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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, 2024
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 16, 2024, there were 16,174,923 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, | |
| |
2024 | | |
2023 | |
| |
| (Unaudited) | | |
| | |
Assets: | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 536,682 | | |
$ | 1,458,327 | |
Stablecoins | |
| 14,797 | | |
| 21,044 | |
Crypto assets | |
| 973,413 | | |
| 302,783 | |
Staked crypto assets | |
| 32,010,175 | | |
| 24,900,146 | |
Prepaid expenses | |
| 180,919 | | |
| 62,461 | |
Receivable for capital shares sold | |
| - | | |
| 291,440 | |
Total current assets | |
| 33,715,986 | | |
| 27,036,201 | |
| |
| | | |
| | |
Other assets: | |
| | | |
| | |
Investments, at value (Cost $100,000) | |
| 100,000 | | |
| 100,000 | |
Property and equipment, net | |
| 7,500 | | |
| 10,490 | |
Total other assets | |
| 107,500 | | |
| 110,490 | |
| |
| | | |
| | |
Total Assets | |
$ | 33,823,486 | | |
$ | 27,146,691 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 130,850 | | |
$ | 55,058 | |
Accrued compensation | |
| 508,489 | | |
| 712,092 | |
Warrant liabilities | |
| 71,250 | | |
| 213,750 | |
Total current liabilities | |
| 710,589 | | |
| 980,900 | |
| |
| | | |
| | |
Stockholders’ equity: | |
| | | |
| | |
Preferred stock: 20,000,000 shares authorized at $0.001 par value: | |
| - | | |
| - | |
Series V preferred stock: 14,567,829 and 14,567,829 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | |
| 2,563,938 | | |
| 2,563,938 | |
Common stock, 975,000,000 shares authorized at $0.001 par value, 15,895,027 and 15,320,281 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | |
| 15,895 | | |
| 15,322 | |
Additional paid in capital | |
| 163,681,450 | | |
| 162,263,634 | |
Accumulated deficit | |
| (133,148,386 | ) | |
| (138,677,103 | ) |
Total stockholders’ equity | |
| 33,112,897 | | |
| 26,165,791 | |
| |
| | | |
| | |
Total Liabilities and Stockholders’ Equity | |
$ | 33,823,486 | | |
$ | 27,146,691 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
BTCS
Inc.
Statements
of Operations
(Unaudited)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Revenues | |
| | | |
| | | |
| | | |
| | |
Blockchain infrastructure revenues (net of fees) | |
$ | 561,192 | | |
$ | 385,753 | | |
$ | 1,012,578 | | |
$ | 697,261 | |
Total revenues | |
| 561,192 | | |
| 385,753 | | |
| 1,012,578 | | |
| 697,261 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| | | |
| | | |
| | | |
| | |
Blockchain infrastructure costs | |
| 168,848 | | |
| 113,612 | | |
| 329,473 | | |
| 195,626 | |
Gross profit | |
| 392,344 | | |
| 272,141 | | |
| 683,105 | | |
| 501,635 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative | |
$ | 538,956 | | |
$ | 617,569 | | |
$ | 1,026,555 | | |
$ | 1,227,398 | |
Research and development | |
| 163,777 | | |
| 180,903 | | |
| 310,326 | | |
| 382,528 | |
Compensation and related expenses | |
| 875,491 | | |
| 578,496 | | |
| 1,331,270 | | |
| 1,040,586 | |
Marketing | |
| 28,477 | | |
| 2,723 | | |
| 86,079 | | |
| 8,966 | |
Realized (gains) losses on crypto asset transactions | |
| (287,327 | ) | |
| 568,031 | | |
| (298,014 | ) | |
| 560,477 | |
Total operating expenses | |
| 1,319,374 | | |
| 1,947,722 | | |
| 2,456,216 | | |
| 3,219,955 | |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses): | |
| | | |
| | | |
| | | |
| | |
Change in unrealized appreciation (depreciation) on crypto assets | |
| (5,943,339 | ) | |
| 355,033 | | |
| 7,159,328 | | |
| 6,648,240 | |
Change in fair value of warrant liabilities | |
| 142,500 | | |
| 142,500 | | |
| 142,500 | | |
| (142,500 | ) |
Total other income (expenses) | |
| (5,800,839 | ) | |
| 497,533 | | |
| 7,301,828 | | |
| 6,505,740 | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | (6,727,869 | ) | |
