
| 389,893 | | |
| 302,966 | |
Kava
(KAVA) | |
| 828,742 | | |
| 468,634 | | |
| 423,326 | | |
| 166,752 | | |
| 270,486 | | |
| 305,501 | |
Band
Protocol (BAND) | |
| | | |
| | | |
| 1,215 | | |
| 1,396 | | |
| 1,857 | | |
| 1,260 | |
Mina
(MINA) | |
| | | |
| | | |
| 42,085 | | |
| 32,187 | | |
| 62,101 | | |
| 39,579 | |
Oasis
Network (ROSE) | |
| | | |
| | | |
| 21,330 | | |
| 12,291 | | |
| 156,698 | | |
| 128,686 | |
Akash
(AKT) | |
| | | |
| | | |
| 26,881 | | |
| 19,938 | | |
| 34,510 | | |
| 63,311 | |
NEAR
Protocol (NEAR) | |
| | | |
| | | |
| | | |
| 93,785 | | |
| 150,854 | | |
| 107,088 | |
Evmos
(EVMOS) | |
| | | |
| | | |
| | | |
| - | | |
| - | | |
| 26,069 | |
Total | |
| 41,342,441 | | |
| 11,917,863 | | |
| 14,817,434 | | |
| 12,522,292 | | |
| 19,221,037 | | |
| 19,391,658 | |
QoQ
Change | |
| 13 | % | |
| -71 | % | |
| 24 | % | |
| -15 | % | |
| 53 | % | |
| 1 | % |
YoY
Change | |
| 105 | % | |
| -45 | % | |
| -51 | % | |
| -66 | % | |
| -54 | % | |
| 63 | % |
Prices
of Crypto Assets at Period End
Asset | |
| 2021 Q1 | | |
| 2022 Q2 | | |
| 2022 Q3 | | |
| 2022 Q4 | | |
| 2023 Q1 | | |
| 2023 Q2 | |
Bitcoin (BTC) | |
$ | 45,539 | | |
$ | 19,785 | | |
$ | 19,432 | | |
$ | 16,547 | | |
$ | 28,478 | | |
$ | 30,477 | |
Ethereum (ETH) | |
$ | 3,282 | | |
$ | 1,067 | | |
$ | 1,328 | | |
$ | 1,197 | | |
$ | 1,822 | | |
$ | 1,933 | |
Cardano (ADA) | |
$ | 1.14 | | |
$ | 0.46 | | |
$ | 0.43 | | |
$ | 0.25 | | |
$ | 0.40 | | |
$ | 0.29 | |
Kusama (KSM) | |
$ | 188 | | |
$ | 48 | | |
$ | 42 | | |
$ | 23 | | |
$ | 35 | | |
$ | 25 | |
Tezos (XTZ) | |
$ | 3.72 | | |
$ | 1.42 | | |
$ | 1.42 | | |
$ | 0.72 | | |
$ | 1.12 | | |
$ | 0.81 | |
Solana (SOL) | |
$ | 123 | | |
$ | 33.59 | | |
$ | 33.21 | | |
$ | 9.96 | | |
$ | 21.17 | | |
$ | 18.90 | |
Polkadot (DOT) | |
$ | 21.30 | | |
$ | 7.04 | | |
$ | 6.32 | | |
$ | 4.31 | | |
$ | 6.34 | | |
$ | 5.17 | |
Terra (LUNA) | |
$ | 103 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Cosmos (ATOM) | |
$ | 28.90 | | |
$ | 7.53 | | |
$ | 13.02 | | |
$ | 9.35 | | |
$ | 11.19 | | |
$ | 9.29 | |
Polygon (MATIC) | |
$ | 1.62 | | |
$ | 0.48 | | |
$ | 0.78 | | |
$ | 0.76 | | |
$ | 1.12 | | |
$ | 0.66 | |
Avalanche (AVAX) | |
$ | 96.92 | | |
$ | 16.93 | | |
$ | 17.20 | | |
$ | 10.90 | | |
$ | 17.72 | | |
$ | 13.01 | |
Algorand (ALGO) | |
$ | 0.93 | | |
$ | 0.31 | | |
$ | 0.35 | | |
$ | 0.17 | | |
$ | 0.23 | | |
$ | 0.12 | |
Axie Infinity (AXS) | |
$ | 63.45 | | |
$ | 14.53 | | |
$ | 12.57 | | |
$ | 6.04 | | |
$ | 8.39 | | |
$ | 5.95 | |
Kava (KAVA) | |
$ | 4.50 | | |
$ | 1.77 | | |
$ | 1.51 | | |
$ | 0.57 | | |
$ | 0.89 | | |
$ | 0.97 | |
Band Protocol (BAND) | |
| | | |
| | | |
$ | 1.22 | | |
$ | 1.41 | | |
$ | 1.87 | | |
$ | 1.27 | |
Mina (MINA) | |
| | | |
| | | |
$ | 0.59 | | |
$ | 0.43 | | |
$ | 0.78 | | |
$ | 0.49 | |
Oasis Network (ROSE) | |
| | | |
| | | |
$ | 0.06 | | |
$ | 0.03 | | |
$ | 0.06 | | |
$ | 0.05 | |
Akash (AKT) | |
| | | |
| | | |
$ | 0.26 | | |
$ | 0.19 | | |
$ | 0.31 | | |
$ | 0.56 | |
NEAR Protocol (NEAR) | |
| | | |
| | | |
| | | |
$ | 1.26 | | |
$ | 1.99 | | |
$ | 1.38 | |
*
The prices have been rounded to the nearest whole dollar for prices above $100
The
following table presents the Fair Value of Crypto Assets held compared to the GAAP Book Value reported on the Company’s balance
sheet.
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
Book Value | | |
Fair Value | | |
Book Value | | |
Fair Value | |
Bitcoin (BTC) | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Ethereum (ETH) | |
| 5,176,274 | | |
| 15,141,859 | | |
| 5,708,624 | | |
| 10,117,237 | |
Cardano (ADA) | |
| 60,686 | | |
| 75,553 | | |
| 63,178 | | |
| 64,786 | |
Kusama (KSM) | |
| 140,203 | | |
| 175,352 | | |
| 142,242 | | |
| 149,981 | |
Tezos (XTZ) | |
| 17,533 | | |
| 20,452 | | |
| 51,651 | | |
| 52,720 | |
Solana (SOL) | |
| 62,569 | | |
| 144,010 | | |
| 60,012 | | |
| 73,426 | |
Polkadot (DOT) | |
| 33,442 | | |
| 40,763 | | |
| 30,859 | | |
| 31,410 | |
Terra (LUNA) | |
| - | | |
| - | | |
| - | | |
| - | |
Cosmos (ATOM) | |
| 1,665,976 | | |
| 2,261,411 | | |
| 568,359 | | |
| 900,440 | |
Polygon (MATIC) | |
| 165,870 | | |
| 325,857 | | |
| 161,293 | | |
| 364,714 | |
Avalanche (AVAX) | |
| 187,050 | | |
| 231,941 | | |
| 182,964 | | |
| 187,286 | |
Algorand (ALGO) | |
| - | | |
| - | | |
| - | | |
| - | |
Axie Infinity (AXS) | |
| 236,126 | | |
| 302,966 | | |
| 245,443 | | |
| 253,943 | |
Kava (KAVA) | |
| 167,948 | | |
| 305,501 | | |
| 165,426 | | |
| 166,752 | |
Band Protocol (BAND) | |
| 948 | | |
| 1,260 | | |
| 982 | | |
| 1,396 | |
Mina (MINA) | |
| 30,562 | | |
| 39,579 | | |
| 32,002 | | |
| 32,187 | |
Oasis Network (ROSE) | |
| 105,908 | | |
| 128,686 | | |
| 12,045 | | |
| 12,291 | |
Akash (AKT) | |
| 19,573 | | |
| 63,311 | | |
| 17,993 | | |
| 19,938 | |
NEAR Protocol (NEAR) | |
| 89,480 | | |
| 107,088 | | |
| 92,840 | | |
| 93,785 | |
Evmos (EVMOS) | |
| 25,888 | | |
| 26,069 | | |
| - | | |
| - | |
Total | |
$ | 8,186,036 | | |
$ | 19,391,658 | | |
$ | 7,535,913 | | |
$ | 12,522,292 | |
Results
of Operations for the Three and Six Months Ended June 30, 2023 and 2022
The
following tables reflect our operating results for the three and six months ended June 30, 2023 and 2022:
| |
For
the Three Months Ended June 30, | | |
$
Change | | |
%
Change | |
| |
2023 | | |
2022 | | |
2023 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Revenues | |
| | | |
| | | |
| | | |
| | |
Validator
revenue | |
$ | 385,753 | | |
$ | 514,349 | | |
$ | (128,596 | ) | |
| (25 | )% |
Total
revenues | |
| 385,753 | | |
| 514,349 | | |
| (128,596 | ) | |
| (25 | )% |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| | | |
| | | |
| | | |
| | |
Validator
expense | |
| 113,612 | | |
| 93,900 | | |
| 19,712 | | |
| 21 | % |
Gross
profit | |
| 272,141 | | |
| 420,449 | | |
| (148,308 | ) | |
| (35 | )% |
| |
| | | |
| | | |
| | | |
| | |
Operating
expenses: | |
| | | |
| | | |
| | | |
| | |
General
and administrative | |
$ | 617,569 | | |
$ | 512,051 | | |
$ | 105,518 | | |
| 21 | % |
Research
and development | |
| 180,903 | | |
| 185,004 | | |
| (4,101 | ) | |
| (2 | )% |
Compensation
and related expenses | |
| 578,496 | | |
| 638,025 | | |
| (59,529 | ) | |
| (9 | )% |
Marketing | |
| 2,723 | | |
| 23,691 | | |
| (20,968 | ) | |
| (89 | )% |
Impairment
loss on digital assets/currencies | |
| 784,602 | | |
| 8,894,797 | | |
| (8,110,195 | ) | |
| (91 | )% |
Realized
gains on digital asset/currency transactions | |
| (731,199 | ) | |
| (398,446 | ) | |
| (332,753 | ) | |
| N/A | % |
Total
operating expenses | |
| 1,433,094 | | |
| 9,855,122 | | |
| (8,422,028 | ) | |
| (85 | )% |
| |
| | | |
| | | |
| | | |
| | |
Other
income (expenses): | |
| | | |
| | | |
| | | |
| | |
Change
in fair value of warrant liabilities | |
| 142,500 | | |
| 1,710,000 | | |
| (1,567,500 | ) | |
| (92 | )% |
Distributions
to warrant holders | |
| - | | |
| - | | |
| - | | |
| N/A | % |
Total
other income (expenses) | |
| 142,500 | | |
| 1,710,000 | | |
| (1,567,500 | ) | |
| 92 | % |
| |
| | | |
| | | |
| | | |
| | |
Net
loss | |
$ | (1,018,453 | ) | |
$ | (7,724,673 | ) | |
| 6,706,220 | | |
| (87 | )% |
| |
For
the Six Months Ended June 30, | | |
$
Change | | |
%
Change | |
| |
2023 | | |
2022 | | |
2023 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Revenues | |
| | | |
| | | |
| | | |
| | |
Validator
revenue | |
$ | 697,261 | | |
$ | 1,077,364 | | |
$ | (380,103 | ) | |
| (35 | )% |
Total
revenues | |
| 697,261 | | |
| 1,077,364 | | |
| (380,103 | ) | |
| (35 | )% |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| | | |
| | | |
| | | |
| | |
Validator
expense | |
| 195,626 | | |
| 231,769 | | |
| (36,143 | ) | |
| (16 | )% |
Gross
profit | |
| 501,635 | | |
| 845,595 | | |
| (343,960 | ) | |
| (41 | )% |
| |
| | | |
| | | |
| | | |
| | |
Operating
expenses: | |
| | | |
| | | |
| | | |
| | |
General
and administrative | |
$ | 1,227,398 | | |
$ | 1,162,340 | | |
$ | 65,058 | | |
| 6 | % |
Research
and development | |
| 382,528 | | |
| 321,722 | | |
| 60,806 | | |
| 19 | % |
Compensation
and related expenses | |
| 1,040,586 | | |
| 2,061,921 | | |
| (1,021,335 | ) | |
| (50 | )% |
Marketing | |
| 8,966 | | |
| 65,484 | | |
| (56,518 | ) | |
| (86 | )% |
Impairment
loss on crypto assets/currencies | |
| 879,509 | | |
| 12,202,225 | | |
| (11,322,716 | ) | |
| (93 | )% |
Realized
gains on crypto asset/currency transactions | |
| (748,030 | ) | |
| (469,556 | ) | |
| (278,474 | ) | |
| (59 | )% |
Total
operating expenses | |
| 2,790,957 | | |
| 15,344,136 | | |
| (12,553,179 | ) | |
| (82 | )% |
| |
| | | |
| | | |
| | | |
| | |
Other
income (expenses): | |
| | | |
| | | |
| | | |
| | |
Change
in fair value of warrant liabilities | |
| (142,500 | ) | |
| 1,068,750 | | |
| (1,211,250 | ) | |
| (113 | )% |
Distributions
to warrant holders | |
| - | | |
| (35,625 | ) | |
| 35,625 | | |
| N/A | % |
Total
other income (expenses) | |
| (142,500 | ) | |
| 1,033,125 | | |
| (1,175,625 | ) | |
| 114 | % |
| |
| | | |
| | | |
| | | |
| | |
Net
loss | |
$ | (2,431,822 | ) | |
$ | (13,465,416 | ) | |
| 11,033,594 | | |
| (82 | )% |
Validator
Revenue
The
decrease in revenue during the 2023 Period as compared to the 2022 Period is primarily due to a drop in the fair value of our crypto
assets earned as rewards for staking since the market’s highs in Q1 of 2022. Although we believe the number of tokens we earn from
staking and revenue recognized will increase as we continue to expand our blockchain infrastructure efforts, we recognize that volatility
in the cryptocurrency markets may impact the market prices of the crypto assets we earn from staking.
Cost
of Revenues
The
decrease in cost of revenues during the 2023 Period as compared to the 2022 Period is due to efficiencies realized in our blockchain
infrastructure validating operating costs, including streamlining of web service hosting fees and reduction of services provided by vendors.
We believe our cost of revenues will increase as we continue to ramp up our business. However, we believe gross margin will improve as
we add scale to our blockchain infrastructure operations and reduce costs as a result of increased operational efficiencies, leading
to improved gross profits.
Operating
Expenses
The
decrease in operating expenses in the 2023 Period is primarily due to the $12.2 million impairment loss on crypto assets (which we refer
to as a “Crypto Asset Impairment”) during the 2022 Period, compared to only a $0.9 million Crypto Asset Impairment during
the 2023 Period. In addition, the decrease is also due to the non-cash $1.7 million equity-based contingent bonuses granted to employees
and our non-employee directors during the 2022 Period for the achievement of performance milestones compared to only $0.5 million equity-based
compensation during the 2023 Period.
We
believe operating expenses will increase as the Company continues to utilize equity-based compensation incentives as a core part of our
compensation strategy. Additionally, volatility in the cryptocurrency markets will subject the Company to the possibility of additional
impairment charges on its crypto asset holdings.
Other
Income (Expenses)
The
changes in other income for the periods reported were primarily due to the increase in the fair value of warrant liabilities. This non-cash
expense is driven by the value of our stock price at the end of each quarter, which we cannot predict.
Net
loss
The
decrease in our net loss for the 2023 Period was primarily due to the decrease in operating expenses and changes in other income (expenses)
as discussed above. We believe that our net loss may increase as the Company incurs increased costs related to the development of its
Digital Asset Platform and incurs additional Crypto Asset Impairment losses due to volatility in the cryptocurrency markets.
Liquidity
and Capital Resources
ATM
Financing
On September 14, 2021, the Company
entered into an At-The-Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC, as agent (“H.C.
Wainwright”), pursuant to which the Company may offer and sell, from time-to-time through H.C. Wainwright, shares of the Company’s
Common Stock having an aggregate offering price of up to $98,767,500. From the period September 14, 2021 through August 9, 2023, the Company
sold a total of 3,442,181 shares of Common Stock under the ATM Agreement for aggregate total gross proceeds of approximately $15,626,000
at an average selling price of $4.54 per share, resulting in net proceeds of approximately $15,122,000 after deducting commissions and
other transaction costs.
Liquidity
The
Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity
of operations, realization of assets, and liquidation of liabilities in the normal course of business.
Liquidity
is the ability of a company to generate funds to support its current and future operations, satisfy its obligations, and otherwise operate
on an ongoing basis. As of June 30, 2023, the Company had approximately $0.9 million of cash.
We
view our crypto assets as long-term holdings and we do not plan to engage in regular trading of crypto assets. Further certain of our
staked crypto assets may be locked up depending on the specific blockchain protocol and we may be unable to unstake them in a timely
manner in order to liquidate to the extended desired. During times of instability in the market of crypto assets, we may not be able
to sell our crypto assets at reasonable prices or at all. As a result, our crypto assets may not be able to serve as a source of liquidity
for us to the same extent as cash and cash equivalents.
As of August 9, 2023, the Company
had approximately $0.8 million of cash and the fair value of the Company’s liquid crypto assets was approximately $18.7 million. The Company has no outstanding debt. As of August 9, 2023, the Company also has approximately $5.8 million available under
the ATM Agreement over the next twelve months under the Form S-3 baby shelf rules, although, the amount that we may raise under the Form
S-3 may increase or decrease based upon our stock price. The Company believes that the existing cash and liquid crypto assets held by
us, in addition to the funds available to the Company from the issuance of additional stock through the ATM Agreement, provide sufficient
liquidity to meet working capital requirements, anticipated capital expenditures and contractual obligations for at least the next twelve
months.
Cash Flows
Cash used in operating activities
was approximately $2.0 million during the 2023 Period compared to $0.7 million for the 2022 Period.
Cash used in investing activities
was $84,000 during the 2023 Period compared to $8.8 million for the 2022 Period. Net cash outflow for investing activities was used primarily
for the purchase of crypto assets for our blockchain infrastructure operations.
Cash provided by financing activities
was $0.9 million during the 2023 Period compared to $10.0 million for the 2022 Period. The cash inflows from financing activities were
entirely from proceeds from the Common Stock sold pursuant to the ATM Agreement. The Company has plans to continue to raise proceeds from
the sale of Common Stock to fund operations as needed.
Off
Balance Sheet Transactions
As
of June 30, 2023, there were no off-balance sheet arrangements and we were not a party to any off-balance sheet transactions. We have
no guarantees or obligations other than those which arise out of normal business operations.
Critical Accounting
Policies and Estimates
We discussed
the material accounting policies that are critical in making the estimates and judgments in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2022, under the caption “Management’s Discussion and Analysis—Critical Accounting Policies and
Estimates”. There has been no material change in critical accounting policies or estimates during the period covered by this report.
RECENT
ACCOUNTING PRONOUNCEMENTS
For
information on recent accounting pronouncements, see Note 3 to the Unaudited Condensed Financial Statements.
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
report contains forward-looking statements, including our liquidity, our belief that our blockchain infrastructure efforts will form
the core growth for our Digital Asset Platform, our plans and development of our Digital Asset Platform and the integration of Staking-as-a-Service,
our belief regarding blockchain, expected increase in our revenues and gross margins and future business plans. Forward-looking statements
can be identified by words such as “anticipates,” “intends,” “may,” “potential,” “continues,”
“plans,” “seeks,” “believes,” “estimates,” “expects” and similar references
to future periods.
Forward-looking
statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because
forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that
are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution
you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees
or assurances of future performance. The results anticipated by any or all of these forward-looking statements might not occur. Important
factors that could cause actual results to differ materially from those in the forward-looking statements include the rewards and costs
associated with staking or validating transactions on blockchains, regulatory issues related to our business model, a drop in the price
of our crypto assets, significant decrease in the value of our crypto assets and rewards, loss or theft of the private withdrawal keys
resulting in the complete loss of crypto assets and reward, and others which are contained in our filings with the SEC, including our
Form 10-K for the year ended December 31, 2022. Any forward-looking statement made by us speaks only as of the date on which it is made.
Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict
all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
ITEM
3 Quantitative and Qualitative Disclosures About Market Risk
Not
applicable.
ITEM
4 Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
Our
management, with the participation of our Chief Executive Officer and our Chief Financial Officer, have evaluated the effectiveness of
the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June
30, 2023. Our disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed
by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods
specified in the rules and forms of the SEC. Disclosure controls and procedures include, without limitation, controls and procedures
designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange
Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers,
as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, management concluded that our disclosure
controls and procedures were effective as of June 30, 2023.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act
that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.
PART
II - OTHER INFORMATION
ITEM
1 Legal Proceedings
None.
ITEM
1A Risk Factors
Not
applicable to smaller reporting companies.
ITEM
2 Unregistered Sales of Equity Securities and Use of Proceeds
None.
ITEM
3 Defaults Upon Senior Securities
None.
ITEM
4 Mine Safety Disclosures
Not
applicable.
ITEM
5 Other Information
None.
ITEM
6 Exhibits
The
exhibits listed in the accompanying “Exhibit Index” are filed or incorporated by reference as part of this Form 10-Q.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
|
BTCS
Inc. |
|
|
|
August
11, 2023 |
|
|
|
By: |
/s/
Charles Allen |
|
|
Charles
W. Allen |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
EXHIBIT
INDEX
** |
This
exhibit is being furnished rather than filed and shall not be deemed incorporated by reference into any filing, in accordance with
Item 601 of Regulation S-K. |
Copies
of this report (including the financial statements) and any of the exhibits referred to above will be furnished at no cost to our shareholders
who make a written request to BTCS Inc., 9466 Georgia Avenue #124, Silver Spring, MD 20910, Attention: Corporate Secretary.
Exhibit 4.1
2021
EQUITY INCENTIVE PLAN
BTCS,
Inc. (the “Company”) hereby establishes this 2021 Equity Incentive Plan (the “Plan”), effective
January 1, 2021 (“Effective Date”).
1.
Purpose; Eligibility.
1.1
General Purpose. The purpose of the Plan is to (a) enable the Company, and any Affiliate to attract and retain the types of Employees,
Consultants and Directors who will contribute to the Company’s long range success; (b) provide incentives that align the interests
of Employees, Consultants and Directors with those of the shareholders of the Company; and (c) promote the success of the Company’s
business.
1.2
Eligible Award Recipients. The persons eligible to receive Awards are the Employees, Consultants and Directors of the Company
and its Affiliates and such other individuals designated by the Committee who are reasonably expected to become Employees, Consultants
and Directors after the receipt of Awards.
1.3
Available Awards. Awards that may be granted under the Plan include: (a) Incentive Stock Options, (b) Non-qualified Stock Options,
(c) Stock Appreciation Rights, (d) Restricted Awards, (e) Performance Share Awards, and (f) Performance Cash Awards.
2.
Definitions.
“Affiliate”
means a corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or is under common
control with, the Company. The Board will have the authority to designate the time or times at which an Affiliate’s status is determined.
“Applicable
Laws” means the requirements related to or implicated by the administration of the Plan under applicable state corporate law,
United States federal and state securities laws, the Code, any stock exchange or quotation system on which the shares of Common Stock
are listed or quoted, and the applicable laws of any foreign country or jurisdiction where Awards are granted under the Plan.
“Award”
means any right granted under the Plan, including an Incentive Stock Option, a Non-qualified Stock Option, a Stock Appreciation Right,
a Restricted Award, a Performance Share Award, or a Performance Cash Award.
“Award
Agreement” means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions
of an individual Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant.
Each Award Agreement shall be subject to the terms and conditions of the Plan.
“Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such
“person” shall be deemed to have beneficial ownership of all securities that such “person” has the right to acquire
by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of
time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning.
“Board”
means the Board of Directors of the Company, as constituted at any time.
“Cause”
will have the meaning ascribed to such term in the applicable Award Agreement or, if no such definition is provided therein, in any written
agreement between the Participant and the Company defining such term and, in the absence of such agreement, such term means, with respect
to a Participant, the occurrence of any of the following events: (i) such Participant’s commission of any felony or any crime involving
fraud, dishonesty or moral turpitude under the laws of the United States, any state thereof, or any applicable foreign jurisdiction;
(ii) such Participant’s attempted commission of, or participation in, a fraud or act of dishonesty against the Company or any Affiliate;
(iii) such Participant’s intentional, material violation of any contract or agreement between the Participant and the Company or
any Affiliate or of any statutory or common law duty owed to the Company or any Affiliate; (iv) such Participant’s unauthorized
use or disclosure of the Company’s or any Affiliate’s confidential information or trade secrets; or (v) such Participant’s
gross misconduct. The determination that a termination of the Participant’s Continuous Service is either for Cause or without Cause
will be made by the Board or the Committee, in its sole discretion. Any determination by the Board or Committee that the Continuous Service
of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant will have no effect
upon any determination of the rights or obligations of the Company or such Participant for any other purpose.
With
respect to any Director, a determination by a majority of the disinterested Board members that the Director has engaged in any of the
following: (a) malfeasance in office; (b) gross misconduct or neglect; (c) false or fraudulent misrepresentation inducing the Director’s
appointment; (d) willful conversion of corporate funds; or (e) repeated failure to participate in Board meetings on a regular basis despite
having received proper notice of the meetings in advance.
The
Committee, in its absolute discretion, shall determine the effect of all matters and questions relating to whether a Participant has
been discharged for Cause.
“Change
in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one or more of the
following events: (i) any Exchange Act Person becomes the owner, directly or indirectly, of securities of the Company representing more
than 50% of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition
of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor,
any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series of related
transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities, (C) on account
of the acquisition of securities of the Company by any individual who is either an executive officer or a Director; or (D) solely because
the level of ownership held by any Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold
of the outstanding voting securities as a result of the conversion of another stockholder’s voting securities or a repurchase or
other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control
would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such
share acquisition, the Subject Person becomes the owner of any additional voting securities that, assuming the repurchase or other acquisition
had not occurred, increases the percentage of the then outstanding voting securities owned by the Subject Person over the designated
percentage threshold, then a Change in Control will be deemed to occur; (ii) there is consummated a merger, consolidation or similar
transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, consolidation or similar
transaction, the stockholders of the Company immediately prior thereto do not own, directly or indirectly, either (A) outstanding voting
securities representing more than 50% of the combined outstanding voting power of the surviving entity in such merger, consolidation
or similar transaction or (B) more than 50% of the combined outstanding voting power of the parent of the surviving entity in such merger,
consolidation or similar transaction, in each case in substantially the same proportions as their ownership of the outstanding voting
securities of the Company immediately prior to such transaction. (iii) there is consummated a sale, lease, exclusive license or other
disposition of all or substantially all of the consolidated assets of the Company and its subsidiaries, other than a sale, lease, license
or other disposition of all or substantially all of the consolidated assets of the Company and its subsidiaries to an entity, more than
50% of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same
proportions as their ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, license or
other disposition; or (iv) individuals who, on the date the Plan is adopted by the Board, are Incumbent Directors (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the members of the Board; provided, however, that
if the appointment or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of
the members of the Incumbent Board then still in office, such new member will, for purposes of this Plan, be considered as a member of
the Incumbent Board. Notwithstanding the foregoing definition or any other provision of the Plan, the term Change in Control will not
include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company and
the definition of Change in Control (or any analogous term) in an individual written agreement between the Company or any Affiliate and
the Participant will supersede the foregoing definition with respect to Awards subject to such agreement; provided, however, that
if no definition of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition
will apply. To the extent required for compliance with Section 409A of the Code, in no event will a Change in Control be deemed to have
occurred if such transaction is not also a “change in the ownership or effective control of” the Company or “a change
in the ownership of a substantial portion of the assets of” the Company as determined under Treasury Regulations Section 1.409A-3(i)(5)
(without regard to any alternative definition thereunder). The Board may, in its sole discretion and without a Participant’s consent,
amend the definition of “Change in Control” to conform to the definition of “Change in Control” under Section
409A of the Code, and the regulations thereunder.
“Code”
means the Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code shall be deemed
to include a reference to any regulations promulgated thereunder.
“Committee”
means a committee of two or more members of the Board appointed by the Board to administer the Plan in accordance with Section 3.3 and
Section 3.4.
“Common
Stock” means the common stock, $0.001 par value per share, of the Company, or such other securities of the Company as may be
designated by the Committee from time to time in substitution thereof.
“Consultant”
means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services and
is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services.
However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a “Consultant”
for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a registration statement
on Form S-8 under the Securities Act is available to register either the offer or the sale of the Company’s securities to such
person.
“Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director or Consultant,
is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as
an Employee, Consultant or Director or a change in the entity for which the Participant renders such service, provided that there is
no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s
Continuous Service; provided, however, that if the entity for which a Participant is rendering services ceases to qualify as an
Affiliate, as determined by the Board, in its sole discretion, such Participant’s Continuous Service will be considered to have
terminated on the date such entity ceases to qualify as an Affiliate. To the extent permitted by law, the Committee or the chief executive
officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted
in the case of (i) any leave of absence approved by the Committee or chief executive officer, including sick leave, military leave or
any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a
leave of absence will be treated as Continuous Service for purposes of vesting of an Award only to such extent as may be provided in
the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant,
or as otherwise required by law. In addition, to the extent required for exemption from or compliance with Section 409A of the Code,
the determination of whether there has been a termination of Continuous Service will be made, and such term will be construed, in a manner
that is consistent with the definition of “separation from service” as defined under Treasury Regulation Section 1.409A-1(h)
(without regard to any alternative definition thereunder).
“Deferred
Stock Units (DSUs)” has the meaning set forth in Section 7.2 hereof.
“Director”
means a member of the Board.
“Disability”
means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment; provided, however, for purposes of determining the term of an Incentive Stock Option pursuant to Section 6.10 hereof,
the term Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code. The determination of whether an individual
has a Disability shall be determined under procedures established by the Committee. Except in situations where the Committee is determining
Disability for purposes of the term of an Incentive Stock Option pursuant to Section 6.10 hereof within the meaning of Section 22(e)(3)
of the Code, the Committee may rely on any determination that a Participant is disabled for purposes of benefits under any long-term
disability plan maintained by the Company or any Affiliate in which a Participant participates.
“Disqualifying
Disposition” has the meaning set forth in Section 14.12.
“Effective
Date” shall mean the date as of which this Plan is adopted by the Board.
“Employee”
means any person, including an Officer or Director, employed by the Company or an Affiliate; provided, that, for purposes of determining
eligibility to receive Incentive Stock Options, an Employee shall mean an employee of the Company or a parent or subsidiary corporation
within the meaning of Section 424 of the Code. Mere service as a Director or payment of a director’s fee by the Company or an Affiliate
shall not be sufficient to constitute “employment” by the Company or an Affiliate.
“Exchange
Act” means the Securities Exchange Act of 1934.
“Exchange
Act Person” means any natural person, entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange
Act), except that “Exchange Act Person” will not include (i) the Company or any subsidiary of the Company, (ii) any employee
benefit plan of the Company or any subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit
plan of the Company or any subsidiary of the Company, (iii) an underwriter temporarily holding securities pursuant to a registered public
offering of such securities, (iv) an entity owned, directly or indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company; or (v) any natural person, entity or “group” (within the meaning
of Section 13(d) or 14(d) of the Exchange Act) that is the owner, directly or indirectly, of securities of the Company representing more
than 50% of the combined voting power of the Company’s then outstanding securities.
“Fair
Market Value” means, as of the last trading day before the grant of the Award, the value of the Common Stock as determined
below. If the Common Stock is listed on any established stock exchange or a national market system, including without limitation, the
New York Stock Exchange, the NASDAQ Stock Market or the OTC Markets, the Fair Market Value shall be the closing price of a share of Common
Stock as quoted on such exchange or system. In the absence of an established market for the Common Stock, the Fair Market Value shall
be determined in good faith by the Committee and such determination shall be conclusive and binding on all persons.
“Free
Standing Rights” has the meaning set forth in Section 7.1(a).
“Grant
Date” means the date on which the Committee adopts a resolution, or takes other appropriate action, expressly granting an Award
to a Participant that specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution, then such
date as is set forth in such resolution.
“Incentive
Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code.
“Incumbent
Directors” means individuals who, on the Effective Date, constitute the Board, provided that any individual becoming a Director
subsequent to the Effective Date whose election or nomination for election to the Board was approved by a vote of at least two-thirds
of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which
such person is named as a nominee for Director without objection to such nomination) shall be an Incumbent Director. No individual initially
elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to Directors or
as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be an
Incumbent Director.
“Non-Employee
Director” means a Director who is a “non-employee director” within the meaning of Rule 16b-3.
“Non-qualified
Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.
“Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated
thereunder.
“Option”
means an Incentive Stock Option or a Non-qualified Stock Option granted pursuant to the Plan.
“Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.
“Option
Exercise Price” means the price at which a share of Common Stock may be purchased upon the exercise of an Option.
“Participant”
means an eligible person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Award.
“Performance
Cash Award” means an award of cash granted pursuant to the terms and conditions of Section 7.4.
“Performance
Criteria” means the one or more criteria that the Board or Committee (as applicable) will select for purposes of establishing
the Performance Goals for a Performance Period. The Performance Criteria that will be used to establish such Performance Goals may be
based on any one of, or combination of, the following as determined by the Board or Committee (as applicable): (i) earnings (including
earnings per share and net earnings); (ii) earnings before interest, taxes and depreciation; (iii) earnings before interest, taxes, depreciation
and amortization; (iv) earnings before interest, taxes, depreciation, amortization and legal settlements; (v) earnings before interest,
taxes, depreciation, amortization, legal settlements and other income (expense); (vi) earnings before interest, taxes, depreciation,
amortization, legal settlements, other income (expense) and stock-based compensation; (vii) earnings before interest, taxes, depreciation,
amortization, legal settlements, other income (expense), stock-based compensation and changes in deferred revenue; (viii) total stockholder
return; (ix) return on equity or average stockholder’s equity; (x) return on assets, investment, or capital employed; (xi) stock
price; (xii) margin (including gross margin); (xiii) income (before or after taxes); (xiv) operating income; (xv) operating income after
taxes; (xvi) pre-tax profit; (xvii) operating cash flow; (xviii) sales or revenue targets; (xix) increases in revenue or product revenue;
(xx) expenses and cost reduction goals; (xxi) improvement in or attainment of working capital levels; (xxii) economic value added (or
an equivalent metric); (xxiii) market share; (xxiv) cash flow; (xxv) cash flow per share; (xxvi) share price performance; (xxvii) debt
reduction; (xxviii) implementation or completion of projects or processes; (xxix) stockholders’ equity; (xxx) capital expenditures;
(xxxi) debt levels; (xxxii) operating profit or net operating profit; (xxxiii) workforce diversity; (xxxiv) growth of net income or operating
income; (xxxv) employee retention; (xxxvi) client satisfaction; (xxxvii ) budget management; (xxxviii) entry into or completion of strategic
partnerships or transactions (including in-licensing and out-licensing of intellectual property); (xliiv) completion of acquisitions
or business expansion; (xliv) net assets calculated using the fair market value of digital assets; and (xlv) cash plus the fair market
value of digital assets.
“Performance
Goals” means, for a Performance Period, the one or more goals established by the Board or Committee (as applicable) for the
Performance Period based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or
more business units, divisions, Affiliates, or business segments, and in either absolute terms or relative to the performance of one
or more comparable companies or the performance of one or more relevant indices. Unless specified otherwise (i) by the Board or Committee
(as applicable) (ii) in the Award Agreement at the time the Award is granted or (iii) in such other documented agreement between the
Company and the Participant setting forth the Performance Goals at the time the Performance Goals are established, the Board or Committee
(as applicable) may appropriately make adjustments in the method of calculating the attainment of Performance Goals for a Performance
Period, including without limitation as follows: (1) to exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange
rate effects; (3) to exclude the effects of changes in the Company’s fiscal year, and changes to tax laws, generally accepted accounting
principles, or other laws and regulations affecting reported results; (4) to exclude the effects of items that are “unusual”
in nature or occur “infrequently” as determined under generally accepted accounting principles; (6) to exclude the dilutive
effects of acquisitions or joint ventures; (7) to assume that any business divested by the Company achieved performance objectives at
targeted levels during the balance of a Performance Period following such divestiture; (8) to exclude the effect of any change in the
outstanding shares of common stock of the Company by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization,
merger, consolidation, spin-off, combination or exchange of shares or other similar corporate change, or any distributions to common
stockholders other than regular cash dividends; (9) to exclude the effects of stock-based compensation and the award of bonuses under
the Company’s bonus plans, if any; (10) to exclude costs incurred in connection with potential acquisitions or divestitures that
are required to be expensed under generally accepted accounting principles; (11) to exclude the goodwill and intangible asset impairment
charges that are required to be recorded under generally accepted accounting principles; or (12) to exclude litigation or claim judgments
or settlements. In addition, the Board or Committee (as applicable) retains the discretion to reduce or eliminate the compensation or
economic benefit due upon attainment of Performance Goals and to define the manner of calculating the Performance Criteria it selects
to use for such Performance Period. Partial achievement of the specified criteria may result in the payment or vesting corresponding
to the degree of achievement as specified in the Performance Share Award Agreement or the written terms of a Performance Cash Award.
“Performance
Period” means the period of time selected by the Board or Committee (as applicable) over which the attainment of one or more
Performance Goals will be measured for the purpose of determining a Participant’s right to and the payment of a Performance Share
Award or a Performance Cash Award. Performance Periods may be of varying and overlapping duration, at the sole discretion of the Board
or Committee (as applicable).
“Performance
Share Award” means any Award granted pursuant to Section 7.3 hereof.
“Performance
Share” means the grant of a right to receive a number of actual shares of Common Stock or share units based upon the performance
of the Company during a Performance Period, as determined by the Committee.
“Permitted
Transferee” means: (a) a member of the Optionholder’s immediate family (child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
or sister-in-law, including adoptive relationships), any person sharing the Optionholder’s household (other than a tenant or employee),
a trust in which these persons have more than 50% of the beneficial interest, a foundation in which these persons (or the Optionholder)
control the management of assets, and any other entity in which these persons (or the Optionholder) own more than 50% of the voting interests;
(b) third parties designated by the Committee in connection with a program established and approved by the Committee pursuant to which
Participants may receive a cash payment or other consideration in consideration for the transfer of a Non-qualified Stock Option; and
(c) such other transferees as may be permitted by the Committee in its sole discretion.
“Plan”
means this 2021 Equity Incentive Plan, as amended and/or amended and restated from time to time.
“Related
Rights” has the meaning set forth in Section 7.1(a).
“Restricted
Award” means any Award granted pursuant to Section 7.2(a).
“Restricted
Period” has the meaning set forth in Section 7.2(a).
“Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.
“Securities
Act” means the Securities Act of 1933.
“Stock
Appreciation Right” means the right pursuant to an Award granted under Section 7.1 to receive, upon exercise, an amount payable
in cash or shares equal to the number of shares subject to the Stock Appreciation Right that is being exercised multiplied by the excess
of (a) the Fair Market Value of a share of Common Stock, over (b) the exercise price specified in the Stock Appreciation Right Award
Agreement.
“Stock
for Stock Exchange” has the meaning set forth in Section 6.4.
“Ten
Percent Shareholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or of any of its Affiliates.
3.
Administration.
3.1
Authority of Committee. The Plan shall be administered by the Committee or, in the Board’s sole discretion, by the Board.
Subject to the terms of the Plan, the Committee’s charter and Applicable Laws, and in addition to other express powers and authorization
conferred by the Plan, the Committee shall have the authority:
(a)
to construe and interpret the Plan and apply its provisions;
(b)
to promulgate, amend, and rescind rules and regulations relating to the administration of the Plan;
(c)
to authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan;
(d)
to delegate its authority to one or more Officers of the Company with respect to Awards that do not involve “insiders” within
the meaning of Section 16 of the Exchange Act;
(e)
to determine when Awards are to be granted under the Plan and the applicable Grant Date;
(f)
from time to time to select, subject to the limitations set forth in this Plan, those Participants to whom Awards shall be granted;
(g)
to determine the number of shares of Common Stock to be made subject to each Award;
(h)
to determine whether each Option is to be an Incentive Stock Option or a Non-qualified Stock Option;
(i)
to prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment and vesting
provisions, and to specify the provisions of the Award Agreement relating to such grant;
(j)
to determine the target number of Performance Shares to be granted pursuant to a Performance Share Award, the performance measures that
will be used to establish the performance goals, the performance period(s) and the number of Performance Shares earned by a Participant;
(l)
to amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting, or the term of any outstanding
Award; provided, however, that if any such amendment impairs a Participant’s rights or increases a Participant’s obligations
under his or her Award or creates or increases a Participant’s federal income tax liability with respect to an Award, such amendment
shall also be subject to the Participant’s consent;
(m)
to determine the duration and purpose of leaves of absences which may be granted to a Participant without constituting termination of
their employment for purposes of the Plan, which periods shall be no shorter than the periods generally applicable to Employees under
the Company’s employment policies;
(n)
to make decisions with respect to outstanding Awards that may become necessary upon a change in corporate control or an event that triggers
anti-dilution adjustments;
(o)
to interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument
or agreement relating to, or Award granted under, the Plan; and
(p)
to exercise discretion to make any and all other determinations which it determines to be necessary or advisable for the administration
of the Plan.
The
Committee also may modify the purchase price or the exercise price of any outstanding Award, provided that if the modification effects
a repricing, and the Company is listed on a nationally recognized stock exchange, then shareholder approval shall be required before
the repricing is effective.
3.2
Committee Decisions Final. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding
on the Company and the Participants, unless such decisions are determined by a court having jurisdiction to be arbitrary and capricious.
3.3
Delegation. The Committee or, if no Committee has been appointed, the Board may delegate administration of the Plan to a committee
or committees of two or more members of the Board, and the term “Committee” shall apply to any persons to whom such
authority has been delegated. The Committee shall have the power to delegate to a subcommittee any of the administrative powers the Committee
is authorized to exercise (and references in this Plan to the Board or the Committee shall thereafter be to the committee or subcommittee),
subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board.
The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. The members of the Committee
shall be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease the size of the Committee,
add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor, and fill vacancies,
however caused, in the Committee. The Committee shall act pursuant to a vote of the majority of its members or, in the case of a Committee
comprised of only two members, the unanimous consent of its members, whether present or not, or by the written consent of the majority
of its members and minutes shall be kept of all of its meetings and copies thereof shall be provided to the Board. Subject to the limitations
prescribed by the Plan and the Board, the Committee may establish and follow such rules and regulations for the conduct of its business
as it may determine to be advisable.
3.4
Committee Composition. The Committee shall consist solely of two or more Non-Employee Directors, unless determined otherwise by
the Board. The Board shall have discretion to determine whether or not it intends to comply with the exemption requirements of Rule 16b-3.
However, if the Board intends to satisfy such exemption requirements with respect to any insider subject to Section 16 of the Exchange
Act, the Committee shall be a compensation committee of the Board that at all times consists solely of two or more Non-Employee Directors.