$ | (1,178,048 | ) | |
$ | 5,528,717 | | |
$ | 3,787,420 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Basic net income (loss) per share attributable to common stockholders | |
$ | (0.43 | ) | |
$ | (0.08 | ) | |
$ | 0.35 | | |
$ | 0.27 | |
Diluted net income (loss) per share attributable to common stockholders | |
$ | (0.43 | ) | |
$ | (0.08 | ) | |
$ | 0.28 | | |
$ | 0.22 | |
| |
| | | |
| | | |
| | | |
| | |
Basic weighted average number of common shares outstanding | |
| 15,758,157 | | |
| 13,873,331 | | |
| 15,724,917 | | |
| 13,773,782 | |
Diluted weighted average number of common shares outstanding, basic and diluted | |
| 15,758,157 | | |
| 13,873,331 | | |
| 19,447,348 | | |
| 17,263,427 | |
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, 2024
| |
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, 2023 | |
| 14,567,829 | | |
$ | 2,563,938 | | |
| 15,320,281 | | |
$ | 15,322 | | |
$ | 162,263,634 | | |
$ | (138,677,103 | ) | |
$ | 26,165,791 | |
Issuance of common stock, net of offering cost / At-the-market offering | |
| - | | |
| - | | |
| 163,831 | | |
| 163 | | |
| 240,142 | | |
| - | | |
| 240,305 | |
Stock-based compensation | |
| - | | |
| - | | |
| 410,915 | | |
| 410 | | |
| 1,177,674 | | |
| - | | |
| 1,178,084 | |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 5,528,717 | | |
| 5,528,717 | |
Balance June 30, 2024 | |
| 14,567,829 | | |
$ | 2,563,938 | | |
| 15,895,027 | | |
$ | 15,895 | | |
$ | 163,681,450 | | |
$ | (133,148,386 | ) | |
$ | 33,112,897 | |
For
the Six Months Ended June 30, 2023
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit(1) | | |
Equity | |
| |
Series V | | |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Preferred Stock | | |
Common Stock | | |
Paid-in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit(1) | | |
Equity | |
Balance December 31, 2022, as adjusted | |
| - | | |
$ | - | | |
| 13,107,149 | | |
$ | 13,108 | | |
$ | 160,800,263 | | |
$ | (146,495,831 | ) | |
$ | 14,317,540 | |
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 income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 3,787,420 | | |
| 3,787,420 | |
Balance June 30, 2023 | |
| 14,542,803 | | |
$ | 2,559,533 | | |
| 14,181,410 | | |
$ | 14,182 | | |
$ | 159,955,610 | | |
$ | (142,708,411 | ) | |
$ | 19,820,914 | |
For
the Three Months Ended June 30, 2024
| |
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, 2024 | |
| 14,567,829 | | |
$ | 2,563,938 | | |
| 15,705,415 | | |
$ | 15,707 | | |
$ | 163,141,291 | | |
$ | (126,420,517 | ) | |
$ | 39,300,419 | |
Issuance of common stock, net of offering cost / At-the-market offering | |
| - | | |
| - | | |
| 163,831 | | |
| 163 | | |
| 240,142 | | |
| - | | |
| 240,305 | |
Stock-based compensation | |
| - | | |
| - | | |
| 25,781 | | |
| 25 | | |
| 300,017 | | |
| - | | |
| 300,042 | |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (6,727,869 | ) | |
| (6,727,869 | ) |
Balance June 30, 2024 | |
| 14,567,829 | | |
$ | 2,563,938 | | |
| 15,895,027 | | |
$ | 15,895 | | |
$ | 163,681,450 | | |
$ | (133,148,386 | ) | |
$ | 33,112,897 | |
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 | | |
$ | (141,530,363 | ) | |
$ | 20,323,408 | |
Balance | |
| - | | |
$ | - | | |
| 13,799,745 | | |
$ | 13,800 | | |
$ | 161,839,971 | | |
$ | (141,530,363 | ) | |
$ | 20,323,408 | |
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 income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,178,048 | ) | |
| (1,178,048 | ) |
Balance June 30, 2023 | |
| 14,542,803 | | |
$ | 2,559,533 | | |
| 14,181,410 | | |
$ | 14,182 | | |
$ | 159,955,610 | | |
$ | (142,708,411 | ) | |
$ | 19,820,914 | |
Balance | |
| 14,542,803 | | |
$ | 2,559,533 | | |
| 14,181,410 | | |
$ | 14,182 | | |
$ | 159,955,610 | | |
$ | (142,708,411 | ) | |
$ | 19,820,914 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
BTCS
Inc.