Within the scope of such authority, the Board or the Committee may delegate to a committee of one or more members of the Board who are
not Non-Employee Directors the authority to grant Awards to eligible persons who are not then subject to Section 16 of the Exchange Act.
Nothing herein shall create an inference that an Award is not validly granted under the Plan in the event Awards are granted under the
Plan by a compensation committee of the Board that does not at all times consist solely of two or more Non-Employee Directors.
3.5
Indemnification. In addition to such other rights of indemnification as they may have as Directors or members of the Committee,
and to the extent allowed by Applicable Laws, the Committee shall be indemnified by the Company against the reasonable expenses, including
attorney’s fees, actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein,
to which the Committee may be party by reason of any action taken or failure to act under or in connection with the Plan or any Award
granted under the Plan, and against all amounts paid by the Committee in settlement thereof (provided, however, that the settlement has
been approved by the Company, which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction of a judgment
in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding
that such Committee did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the
Company, or in the case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; provided, however,
that within 60 days after institution of any such action, suit or proceeding, such Committee shall, in writing, offer the Company the
opportunity at its own expense to handle and defend such action, suit or proceeding.
4.
Shares Subject to the Plan.
4.1
Subject to adjustment in accordance with Section 11 and 4.2 below, Shares authorized for Awards granted under the Plan on and after the
Effective Date shall not exceed 12,000,000 shares. No more than 12,000,000 shares of Common Stock may be granted as Incentive Stock Options.
During the terms of the Awards, the Company shall keep available at all times the number of shares of Common Stock required to satisfy
such Awards. Shares of Common Stock available for distribution under the Plan may consist, in whole or in part, of authorized and unissued
shares, treasury shares or shares reacquired by the Company in any manner.
4.2
If any shares subject to an Award granted under the Plan are forfeited, an Award granted under the Plan expires or otherwise terminates
without issuance of shares, or an Award granted under the Plan is settled for cash (in whole or in part) or otherwise does not result
in the issuance of all or a portion of the shares subject to such Award (except as described below with respect to stock settled Stock
Appreciation Rights), such shares shall, to the extent of such forfeiture, expiration, termination, cash settlement or non-issuance,
again be available for grant under the Plan in accordance with Section 4.3 below. Notwithstanding anything to the contrary contained
herein: shares subject to an Award under the Plan shall not again be made available for issuance or delivery under the Plan if such shares
are (a) shares tendered in payment of an Option, (b) shares delivered or withheld by the Company to satisfy any tax withholding obligation,
or (c) shares covered by a stock-settled Stock Appreciation Right or other Awards that were not issued upon the settlement of the Award.
4.3
Any shares that again become available for Awards under the Plan pursuant to this Section shall be added as one share for every one share
subject to the Awards.
5.
Eligibility.
5.1
Eligibility for Specific Awards. Incentive Stock Options may be granted only to Employees. Awards other than Incentive Stock Options
may be granted to Employees, Consultants and Directors and those individuals whom the Committee determines are reasonably expected to
become Employees, Consultants and Directors following the Grant Date.
5.2
Ten Percent Shareholders. Unless allowed by the Code a Ten Percent Shareholder shall not be granted an Incentive Stock Option
unless the Option Exercise Price is at least 110% of the Fair Market Value of the Common Stock at the Grant Date and the Option is not
exercisable after the expiration of five years from the Grant Date.
6.
Option Provisions. Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so granted shall be
subject to the conditions set forth in this Section 6, and to such other conditions not inconsistent with the Plan as may be reflected
in the applicable Award Agreement. All Options shall be separately designated Incentive Stock Options or Non-Qualified Stock Options
at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock
purchased on exercise of each type of Option. Notwithstanding the foregoing, the Company shall have no liability to any Participant or
any other person if an Option designated as an Incentive Stock Option fails to qualify as such at any time or if an Option is determined
to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and the terms of such Option
do not satisfy the requirements of Section 409A of the Code. The provisions of separate Options need not be identical, but each Option
shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following
provisions:
6.1
Term. Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders, no Incentive Stock Option shall be exercisable
after the expiration of 10 years from the Grant Date. The term of a Non-qualified Stock Option granted under the Plan shall be determined
by the Committee; provided, however, no Non-qualified Stock Option shall be exercisable after the expiration of 10 years from the Grant
Date.
6.2
Exercise Price of an Incentive Stock Option. Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders, the
Option Exercise Price of each Incentive Stock Option shall be not less than 100% of the Fair Market Value of the Common Stock subject
to the Option on the Grant Date. Notwithstanding the foregoing, an Incentive Stock Option may be granted with an Option Exercise Price
lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option
in a manner satisfying the provisions of Section 424A of the Code.
6.3
Exercise Price of a Non-qualified Stock Option. The Option Exercise Price of each Non-qualified Stock Option shall be not less
than 100% of the Fair Market Value of the Common Stock subject to the Option on the Grant Date. Notwithstanding the foregoing, a Non-qualified
Stock Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted
pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 409A of the Code.
6.4
Consideration. The Option Exercise Price of Common Stock acquired pursuant to an Option shall be paid, to the extent permitted
by applicable statutes and regulations, either (a) in cash or by certified or bank check at the time the Option is exercised or (b) in
the discretion of the Committee, upon such terms as the Committee shall approve, the Option Exercise Price may be paid by: (i) delivery
to the Company of other Common Stock, duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery equal
to the Option Exercise Price (or portion thereof) due for the number of shares being acquired, or by means of attestation whereby the
Participant identifies for delivery specific shares of Common Stock that have an aggregate Fair Market Value on the date of attestation
equal to the Option Exercise Price (or portion thereof) and receives a number of shares of Common Stock equal to the difference between
the number of shares thereby purchased and the number of identified attestation shares of Common Stock (a “Stock for Stock Exchange”);
(ii) a “cashless” exercise program established with a broker or performed directly with the Company; (iii) by reduction in
the number of shares of Common Stock otherwise deliverable upon exercise of such Option with a Fair Market Value equal to the aggregate
Option Exercise Price at the time of exercise; (iv) any combination of the foregoing methods; or (v) in any other form of legal consideration
that may be acceptable to the Committee. Unless otherwise specifically provided in the Option, the exercise price of Common Stock acquired
pursuant to an Option that is paid by delivery (or attestation) to the Company of other Common Stock acquired, directly or indirectly
from the Company, shall be paid only by shares of the Common Stock of the Company that have been held for more than six months (or such
longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes). Notwithstanding the foregoing,
during any period for which the Common Stock is publicly traded (i.e., the Common Stock is listed on any established stock exchange or
a national market system) an exercise by a Director or Officer that involves or may involve a direct or indirect extension of credit
or arrangement of an extension of credit by the Company, directly or indirectly, in violation of Section 402(a) of the Sarbanes-Oxley
Act of 2002 shall be prohibited with respect to any Award under this Plan.
6.5
Transferability of an Incentive Stock Option. An Incentive Stock Option shall not be transferable except by will or by the laws
of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding
the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a
third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.
6.6
Transferability of a Non-qualified Stock Option. A Non-qualified Stock Option may, in the sole discretion of the Committee, be
transferable to a Permitted Transferee, upon written approval by the Committee to the extent provided in the Award Agreement. If the
Non-qualified Stock Option does not provide for transferability, then the Non-qualified Stock Option shall not be transferable except
by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder.
Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company,
designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.
6.7
Vesting of Options. Each Option may, but need not, vest and therefore become exercisable in periodic installments that may, but
need not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which
may be based on performance or other criteria) as the Committee may deem appropriate. The vesting provisions of individual Options may
vary. No Option may be exercised for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide
for an acceleration of vesting and exercisability in the terms of any Award Agreement upon the occurrence of a specified event.
6.8
Termination of Continuous Service. Unless otherwise provided in an Award Agreement or in an employment agreement the terms of
which have been approved by the Committee, in the event an Optionholder’s Continuous Service terminates (other than upon the Optionholder’s
death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such
Option as of the date of termination) but only within such period of time ending on the earlier of (a) the date three months (except
for Non-qualified Stock Options which shall be six months) following the termination of the Optionholder’s Continuous Service or
(b) the expiration of the term of the Option as set forth in the Award Agreement; provided that, if the termination of Continuous Service
is by the Company for Cause, all outstanding Options (whether or not vested) shall immediately terminate and cease to be exercisable.
If, after termination, the Optionholder does not exercise his or her Option within the time specified in the Award Agreement, the Option
shall terminate.
6.9
Extension of Termination Date. An Optionholder’s Award Agreement may also provide that if the exercise of the Option following
the termination of the Optionholder’s Continuous Service for any reason would be prohibited at any time because the issuance of
shares of Common Stock would violate the registration requirements under the Securities Act or any other state or federal securities
law or the rules of any securities exchange or interdealer quotation system, then the Option shall terminate on the earlier of (a) the
expiration of the term of the Option in accordance with Section 6.1 or (b) the expiration of a period after termination of the Participant’s
Continuous Service that is three months after the end of the period during which the exercise of the Option would be in violation of
such registration or other securities law requirements.
6.10
Disability of Optionholder. Unless otherwise provided in an Award Agreement, in the event that an Optionholder’s Continuous
Service terminates as a result of the Optionholder’s Disability, the Optionholder may exercise his or her Option (to the extent
that the Optionholder was entitled to exercise such Option as of the date of termination), but only within such period of time ending
on the one year anniversary of the termination as a result of the Optionholder’s Disability. If, after termination, the Optionholder
does not exercise his or her Option within the time specified herein or in the Award Agreement, the Option shall terminate.
6.11
Death of Optionholder. Unless otherwise provided in an Award Agreement, in the event an Optionholder’s Continuous Service
terminates as a result of the Optionholder’s death, then the Option may be exercised (to the extent the Optionholder was entitled
to exercise such Option as of the date of death) by the Optionholder’s estate, by a person who acquired the right to exercise the
Option by bequest or inheritance or by a person designated to exercise the Option upon the Optionholder’s death, but only within
the period ending on the one year anniversary of the Optionholder’s death. If, after the Optionholder’s death, the Option
is not exercised within the time specified herein or in the Award Agreement, the Option shall terminate.
6.12
Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant)
of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar
year (under all plans of the Company and its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according
to the order in which they were granted) shall be treated as Non-qualified Stock Options, unless otherwise allowed under the Code.
7.
Provisions of Awards Other Than Options.
7.1
Stock Appreciation Rights.
(a)
General. Each Stock Appreciation Right granted under the Plan shall be evidenced by an Award Agreement. Each Stock Appreciation
Right so granted shall be subject to the conditions set forth in this Section 7.1, and to such other conditions not inconsistent with
the Plan as may be reflected in the applicable Award Agreement. Stock Appreciation Rights may be granted alone (“Free Standing
Rights”) or in tandem with an Option (“Related Rights”) granted under the Plan.
(b)
Grant Requirements. Any Related Right that relates to a Non-qualified Stock Option may be granted at the same time the Option
is granted or at any time thereafter but before the exercise or expiration of the Option. Any Related Right that relates to an Incentive
Stock Option must be granted at the same time the Incentive Stock Option is granted.
(c)
Term of Stock Appreciation Rights. The term of a Stock Appreciation Right granted under the Plan shall be determined by the Committee;
provided, however, no Stock Appreciation Right shall be exercisable later than the tenth anniversary of the Grant Date.
(d)
Vesting of Stock Appreciation Rights. Each Stock Appreciation Right may, but need not, vest and therefore become exercisable in
periodic installments that may, but need not, be equal. The Stock Appreciation Right may be subject to such other terms and conditions
on the time or times when it may be exercised as the Committee may deem appropriate. The vesting provisions of individual Stock Appreciation
Rights may vary. No Stock Appreciation Right may be exercised for a fraction of a share of Common Stock. The Committee may, but shall
not be required to, provide for an acceleration of vesting and exercisability in the terms of any Stock Appreciation Right upon the occurrence
of a specified event.
(e)
Exercise and Payment. Upon exercise of a Stock Appreciation Right, the holder shall be entitled to receive from the Company an
amount equal to the number of shares of Common Stock subject to the Stock Appreciation Right that is being exercised multiplied by the
excess of (i) the Fair Market Value of a share of Common Stock, over (ii) the exercise price specified in the Stock Appreciation Right
or related Option. Payment with respect to the exercise of a Stock Appreciation Right shall be made on the date of exercise. Payment
shall be made in the form of shares of Common Stock (with or without restrictions as to substantial risk of forfeiture and transferability,
as determined by the Committee in its sole discretion), cash or a combination thereof, as determined by the Committee.
(f)
Exercise Price. The exercise price of a Free Standing Right shall be determined by the Committee, but shall not be less than 100%
of the Fair Market Value of one share of Common Stock on the Grant Date of such Stock Appreciation Right. A Related Right granted simultaneously
with or subsequent to the grant of an Option and in conjunction therewith or in the alternative thereto shall have the same exercise
price as the related Option and shall be exercisable only to the same extent as the related Option; provided, however, that a Stock Appreciation
Right, by its terms, shall be exercisable only when the Fair Market Value per share of Common Stock subject to the Stock Appreciation
Right and related Option exceeds the exercise price per share thereof and no Stock Appreciation Rights may be granted in tandem with
an Option unless the Committee determines that the requirements of Section 7.1(b) are satisfied.
(g)
Reduction in the Underlying Option Shares. Upon any exercise of a Related Right, the number of shares of Common Stock for which
any related Option shall be exercisable shall be reduced by the number of shares for which the Stock Appreciation Right has been exercised.
The number of shares of Common Stock for which a Related Right shall be exercisable shall be reduced upon any exercise of any related
Option by the number of shares of Common Stock for which such Option has been exercised.
(h)
Transferability of Stock Appreciation Rights. A Free Standing Right may, in the sole discretion of the Committee, be transferable
to a Permitted Transferee, upon written approval by the Committee to the extent provided in the Award Agreement. If the Free Standing
Right does not provide for transferability, then the Free Standing Right shall not be transferable except by will or by the laws of descent
and distribution and shall be exercisable during the lifetime of the Participant only by the Participant. Notwithstanding the foregoing,
the Participant may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who,
in the event of the death of the Participant, shall thereafter be entitled to exercise the Free Standing Right. A Related Right granted
simultaneously with or subsequent to the grant of an Option and in conjunction therewith or in the alternative thereto shall be transferable
only upon the same terms and conditions as the related Option.
7.2
Restricted Awards.
(a)
General. A Restricted Award is an Award of actual shares of Common Stock (“Restricted Stock”) or hypothetical
Common Stock units (“Restricted Stock Units”) having a value equal to the Fair Market Value of an identical number
of shares of Common Stock, which may, but need not, provide that such Restricted Award may not be sold, assigned, transferred or otherwise
disposed of, pledged or hypothecated as collateral for a loan or as security for the performance of any obligation or for any other purpose
for such period (the “Restricted Period”) as the Committee shall determine. Each Restricted Award granted under the
Plan shall be evidenced by an Award Agreement. Each Restricted Award so granted shall be subject to the conditions set forth in this
Section 7.2, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.
(b)
Restricted Stock and Restricted Stock Units. Each Participant granted Restricted Stock shall execute and deliver to the Company
an Award Agreement with respect to the Restricted Stock setting forth the restrictions and other terms and conditions applicable to such
Restricted Stock. If the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than delivered
to the Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally execute
and deliver to the Company (A) an escrow agreement satisfactory to the Committee, if applicable and (B) the appropriate blank stock power
with respect to the Restricted Stock covered by such agreement. If a Participant fails to execute an agreement evidencing an Award of
Restricted Stock and, if applicable, an escrow agreement and stock power, the Award shall be null and void. Subject to the restrictions
set forth in the Award, the Participant generally shall have the rights and privileges of a shareholder as to such Restricted Stock,
including the right to vote such Restricted Stock and the right to receive dividends; provided that, any cash dividends and stock dividends
with respect to the Restricted Stock shall be withheld by the Company for the Participant’s account, and interest may be credited
on the amount of the cash dividends withheld at a rate and subject to such terms as determined by the Committee. The cash dividends or
stock dividends so withheld by the Committee and attributable to any particular share of Restricted Stock (and earnings thereon, if applicable)
shall be distributed to the Participant in cash or, at the discretion of the Committee, in shares of Common Stock having a Fair Market
Value equal to the amount of such dividends, if applicable, upon the release of restrictions on such share and, if such share is forfeited,
the Participant shall have no right to such dividends.
(i)
The terms and conditions of a grant of Restricted Stock Units shall be reflected in an Award Agreement. No shares of Common Stock shall
be issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside a fund for the payment of
any such Award. A Participant shall have no voting rights with respect to any Restricted Stock Units granted hereunder. The Committee
may also grant Restricted Stock Units with a deferral feature, whereby settlement is deferred beyond the vesting date until the occurrence
of a future payment date or event set forth in an Award Agreement (“Deferred Stock Units”). At the discretion of the
Committee, each Restricted Stock Unit or Deferred Stock Unit (representing one share of Common Stock) may be credited with cash and stock
dividends paid by the Company in respect of one share of Common Stock (“Dividend Equivalents”). Dividend Equivalents
shall be paid currently (and in no case later than the end of the calendar year in which the dividend is paid to the holders of the Common
Stock or, if later, the 15th day of the third month following the date the dividend is paid to holders of the Common Stock). Dividend
Equivalents shall be withheld by the Company and credited to the Participant’s account, and interest may be credited on the amount
of cash Dividend Equivalents credited to the Participant’s account at a rate and subject to such terms as determined by the Committee.
Dividend Equivalents credited to a Participant’s account and attributable to any particular Restricted Stock Unit or Deferred Stock
Unit (and earnings thereon, if applicable) shall be distributed in cash or, at the discretion of the Committee, in shares of Common Stock
having a Fair Market Value equal to the amount of such Dividend Equivalents and earnings, if applicable, to the Participant upon settlement
of such Restricted Stock Unit or Deferred Stock Unit and, if such Restricted Stock Unit or Deferred Stock Unit is forfeited, the Participant
shall have no right to such Dividend Equivalents. Dividend Equivalents will be deemed re-invested in additional Restricted Stock Units
or Deferred Stock Units based on the Fair Market Value of a share of Common Stock on the applicable dividend payment date and rounded
down to the nearest whole share.
(c)
Restrictions.
(i)
Restricted Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period,
and to such other terms and conditions as may be set forth in the applicable Award Agreement: (A) if an escrow arrangement is used, the
Participant shall not be entitled to delivery of the stock certificate; (B) the shares shall be subject to the restrictions on transferability
set forth in the Award Agreement; (C) the shares shall be subject to forfeiture to the extent provided in the applicable Award Agreement;
and (D) to the extent such shares are forfeited, the stock certificates shall be returned to the Company, and all rights of the Participant
to such shares and as a shareholder with respect to such shares shall terminate without further obligation on the part of the Company.
(ii)
Restricted Stock Units and Deferred Stock Units awarded to any Participant shall be subject to (A) forfeiture until the expiration of
the Restricted Period, and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable
Award Agreement, and to the extent such Restricted Stock Units or Deferred Stock Units are forfeited, all rights of the Participant to
such Restricted Stock Units or Deferred Stock Units shall terminate without further obligation on the part of the Company and (B) such
other terms and conditions as may be set forth in the applicable Award Agreement.
(iii)
The Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock, Restricted Stock Units and Deferred
Stock Units whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising after the
date the Restricted Stock or Restricted Stock Units or Deferred Stock Units are granted, such action is appropriate.
(d)
Restricted Period. With respect to Restricted Awards, the Restricted Period shall commence on the Grant Date and end at the time
or times set forth on a schedule established by the Committee in the applicable Award Agreement.
No
Restricted Award may be granted or settled for a fraction of a share of Common Stock. The Committee may, but shall not be required to,
provide for an acceleration of vesting in the terms of any Award Agreement upon the occurrence of a specified event.
(e)
Delivery of Restricted Stock and Settlement of Restricted Stock Units. Upon the expiration of the Restricted Period with respect
to any shares of Restricted Stock, the restrictions set forth in Section 7.2(c) and the applicable Award Agreement shall be of no further
force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used,
upon such expiration, the Company shall deliver to the Participant, or his or her beneficiary, without charge, the stock certificate
evidencing the shares of Restricted Stock which have not then been forfeited and with respect to which the Restricted Period has expired
(to the nearest full share) and any cash dividends or stock dividends credited to the Participant’s account with respect to such
Restricted Stock and the interest thereon, if any. Upon the expiration of the Restricted Period with respect to any outstanding Restricted
Stock Units, or at the expiration of the deferral period with respect to any outstanding Deferred Stock Units, the Company shall deliver
to the Participant, or his or her beneficiary, without charge, one share of Common Stock for each such outstanding vested Restricted
Stock Unit or Deferred Stock Unit (“Vested Unit”) and cash equal to any Dividend Equivalents credited with respect
to each such Vested Unit in accordance with Section 7.2(b)(i) hereof and the interest thereon or, at the discretion of the Committee,
in shares of Common Stock having a Fair Market Value equal to such Dividend Equivalents and the interest thereon, if any; provided, however,
that, if explicitly provided in the applicable Award Agreement, the Committee may, in its sole discretion, elect to pay cash or part
cash and part Common Stock in lieu of delivering only shares of Common Stock for Vested Units. If a cash payment is made in lieu of delivering
shares of Common Stock, the amount of such payment shall be equal to the Fair Market Value of the Common Stock as of the date on which
the Restricted Period lapsed in the case of Restricted Stock Units, or the delivery date in the case of Deferred Stock Units, with respect
to each Vested Unit.
(f)
Stock Restrictions. Each certificate representing Restricted Stock awarded under the Plan shall bear a legend in such form as
the Company deems appropriate.
7.3
Performance Share Awards.
(a)
Grant of Performance Share Awards. Each Performance Share Award granted under the Plan shall be evidenced by an Award Agreement.
Each Performance Share Award so granted shall be subject to the conditions set forth in this Section 7.3, and to such other conditions
not inconsistent with the Plan as may be reflected in the applicable Award Agreement. The Committee shall have the discretion to determine:
(i) the number of shares of Common Stock or stock-denominated units subject to a Performance Share Award granted to any Participant;
(ii) the performance period applicable to any Award; (iii) the conditions that must be satisfied for a Participant to earn an Award;
and (iv) the other terms, conditions and restrictions of the Award.
(b)
Earning Performance Share Awards. The number of Performance Shares earned by a Participant will depend on the extent to which
the performance goals established by the Committee are attained within the applicable Performance Period, as determined by the Committee.
No payout shall be made with respect to any Performance Share Award except upon written certification by the Committee that the minimum
threshold performance goal(s) have been achieved.
7.4
Performance Cash Awards. A Performance Cash Award is a cash award that is payable contingent upon the attainment during a Performance
Period of certain Performance Goals. A Performance Cash Award may also require the completion of a specified period of Continuous Service.
At the time of grant of a Performance Cash Award, the length of any Performance Period, the Performance Goals to be achieved during the
Performance Period, and the measure of whether and to what degree such Performance Goals have been attained will be conclusively determined
by the Board or Committee, in its sole discretion. The Board may specify the form of payment of Performance Cash Awards, which may be
cash or other property, or may provide for a Participant to have the option for his or her Performance Cash Award, or such portion thereof
as the Board may specify, to be paid in whole or in part in cash or other property.
8.
Securities Law Compliance. Each Award Agreement shall provide that no shares of Common Stock shall be purchased or sold thereunder
unless and until (a) any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with
to the satisfaction of the Company and its counsel and (b) if required to do so by the Company, the Participant has executed and delivered
to the Company a letter of investment intent in such form and containing such provisions as the Committee may require. The Company shall
use reasonable efforts to seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as
may be required to grant Awards and to issue and sell shares of Common Stock upon exercise of the Awards; provided, however, that this
undertaking shall not require the Company to register under the Securities Act the Plan, any Award or any Common Stock issued or issuable
pursuant to any such Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency
the authority which counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company
shall be relieved from any liability for failure to issue and sell Common Stock upon exercise of such Awards unless and until such authority
is obtained.
9.
Use of Proceeds from Stock. Proceeds from the sale of Common Stock pursuant to Awards, or upon exercise thereof, shall constitute
general funds of the Company.
10.
Miscellaneous.
10.1
Acceleration of Exercisability and Vesting. The Committee shall have the power to accelerate the time at which an Award may first
be exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions
in the Award stating the time at which it may first be exercised or the time during which it will vest.
10.2
Shareholder Rights. Except as provided in the Plan or an Award Agreement, no Participant shall be deemed to be the holder of,
or to have any of the rights of a holder with respect to, any shares of Common Stock subject to such Award unless and until such Participant
has satisfied all requirements for exercise of the Award pursuant to its terms and no adjustment shall be made for dividends (ordinary
or extraordinary, whether in cash, securities or other property) or distributions of other rights for which the record date is prior
to the date such Common Stock certificate is issued, except as provided in Section 11 hereof.
10.3
No Employment or Other Service Rights. Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall
confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award
was granted or shall affect the right of the Company or an Affiliate to terminate (a) the employment of an Employee with or without notice
and with or without Cause or (b) the service of a Director pursuant to the By-laws of the Company or an Affiliate, and any applicable
provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.
10.4
Transfer; Approved Leave of Absence. For purposes of the Plan, no termination of employment by an Employee shall be deemed to
result from either (a) a transfer of employment to the Company from an Affiliate or from the Company to an Affiliate, or from one Affiliate
to another, or (b) an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if
the Employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the
leave of absence was granted or if the Committee otherwise so provides in writing, in either case, except to the extent inconsistent
with Section 409A of the Code if the applicable Award is subject thereto.
10.5
Withholding Obligations. To the extent provided by the terms of an Award Agreement and subject to the discretion of the Committee,
the Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common
Stock under an Award by any of the following means (in addition to the Company’s right to withhold from any compensation paid to
the Participant by the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold
shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition
of Common Stock under the Award, provided, however, that no shares of Common Stock are withheld with a value exceeding the minimum amount
of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered shares of Common Stock of the
Company.
11.
Adjustments Upon Changes in Stock. In the event of changes in the outstanding Common Stock or in the capital structure of the
Company by reason of any stock or extraordinary cash dividend, stock split, reverse stock split, an extraordinary corporate transaction
such as any recapitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization
occurring after the Grant Date of any Award, Awards granted under the Plan and any Award Agreements, the exercise price of Options and
Stock Appreciation Rights, the maximum number of shares of Common Stock subject to all Awards stated in Section 4 and the maximum number
of shares of Common Stock with respect to which any one person may be granted Awards during any period stated in Section 4 will be equitably
adjusted or substituted, as to the number, price or kind of a share of Common Stock or other consideration subject to such Awards to
the extent necessary to preserve the economic intent of such Award. In the case of adjustments made pursuant to this Section 11, unless
the Committee specifically determines that such adjustment is in the best interests of the Company or its Affiliates, the Committee shall,
in the case of Incentive Stock Options, ensure that any adjustments under this Section 11 will not constitute a modification, extension
or renewal of the Incentive Stock Options within the meaning of Section 424(h)(3) of the Code and in the case of Non-qualified Stock
Options, ensure that any adjustments under this Section 11 will not constitute a modification of such Non-qualified Stock Options within
the meaning of Section 409A of the Code. Any adjustments made under this Section 11 shall be made in a manner which does not adversely
affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. The Company shall give each Participant notice of an adjustment
hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes.
12.
Effect of Change in Control.
12.1
Unless otherwise provided in an Award Agreement, notwithstanding any provision of the Plan to the contrary:
(a)
In the event of a Change in Control, all Options and Stock Appreciation Rights shall become immediately exercisable with respect to 100%
of the shares subject to such Options or Stock Appreciation Rights, and the Restricted Period shall expire immediately with respect to
100% of the shares of Restricted Stock or Restricted Stock Units.
(b)
With respect to Performance Share Awards and Performance Cash Awards, in the event of a Change in Control, all incomplete Performance
Periods in respect of such Award in effect on the date the Change in Control occurs shall end on the date of such change and the Committee
shall (i) determine the extent to which Performance Goals with respect to each such Performance Period have been met based upon such
audited or unaudited financial information then available as it deems relevant and (ii) cause to be paid to the applicable Participant
partial or full Awards with respect to Performance Goals for each such Performance Period based upon the Committee’s determination
of the degree of attainment of Performance Goals or, if not determinable, assuming that the applicable “target” levels of
performance have been attained, or on such other basis determined by the Committee.
To
the extent practicable, any actions taken by the Committee under the immediately preceding clauses (a) and (b) shall occur in a manner
and at a time which allows affected Participants the ability to participate in the Change in Control with respect to the shares of Common
Stock subject to their Awards.
12.2
In addition, in the event of a Change in Control, the Committee may in its discretion and upon at least 10 days’ advance notice
to the affected persons, cancel any outstanding Awards and pay to the holders thereof, in cash or stock, or any combination thereof,
the value of such Awards based upon the price per share of Common Stock received or to be received by other shareholders of the Company
in the event. In the case of any Option or Stock Appreciation Right with an exercise price (or SAR Exercise Price in the case of a Stock
Appreciation Right) that equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee
may cancel the Option or Stock Appreciation Right without the payment of consideration therefor.
12.3
The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger,
consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially
all of the assets and business of the Company and its Affiliates, taken as a whole.
13.
Amendment of the Plan and Awards.
13.1
Amendment of Plan. The Board at any time, and from time to time, may amend or terminate the Plan. However, except as provided
in Section 11 relating to adjustments upon changes in Common Stock and Section 13.3, no amendment shall be effective unless approved
by the shareholders of the Company to the extent shareholder approval is necessary to satisfy any Applicable Laws. At the time of such
amendment, the Board shall determine, upon advice from counsel, whether such amendment will be contingent on shareholder approval.
13.2
Shareholder Approval. The Board may, in its sole discretion, submit any other amendment to the Plan for shareholder approval.
13.3
Contemplated Amendments. It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary
or advisable to provide eligible Employees, Consultants and Directors with the maximum benefits provided or to be provided under the
provisions of the Code and the regulations promulgated thereunder relating to Incentive Stock Options or to the nonqualified deferred
compensation provisions of Section 409A of the Code and/or to bring the Plan and/or Awards granted under it into compliance therewith.
13.4
No Impairment of Rights. Rights under any Award granted before amendment of the Plan shall not be impaired by any amendment of
the Plan unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.
13.5
Amendment of Awards. The Committee at any time, and from time to time, may amend the terms of any one or more Awards; provided,
however, that the Committee may not affect any amendment which would otherwise constitute an impairment of the rights under any Award
unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.
14.
General Provisions.
14.1
Forfeiture Events. Each Award and the Participant’s rights, payments and benefits with respect to an Award shall be subject
to reduction, cancellation, forfeiture or recoupment upon the occurrence of the events described below, in addition to applicable vesting
conditions of an Award. Such events include a breach of a duty of confidentiality, competing with the Company, soliciting Company personnel
after employment is terminated, failure to assign any invention or technology to the Company if such assignment is a condition of employment
or any other agreements between the Company and the Participant, a termination of the Participant’s Continuous Service for Cause,
violation of the Company’s insider trading policy, or other conduct by the Participant that is detrimental to the business or reputation
of the Company and/or its Affiliates as determined by the Board.
14.2
Clawback. Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government
regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant
to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law,
government regulation or stock exchange listing requirement).
14.3
Other Compensation Arrangements. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation
arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable
or applicable only in specific cases.
14.4
Sub-plans. The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying blue sky, securities,
tax or other laws of various jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations
and other terms and conditions as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan,
but each sub-plan shall apply only to the Participants in the jurisdiction for which the sub-plan was designed.
14.5
Deferral of Awards. The Committee may establish one or more programs under the Plan to permit selected Participants the opportunity
to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent
the election would entitle the Participant to payment or receipt of shares of Common Stock or other consideration under an Award. The
Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest
or other earnings, if any, on amounts, shares or other consideration so deferred, and such other terms, conditions, rules and procedures
that the Committee deems advisable for the administration of any such deferral program.
14.6
Unfunded Plan. The Plan shall be unfunded. Neither the Company, the Board nor the Committee shall be required to establish any
special or separate fund or to segregate any assets to assure the performance of its obligations under the Plan.
14.7
Recapitalizations. Each Award Agreement shall contain provisions required to reflect the provisions of Section 11.
14.8
Delivery. Upon exercise of a right granted under this Plan, the Company shall issue Common Stock or pay any amounts due within
a reasonable period of time thereafter. Subject to any statutory or regulatory obligations the Company may otherwise have, for purposes
of this Plan, 30 days shall be considered a reasonable period of time.
14.9
No Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Committee shall
determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional shares of Common
Stock or whether any fractional shares should be rounded, forfeited or otherwise eliminated.
14.10
Other Provisions. The Award Agreements authorized under the Plan may contain such other provisions not inconsistent with this
Plan, including, without limitation, restrictions upon the exercise of the Awards, as the Committee may deem advisable.
14.11
Section 409A. The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to
the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described in
the Plan that are due within the “short-term deferral period” as defined in Section 409A of the Code shall not be treated
as deferred compensation unless Applicable Laws require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent
required to avoid accelerated taxation and tax penalties under Section 409A of the Code, amounts that would otherwise be payable and
benefits that would otherwise be provided pursuant to the Plan during the six (6) month period immediately following the Participant’s
termination of Continuous Service shall instead be paid on the first payroll date after the six-month anniversary of the Participant’s
separation from service (or the Participant’s death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee
shall have any obligation to take any action to prevent the assessment of any excise tax or penalty on any Participant under Section
409A of the Code and neither the Company nor the Committee will have any liability to any Participant for such tax or penalty.
14.12
Disqualifying Dispositions. Any Participant who shall make a “disposition” (as defined in Section 424 of the Code)
of all or any portion of shares of Common Stock acquired upon exercise of an Incentive Stock Option within two years from the Grant Date
of such Incentive Stock Option or within one year after the issuance of the shares of Common Stock acquired upon exercise of such Incentive
Stock Option (a “Disqualifying Disposition”) shall be required to immediately advise the Company in writing as to
the occurrence of the sale and the price realized upon the sale of such shares of Common Stock.
14.13
Section 16. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies, the applicable
requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of
Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under
Section 16 of the Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with the intent expressed in
this Section 14.13, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict.
14.14
[Reserved]
14.15
Beneficiary Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries by whom any
right under the Plan is to be exercised in case of such Participant’s death. Each designation will revoke all prior designations
by the same Participant, shall be in a form reasonably prescribed by the Committee and shall be effective only when filed by the Participant
in writing with the Company during the Participant’s lifetime.
14.16
Expenses. The costs of administering the Plan shall be paid by the Company.
14.17
Severability. If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or unenforceable, whether
in whole or in part, such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or
unenforceability and the remaining provisions shall not be affected thereby.
14.18
Plan Headings. The headings in the Plan are for purposes of convenience only and are not intended to define or limit the construction
of the provisions hereof.
14.19
Non-Uniform Treatment. The Committee’s determinations under the Plan need not be uniform and may be made by it selectively
among persons who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the Committee
shall be entitled to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective
Award Agreements.
15.
Termination or Suspension of the Plan. The Plan shall terminate automatically 10 years from the Effective Date. No Award shall
be granted pursuant to the Plan after such date, but Awards theretofore granted may extend beyond that date. The Board may suspend or
terminate the Plan at any earlier date pursuant to Section 13.1 hereof. No Awards may be granted under the Plan while the Plan is suspended
or after it is terminated.
16.
Choice of Law. The law of the State of Nevada shall govern all questions concerning the construction, validity and interpretation
of this Plan, without regard to such state’s conflict of law rules.
As
adopted by the Board of Directors on January 1, 2021.
EXHIBIT
31.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER AND
PRINCIPAL
FINANCIAL AND ACCOUNTING OFFICER
PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Charles Allen, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of BTCS Inc. for the fiscal quarter ended June 30, 2023. |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this interim report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report; |
|
|
4. |
I
am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, is made known to us by others, particularly during the period in
which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; |
5. |
I
have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors
and the registrant’s board of directors: |
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal controls over financial reporting. |
Dated:
August 11, 2023 |
By: |
/s/
Charles Allen |
|
|
Charles
Allen |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
EXHIBIT
31.2
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER AND
PRINCIPAL
FINANCIAL AND ACCOUNTING OFFICER
PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Michael Prevoznik, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of BTCS Inc. for the fiscal quarter ended June 30, 2023. |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this interim report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report; |
|
|
4. |
I
am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have: |
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, is made known to us by others, particularly during the period in
which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; |
5. |
I
have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors
and the registrant’s board of directors: |
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal controls over financial reporting. |
Dated:
August 11, 2023 |
By: |
/s/
Michael Prevoznik |
|
|
Michael
Prevoznik |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer) |
EXHIBIT
32.1
CERTIFICATION
PURSUANT TO
18
USC, SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of BTCS Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2023, as filed
with the Securities and Exchange Commission on the date hereof (the “Report”), I, Charles Allen, Chief Executive Officer
of the Company, certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:
(1)
The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Company.
Dated:
August 11, 2023 |
By: |
/s/
Charles Allen |
|
|
Charles
Allen |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
A
signed original of this written statement required by Section 906 has been provided to BTCS Inc. and will be retained by BTCS Inc. and
furnished to the Securities and Exchange Commission or its staff upon request.
In
connection with the Quarterly Report of BTCS Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2023, as filed
with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael Prevoznik, Chief Financial Officer
of the Company, certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:
(1)
The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Company.
Dated:
August 11, 2023 |
By : |
/s/
Michael Prevoznik |
|
|
Michael
Prevoznik |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer) |
A
signed original of this written statement required by Section 906 has been provided to BTCS Inc. and will be retained by BTCS Inc. and
furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 09, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-40792
|
|
Entity Registrant Name |
BTCS
Inc.