Statements
of Cash Flows
(Unaudited)
| |
2024 | | |
2023 | |
| |
For the Six Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Net Cash flows used from operating activities: | |
| | | |
| | |
Net income | |
$ | 5,528,717 | | |
$ | 3,787,420 | |
Adjustments to reconcile net income to net cash used in operating activities: | |
| | | |
| | |
Depreciation expense | |
| 2,990 | | |
| 2,318 | |
Blockchain infrastructure revenue | |
| (1,012,578 | ) | |
| (697,261 | ) |
Builder payments (non-cash) | |
| 158,112 | | |
| - | |
Change in fair value of warrant liabilities | |
| (142,500 | ) | |
| 142,500 | |
Realized gains on crypto assets transactions | |
| (298,014 | ) | |
| 560,477 | |
Change in unrealized (appreciation) depreciation on crypto assets | |
| (7,159,328 | ) | |
| (6,648,240 | ) |
Changes in operating assets and liabilities: | |
| | | |
| | |
Stablecoins | |
| 6,247 | | |
| - | |
Prepaid expenses and other current assets | |
| (118,458 | ) | |
| (51,668 | ) |
Receivable for capital shares sold | |
| 291,440 | | |
| - | |
Accounts payable and accrued expenses | |
| 75,792 | | |
| 111,417 | |
Accrued compensation | |
| (203,603 | ) | |
| (41,940 | ) |
Net cash used in operating activities | |
| (1,693,099 | ) | |
| (2,045,524 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of productive crypto assets for validating | |
| (19,212 | ) | |
| (1,804,213 | ) |
Sale of productive crypto assets | |
| 550,361 | | |
| 1,719,871 | |
Net cash provided by (used in) investing activities | |
| 531,149 | | |
| (84,342 | ) |
| |
| | | |
| | |
Cash flow from financing activities: | |
| | | |
| | |
Net proceeds from issuance common stock/ At-the-market offering | |
| 240,305 | | |
| 926,501 | |
Net cash provided by financing activities | |
| 240,305 | | |
| 926,501 | |
| |
| | | |
| | |
Net (decrease)/increase in cash | |
| (921,645 | ) | |
| (1,203,365 | ) |
Cash, beginning of period | |
| 1,458,327 | | |
| 2,146,783 | |
Cash, end of period | |
$ | 536,682 | | |
$ | 943,418 | |
| |
| | | |
| | |
| |
| | | |
| | |
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. (“BTCS” or the “Company”), a Nevada corporation listed on Nasdaq, has operated in the blockchain technology
sector since 2014 with a primary focus on blockchain infrastructure. The Company secures and operates validator nodes (as a “Validator”)
on various proof-of-stake (“PoS”) and delegated proof-of-stake (“dPoS”) based blockchain networks earning native
token rewards by staking our proof-of-stake crypto assets (also referred to “cryptocurrencies”, “crypto”, “crypto
assets”, “digital assets”, or “tokens”), with an emphasis on Ethereum.