|
|
Entity Central Index Key |
0001436229
|
|
Entity Tax Identification Number |
90-1096644
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
9466
Georgia Avenue #124
|
|
Entity Address, City or Town |
Silver Spring
|
|
Entity Address, State or Province |
MD
|
|
Entity Address, Postal Zip Code |
20910
|
|
City Area Code |
202
|
|
Local Phone Number |
430-6576
|
|
Title of 12(b) Security |
Common
Stock, par value $0.001
|
|
Trading Symbol |
BTCS
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
14,333,292
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v3.23.2
Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash |
$ 943,418
|
$ 2,146,783
|
Crypto assets/currencies |
948
|
982
|
Investments, at value (Cost $100,000) |
100,000
|
100,000
|
Staked crypto assets/currencies |
8,185,089
|
1,826,307
|
Prepaid expense |
175,395
|
123,727
|
Total current assets |
9,404,850
|
4,197,799
|
Other assets: |
|
|
Property and equipment, net |
8,834
|
11,152
|
Staked crypto assets/currencies - long term |
|
5,708,624
|
Total other assets |
8,834
|
5,719,776
|
Total Assets |
9,413,684
|
9,917,575
|
Liabilities and Stockholders’ Equity: |
|
|
Accounts payable and accrued expense |
188,144
|
76,727
|
Accrued compensation |
253,995
|
295,935
|
Warrant liabilities |
356,250
|
213,750
|
Total current liabilities |
798,389
|
586,412
|
Stockholders’ equity: |
|
|
Series V Preferred stock: 14,542,803 and 0 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively |
|
|
Common stock, 97,500,000 shares authorized at $0.001 par value, 14,181,410 and 13,107,149 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively |
14,182
|
13,108
|
Additional paid in capital |
159,955,610
|
160,800,263
|
Accumulated deficit |
(153,914,030)
|
(151,482,208)
|
Total stockholders’ equity |
8,615,295
|
9,331,163
|
Total Liabilities and Stockholders’ Equity |
9,413,684
|
9,917,575
|
Series V Preferred Stock [Member] |
|
|
Stockholders’ equity: |
|
|
Series V Preferred stock: 14,542,803 and 0 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively |
$ 2,559,533
|
|
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v3.23.2
Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Preferred stock, shares authorized |
20,000,000
|
20,000,000
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorised |
97,500,000
|
97,500,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares issued |
14,181,410
|
13,107,149
|
Common stock, shares outstanding |
14,181,410
|
13,107,149
|
Series V Preferred Stock [Member] |
|
|
Preferred Stock, Shares Outstanding |
14,542,803
|
0
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v3.23.2
Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenues |
|
|
|
|
Validator revenue (net of fees) |
$ 385,753
|
$ 514,349
|
$ 697,261
|
$ 1,077,364
|
Total revenues |
385,753
|
514,349
|
697,261
|
1,077,364
|
Cost of revenues |
|
|
|
|
Validator expense |
113,612
|
93,900
|
195,626
|
231,769
|
Gross profit |
272,141
|
420,449
|
501,635
|
845,595
|
Operating expenses: |
|
|
|
|
General and administrative |
617,569
|
512,051
|
1,227,398
|
1,162,340
|
Research and development |
180,903
|
185,004
|
382,528
|
321,722
|
Compensation and related expenses |
578,496
|
638,025
|
1,040,586
|
2,061,921
|
Marketing |
2,723
|
23,691
|
8,966
|
65,484
|
Impairment loss on crypto assets/currencies |
784,602
|
8,894,797
|
879,509
|
12,202,225
|
Realized gains on crypto asset/currency transactions |
(731,199)
|
(398,446)
|
(748,030)
|
(469,556)
|
Total operating expenses |
1,433,094
|
9,855,122
|
2,790,957
|
15,344,136
|
Other income (expenses): |
|
|
|
|
Change in fair value of warrant liabilities |
142,500
|
1,710,000
|
(142,500)
|
1,068,750
|
Distributions to warrant holders |
|
|
|
(35,625)
|
Total other income (expenses) |
142,500
|
1,710,000
|
(142,500)
|
1,033,125
|
Net loss |
$ (1,018,453)
|
$ (7,724,673)
|
$ (2,431,822)
|
$ (13,465,416)
|
Net loss per share attributable to common stockholders, basic |
$ (0.07)
|
$ (0.61)
|
$ (0.18)
|
$ (1.08)
|
Net loss per share attributable to common stockholders, diluted |
$ (0.07)
|
$ (0.61)
|
$ (0.18)
|
$ (1.08)
|
Weighted average number of common shares outstanding, basic |
13,873,331
|
12,644,719
|
13,773,782
|
12,446,102
|
Weighted average number of common shares outstanding, diluted |
13,873,331
|
12,644,719
|
13,773,782
|
12,446,102
|
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v3.23.2
Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
|
Preferred Stock [Member]
Series V Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
|
$ 10,529
|
$ 147,682,384
|
$ (135,589,470)
|
$ 12,103,443
|
Balance, shares at Dec. 31, 2021 |
|
10,528,212
|
|
|
|
Issuance of common stock, net of offering cost / At-the-market offering |
|
$ 1,831
|
10,602,610
|
|
10,604,441
|
Issuance of common stock, net of offering cost / At-the-market offering, shares |
|
1,830,588
|
|
|
|
Stock-based compensation |
|
$ 345
|
1,782,457
|
|
1,782,802
|
Stock-based compensation, shares |
|
344,994
|
|
|
|
Net loss |
|
|
|
(13,465,416)
|
(13,465,416)
|
Dividend distributions |
|
|
(634,557)
|
|
(634,557)
|
Ending balance, value at Jun. 30, 2022 |
|
$ 12,705
|
159,432,894
|
(149,054,886)
|
10,390,713
|
Balance, shares at Jun. 30, 2022 |
|
12,703,794
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
|
$ 12,617
|
158,848,780
|
(141,330,213)
|
17,531,184
|
Balance, shares at Mar. 31, 2022 |
|
12,616,010
|
|
|
|
Issuance of common stock, net of offering cost / At-the-market offering |
|
$ 40
|
90,634
|
|
90,674
|
Issuance of common stock, net of offering cost / At-the-market offering, shares |
|
40,012
|
|
|
|
Stock-based compensation |
|
$ 48
|
493,480
|
|
493,528
|
Stock-based compensation, shares |
|
47,772
|
|
|
|
Net loss |
|
|
|
(7,724,673)
|
(7,724,673)
|
Dividend distributions |
|
|
|
|
|
Ending balance, value at Jun. 30, 2022 |
|
$ 12,705
|
159,432,894
|
(149,054,886)
|
10,390,713
|
Balance, shares at Jun. 30, 2022 |
|
12,703,794
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
|
$ 13,108
|
160,800,263
|
(151,482,208)
|
9,331,163
|
Balance, shares at Dec. 31, 2022 |
|
13,107,149
|
|
|
|
Issuance of common stock, net of offering cost / At-the-market offering |
|
$ 651
|
925,850
|
|
926,501
|
Issuance of common stock, net of offering cost / At-the-market offering, shares |
|
651,172
|
|
|
|
Issuance of Series V preferred stock |
$ 2,559,533
|
|
(2,559,533)
|
|
|
Issuanceof Series V preferred stock, shares |
14,542,803
|
|
|
|
|
Stock-based compensation |
|
$ 423
|
789,030
|
|
789,453
|
Stock-based compensation, shares |
|
423,089
|
|
|
|
Net loss |
|
|
|
(2,431,822)
|
(2,431,822)
|
Ending balance, value at Jun. 30, 2023 |
$ 2,559,533
|
$ 14,182
|
159,955,610
|
(153,914,030)
|
8,615,295
|
Balance, shares at Jun. 30, 2023 |
14,542,803
|
14,181,410
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
|
$ 13,800
|
161,839,971
|
(152,895,577)
|
8,958,194
|
Balance, shares at Mar. 31, 2023 |
|
13,799,745
|
|
|
|
Issuance of common stock, net of offering cost / At-the-market offering |
|
$ 350
|
417,369
|
|
417,719
|
Issuance of common stock, net of offering cost / At-the-market offering, shares |
|
350,018
|
|
|
|
Issuance of Series V preferred stock |
$ 2,559,533
|
|
(2,559,533)
|
|
|
Issuanceof Series V preferred stock, shares |
14,542,803
|
|
|
|
|
Stock-based compensation |
|
$ 32
|
257,803
|
|
257,835
|
Stock-based compensation, shares |
|
31,647
|
|
|
|
Net loss |
|
|
|
(1,018,453)
|
(1,018,453)
|
Ending balance, value at Jun. 30, 2023 |
$ 2,559,533
|
$ 14,182
|
$ 159,955,610
|
$ (153,914,030)
|
$ 8,615,295
|
Balance, shares at Jun. 30, 2023 |
14,542,803
|
14,181,410
|
|
|
|
X |
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v3.23.2
Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Net Cash flows used from operating activities: |
|
|
Net loss |
$ (2,431,822)
|
$ (13,465,416)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation expense |
2,318
|
1,727
|
Stock-based compensation |
789,453
|
1,782,802
|
Validator revenue |
(697,261)
|
(1,077,364)
|
Blockchain network fees (non-cash) |
|
1,321
|
Change in fair value of warrant liabilities |
142,500
|
(1,068,750)
|
Sale of non-productive crypto assets/currencies |
|
2,547,322
|
Realized gain on crypto assets/currencies transactions |
(748,030)
|
(469,556)
|
Impairment loss on crypto assets/currencies |
879,509
|
12,202,225
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses and other current assets |
(51,668)
|
63,376
|
Accounts payable and accrued expenses |
111,417
|
565
|
Accrued compensation |
(41,940)
|
132,853
|
Net cash used in operating activities |
(2,045,524)
|
651,105
|
Net cash used in investing activities: |
|
|
Purchase of productive crypto assets/currencies for validating |
(1,804,213)
|
(9,141,785)
|
Sale of productive crypto assets/currencies |
1,719,871
|
310,149
|
Purchase of investments |
|
|
Purchase of property and equipment |
|
(2,558)
|
Net cash used in investing activities |
(84,342)
|
(8,834,194)
|
Net cash provided by financing activities: |
|
|
Dividend distributions |
|
(630,801)
|
Net proceeds from issuance common stock/ At-the-market offering |
926,501
|
10,604,441
|
Net cash provided by financing activities |
926,501
|
9,973,640
|
Net increase in cash |
(1,203,365)
|
1,790,551
|
Cash, beginning of period |
2,146,783
|
1,400,867
|
Cash, end of period |
943,418
|
3,191,418
|
Supplemental disclosure of non-cash financing and investing activities: |
|
|
Series V Preferred Stock Distribution |
$ 2,559,533
|
|
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v3.23.2
Business Organization and Nature of Operations
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Business Organization and Nature of Operations |
Note
1 - Business Organization and Nature of Operations
BTCS
Inc. (formerly Bitcoin Shop, Inc.), a Nevada corporation (“BTCS” or the “Company”) was incorporated in 2008 and
is an early entrant in the crypto asset (also referred to “cryptocurrencies”, “crypto”, or “tokens”)
market with a primary focus on blockchain infrastructure and staking. The Company operates validator nodes on various proof-of-stake
(“PoS”) and delegated proof-of-stake (“DPoS”) based blockchain networks and stakes the native crypto assets on
those blockchains to earn rewards. The Company’s Staking-as-a-Service (“StaaS”) business allows crypto asset holders
to earn rewards by participating in network consensus mechanisms through staking and delegating their crypto assets to Company-operated
validator nodes (or “nodes”). The Company believes that StaaS provides a more accessible and cost-effective way for crypto
asset holders to participate in blockchain networks’ consensus mechanisms, thereby promoting the growth and adoption of blockchain
technology. The Company’s recently launched StakeSeeker platform (the “Digital Asset Platform”), currently in beta,
is a comprehensive crypto dashboard and education center designed to empower users to better understand and grow their crypto holdings
with innovative portfolio analytics and a non-custodial process to earn staking rewards through direct participation in blockchain consensus
algorithms.
The
Company’s business is subject to various risks and uncertainties, including risks associated with the evolving regulatory landscape
for crypto assets, risks associated with the volatility of crypto asset prices, and risks associated with the development and adoption
of blockchain technology. The Company’s future success is dependent on various factors, including the growth of the crypto asset
market, the adoption of blockchain technology, and the Company’s ability to effectively operate and grow its blockchain infrastructure
operations and StaaS business.
The
Company plans to expand its PoS operations to secure other disruptive blockchain protocols that also allow for delegating and asset leveraging.
The growth of both StakeSeeker’s user base as well as the number and size of staked cryptocurrencies by delegators to Company-run
validator nodes are critical to the Company’s strategy and success.
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v3.23.2
Basis of Presentation
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Note
2 - Basis of Presentation
The
accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted
in the United States (“GAAP”) for interim financial information, the instructions to Form 10-Q and the rules and regulations
of the SEC. Accordingly, since they are interim statements, the accompanying unaudited condensed financial statements do not include
all of the information and notes required by GAAP for annual financial statements, but in the opinion of the Company’s management,
reflect all adjustments consisting of normal, recurring adjustments, that are necessary for a fair presentation of the financial position,
results of operations and cash flows for the interim periods presented. Interim results for the three and six months ended June 30, 2023
are not necessarily indicative of results for the full year ended December 31, 2023. The unaudited condensed financial statements and
notes should be read in conjunction with the financial statements and notes for the year ended December 31, 2022.
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v3.23.2
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
3 - Summary of Significant Accounting Policies
There
have been no material changes in the Company’s significant accounting policies to those previously disclosed in the 2022 Annual
Report.
Basis
of presentation
The
accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”).
Reclassifications
Certain
prior period amounts have been reclassified in order to conform with the current period presentation. These reclassifications have no
impact on the Company’s previously reported net income (loss).
Concentration
of Cash
The
Company maintains cash balances at three financial institutions in checking accounts and money market accounts. The Company considers
all highly liquid investments with original maturities of six months or less when purchased to be cash and cash equivalents. As of June
30, 2023 and December 31, 2022, the Company had approximately $0.9 million and $2.1 million in cash. The Company has not experienced
any losses in such accounts and believes it is not exposed to any significant credit risk on cash.
Financial
instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each
institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of June 30, 2023 and December
31, 2022, the Company had approximately $0.3 million and $1.7 million in excess of the FDIC insured limit, respectively.
Revenue
Recognition
The
Company recognizes revenue under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.
The core principle of the new revenue standard is that a company should recognize revenue to depict the transfer of promised goods or
services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those
goods or services. The following five steps are applied to achieve that core principle:
|
● |
Step
1: Identify the contract with the customer |
|
● |
Step
2: Identify the performance obligations in the contract |
|
● |
Step
3: Determine the transaction price |
|
● |
Step
4: Allocate the transaction price to the performance obligations in the contract |
|
● |
Step
5: Recognize revenue when the Company satisfies a performance obligation |
Revenue
is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those goods or services. The Company generates revenue through staking rewards.
The
Company has entered into network-based smart contracts by running its own crypto asset validator nodes as well as by staking crypto assets
on nodes run by third-party operators (either directly or through crypto exchanges). Through these contracts, the Company provides cryptocurrency
to stake on a node for the purpose of validating transactions and adding blocks to a respective blockchain network. The term of a smart
contract can vary based on the rules of the respective blockchain and typically last a few weeks to months after it is cancelled by the
operator and requires that the cryptocurrency staked remain locked up during the duration of the smart contract. In exchange for staking
the cryptocurrency and validating transactions on blockchain networks, the Company is entitled to all of the fixed cryptocurrency award
for running the Company’s own node and is entitled to a fractional share of the fixed cryptocurrency award a third-party node operator
receives (less crypto asset transaction fees payable to the node operator or exchanges, which are immaterial and are recorded as a deduction
from revenue), for successfully validating or adding a block to the blockchain. The Company’s fractional share of awards received
from delegating to a third-party validator node is based on the proportion of cryptocurrency the Company staked to the node to the total
cryptocurrency staked by delegators to the node.
The
provision of validating blockchain transactions is an output of the Company’s ordinary activities. Each separate block creation
or validation under a smart contract with a network represents a performance obligation. The transaction consideration the Company receives
- the cryptocurrency award - is a non-cash consideration, which the Company measures at fair value on the date received. The fair value
of the cryptocurrency award received is determined using the quoted price of the related cryptocurrency on the date of receipt. The satisfaction
of the performance obligation for processing and validating blockchain transactions occurs at a point in time when confirmation is received
from the network indicating that the validation is complete, and the awards are available for transfer. At that point, revenue is recognized.
Cost
of Revenue
The
Company’s cost of revenue consists primarily of direct production costs related to the operations of validating transactions on
the network, rent and utilities for locations housing server nodes to the extent applicable, hosting costs if cloud-based servers are
utilized and fees (including equity compensation stock-based fees) paid to 3rd parties to assist in software maintenance and operations
of its nodes.
Crypto
Assets Translations and Remeasurements
The
Company accounts for its crypto assets as indefinite-lived intangible assets in accordance with ASC 350, Intangibles – Goodwill
and Other. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently,
when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired.
Impairment exists when the carrying amount exceeds its fair value. In testing for impairment, the Company has the option to first perform
a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not
more likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise,
it is required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new
cost basis of the asset. Subsequent reversal of impairment losses is not permitted.
Crypto
assets held are included in the balance sheets as either current assets or other assets if they are staked and locked up for over one
year. The Company’s crypto assets are initially recorded at fair value upon receipt (or “carrying value”). The fair
value of crypto assets is determined using the U.S. dollar spot price of the related crypto asset. On a quarterly basis, crypto assets
are measured at carrying value, net of any impairment losses incurred since receipt. The Company will record impairment losses as the
fair value falls below the carrying value of the crypto assets at any time during the period, as determined using the lowest U.S. dollar
spot price of the related crypto asset subsequent to its acquisition. The crypto assets can only be marked down when impaired and not
marked up when their value increases.
Such
impairment in the value of crypto assets is recorded as a component of costs and expenses in our Statements of Operations. The Company
recorded impairment losses related to crypto assets of approximately $0.9 million and $12.2 million during the six months ended June
30, 2023, and 2022, respectively.
Impairment
losses cannot be recovered for any subsequent increase in fair value until the sale or disposal of the asset. Realized gain (loss) on
sale of crypto assets are included in other income (expense) in the Statements of Operations. The Company recorded realized gains (losses)
on crypto assets of approximately $0.7 million and $0.5 million during the six months ended June 30, 2023 and 2022, respectively.
The
presentation of purchases and sales of crypto assets on the Statement of Cash Flows is determined by the nature of the crypto assets,
which can be characterized as productive (i.e. purchased for purposes of staking) or non-productive. The purchase of non-productive crypto
assets and currencies are included as an operating activity, whereas the purchase of productive crypto assets and currencies are included
as investing activities in accordance with ASC 230-10-20 Investing activities. Productive crypto assets that are staked with a
lock-up period of less than 12 months are presented on the Balance Sheet as current assets. Staked crypto assets with remaining lock-up
periods of greater than 12 months are presented as long-term other assets on the Balance Sheet.
Internally
Developed Software
Internally
developed software consists of the core technology of the Company’s Digital Asset Platform, which is being designed to allow users
to track, monitor and analyze their aggregate cryptocurrency portfolio holdings by connecting their crypto exchanges and digital wallets
as well as providing a non-custodial delegation process to earn staking rewards on crypto asset holdings. For internally developed software,
the Company uses both its own employees as well as the services of external vendors and independent contractors. The Company accounts
for computer software used in the business in accordance with ASC 985-20 and ASC 350.
ASC
985-20, Software-Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed, requires that software development costs
incurred in conjunction with product development be charged to research and development expense until technological feasibility is established.
Thereafter, until the product is released for sale, software development costs must be capitalized and reported at the lower of unamortized
cost or net realizable value of the related product. Some companies use a “tested working model” approach to establishing
technological feasibility (i.e., beta version). Under this approach, software under development will pass the technological feasibility
milestone when the Company has completed a version that contains essentially all the functionality and features of the final version
and has tested the version to ensure that it works as expected.
ASC
350, Intangibles-Goodwill and Other, requires computer software costs associated with internal use software to be charged to operations
as incurred until certain capitalization criteria are met. Costs incurred during the preliminary project stage and the post-implementation
stages are expensed as incurred. Certain qualifying costs incurred during the application development stage are capitalized as property,
equipment and software. These costs generally consist of internal labor during configuration, coding, and testing activities. Capitalization
begins when (i) the preliminary project stage is complete, (ii) management with the relevant authority authorizes and commits to the
funding of the software project, and (iii) it is probable both that the project will be completed, and that the software will be used
to perform the function intended.
Property
and Equipment
Property
and equipment consists of computer, equipment and office furniture and fixtures, all of which are recorded at cost. Depreciation and
amortization are recorded using the straight-line method over the respective useful lives of the assets ranging from three to five years.
Long-lived assets are reviewed for impairment whenever events or circumstances indicate that the carrying amount of these assets may
not be recoverable.
Use
of Estimates
The
accompanying financial statements have been prepared in conformity with U.S. GAAP. This requires management to make estimates and assumptions
that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the
financial statements, and the reported amounts of revenue and expenses during the period. The Company’s significant estimates and
assumptions include the recoverability and useful lives of indefinite life intangible assets, stock-based compensation, and the valuation
allowance related to the Company’s deferred tax assets. Certain of the Company’s estimates, including the carrying amount
of the indefinite life intangible assets, could be affected by external conditions, including those unique to the Company and general
economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and
could cause actual results to differ from those estimates and assumptions.
Income
Taxes
The
Company recognizes income taxes on an accrual basis based on tax positions taken or expected to be taken in its tax returns. A tax position
is defined as a position in a previously filed tax return or a position expected to be taken in a future tax filing that is reflected
in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not
(i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities.
Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of
tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability
approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that
have been recognized in the Company’s financial statements or tax returns. A valuation allowance is established to reduce deferred
tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Company’s policy
is to classify interest and penalties related to tax positions as income tax expense. Since the Company’s inception, no such interest
or penalties have been incurred.
Accounting
for Warrants
The
Company accounts for the issuance of Common Stock purchase warrants issued in connection with the equity offerings in accordance with
the provisions of ASC 815, Derivatives and Hedging (“ASC 815”). The Company classifies as equity any contracts that (i) require
physical settlement or net-share settlement or (ii) gives the Company a choice of net-cash settlement or settlement in its own shares
(physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash
settlement (including a requirement to net-cash settle the contract if an event occurs and if that event is outside the control of the
Company) or (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement).
In addition, Under ASC 815, registered Common Stock warrants that require the issuance of registered shares upon exercise and do not
expressly preclude an implied right to cash settlement are accounted for as derivative liabilities. The Company classifies these derivative
warrant liabilities on the balance sheet as a current liability.
The
Company assessed the classification of Common Stock purchase warrants as of the date of each offering and determined that such instruments
originally met the criteria for equity classification; however, as a result of the Company no longer being in control of whether the
warrants may be cash settled, the instruments no longer qualify for equity classification. Accordingly, the Company classified the warrants
as a liability at their fair value and adjusts the instruments to fair value at each reporting period. This liability is subject to re-measurement
at each balance sheet date until the warrants are exercised or expired, and any change in fair value is recognized as “change in
the fair value of warrant liabilities” in the statements of operations. The fair value of the warrants has been estimated using
a Black-Scholes valuation model (see Note 4).
Stock-based
compensation
The
Company accounts for stock-based compensation in accordance with ASC 718 Compensation – Stock Compensation (“ASC 718”).
ASC 718 addresses all forms of share-based payment awards including shares issued under employee stock purchase plans and stock incentive
shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated
number of awards that are expected to vest and will result in a charge to operations.
Share-based
payment awards exchanged for services are accounted for at the fair value of the award on the estimated grant date.
Options
Stock
options issued under the Company’s long-term incentive plans are granted with an exercise price equal to no less than the market
price of the Company’s stock at the date of grant and expire up to ten years from the date of grant. These options often vest over
a one-year period.
The
Company estimates the fair value of stock option grants using the Black-Scholes option pricing model and the assumptions used in calculating
the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application
of management’s judgment.
Restricted
Stock Units (RSUs)
For
awards vesting upon the achievement of a service condition, compensation cost measured on the grant date will be recognized on a straight-line
basis over the vesting period. Stock-based compensation expense for the market-based restricted stock units with explicit service conditions
is recognized on a straight-line basis over the longer of the derived service period or the explicit service period, regardless of whether
the market condition is satisfied. However, in the event that the explicit service period is not met, previously recognized compensation
cost would be reversed. Market-based restricted stock units subject to market-based performance targets require achievement of the performance
target as well as a service condition in order for these RSUs to vest.
The
Company estimates the fair value of market-based RSUs as of the grant date and expected derived term using a Monte Carlo simulation that
incorporates pricing inputs covering the period from the grant date through the end of the derived service period.
Dividends
Effective
January 27, 2023, the Company’s Board of Directors (the “Board”) approved the issuance of a newly designated Series
V Preferred Stock (“Series V”) on a one-for-one basis to the Company’s shareholders (including restricted stock unit
holders and warrant holders who were entitled to such distribution). The distribution of Series V shares was approved and completed on
June 2, 2023 to shareholders as of the record date of May 12, 2023. The
Series V: (i) is non-convertible, (ii) has a 20% liquidation preference over the shares of common stock, (iii) is non-voting and (iv)
has certain rights to dividends and distributions (at the discretion of the Board).
A total of 14,542,803
shares of Series V Preferred Stock were distributed
to shareholders on June 2, 2023.
On
January 5, 2022, the Board declared a non-recurring special dividend of $0.05 for each outstanding share of Common Stock of the Company,
payable to holders of record as of the close of business on March 17, 2022. The dividend distributions are considered a return of capital
as the distributions are in excess of the Company’s current and accumulated earnings and profits. The return of capital distribution
reduces the Company’s additional paid in capital balance. Dividend distributions amounted to $0 and $635,000 during the six months
ended June 30, 2023 and 2022, respectively.
The
Company will evaluate the appropriateness of potential future dividends as the Company continues to grow its operations.
Advertising
Expense
Advertisement
costs are expensed as incurred and included in marketing expenses. Advertising and marketing expenses amounted to approximately $9,000
and $65,000 for the six months ended June 30, 2023 and 2022, respectively.
Net
Loss per Share
Basic
loss per share is computed by dividing the net income or loss applicable to common shares by the weighted average number of common shares
outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive,
potential common shares outstanding during the period. Potential common shares consist of the Company’s convertible preferred stock,
convertible notes, restricted stock units, options and warrants. Diluted loss per share excludes the shares issuable upon the conversion
of preferred stock, notes and warrants from the calculation of net loss per share if their effect would be anti-dilutive.