The
Company’s non-custodial Staking-as-a-Service (“StaaS”) business allows crypto asset holders to earn staking rewards
by participating in network consensus mechanisms through staking (or “delegating”) their crypto assets to BTCS-operated validator
nodes (or “nodes”). As a non-custodial Validator, BTCS may charge a validator node fee, typically determined as a percent
of the crypto asset rewards earned on crypto assets delegated to its node, creating the opportunity for potential scalable revenue and
business growth with limited additional costs.
The
internally developed “StakeSeeker” platform is a personal finance software that allows crypto asset holders to monitor and
analyze their portfolios across exchanges and wallets. It includes tracking capabilities utilizing application programming interfaces
(APIs) as well as educational features, offering users guidance on the delegation of their crypto assets to our non-custodial validator
nodes, along with the ability to monitor such delegation activities through data analysis. StakeSeeker is an informational monitoring
tool and does not facilitate trading, delegation or custody of crypto assets on the platform.
The
Company developed “Builder+”, an Ethereum block builder (“Builder”) that utilizes algorithms to optimize block
construction for on-chain validation and maximize gas fees.
The
Company’s business is subject to various risks, including regulatory uncertainties, crypto asset price volatility, and the adoption
of blockchain technology. Future success depends on the growth of the crypto asset market and the Company’s ability to effectively
grow its StaaS and blockchain infrastructure operations.
Note
2 - Basis of Presentation
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, 2024
are not necessarily indicative of results for the full year ending December 31, 2024. The unaudited condensed financial statements and
notes should be read in conjunction with the financial statements and notes for the year ended December 31, 2023.
Reclassifications
Certain
prior period amounts have been reclassified in order to conform with the current period presentation in the unaudited condensed financial
statements and accompanying notes. The reclassifications did not have a material impact on the Company’s unaudited condensed financial
statements and related disclosures. The impact on any prior period disclosures was immaterial.
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 2023 Annual
Report.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash and cash equivalents.
The Company maintains cash and cash equivalent balances at financial institutions that are insured by the FDIC. As of June 30, 2024 and
December 31, 2023, the Company had approximately $537,000 and $1,458,000 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, 2024 and December
31, 2023, the Company had approximately $61,000 and $933,000 in excess of the FDIC insured limit, respectively.
Stablecoins
The
Company holds stablecoins, such as USDT (Tether) and USDC (USD Coin), which are crypto assets that are pegged to the value of one U.S.
dollar. Our stablecoins are typically held in secure digital wallets or on crypto asset exchanges. The Company acquires and holds stablecoins
primarily to facilitate crypto asset transactions, including, but not limited to, payments to third-party vendors. While not accounted
for as cash or cash equivalents, these stablecoins are considered a liquidity resource.
Crypto
Assets
Fair
Value Measurement
The
Company’s accounts for the fair value measurement for its crypto assets in accordance with Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurement. ASC 820 defines fair value
as the price that would be received for an asset in a current sale, assuming an orderly transaction between market participants on the
measurement date. Market participants are considered to be independent, knowledgeable, and willing and able to transact. It requires
the Company to assume that its crypto assets are sold in their principal market or, in the absence of a principal market, the most advantageous
market.
Kraken
serves as the principal market for the Company’s crypto assets, being the Company’s primary cryptocurrency exchange for both
purchases and sales. Coinbase is designated as the secondary principal market. This determination results from a comprehensive evaluation
considering various factors, including compliance, trading activity, and price stability.
The
fair value of crypto assets is primarily determined based on pricing data obtained from Kraken, the Company’s principal market.
In the absence of Kraken data, pricing from Coinbase serves as a secondary source.
While
Kraken is designated as the primary exchange, the Company retains flexibility to conduct cryptocurrency transactions on other exchanges
where it maintains accounts. This flexibility allows the Company to adapt to changing market conditions and explore alternative platforms
when necessary to ensure cost-effective execution and fair value measurement using the most advantageous market.
The
selection of Kraken as the principal market reflects the Company’s commitment to informed decision-making and achieving the most
accurate representation of fair value for its crypto assets. Regular reviews ensure alignment with the Company’s objectives and
cryptocurrency market dynamics.