The
following financial instruments were not included in the diluted loss per share calculation as of June 30, 2023 and 2022 because their
effect was anti-dilutive:
Schedule
of Earnings Per Share Anti-diluted
| |
2023 | | |
2022 | |
| |
As of June 30, | |
| |
2023 | | |
2022 | |
Warrants
to purchase common stock | |
| 712,500 | | |
| 945,837 | |
Options | |
| 1,135,000 | | |
| 1,235,000 | |
Non-vested
restricted stock awards units | |
| 1,631,399 | | |
| 1,644,198 | |
Total | |
| 3,478,899 | | |
| 3,825,035 | |
Recent
Accounting Pronouncements
In
December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU
2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions
to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance
is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption
permitted. The Company adopted ASU No. 2019-12 effective January 1, 2021, and the adoption did not have a material impact on its financial
statements and related disclosures.
In
August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an
Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under
current U.S. GAAP. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative
scope exception and it also simplifies the diluted earnings per share calculation in certain areas. This guidance is effective for fiscal
years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The Company adopted
ASU No. 2020-06 effective January 1, 2022, and the adoption did not have a material impact on its financial statements and related disclosures.
Other
recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s
present or future financial statements.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.2
Fair Value of Financial Assets and Liabilities
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value of Financial Assets and Liabilities |
Note
4 – Fair Value of Financial Assets and Liabilities
The
Company measures certain assets and liabilities at fair value. The Company defines fair value as the price that would be received from
selling an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market in an orderly transaction
between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the
inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input
that is available and significant to the fair value measurement:
Level
1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or
liabilities.
Level
2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical
or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market
data for substantially the full term of the assets or liabilities.
Level
3 – Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants
would use in pricing the asset or liability.
Financial
instruments, including cash and cash equivalents, accounts and other receivables, accounts payable and accrued liabilities are carried
at cost, which management believes approximates fair value due to the short-term nature of these instruments.
The
following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and the Company’s
estimated level within the fair value hierarchy of those assets and liabilities as of June 30, 2023 and December 31, 2022:
Schedule
of Fair Value of Assets and Liabilities Valued on Recurring Basis
| |
Fair
Value Measured at June 30, 2023 | |
| |
| | |
Quoted | | |
Significant | | |
| |
| |
| | |
prices
in | | |
other | | |
Significant | |
| |
Total
at | | |
active | | |
observable | | |
unobservable | |
| |
June
30, | | |
markets | | |
inputs | | |
inputs | |
| |
2023 | | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
Assets | |
| | |
| | |
| | |
| |
Investments | |
$ | 100,000 | | |
$ | - | | |
$ | - | | |
$ | 100,000 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Warrant
Liabilities | |
$ | 356,250 | | |
$ | - | | |
$ | - | | |
$ | 356,250 | |
| |
Fair
Value Measured at December 31, 2022 | |
| |
| | |
Quoted | | |
Significant | | |
| |
| |
| | |
prices
in | | |
other | | |
Significant | |
| |
Total
at | | |
active | | |
observable | | |
unobservable | |
| |
December 31, | | |
markets | | |
inputs | | |
inputs | |
| |
2022 | | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
Assets | |
| | |
| | |
| | |
| |
Investments | |
$ | 100,000 | | |
$ | - | | |
$ | - | | |
$ | 100,000 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Warrant
Liabilities | |
$ | 213,750 | | |
$ | - | | |
$ | - | | |
$ | 213,750 | |
The
Company did not make any transfers between the levels of the fair value hierarchy during the six months ended June 30, 2023 and 2022.
Level
3 Valuation Techniques
Level
3 financial assets consist of private equity investments for which there is no current public market for these securities such that the
determination of fair value requires significant judgment or estimation. As of June 30, 2023 and December 31, 2022, the Company’s
Level 3 investments were carried at original cost of the investments, with a value of $100,000. The Company has elected to apply the
measurement alternative under ASC 321, Investments—Equity Securities, for these investments.
Level
3 financial liabilities consist of the warrant liabilities for which there is no current market for these securities such that the determination
of fair value requires significant judgment or estimation.
Changes
in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates
or assumptions and recorded as appropriate.
A
significant decrease in the volatility or a significant decrease in the Company’s stock price, in isolation, would result in a
significantly lower fair value measurement. Changes in the values of the warrant liabilities are recorded in “change in fair value
of warrant liabilities” in the Company’s statements of operations.
On
March 2, 2021, the Company entered into a securities purchase agreement with certain purchasers which closed on March 4, 2021 pursuant
to which the Company sold an aggregate of (i) 950,000 shares of Common Stock, and (ii) Common Stock warrants (the “Warrants”)
to purchase up to 712,500 shares of Common Stock for gross proceeds of $9.5 million in a private placement offering.
The
Warrants require, at the option of the holder, a net-cash settlement following certain fundamental transactions (as defined in the Warrants)
at the Company. At the time of issuance, the Company maintained control of certain fundamental transactions and as such the Warrants
were initially classified in equity. As of December 31, 2022, the Company no longer maintained control of certain fundamental transactions
as they did not control a majority of shareholder votes. As such, the Company may be required to cash settle the Warrants if a fundamental
transaction occurs which is outside the Company’s control. Accordingly, the Warrants are classified as liabilities. The Warrants
have been recorded at their fair value using the Black-Scholes valuation model, and will be recorded at their respective fair value at
each subsequent balance sheet date. This model incorporates transaction details such as the Company’s stock price, contractual
terms, maturity, risk-free rates, as well as volatility.
The
Warrants require the issuance of registered shares upon exercise, do not expressly preclude an implied right to cash settlement and are
therefore accounted for as derivative liabilities. The Company classifies these derivative warrant liabilities on the balance sheet as
a current liability.
A
summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s
warrant liabilities that are categorized within Level 3 of the fair value hierarchy at the date of issuance and, as of June 30, 2023
and December 31, 2022, is as follows:
Summary of Valuation Methodology and Significant Unobservable Inputs Warrant Liabilities
| |
June
30,
2023 | | |
December
31,
2022 | |
Risk-free
rate of interest | |
| 4.49 | % | |
| 3.99 | % |
Expected
volatility | |
| 144.6 | % | |
| 152.8 | % |
Expected
life (in years) | |
| 2.68 | | |
| 3.18 | |
Expected
dividend yield | |
| - | | |
| - | |
The
risk-free interest rate was based on rates established by the Federal Reserve Bank. For the Warrants, the Company estimates expected
volatility giving primary consideration to the historical volatility of its Common Stock. The general expected volatility is based on
the standard deviation of the Company’s underlying stock price’s daily logarithmic returns. The expected life of the warrants
was determined by the expiration date of the warrants. The expected dividend yield was based on the fact that the Company has not historically
paid dividends on its Common Stock and does not expect to pay recurring dividends on its Common Stock in the future.
The
following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial assets and liabilities
for the six months ended June 30, 2023 and 2022, that are measured at fair value on a recurring basis:
Schedule
of Changes in Fair Value and Other Adjustments of Warrants
| |
Fair
Value of Level 3 Financial Assets | |
| |
June
30, | | |
June
30, | |
| |
2023 | | |
2022 | |
Beginning
balance | |
$ | 100,000 | | |
$ | - | |
Purchases | |
| - | | |
| - | |
Unrealized
appreciation (depreciation) | |
| - | | |
| - | |
Ending
balance | |
$ | 100,000 | | |
$ | - | |
| |
Fair
Value of Level 3 Financial Liabilities | |
| |
June
30, | | |
June
30, | |
| |
2023 | | |
2022 | |
Beginning
balance | |
$ | 213,750 | | |
$ | 1,852,500 | |
Warrant
liabilities classification | |
| - | | |
| - | |
Fair
value adjustment of warrant liabilities | |
| 142,500 | | |
| (1,068,750 | ) |
Ending
balance | |
$ | 356,250 | | |
$ | 783,750 | |
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.2
Stockholders’ Equity
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity |
Note
5 – Stockholders’ Equity
Common
Stock
The
Company received shareholder approval on July 11, 2023 to amend our Articles of Incorporation to increase the number of authorized shares
of common stock from 97,500,000 shares to 975,000,000. On July 12, 2023, the Company filed a Certificate of Amendment to the Articles
of Incorporation to effectuate the increase of our authorized shares of common stock to 975,000,000.
At
The Market Offering Agreement
On
September 14, 2021, the Company entered into an At-The-Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright
& Co., LLC, as agent (“H.C. Wainwright”), pursuant to which the Company may offer and sell, from time-to-time through
H.C. Wainwright, shares of the Company’s Common Stock having an aggregate offering price of up to $98,767,500 million (the “Shares”).
The Company will pay H.C. Wainwright a commission rate equal to 3.0% of the aggregate gross proceeds from each sale of Shares.
During
the six months ended June 30, 2023, the Company sold a total of 651,172 shares of Common Stock under the ATM Agreement for aggregate
total gross proceeds of approximately $965,000 at an average selling price of $1.48 per share, resulting in net proceeds of approximately
$927,000 after deducting commissions and other transaction costs.
Share
Based Payments
Effective
January 19, 2023, The Board of Directors of the Company approved the issuance of $50,000 of common stock to each independent director.
The shares will be issued in four equal installments ($12,500) at the end of each calendar quarter beginning March 31st, subject
to continued service on each applicable issuance date. The number of shares issuable will be based on the closing price of the Company’s
common stock on the last trading day prior to the end of the applicable calendar quarter. For the six months ended June 30, 2023, 59,223
shares of common stock were issued to independent directors.
Preferred
Stock
Series
V
Effective
January 27, 2023, the Board approved the issuance of a newly designated Series V Preferred Stock (“Series V”) on a one-for-one
basis to the Company’s shareholders (including restricted stock unit holders and warrant holders). The distribution of Series V
shares was approved and completed on June 2, 2023 to shareholders as of the record date of May 12, 2023. The Series V: (i) is non-convertible,
(ii) has a 20% liquidation preference over the shares of common stock, (iii) is non-voting and (iv) has certain rights to dividends and
distributions (at the discretion of the Board of Directors). A total of 14,542,803 shares of Series V Preferred Stock were distributed
to shareholders on June 2, 2023. The Series V is listed to trade on the Upstream, the trading app for digital securities and NFTs powered by Horizon
Fintex and MERJ Exchange Limited, under the ticker symbol BTCSP.
The fair value of the Preferred stock as of the record date, May 12, 2023,
amounted to $2.6 million. The Company used a probability valuation model to determine the fair value of the preferred stock.
2021
Equity Incentive Plan
The
Company’s 2021 Equity Incentive Plan (the “2021 Plan”) was effective on January 1, 2021 and approved by shareholders
on March 31, 2021 and amended on June 13, 2022. The Company received shareholder approval on July 11, 2023 to increase the authorized
amount under the 2021 Plan from 7,000,000 shares to 12,000,000 shares.
Options
During
the six months ended June 30, 2023, the Company granted 20,000 stock options with a weighted average exercise price of $0.63 to non-executive
employees.
The
following weighted-average assumptions were used to estimate the fair value of options granted on the deemed grant date during the six
months ended June 30, 2023 and 2022 for both the Black-Scholes formula:
Schedule of
Weighted-Average Assumptions Used to Estimate Fair Value
| |
Three
Months Ended March 31, | |
| |
2023 | | |
2022 | |
Exercise
price | |
$ | 0.63 | | |
| - | |
Term
(years) | |
| 5.00 | | |
| - | |
Expected
stock price volatility | |
| 152.8 | % | |
| - | |
Risk-free
rate of interest | |
| 3.99 | % | |
| - | |
Expected
Volatility: The Company uses historical volatility as it provides a reasonable estimate of the expected volatility. Historical volatility
is based on the most recent volatility of the stock price over a period of time equivalent to the expected term of the option.
Risk-Free
Interest Rate: The risk-free interest rate is based on the U.S. treasury zero-coupon yield curve in effect at the time of grant for
the expected term of the option.
Expected
Term: The Company’s expected term represents the weighted-average period that the Company’s stock options are expected
to be outstanding. The expected term is based on the expected time to post-vesting exercise of options by employees. The Company uses
historical exercise patterns of previously granted options to derive employee behavioral patterns used to forecast expected exercise
patterns.
For
awards vesting upon the achievement of the market conditions which were met at the date of grant, compensation cost measured on the date
of grant was immediately recognized. For awards vesting upon the achievement of the market conditions which were not met at the date
of grant, compensation cost measured on the grant date will be recognized on a straight-line basis over the vesting period based on estimation
using a Monte-Carlo simulation.
A
summary of option activity under the Company’s stock option plan for six months ended June 30, 2023 is presented below:
Summary of Option Activity
| |
| | |
| | |
| | |
Weighted
Average | |
| |
| | |
Weighted | | |
| | |
Remaining | |
| |
Number
of | | |
Average | | |
Total | | |
Contractual
Life | |
| |
Shares | | |
Exercise
Price | | |
Intrinsic
Value | | |
(in
years) | |
Outstanding
as of December 31, 2022 | |
| 1,150,000 | | |
$ | 2.15 | | |
$ | - | | |
| 3.3 | |
Employee
options granted | |
| 20,000 | | |
| 0.63 | | |
| - | | |
| - | |
Employee
options forfeited | |
| (35,000 | ) | |
| 1.02 | | |
| 11,100 | | |
| - | |
Outstanding
as of June 30, 2023 | |
| 1,135,000 | | |
$ | 2.16 | | |
$ | - | | |
| 2.8 | |
Options
vested and exercisable as of June 30, 2023 | |
| 1,135,000 | | |
$ | 2.16 | | |
$ | - | | |
| 2.8 | |
RSUs
Effective
January 2, 2022, the Board of Directors of the Company ratified the following arrangements approved by its Compensation Committee:
The
Company’s executive officers were granted RSUs as part of a long-term incentive plan (“LTI”), with vesting terms set
for when the Company’s market capitalization reaches and sustains a market capitalization for 30 consecutive days above four defined
market capitalization thresholds of $100 million, $150 million, $200 million and $400 million.
Effective
February 22, 2022, upon appointment of Manish Paranjape as Chief Technology Officer of the Company, Mr. Paranjape was also granted RSUs
as part of the LTI plan, with consistent vesting terms set for when the Company’s market capitalization above the same four defined
market capitalization thresholds.
Effective
January 1, 2023 (the “LTI RSU Amendment Date”), upon recommendation of the Compensation Committee of the Board of Directors
approved an amendment to the LTI plan, whereby the market capitalization threshold targets were lowered to $50 million, $100 million,
$150 million, and $300 million.
The
RSUs granted to each executive employee are as follows:
Schedule of Restricted Stock Units
| |
| |
| |
Total | | |
Market
Cap Vesting Thresholds | |
Officer
Name | |
Title | |
Grant
Date | |
RSUs
Granted | | |
$
50 million | | |
$
100 million | | |
$
150 million | | |
$
300 million | |
Charles
Allen | |
Chief
Executive Officer | |
1/2/2022 | |
| 694,444 | | |
| 173,611 | | |
| 173,611 | | |
| 173,611 | | |
| 173,611 | |
Michal
Handerhan | |
Chief
Operations Officer | |
1/2/2022 | |
| 444,444 | | |
| 111,111 | | |
| 111,111 | | |
| 111,111 | | |
| 111,111 | |
Michael
Prevoznik | |
Chief
Financial Officer | |
1/2/2022 | |
| 222,224 | | |
| 55,556 | | |
| 55,556 | | |
| 55,556 | | |
| 55,556 | |
Manish
Paranjape | |
Chief
Technology Officer | |
2/22/2022 | |
| 160,184 | | |
| 40,046 | | |
| 40,046 | | |
| 40,046 | | |
| 40,046 | |
| |
| |
| |
| 1,521,296 | | |
| 380,324 | | |
| 380,324 | | |
| 380,324 | | |
| 380,324 | |
To
the extent any market capitalization targets set forth above for Mr. Prevoznik and Mr. Paranjape are achieved, the RSUs will also be
subject to the following five-year vesting schedule: 20% of the LTI RSUs which have met a market capitalization criteria will vest on
the one-year anniversary of the grant date, and the remaining 80% of the LTI RSUs which have met a market capitalization criteria will
vest annually on each subsequent calendar year-end date over the four years following the one year anniversary of the grant date.
For
awards vesting upon the achievement of a service condition, compensation cost measured on the grant date will be recognized on a straight-line
basis over the vesting period. Stock-based compensation expense for the market-based restricted stock units with explicit service conditions
is recognized on a straight-line basis over the longer of the derived service period or the explicit service period, regardless of whether
the market condition is satisfied. However, in the event that the explicit service period is not met, previously recognized compensation
cost would be reversed. Market-based restricted stock units subject to market-based performance targets require achievement of the performance
target as well as a service condition in order for these RSUs to vest.
The
Company estimates the fair value of market-based RSUs as of the grant date and expected derived term using a Monte Carlo simulation that
incorporates pricing inputs covering the period from the grant date through the end of the derived service period. As of the LTI RSU
Amendment Date, the Company determined the pre-modification and post-modification estimated fair value of the LTI RSUs accounting for
the amended market cap criteria. The increase in fair value of the LTI RSUs attributable to the modification was added to the related
unrecognized compensation expense in accordance with ASC 718 – Share-Based Compensation, whereby any previously recognized
compensation cost that has not vested as of the modification date should be adjusted to reflect the new fair value of the equity awards
on the date of the modification.
The
following weighted-average assumptions were used to estimate the fair value of options granted during the six months ended June 30, 2023
and 2022 for the Monte-Carlo simulation:
Schedule of
Weighted-Average Assumptions Used to Estimate Fair Value
| |
Valuation
Dates | |
| |
January
1, 2023 | | |
January
2, 2022 | |
| |
(Modification) | | |
(Original
Issuance) | |
Vesting Hurdle Price | |
| $3.81
- $30.52 | | |
| $8.07
- $36.99 | |
Term
(years) | |
| 4.00 | | |
| 5.00 | |
Expected
stock price volatility | |
| 97.30 | % | |
| 103.72 | % |
Risk-free
rate of interest | |
| 4.10 | % | |
| 1.32 | % |
Expected
Volatility: The Company uses historical volatility as it provides a reasonable estimate of the expected volatility. Historical volatility
is based on the most recent volatility of the stock price over a period of time equivalent to the expected term of the RSUs.
Risk-Free
Interest Rate: The risk-free interest rate is based on the U.S. treasury zero-coupon yield curve in effect at the time of grant for
the expected term of the RSUs.
Expected
Term: The Company’s expected term represents the weighted-average period that the Company’s RSUs are expected to be outstanding.
The expected term is based on the stipulated five-year period from the grant date until the market-based criteria are achieved. If the
market-based criteria are not achieved within the five-year period from the grant date, the RSUs will not vest and shall expire.
Vesting
Hurdle Price: The vesting hurdle price is determined as the average of the vesting Market Cap criteria divided by the shares outstanding
as of the valuation dates.
On
December 9, 2022, upon recommendation of the Compensation Committee, the Board of Directors approved the grant of 25,000 RSUs to Mr.
Prevoznik and Mr. Paranjape each, effective January 1, 2023, which vest annually over a five-year period with the first vesting date
being on the one-year anniversary of the execution date of the effective grant date, subject to continued employment on each applicable
vesting date.
A
summary of the Company’s restricted stock units granted under the 2021 Plan during the six months ended June 30, 2023 are as follows:
Summary of Restricted Stock
| |
Number
of | | |
Weighted
Average | |
| |
Restricted | | |
Grant
Day | |
| |
Stock
Units | | |
Fair
Value | |
Nonvested
at December 31, 2022 | |
| 1,590,552 | | |
$ | 3.34 | |
Granted | |
| 50,000 | | |
| 0.63 | |
Vested | |
| (9,153 | ) | |
| 4.37 | |
Forfeited | |
| - | | |
| - | |
Nonvested
at June 30, 2023 | |
| 1,631,399 | | |
$ | 3.25 | |
Stock
Based Compensation
Stock-based
compensation expense is recorded as a part of selling, general and administrative expenses, compensation expenses and cost of revenues.
Stock-based compensation expense for the three and six months ended June 30, 2023 and 2022 was as follows:
Schedule of Stock-based Compensation Expense
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For
the Three Months Ended June 30, | | |
For
the Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Employee
bonus stock awards | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 894,027 | |
Employee
stock option awards | |
| (8,619 | ) | |
| 12,812 | | |
| (5,312 | ) | |
| 82,446 | |
Employee
restricted stock unit awards | |
| 228,953 | | |
| 405,714 | | |
| 496,291 | | |
| 747,704 | |
Non-employee
restricted stock awards | |
| 8,333 | | |
| 89,656 | | |
| 24,242 | | |
| 171,737 | |
Stock-based
compensation | |
$ | 228,667 | | |
$ | 508,182 | | |
$ | 515,221 | | |
$ | 1,895,914 | |
|
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v3.23.2
Accrued Expenses
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
Accrued Expenses |
Note
6 – Accrued Expenses
Accrued
expenses consist of the following:
Schedule
of Accrued Expenses
| |
June
30, 2023 | | |
December
31, 2022 | |
Compensation
and related expenses | |
$ | 253,995 | | |
$ | 295,935 | |
Accounts
Payable | |
| 188,144 | | |
| 76,727 | |
Accrued
Expenses | |
$ | 442,139 | | |
$ | 372,662 | |
Accrued
compensation and related expenses include approximately $254,000 and $284,000 related to performance bonus accruals as of June 30, 2023
and December 31, 2022, respectively.