Accounting
for Crypto Assets
The
cost basis of the Company’s crypto assets is initially recorded at their fair value using the last close price of the day in the
UTC (Coordinated Universal Time) time zone on the date of receipt.
Crypto
assets are measured at their fair respective fair market values at each reporting period end on the balance sheets and classified as
either ‘Staked Crypto Assets’ or ‘Crypto Assets’ to distinguish their nature within the respective balances.
Staked crypto assets are presented as current assets if their lock-up periods are less than 12 months, and as long-term other assets
if the lock-up extends beyond one year. The majority of our crypto assets are staked, typically with lock-up periods of less than 21
days, and are considered current assets in accordance with ASC 210-10-20, Balance Sheet, due to the Company’s ability to
sell them in a liquid marketplace, as we have a reasonable expectation that they will be realized in cash or sold or consumed during
the normal operating cycle of our business to support operations when needed.
The
classification of purchases and sales in the statements of cash flows is determined based on the nature of the crypto assets, which can
be categorized as ‘productive’ (i.e. acquired for purposes of staking) or ‘non-productive’ (e.g. bitcoin). Acquisitions
of non-productive crypto assets are treated as operating activities, while acquisitions of productive crypto assets are classified as
investing activities in accordance with ASC 230-10-20, Investing activities. Productive crypto assets staked with lock-up periods
of less than 12 months are listed as current assets in the ‘Staked Crypto Assets’ line item on the balance sheet. Staked
crypto assets with lock-up periods exceeding 12 months are categorized as long-term other assets. Non-productive crypto assets are included
in the ‘Crypto Assets’ line item on the balance sheet.
Effective
January 1, 2023, the Company has elected to early adopt ASU No. 2023-08, resulting in a material change in accounting principle
related to the Company’s accounting treatment of crypto assets. The impacts of the change in accounting principle are discussed
further in Note 4.
The
Company employs the specific identification method to determine the cost basis of our assets for the computation of gains and losses,
in accordance with ASC 350-60-50-2a. This method involves identifying and using the actual cost of each individual asset sold or disposed
of to calculate the gain or loss on its sale. 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 $287,000 and ($568,000)
for the three months ended June 30, 2024 and 2023, respectively, and approximately $298,000 and ($560,000) for the six months ended June
30, 2024 and 2023, respectively.
Revenue
Recognition
The
Company recognizes revenue under ASC 606, Revenue from Contracts with Customers. The core principle of the 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 1) staking rewards
generated from its blockchain infrastructure operations, and 2) gas fees earned from successful Ethereum block building through Builder+.
These revenues are collectively termed ‘Blockchain infrastructure revenues’ in the statements of operations.
The
transaction consideration the Company receives - the crypto asset awards and gas fees - are a non-cash consideration, which the Company
measures at fair value on the date received.
Blockchain
Infrastructure
The
Company engages in network-based smart contracts by running its own crypto asset validator nodes as well as by staking (or “delegating”)
crypto assets directly to both its own validator nodes and nodes run by third-party operators. Through these contracts, the Company provides
crypto assets to stake to 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 from a few days to several weeks
after it is cancelled (or “un-staked”) by the delegator and requires that the staked crypto assets remain locked up during
the duration of the smart contract.
In
exchange for staking the crypto assets and validating transactions on blockchain networks, the Company is entitled to all of the fixed
crypto asset awards earned from the network when delegating to the Company’s own node and is entitled to a fractional share of
the fixed crypto asset awards a third-party node operator receives (less crypto asset transaction fees payable to the node operator,
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 proportionate to the crypto
assets staked by the Company compared to the total crypto assets staked by all Delegators to that node at that time.
On
certain blockchain networks on which the Company operates a validator node, the Company earns a validator node fee (“Validator
Fee”), determined as a node operator’s published percentage of the crypto asset rewards earned on crypto assets delegated
to its node.