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.2
Employee Benefit Plans
|
6 Months Ended |
Jun. 30, 2023 |
Retirement Benefits [Abstract] |
|
Employee Benefit Plans |
Note
7 – Employee Benefit Plans
The
Company maintains defined contribution benefit plans under Section 401(k) of the Internal Revenue Code covering substantially all qualified
employees of the Company (the “401(k) Plan”). Under the 401(k) Plan, the Company may make discretionary contributions of
up to 100% of employee contributions. For the six months ended June 30, 2023 and 2022, the Company made contributions to the 401(k) Plan
of $95,000 and $45,000, respectively.
|
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- DefinitionThe entire disclosure of an entity's employee compensation and benefit plans, excluding share-based compensation and including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, life insurance, severance, health care, unemployment and other benefit plans.
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v3.23.2
Liquidity
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Liquidity |
Note
8 – Liquidity
The
Company follows “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about
an Entity’s Ability to Continue as a Going Concern”. The Company’s financial statements have been prepared assuming
that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities
in the normal course of business.
As
reflected in the financial statements, the Company has historically incurred a net loss and has an accumulated deficit at June 30, 2023,
a net loss and net cash used in operating activities for the reporting period then ended. The Company is implementing its business plan
and generating revenue; however, the Company’s cash position and liquid crypto assets are sufficient to support its daily operations
over the next twelve months.
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v3.23.2
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
9 – Subsequent Events
The
Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the
evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure
in the financial statements other than disclosed.
During
the period from July 1, 2023 to August 9, 2023, the Company sold a total of 151,882
shares of Common Stock under the ATM Agreement
for aggregate total gross proceeds of approximately $195,000
at an average selling price of $1.28
per share, resulting in net proceeds of approximately $187,000
after deducting commissions and other transaction costs.
On July 11, 2023, the Company filed
an Amendment to the Articles of Incorporation with the Nevada Secretary of State increasing the authorized shares of common stock to 975
million shares.
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v3.23.2
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of presentation |
Basis
of presentation
The
accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”).
|
Reclassifications |
Reclassifications
Certain
prior period amounts have been reclassified in order to conform with the current period presentation. These reclassifications have no
impact on the Company’s previously reported net income (loss).
|
Concentration of Cash |
Concentration
of Cash
The
Company maintains cash balances at three financial institutions in checking accounts and money market accounts. The Company considers
all highly liquid investments with original maturities of six months or less when purchased to be cash and cash equivalents. As of June
30, 2023 and December 31, 2022, the Company had approximately $0.9 million and $2.1 million in cash. The Company has not experienced
any losses in such accounts and believes it is not exposed to any significant credit risk on cash.
Financial
instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each
institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of June 30, 2023 and December
31, 2022, the Company had approximately $0.3 million and $1.7 million in excess of the FDIC insured limit, respectively.
|
Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenue under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.
The core principle of the new revenue standard is that a company should recognize revenue to depict the transfer of promised goods or
services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those
goods or services. The following five steps are applied to achieve that core principle:
|
● |
Step
1: Identify the contract with the customer |
|
● |
Step
2: Identify the performance obligations in the contract |
|
● |
Step
3: Determine the transaction price |
|
● |
Step
4: Allocate the transaction price to the performance obligations in the contract |
|
● |
Step
5: Recognize revenue when the Company satisfies a performance obligation |
Revenue
is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those goods or services. The Company generates revenue through staking rewards.
The
Company has entered into network-based smart contracts by running its own crypto asset validator nodes as well as by staking crypto assets
on nodes run by third-party operators (either directly or through crypto exchanges). Through these contracts, the Company provides cryptocurrency
to stake on a node for the purpose of validating transactions and adding blocks to a respective blockchain network. The term of a smart
contract can vary based on the rules of the respective blockchain and typically last a few weeks to months after it is cancelled by the
operator and requires that the cryptocurrency staked remain locked up during the duration of the smart contract. In exchange for staking
the cryptocurrency and validating transactions on blockchain networks, the Company is entitled to all of the fixed cryptocurrency award
for running the Company’s own node and is entitled to a fractional share of the fixed cryptocurrency award a third-party node operator
receives (less crypto asset transaction fees payable to the node operator or exchanges, which are immaterial and are recorded as a deduction
from revenue), for successfully validating or adding a block to the blockchain. The Company’s fractional share of awards received
from delegating to a third-party validator node is based on the proportion of cryptocurrency the Company staked to the node to the total
cryptocurrency staked by delegators to the node.
The
provision of validating blockchain transactions is an output of the Company’s ordinary activities. Each separate block creation
or validation under a smart contract with a network represents a performance obligation. The transaction consideration the Company receives
- the cryptocurrency award - is a non-cash consideration, which the Company measures at fair value on the date received. The fair value
of the cryptocurrency award received is determined using the quoted price of the related cryptocurrency on the date of receipt. The satisfaction
of the performance obligation for processing and validating blockchain transactions occurs at a point in time when confirmation is received
from the network indicating that the validation is complete, and the awards are available for transfer. At that point, revenue is recognized.
|
Cost of Revenue |
Cost
of Revenue
The
Company’s cost of revenue consists primarily of direct production costs related to the operations of validating transactions on
the network, rent and utilities for locations housing server nodes to the extent applicable, hosting costs if cloud-based servers are
utilized and fees (including equity compensation stock-based fees) paid to 3rd parties to assist in software maintenance and operations
of its nodes.
|
Crypto Assets Translations and Remeasurements |
Crypto
Assets Translations and Remeasurements
The
Company accounts for its crypto assets as indefinite-lived intangible assets in accordance with ASC 350, Intangibles – Goodwill
and Other. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently,
when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired.
Impairment exists when the carrying amount exceeds its fair value. In testing for impairment, the Company has the option to first perform
a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not
more likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Company concludes otherwise,
it is required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new
cost basis of the asset. Subsequent reversal of impairment losses is not permitted.
Crypto
assets held are included in the balance sheets as either current assets or other assets if they are staked and locked up for over one
year. The Company’s crypto assets are initially recorded at fair value upon receipt (or “carrying value”). The fair
value of crypto assets is determined using the U.S. dollar spot price of the related crypto asset. On a quarterly basis, crypto assets
are measured at carrying value, net of any impairment losses incurred since receipt. The Company will record impairment losses as the
fair value falls below the carrying value of the crypto assets at any time during the period, as determined using the lowest U.S. dollar
spot price of the related crypto asset subsequent to its acquisition. The crypto assets can only be marked down when impaired and not
marked up when their value increases.
Such
impairment in the value of crypto assets is recorded as a component of costs and expenses in our Statements of Operations. The Company
recorded impairment losses related to crypto assets of approximately $0.9 million and $12.2 million during the six months ended June
30, 2023, and 2022, respectively.
Impairment
losses cannot be recovered for any subsequent increase in fair value until the sale or disposal of the asset. Realized gain (loss) on
sale of crypto assets are included in other income (expense) in the Statements of Operations. The Company recorded realized gains (losses)
on crypto assets of approximately $0.7 million and $0.5 million during the six months ended June 30, 2023 and 2022, respectively.
The
presentation of purchases and sales of crypto assets on the Statement of Cash Flows is determined by the nature of the crypto assets,
which can be characterized as productive (i.e. purchased for purposes of staking) or non-productive. The purchase of non-productive crypto
assets and currencies are included as an operating activity, whereas the purchase of productive crypto assets and currencies are included
as investing activities in accordance with ASC 230-10-20 Investing activities. Productive crypto assets that are staked with a
lock-up period of less than 12 months are presented on the Balance Sheet as current assets. Staked crypto assets with remaining lock-up
periods of greater than 12 months are presented as long-term other assets on the Balance Sheet.
|
Internally Developed Software |
Internally
Developed Software
Internally
developed software consists of the core technology of the Company’s Digital Asset Platform, which is being designed to allow users
to track, monitor and analyze their aggregate cryptocurrency portfolio holdings by connecting their crypto exchanges and digital wallets
as well as providing a non-custodial delegation process to earn staking rewards on crypto asset holdings. For internally developed software,
the Company uses both its own employees as well as the services of external vendors and independent contractors. The Company accounts
for computer software used in the business in accordance with ASC 985-20 and ASC 350.
ASC
985-20, Software-Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed, requires that software development costs
incurred in conjunction with product development be charged to research and development expense until technological feasibility is established.
Thereafter, until the product is released for sale, software development costs must be capitalized and reported at the lower of unamortized
cost or net realizable value of the related product. Some companies use a “tested working model” approach to establishing
technological feasibility (i.e., beta version). Under this approach, software under development will pass the technological feasibility
milestone when the Company has completed a version that contains essentially all the functionality and features of the final version
and has tested the version to ensure that it works as expected.
ASC
350, Intangibles-Goodwill and Other, requires computer software costs associated with internal use software to be charged to operations
as incurred until certain capitalization criteria are met. Costs incurred during the preliminary project stage and the post-implementation
stages are expensed as incurred. Certain qualifying costs incurred during the application development stage are capitalized as property,
equipment and software. These costs generally consist of internal labor during configuration, coding, and testing activities. Capitalization
begins when (i) the preliminary project stage is complete, (ii) management with the relevant authority authorizes and commits to the
funding of the software project, and (iii) it is probable both that the project will be completed, and that the software will be used
to perform the function intended.
|
Property and Equipment |
Property
and Equipment
Property
and equipment consists of computer, equipment and office furniture and fixtures, all of which are recorded at cost. Depreciation and
amortization are recorded using the straight-line method over the respective useful lives of the assets ranging from three to five years.
Long-lived assets are reviewed for impairment whenever events or circumstances indicate that the carrying amount of these assets may
not be recoverable.
|
Use of Estimates |
Use
of Estimates
The
accompanying financial statements have been prepared in conformity with U.S. GAAP. This requires management to make estimates and assumptions
that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the
financial statements, and the reported amounts of revenue and expenses during the period. The Company’s significant estimates and
assumptions include the recoverability and useful lives of indefinite life intangible assets, stock-based compensation, and the valuation
allowance related to the Company’s deferred tax assets. Certain of the Company’s estimates, including the carrying amount
of the indefinite life intangible assets, could be affected by external conditions, including those unique to the Company and general
economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and
could cause actual results to differ from those estimates and assumptions.
|
Income Taxes |
Income
Taxes
The
Company recognizes income taxes on an accrual basis based on tax positions taken or expected to be taken in its tax returns. A tax position
is defined as a position in a previously filed tax return or a position expected to be taken in a future tax filing that is reflected
in measuring current or deferred income tax assets and liabilities. Tax positions are recognized only when it is more likely than not
(i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities.
Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of
tax benefit that is greater than 50% likely of being realized upon settlement. Income taxes are accounted for using an asset and liability
approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that
have been recognized in the Company’s financial statements or tax returns. A valuation allowance is established to reduce deferred
tax assets if all, or some portion, of such assets will more than likely not be realized. Should they occur, the Company’s policy
is to classify interest and penalties related to tax positions as income tax expense. Since the Company’s inception, no such interest
or penalties have been incurred.
|
Accounting for Warrants |
Accounting
for Warrants
The
Company accounts for the issuance of Common Stock purchase warrants issued in connection with the equity offerings in accordance with
the provisions of ASC 815, Derivatives and Hedging (“ASC 815”). The Company classifies as equity any contracts that (i) require
physical settlement or net-share settlement or (ii) gives the Company a choice of net-cash settlement or settlement in its own shares
(physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash
settlement (including a requirement to net-cash settle the contract if an event occurs and if that event is outside the control of the
Company) or (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement).
In addition, Under ASC 815, registered Common Stock warrants that require the issuance of registered shares upon exercise and do not
expressly preclude an implied right to cash settlement are accounted for as derivative liabilities. The Company classifies these derivative
warrant liabilities on the balance sheet as a current liability.
The
Company assessed the classification of Common Stock purchase warrants as of the date of each offering and determined that such instruments
originally met the criteria for equity classification; however, as a result of the Company no longer being in control of whether the
warrants may be cash settled, the instruments no longer qualify for equity classification. Accordingly, the Company classified the warrants
as a liability at their fair value and adjusts the instruments to fair value at each reporting period. This liability is subject to re-measurement
at each balance sheet date until the warrants are exercised or expired, and any change in fair value is recognized as “change in
the fair value of warrant liabilities” in the statements of operations. The fair value of the warrants has been estimated using
a Black-Scholes valuation model (see Note 4).
|
Stock-based compensation |
Stock-based
compensation
The
Company accounts for stock-based compensation in accordance with ASC 718 Compensation – Stock Compensation (“ASC 718”).
ASC 718 addresses all forms of share-based payment awards including shares issued under employee stock purchase plans and stock incentive
shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated
number of awards that are expected to vest and will result in a charge to operations.
Share-based
payment awards exchanged for services are accounted for at the fair value of the award on the estimated grant date.
Options
Stock
options issued under the Company’s long-term incentive plans are granted with an exercise price equal to no less than the market
price of the Company’s stock at the date of grant and expire up to ten years from the date of grant. These options often vest over
a one-year period.
The
Company estimates the fair value of stock option grants using the Black-Scholes option pricing model and the assumptions used in calculating
the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application
of management’s judgment.
Restricted
Stock Units (RSUs)
For
awards vesting upon the achievement of a service condition, compensation cost measured on the grant date will be recognized on a straight-line
basis over the vesting period. Stock-based compensation expense for the market-based restricted stock units with explicit service conditions
is recognized on a straight-line basis over the longer of the derived service period or the explicit service period, regardless of whether
the market condition is satisfied. However, in the event that the explicit service period is not met, previously recognized compensation
cost would be reversed. Market-based restricted stock units subject to market-based performance targets require achievement of the performance
target as well as a service condition in order for these RSUs to vest.
The
Company estimates the fair value of market-based RSUs as of the grant date and expected derived term using a Monte Carlo simulation that
incorporates pricing inputs covering the period from the grant date through the end of the derived service period.
|
Dividends |
Dividends
Effective
January 27, 2023, the Company’s Board of Directors (the “Board”) approved the issuance of a newly designated Series
V Preferred Stock (“Series V”) on a one-for-one basis to the Company’s shareholders (including restricted stock unit
holders and warrant holders who were entitled to such distribution). The distribution of Series V shares was approved and completed on
June 2, 2023 to shareholders as of the record date of May 12, 2023. The
Series V: (i) is non-convertible, (ii) has a 20% liquidation preference over the shares of common stock, (iii) is non-voting and (iv)
has certain rights to dividends and distributions (at the discretion of the Board).
A total of 14,542,803
shares of Series V Preferred Stock were distributed
to shareholders on June 2, 2023.
On
January 5, 2022, the Board declared a non-recurring special dividend of $0.05 for each outstanding share of Common Stock of the Company,
payable to holders of record as of the close of business on March 17, 2022. The dividend distributions are considered a return of capital
as the distributions are in excess of the Company’s current and accumulated earnings and profits. The return of capital distribution
reduces the Company’s additional paid in capital balance. Dividend distributions amounted to $0 and $635,000 during the six months
ended June 30, 2023 and 2022, respectively.
The
Company will evaluate the appropriateness of potential future dividends as the Company continues to grow its operations.
|
Advertising Expense |
Advertising
Expense
Advertisement
costs are expensed as incurred and included in marketing expenses. Advertising and marketing expenses amounted to approximately $9,000
and $65,000 for the six months ended June 30, 2023 and 2022, respectively.
|
Net Loss per Share |
Net
Loss per Share
Basic
loss per share is computed by dividing the net income or loss applicable to common shares by the weighted average number of common shares
outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive,
potential common shares outstanding during the period. Potential common shares consist of the Company’s convertible preferred stock,
convertible notes, restricted stock units, options and warrants. Diluted loss per share excludes the shares issuable upon the conversion
of preferred stock, notes and warrants from the calculation of net loss per share if their effect would be anti-dilutive.
The
following financial instruments were not included in the diluted loss per share calculation as of June 30, 2023 and 2022 because their
effect was anti-dilutive:
Schedule
of Earnings Per Share Anti-diluted
| |
2023 | | |
2022 | |
| |
As of June 30, | |
| |
2023 | | |
2022 | |
Warrants
to purchase common stock | |
| 712,500 | | |
| 945,837 | |
Options | |
| 1,135,000 | | |
| 1,235,000 | |
Non-vested
restricted stock awards units | |
| 1,631,399 | | |
| 1,644,198 | |
Total | |
| 3,478,899 | | |
| 3,825,035 | |
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU
2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions
to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance
is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption
permitted. The Company adopted ASU No. 2019-12 effective January 1, 2021, and the adoption did not have a material impact on its financial
statements and related disclosures.
In
August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an
Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under
current U.S. GAAP. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative
scope exception and it also simplifies the diluted earnings per share calculation in certain areas. This guidance is effective for fiscal
years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The Company adopted
ASU No. 2020-06 effective January 1, 2022, and the adoption did not have a material impact on its financial statements and related disclosures.
Other
recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s
present or future financial statements.
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v3.23.2
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Earnings Per Share Anti-diluted |
The
following financial instruments were not included in the diluted loss per share calculation as of June 30, 2023 and 2022 because their
effect was anti-dilutive:
Schedule
of Earnings Per Share Anti-diluted
| |
2023 | | |
2022 | |
| |
As of June 30, | |
| |
2023 | | |
2022 | |
Warrants
to purchase common stock | |
| 712,500 | | |
| 945,837 | |
Options | |
| 1,135,000 | | |
| 1,235,000 | |
Non-vested
restricted stock awards units | |
| 1,631,399 | | |
| 1,644,198 | |
Total | |
| 3,478,899 | | |
| 3,825,035 | |
|
X |
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- DefinitionTabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.
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v3.23.2
Fair Value of Financial Assets and Liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Schedule of Fair Value of Assets and Liabilities Valued on Recurring Basis |
The
following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and the Company’s
estimated level within the fair value hierarchy of those assets and liabilities as of June 30, 2023 and December 31, 2022:
Schedule
of Fair Value of Assets and Liabilities Valued on Recurring Basis
| |
Fair
Value Measured at June 30, 2023 | |
| |
| | |
Quoted | | |
Significant | | |
| |
| |
| | |
prices
in | | |
other | | |
Significant | |
| |
Total
at | | |
active | | |
observable | | |
unobservable | |
| |
June
30, | | |
markets | | |
inputs | | |
inputs | |
| |
2023 | | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
Assets | |
| | |
| | |
| | |
| |
Investments | |
$ | 100,000 | | |
$ | - | | |
$ | - | | |
$ | 100,000 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Warrant
Liabilities | |
$ | 356,250 | | |
$ | - | | |
$ | - | | |
$ | 356,250 | |
| |
Fair
Value Measured at December 31, 2022 | |
| |
| | |
Quoted | | |
Significant | | |
| |
| |
| | |
prices
in | | |
other | | |
Significant | |
| |
Total
at | | |
active | | |
observable | | |
unobservable | |
| |
December 31, | | |
markets | | |
inputs | | |
inputs | |
| |
2022 | | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
Assets | |
| | |
| | |
| | |
| |
Investments | |
$ | 100,000 | | |
$ | - | | |
$ | - | | |
$ | 100,000 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Warrant
Liabilities | |
$ | 213,750 | | |
$ | - | | |
$ | - | | |
$ | 213,750 | |
|
Summary of Valuation Methodology and Significant Unobservable Inputs Warrant Liabilities |
A
summary of quantitative information with respect to the valuation methodology and significant unobservable inputs used for the Company’s
warrant liabilities that are categorized within Level 3 of the fair value hierarchy at the date of issuance and, as of June 30, 2023
and December 31, 2022, is as follows:
Summary of Valuation Methodology and Significant Unobservable Inputs Warrant Liabilities
| |
June
30,
2023 | | |
December
31,
2022 | |
Risk-free
rate of interest | |
| 4.49 | % | |
| 3.99 | % |
Expected
volatility | |
| 144.6 | % | |
| 152.8 | % |
Expected
life (in years) | |
| 2.68 | | |
| 3.18 | |
Expected
dividend yield | |
| - | | |
| - | |
|
Fair Value, Inputs, Level 3 [Member] |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Schedule of Changes in Fair Value and Other Adjustments of Warrants |
The
following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial assets and liabilities
for the six months ended June 30, 2023 and 2022, that are measured at fair value on a recurring basis:
Schedule
of Changes in Fair Value and Other Adjustments of Warrants
| |
Fair
Value of Level 3 Financial Assets | |
| |
June
30, | | |
June
30, | |
| |
2023 | | |
2022 | |
Beginning
balance | |
$ | 100,000 | | |
$ | - | |
Purchases | |
| - | | |
| - | |
Unrealized
appreciation (depreciation) | |
| - | | |
| - | |
Ending
balance | |
$ | 100,000 | | |
$ | - | |
| |
Fair
Value of Level 3 Financial Liabilities | |
| |
June
30, | | |
June
30, | |
| |
2023 | | |
2022 | |
Beginning
balance | |
$ | 213,750 | | |
$ | 1,852,500 | |
Warrant
liabilities classification | |
| - | | |
| - | |
Fair
value adjustment of warrant liabilities | |
| 142,500 | | |
| (1,068,750 | ) |
Ending
balance | |
$ | 356,250 | | |
$ | 783,750 | |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.2
Stockholders’ Equity (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value |
The
following weighted-average assumptions were used to estimate the fair value of options granted during the six months ended June 30, 2023
and 2022 for the Monte-Carlo simulation:
Schedule of
Weighted-Average Assumptions Used to Estimate Fair Value
| |
Valuation
Dates | |
| |
January
1, 2023 | | |
January
2, 2022 | |
| |
(Modification) | | |
(Original
Issuance) | |
Vesting Hurdle Price | |
| $3.81
- $30.52 | | |
| $8.07
- $36.99 | |
Term
(years) | |
| 4.00 | | |
| 5.00 | |
Expected
stock price volatility | |
| 97.30 | % | |
| 103.72 | % |
Risk-free
rate of interest | |
| 4.10 | % | |
| 1.32 | % |
|
Summary of Option Activity |
A
summary of option activity under the Company’s stock option plan for six months ended June 30, 2023 is presented below:
Summary of Option Activity
| |
| | |
| | |
| | |
Weighted
Average | |
| |
| | |
Weighted | | |
| | |
Remaining | |
| |
Number
of | | |
Average | | |
Total | | |
Contractual
Life | |
| |
Shares | | |
Exercise
Price | | |
Intrinsic
Value | | |
(in
years) | |
Outstanding
as of December 31, 2022 | |
| 1,150,000 | | |
$ | 2.15 | | |
$ | - | | |
| 3.3 | |
Employee
options granted | |
| 20,000 | | |
| 0.63 | | |
| - | | |
| - | |
Employee
options forfeited | |
| (35,000 | ) | |
| 1.02 | | |
| 11,100 | | |
| - | |
Outstanding
as of June 30, 2023 | |
| 1,135,000 | | |
$ | 2.16 | | |
$ | - | | |
| 2.8 | |
Options
vested and exercisable as of June 30, 2023 | |
| 1,135,000 | | |
$ | 2.16 | | |
$ | - | | |
| 2.8 | |
|
Schedule of Restricted Stock Units |
The
RSUs granted to each executive employee are as follows:
Schedule of Restricted Stock Units
| |
| |
| |
Total | | |
Market
Cap Vesting Thresholds | |
Officer
Name | |
Title | |
Grant
Date | |
RSUs
Granted | | |
$
50 million | | |
$
100 million | | |
$
150 million | | |
$
300 million | |
Charles
Allen | |
Chief
Executive Officer | |
1/2/2022 | |
| 694,444 | | |
| 173,611 | | |
| 173,611 | | |
| 173,611 | | |
| 173,611 | |
Michal
Handerhan | |
Chief
Operations Officer | |
1/2/2022 | |
| 444,444 | | |
| 111,111 | | |
| 111,111 | | |
| 111,111 | | |
| 111,111 | |
Michael
Prevoznik | |
Chief
Financial Officer | |
1/2/2022 | |
| 222,224 | | |
| 55,556 | | |
| 55,556 | | |
| 55,556 | | |
| 55,556 | |
Manish
Paranjape | |
Chief
Technology Officer | |
2/22/2022 | |
| 160,184 | | |
| 40,046 | | |
| 40,046 | | |
| 40,046 | | |
| 40,046 | |
| |
| |
| |
| 1,521,296 | | |
| 380,324 | | |
| 380,324 | | |
| 380,324 | | |
| 380,324 | |
|
Summary of Restricted Stock |
A
summary of the Company’s restricted stock units granted under the 2021 Plan during the six months ended June 30, 2023 are as follows:
Summary of Restricted Stock
| |
Number
of | | |
Weighted
Average | |
| |
Restricted | | |
Grant
Day | |
| |
Stock
Units | | |
Fair
Value | |
Nonvested
at December 31, 2022 | |
| 1,590,552 | | |
$ | 3.34 | |
Granted | |
| 50,000 | | |
| 0.63 | |
Vested | |
| (9,153 | ) | |
| 4.37 | |
Forfeited | |
| - | | |
| - | |
Nonvested
at June 30, 2023 | |
| 1,631,399 | | |
$ | 3.25 | |
|
Schedule of Stock-based Compensation Expense |
Stock-based
compensation expense is recorded as a part of selling, general and administrative expenses, compensation expenses and cost of revenues.