Token
rewards earned from staking, as well as tokens earned as Validator Fees, are calculated and distributed directly to BTCS digital wallets
by the blockchain networks as part of their consensus mechanisms.
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 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.
Ethereum
Block Building (Builder+)
The
Company participates in the Ethereum blockchain network by engaging in the construction of blocks (“block building”) containing
strategically bundled transactions from the Ethereum mempool and from searchers who connect to the Company’s endpoint with the
intent of the Company’s builder proposing their transactions. Revenue recognition for these activities, conducted through Builder+,
entails the recognition of gas fees (or “transaction fees”) earned in exchange for successfully constructing blocks of bundled
transactions and having these blocks selected and proposed by a validator to the Ethereum network for validation and successfully finalized
on the network.
These
gas fees are earned as a direct result of the Company’s fulfillment of its performance obligations, which include the construction
of blocks by bundling transactions to maximize the value of the included fees and the proposal of that block by a Validator. Each constructed
block under a smart contract with the Ethereum network signifies a distinct performance obligation.
As
part of the block construction and proposal process, the Company’s Builder purchases block space through a fixed non-negotiable
fee paid to a Validator (a “Validator Payment”) embedded in each proposed block. The Validator Payment, predetermined by
the Builder, is paid to Validators as compensation for selecting and proposing the Company’s block to the network for validation.
The Validator Payment is intrinsically linked to the Company’s performance obligations and is disbursed in the block constructed
by the Builder if our Builder’s block is both selected by a Validator and successfully proposed to, and finalized on, the Ethereum
network; otherwise, our Validator Payment may be included in a subsequent block. The Validator Payment represents a direct and fixed
pre-determined cost.
The
satisfaction of the performance obligation occurs at a point in time when the constructed block is both proposed by a Validator and successfully
finalized on the Ethereum network. At this juncture, the Company has fulfilled its obligations, and the gas fees associated with the
transactions included in the block become available and are transferred to the Company’s digital wallet.
The
Company recognizes revenue, reflecting the fair value of the total gas fees earned from the constructed block.
The
following table summarizes the revenues earned from the Company’s operations for the three and six months ended June 30, 2024 and
2023.
Schedule of Revenues Earned from Company’s Operations
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues from blockchain infrastructure operations | |
| | | |
| | | |
| | | |
| | |
Staking to BTCS nodes | |
$ | 407,287 | | |
$ | 346,721 | | |
$ | 751,198 | | |
$ | 607,429 | |
Staking to third-party nodes | |
| 78,052 | | |
| 39,032 | | |
| 152,494 | | |
| 89,832 | |
Builder+ | |
| 75,853 | | |
| - | | |
| 108,886 | | |
| - | |
Total revenues | |
$ | 561,192 | | |
$ | 385,753 | | |
$ | 1,012,578 | | |
$ | 697,261 | |
The
following tables detail the native token rewards and their respective fair market value recognized as revenue for the three and six
months ended June 30, 2024 and 2023. Revenues are derived from three primary sources: (1) token rewards earned from the delegation
of cryptocurrency assets to third-party validator nodes; (2) token rewards derived from BTCS-operated validator nodes, which include
staking of the Company’s crypto assets to BTCS nodes as well as Validator Fees earned from third parties asset delegations to
our nodes; and (3) block rewards generated by BTCS Builders.
Crypto
assets earned from BTCS validator nodes
Schedule of Crypto Assets Earned From Validator Nodes
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Asset | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | |
Ethereum (ETH) | |
| 72 | | |
$ | 241,588 | | |
| 108 | | |
$ | 201,121 | | |
| 138 | | |
$ | 429,666 | | |
| 206 | | |
$ | 355,755 | |
Cosmos (Atom) | |
| 12,565 | | |
$ | 104,580 | | |
| 10,662 | | |
$ | 109,787 | | |
| 23,731 | | |
$ | 225,654 | | |
| 16,642 | | |
$ | 185,256 | |
Akash (AKT) | |
| 6,246 | | |
$ | 26,740 | | |
| 2,851 | | |
$ | 1,159 | | |
| 10,820 | | |
$ | 45,486 | | |
| 5,658 | | |
$ | 2,204 | |
Kava (KAVA) | |
| 6,632 | | |
$ | 4,305 | | |
| 10,394 | | |
$ | 9,351 | | |
| 12,924 | | |
$ | 9,557 | | |
| 23,403 | | |
$ | 21,086 | |
Mina (MINA) | |
| 2,880 | | |
$ | 2,439 | | |
| 1,440 | | |
$ | 1,070 | | |
| 5,760 | | |
$ | 6,085 | | |
| 7,200 | | |
$ | 4,907 | |
Oasis Network (ROSE) | |
| 10,431 | | |
$ | 1,036 | | |
| 30,287 | | |
$ | 1,735 | | |
| 26,567 | | |
$ | 3,254 | | |
| 50,651 | | |
$ | 2,931 | |
Kusama (KSM) | |
| 279 | | |
$ | 8,108 | | |
| 180 | | |
$ | 4,960 | | |
| 289 | | |
$ | 8,583 | | |
| 453 | | |
$ | 14,372 | |
Avalanche (Avax) | |
| 668 | | |
$ | 18,491 | | |
| 646 | | |
$ | 8,403 | | |
| 668 | | |
$ | 18,491 | | |
| 646 | | |
$ | 8,403 | |
NEAR Protocol (NEAR) | |
| - | | |
$ | - | | |
| 1,665 | | |
$ | 2,841 | | |
| 714 | | |
$ | 4,422 | | |
| 2,687 | | |
$ | 4,952 | |
Tezos (XTZ) | |
| - | | |
$ | - | | |
| 435 | | |
$ | 432 | | |
| - | | |
$ | - | | |
| 1,614 | | |
$ | 1,701 | |
Evmos (EVMOS) | |
| - | | |
$ | - | | |
| 32,236 | | |
$ | 5,862 | | |
| - | | |
$ | - | | |
| 32,236 | | |
$ | 5,862 | |
Total earned from BTCS blockchain infrastructure operations | |
| | | |
$ | 407,287 | | |
| | | |
$ | 346,721 | | |
| | | |
$ | 751,198 | | |
| | | |
$ | 607,429 | |
Crypto
assets earned from Ethereum block building through Builder+
Schedule of Crypto Assets Earned From
Ethereum
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Asset | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | |
Ethereum (ETH) | |
| 23 | | |
$ | 75,853 | | |
| - | | |
$ | - | | |
| 34 | | |
$ | 108,886 | | |
| - | | |
$ | - | |
Total earned from Ethereum block building through Builder+ | |
| 23 | | |
$ | 75,853 | | |
| - | | |
$ | - | | |
| 34 | | |
$ | 108,886 | | |
| - | | |
$ | - | |
Crypto
assets earned from staking to third-party validator nodes
Schedule of Crypto Assets Earned From Third Party
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Asset | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | |
Axie Infinity (AXS) | |
| 5,772 | | |
$ | 36,379 | | |
| 4,474 | | |
$ | 29,313 | | |
| 11,152 | | |
$ | 84,701 | | |
| 8,926 | | |
$ | 69,341 | |
Solana (SOL) | |
| 139 | | |
$ | 21,353 | | |
| 128 | | |
$ | 2,581 | | |
| 259 | | |
$ | 36,725 | | |
| 249 | | |
$ | 5,112 | |
Polygon (MATIC) | |
| 6,314 | | |
$ | 3,758 | | |
| 6,158 | | |
$ | 5,057 | | |
| 12,544 | | |
$ | 9,489 | | |
| 12,140 | | |
$ | 11,794 | |
Polkadot (DOT) | |
| 376 | | |
$ | 2,619 | | |
| 356 | | |
$ | 1,957 | | |
| 736 | | |
$ | 5,576 | | |
| 602 | | |
$ | 3,461 | |
Evmos (EVMOS) | |
| 6,834 | | |
$ | 268 | | |
| - | | |
$ | - | | |
| 18,260 | | |
$ | 1,208 | | |
| - | | |
$ | - | |
Cardano (ADA) | |
| 2,039 | | |
$ | 837 | | |
| 433 | | |
$ | 124 | | |
| 3,328 | | |
$ | 1,590 | | |
| 433 | | |
$ | 124 | |
Tezos (XTZ) | |
| 354 | | |
$ | 338 | | |
| - | | |
$ | - | | |
| 671 | | |
$ | 705 | | |
| - | | |
$ | - | |
NEAR Protocol (NEAR) | |
| 1,886 | | |
$ | 12,500 | | |
| - | | |
$ | - | | |
| 1,886 | | |
$ | 12,500 | | |
| - | | |
$ | - | |