Stock-based compensation expense for the three and six months ended June 30, 2023 and 2022 was as follows:
Schedule of Stock-based Compensation Expense
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For
the Three Months Ended June 30, | | |
For
the Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Employee
bonus stock awards | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 894,027 | |
Employee
stock option awards | |
| (8,619 | ) | |
| 12,812 | | |
| (5,312 | ) | |
| 82,446 | |
Employee
restricted stock unit awards | |
| 228,953 | | |
| 405,714 | | |
| 496,291 | | |
| 747,704 | |
Non-employee
restricted stock awards | |
| 8,333 | | |
| 89,656 | | |
| 24,242 | | |
| 171,737 | |
Stock-based
compensation | |
$ | 228,667 | | |
$ | 508,182 | | |
$ | 515,221 | | |
$ | 1,895,914 | |
|
2021 Equity Incentive Plan [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value |
Schedule of
Weighted-Average Assumptions Used to Estimate Fair Value
| |
Three
Months Ended March 31, | |
| |
2023 | | |
2022 | |
Exercise
price | |
$ | 0.63 | | |
| - | |
Term
(years) | |
| 5.00 | | |
| - | |
Expected
stock price volatility | |
| 152.8 | % | |
| - | |
Risk-free
rate of interest | |
| 3.99 | % | |
| - | |
|
X |
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v3.23.2
Accrued Expenses (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued Expenses |
Accrued
expenses consist of the following:
Schedule
of Accrued Expenses
| |
June
30, 2023 | | |
December
31, 2022 | |
Compensation
and related expenses | |
$ | 253,995 | | |
$ | 295,935 | |
Accounts
Payable | |
| 188,144 | | |
| 76,727 | |
Accrued
Expenses | |
$ | 442,139 | | |
$ | 372,662 | |
|
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v3.23.2
Schedule of Earnings Per Share Anti-diluted (Details) - shares
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
3,478,899
|
3,825,035
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
712,500
|
945,837
|
Share-Based Payment Arrangement, Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
1,135,000
|
1,235,000
|
Non Vested Restricted Stock Awards Units [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
1,631,399
|
1,644,198
|
X |
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v3.23.2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
|
6 Months Ended |
|
|
Jun. 02, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Jan. 05, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Cash and cash equivalents |
|
$ 943,418
|
|
$ 2,146,783
|
|
Cash, FDIC insured amount |
|
300,000
|
|
$ 1,700,000
|
|
Impairment losses |
|
900,000
|
$ 12,200,000
|
|
|
Realized investment gains losses |
|
$ 700,000
|
500,000
|
|
|
Income tax likelihood percentage description |
|
Tax positions are recognized only when it is more likely than not
(i.e., likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities.
Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of
tax benefit that is greater than 50% likely of being realized upon settlement
|
|
|
|
Preferred Stock, Conversion Basis |
|
The
Series V: (i) is non-convertible, (ii) has a 20% liquidation preference over the shares of common stock, (iii) is non-voting and (iv)
has certain rights to dividends and distributions (at the discretion of the Board)
|
|
|
|
Payments of dividends |
|
$ 0
|
635,000
|
|
|
Advertising and marketing expenses |
|
$ 9,000
|
$ 65,000
|
|
|
Board of Directors [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Dividend per share |
|
|
|
|
$ 0.05
|
Series V Preferred Stock [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Preferred Stock, Conversion Basis |
|
The Series V: (i) is non-convertible,
(ii) has a 20% liquidation preference over the shares of common stock, (iii) is non-voting and (iv) has certain rights to dividends and
distributions (at the discretion of the Board of Directors)
|
|
|
|
Preferred Stock [Member] | Series V Preferred Stock [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Stock Issued During Period, Shares, New Issues |
14,542,803
|
|
|
|
|
Maximum [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Cash, FDIC insured amount |
|
$ 250,000
|
|
|
|
Property, plant and equipment, estimated useful lives |
|
5 years
|
|
|
|
Minimum [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property, plant and equipment, estimated useful lives |
|
3 years
|
|
|
|
X |
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v3.23.2
Schedule of Fair Value of Assets and Liabilities Valued on Recurring Basis (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Investments |
$ 100,000
|
$ 100,000
|
|
|
Warrant liabilities |
356,250
|
213,750
|
|
|
Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Investments |
|
|
|
|
Warrant liabilities |
|
|
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Investments |
|
|
|
|
Warrant liabilities |
|
|
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Investments |
100,000
|
100,000
|
|
|
Warrant liabilities |
$ 356,250
|
$ 213,750
|
$ 783,750
|
$ 1,852,500
|
X |
- DefinitionFair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.
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v3.23.2
Schedule of Changes in Fair Value and Other Adjustments of Warrants (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Investment, beginning balance |
|
|
$ 100,000
|
|
Investment, ending balance |
$ 100,000
|
|
100,000
|
|
Warrant liabilities, beginning balance |
|
|
213,750
|
|
Fair value adjustment of warrant liabilities |
(142,500)
|
$ (1,710,000)
|
142,500
|
$ (1,068,750)
|
Warrant liabilities, ending balance |
356,250
|
|
356,250
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Investment, beginning balance |
|
|
100,000
|
|
Purchases |
|
|
|
|
Unrealized appreciation (depreciation) |
|
|
|
|
Investment, ending balance |
100,000
|
|
100,000
|
|
Warrant liabilities, beginning balance |
|
|
213,750
|
1,852,500
|
Warrant liabilities classification |
|
|
|
|
Fair value adjustment of warrant liabilities |
|
|
142,500
|
(1,068,750)
|
Warrant liabilities, ending balance |
$ 356,250
|
$ 783,750
|
$ 356,250
|
$ 783,750
|
X |
- DefinitionInvestment owned unrecognized unrealized appreciation depreciation.
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v3.23.2
Fair Value of Financial Assets and Liabilities (Details Narrative) - USD ($)
|
Mar. 02, 2021 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
Investments fair value |
|
$ 100,000
|
$ 100,000
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
Shares of common stock |
950,000
|
|
|
|
|
Common stock warrants |
712,500
|
|
|
|
|
Gross proceeds from private placement |
$ 9,500,000
|
|
|
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
Investments fair value |
|
$ 100,000
|
$ 100,000
|
|
|
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v3.23.2
Summary of Option Activity (Details)
|
6 Months Ended |
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Equity [Abstract] |
|
Number of shares outstanding, beginning balance | shares |
1,150,000
|
Weighted average exercise price, beginning balance |
$ 2.15
|
Total Intrinsic value, beginning balance | $ |
|
Weighted average remaining contractual life (in years), beginning balance |
3 years 3 months 18 days
|
Number of shares outstanding, Employee options granted | shares |
20,000
|
Weighted average exercise price, employee options granted |
$ 0.63
|
Total intrinsic value, employee options granted |
|
Number of shares outstanding, Employee options forfeited | shares |
(35,000)
|
Weighted average exercise price, employee options forfeited |
$ 1.02
|
Total intrinsic value, employee options forfeited |
$ 11,100
|
Number of shares outstanding, ending balance | shares |
1,135,000
|
Weighted average exercise price, ending balance |
$ 2.16
|
Total Intrinsic value, ending balance | $ |
|
Weighted average remaining contractual life (in years), ending balance |
2 years 9 months 18 days
|
Number of shares outstanding, options vested and exercisable | shares |
1,135,000
|
Weighted average exercise price, options vested and exercisable |
$ 2.16
|
Total intrinsic value, options vested and exercisable | $ |
|
Weighted average remaining contractual life (in years), options vested and exercisable |
2 years 9 months 18 days
|
X |
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v3.23.2
Schedule of Restricted Stock Units (Details) - shares
|
|
|
6 Months Ended |
Feb. 22, 2022 |
Jan. 02, 2022 |
Jun. 30, 2023 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
|
1,521,296
|
Market Cap Vesting Thresholds $50 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
|
380,324
|
Market Cap Vesting Thresholds $100 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
|
380,324
|
Market Cap Vesting Thresholds $150 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
|
380,324
|
Market Cap Vesting Thresholds $300 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
|
380,324
|
Chief Executive Officer [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
[custom:OfficerName] |
|
Charles
Allen
|
|
[custom:StockIssuedDuringPeriodRestrictedStockAwardGrantDate] |
|
Jan. 02, 2022
|
|
Number of restricted stock units granted and vested, shares |
|
694,444
|
|
Chief Executive Officer [Member] | Market Cap Vesting Thresholds $50 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
173,611
|
|
Chief Executive Officer [Member] | Market Cap Vesting Thresholds $100 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
173,611
|
|
Chief Executive Officer [Member] | Market Cap Vesting Thresholds $150 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
173,611
|
|
Chief Executive Officer [Member] | Market Cap Vesting Thresholds $300 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
173,611
|
|
Chief Operating Officer [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
[custom:OfficerName] |
|
Michal
Handerhan
|
|
[custom:StockIssuedDuringPeriodRestrictedStockAwardGrantDate] |
|
Jan. 02, 2022
|
|
Number of restricted stock units granted and vested, shares |
|
444,444
|
|
Chief Operating Officer [Member] | Market Cap Vesting Thresholds $50 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
111,111
|
|
Chief Operating Officer [Member] | Market Cap Vesting Thresholds $100 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
111,111
|
|
Chief Operating Officer [Member] | Market Cap Vesting Thresholds $150 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
111,111
|
|
Chief Operating Officer [Member] | Market Cap Vesting Thresholds $300 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
111,111
|
|
Chief Financial Officer [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
[custom:OfficerName] |
|
Michael
Prevoznik
|
|
[custom:StockIssuedDuringPeriodRestrictedStockAwardGrantDate] |
|
Jan. 02, 2022
|
|
Number of restricted stock units granted and vested, shares |
|
222,224
|
|
Chief Financial Officer [Member] | Market Cap Vesting Thresholds $50 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
55,556
|
|
Chief Financial Officer [Member] | Market Cap Vesting Thresholds $100 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
55,556
|
|
Chief Financial Officer [Member] | Market Cap Vesting Thresholds $150 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
55,556
|
|
Chief Financial Officer [Member] | Market Cap Vesting Thresholds $300 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
|
55,556
|
|
Chief Technology Officer [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
[custom:OfficerName] |
Manish
Paranjape
|
|
|
[custom:StockIssuedDuringPeriodRestrictedStockAwardGrantDate] |
Feb. 22, 2022
|
|
|
Number of restricted stock units granted and vested, shares |
160,184
|
|
|
Chief Technology Officer [Member] | Market Cap Vesting Thresholds $50 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
40,046
|
|
|
Chief Technology Officer [Member] | Market Cap Vesting Thresholds $100 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
40,046
|
|
|
Chief Technology Officer [Member] | Market Cap Vesting Thresholds $150 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
40,046
|
|
|
Chief Technology Officer [Member] | Market Cap Vesting Thresholds $300 Million [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Number of restricted stock units granted and vested, shares |
40,046
|
|
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v3.23.2
Summary of Restricted Stock (Details)
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Equity [Abstract] |
|
Number of restricted stock units nonvested, beginning balance | shares |
1,590,552
|
Weighted average grant day fair value nonvested, beginning balance | $ / shares |
$ 3.34
|
Number of restricted stock units, granted | shares |
50,000
|
Weighted average grant day fair value, granted | $ / shares |
$ 0.63
|
Number of restricted stock units, vested | shares |
(9,153)
|
Weighted average grant day fair value, forfeited | $ / shares |
$ 4.37
|
Number of restricted stock units, forfeited | shares |
|
Weighted average grant day fair value, vested | $ / shares |
|
Number of restricted stock units nonvested, ending balance | shares |
1,631,399
|
Weighted average grant day fair value nonvested, ending balance | $ / shares |
$ 3.25
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v3.23.2
Schedule of Stock-based Compensation Expense (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation |
$ 228,667
|
$ 508,182
|
$ 515,221
|
$ 1,895,914
|
Employee Bonus Stock Awards [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation |
|
|
|
894,027
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation |
(8,619)
|
12,812
|
(5,312)
|
82,446
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation |
228,953
|
405,714
|
496,291
|
747,704
|
Non Employee Restricted Stock Awards [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation |
$ 8,333
|
$ 89,656
|
$ 24,242
|
$ 171,737
|
X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized.
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v3.23.2
Stockholders’ Equity (Details Narrative) - USD ($)
|
|
|
|
|
|
|
1 Months Ended |
6 Months Ended |
|
|
|
|
|
Jun. 02, 2023 |
Jan. 19, 2023 |
Jan. 01, 2023 |
Dec. 09, 2022 |
Jan. 02, 2022 |
Sep. 14, 2021 |
Aug. 09, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jul. 12, 2023 |
Jul. 11, 2023 |
May 12, 2023 |
Dec. 31, 2022 |
Jun. 13, 2022 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
97,500,000
|
|
975,000,000
|
975,000,000
|
|
97,500,000
|
|
Liquidation preference |
|
|
|
|
|
|
|
The
Series V: (i) is non-convertible, (ii) has a 20% liquidation preference over the shares of common stock, (iii) is non-voting and (iv)
has certain rights to dividends and distributions (at the discretion of the Board)
|
|
|
|
|
|
|
Preferred stock value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average exercise price |
|
|
|
|
|
|
|
$ 0.63
|
|
|
|
|
|
|
Expected life (in years) |
|
|
|
|
|
|
|
4 years
|
5 years
|
|
|
|
|
|
Restricted Stock Units (RSUs) One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market cap vesting thresholds, value |
|
|
$ 50,000,000
|
|
$ 100,000,000
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market cap vesting thresholds, value |
|
|
100,000,000
|
|
150,000,000
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) Three [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market cap vesting thresholds, value |
|
|
150,000,000
|
|
200,000,000
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) Four [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market cap vesting thresholds, value |
|
|
$ 300,000,000
|
|
$ 400,000,000
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected life (in years) |
|
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
Vesting period |
|
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
2021 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of additional shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
7,000,000
|
Expected life (in years) |
|
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
2021 Equity Incentive Plan [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of additional shares authorized |
|
|
|
|
|
|
|
|
|
|
12,000,000
|
|
|
|
Series V Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation preference |
|
|
|
|
|
|
|
The Series V: (i) is non-convertible,
(ii) has a 20% liquidation preference over the shares of common stock, (iii) is non-voting and (iv) has certain rights to dividends and
distributions (at the discretion of the Board of Directors)
|
|
|
|
|
|
|
Preferred stock value |
|
|
|
|
|
|
|
$ 2,559,533
|
|
|
|
|
|
|
Series V Preferred Stock [Member] | Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock, net of offering cost / At-the-market offering, shares |
14,542,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock value |
|
|
|
|
|
|
|
|
|
|
|
$ 2,600,000
|
|
|
Each Independent Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option grant date fair value |
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Each Independent Director [Member] | Four Equal Installments [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option grant date fair value |
|
$ 12,500
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Directors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based payment issued |
|
|
|
|
|
|
|
59,223
|
|
|
|
|
|
|
Non-executive Employees [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option granted |
|
|
|
25,000
|
|
|
|
|
|
|
|
|
|
|
Non-executive Employees [Member] | 2021 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option granted |
|
|
|
|
|
|
|
20,000
|
|
|
|
|
|
|
Weighted average exercise price |
|
|
|
|
|
|
|
$ 0.63
|
|
|
|
|
|
|
Chief Technology Officer [Member] | Restricted Stock Units (RSUs) [Member] | One-Year Anniversary [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vesting rights, percentage |
|
|
20.00%
|
|
|
|
|
|
|
|
|
|
|
|
Chief Technology Officer [Member] | Restricted Stock Units (RSUs) [Member] | Four-Year Anniversary [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vesting rights, percentage |
|
|
80.00%
|
|
|
|
|
|
|
|
|
|
|
|
At-the-Market Offering Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction |
|
|
|
|
|
|
|
651,172
|
|
|
|
|
|
|
Gross proceeds from issuance of common stock |
|
|
|
|
|
|
|
$ 965,000
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
|
|
|
$ 1.48
|
|
|
|
|
|
|
Proceeds from issuance initial public offering, net |
|
|
|
|
|
|
|
$ 927,000
|
|
|
|
|
|
|
At-the-Market Offering Agreement [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction |
|
|
|
|
|
|
151,882
|
|
|
|
|
|
|
|
Gross proceeds from issuance of common stock |
|
|
|
|
|
|
$ 195,000
|
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
|
|
$ 1.28
|
|
|
|
|
|
|
|
At-the-Market Offering Agreement [Member] | H.C. Wainwright and Co., LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, consideration received on transaction |
|
|
|
|
|
$ 98,767,500
|
|
|
|
|
|
|
|
|
Percentage of gross proceeds of offerings |
|
|
|
|
|
3.00%
|
|
|
|
|
|
|
|
|
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v3.23.2
Subsequent Events (Details Narrative) - USD ($)
|
1 Months Ended |
6 Months Ended |
|
|
|
Aug. 09, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jul. 12, 2023 |
Jul. 11, 2023 |
Dec. 31, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
Proceeds from Issuance of Common Stock |
|
$ 926,501
|
$ 10,604,441
|
|
|
|
Increase in number of shares |
|
97,500,000
|
|
975,000,000
|
975,000,000
|
97,500,000
|
At-the-Market Offering Agreement [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Sale of Stock, Number of Shares Issued in Transaction |
|
651,172
|
|
|
|
|
[custom:GrossProceedsFromIssuanceOfCommonStock] |
|
$ 965,000
|
|
|
|
|
Shares Issued, Price Per Share |
|
$ 1.48
|
|
|
|
|
Subsequent Event [Member] | Maximum [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Increase in number of shares |
|
|
|
|
975,000,000
|
|
Subsequent Event [Member] | At-the-Market Offering Agreement [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Sale of Stock, Number of Shares Issued in Transaction |
151,882
|
|
|
|
|
|
[custom:GrossProceedsFromIssuanceOfCommonStock] |
$ 195,000
|
|
|
|
|
|
Shares Issued, Price Per Share |
$ 1.28
|
|
|
|
|
|
Proceeds from Issuance of Common Stock |
$ 187,000
|
|
|
|
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BTCS (NASDAQ:BTCS)
過去 株価チャート
から 5 2024 まで 6 2024
BTCS (NASDAQ:BTCS)
過去 株価チャート
から 6 2023 まで 6 2024