Total earned from staking to third-party validator nodes | |
| | | |
$ | 78,052 | | |
| | | |
$ | 39,032 | | |
| | | |
$ | 152,494 | | |
| | | |
$ | 89,832 | |
Total revenue earned | |
| | | |
$ | 561,192 | | |
| | | |
$ | 385,753 | | |
| | | |
$ | 1,012,578 | | |
| | | |
$ | 697,261 | |
Cost
of Revenues
The
Company’s cost of revenues related to its blockchain infrastructure operations primarily includes direct production costs
associated with transaction validation on the network, cloud-based server hosting expenses related to our validator nodes and
Builders, and allocated employee salaries dedicated to node maintenance and support. Additionally, the cost of revenues encompasses
Validator Payments made from our Builder to Validators as well as fees paid to third parties for their assistance in software
maintenance and node operations. These costs directly related to the production of revenues are collectively termed
‘Blockchain infrastructure expenses’ in the statements of operations.
The
following table further details the costs of revenues for the three and six months ended June 30, 2024 and 2023.
Schedule of Costs of Revenues
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Cost of staking revenues | |
$ | 47,414 | | |
$ | 113,612 | | |
$ | 99,367 | | |
$ | 195,626 | |
Cost of Builder revenues | |
| 121,434 | | |
| - | | |
| 230,106 | | |
| - | |
Total cost of revenues | |
$ | 168,848 | | |
$ | 113,612 | | |
$ | 329,473 | | |
$ | 195,626 | |
Internally
Developed Software
Internally
developed software consists of the core technology of the Company’s StakeSeeker and ChainQ platforms. 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. 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 sheets 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 6).
Stock-based
compensation
The
Company accounts for stock-based compensation in accordance with ASC 718, Compensation - Stock Compensation. 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. In June 2023,
the Series V shares commenced trading on Upstream, a Merj Exchange market (“Upstream”). In November 2023, Upstream announced
that it was no longer providing U.S. individuals with the ability to trade on Upstream. All Series V shares owned by U.S investors were
returned to the transfer agent.
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 $28,000
and $3,000 for the three months ended June 30, 2024 and 2023, respectively, and approximately $86,000 and $9,000 for the six months ended June 30, 2024 and 2023, respectively.
Net
Income (Loss) per Share
Basic
income (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 restricted
stock units, options and warrants. Diluted income (loss) per share excludes the shares issuable upon the conversion of preferred stock,
notes and warrants from the calculation of net income (loss) per share if their effect would be anti-dilutive.
The
following financial instruments were not included in the diluted loss per share calculation for the three months ended June 30, 2024
and 2023 because their effect was anti-dilutive:
Schedule
of Earnings Per Share Anti-diluted
| |
2024 | | |
2023 | |
| |
As of June 30, | |
| |
2024 | | |
2023 | |
Warrants to purchase common stock | |
| 712,500 | | |
| 712,500 | |
Options | |
| 1,302,500 | | |
| 1,135,000 | |
Non-vested restricted stock awards units | |
| 1,806,373 | | |
| 1,631,399 | |
Total | |
| 3,821,373 | | |
| 3,478,899 | |
Anti-dilutive securities | |
| 3,821,373 | | |
| 3,478,899 | |
Recent
Accounting Pronouncements
In
December 2023, the FASB issued ASU No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60), which
is intended to improve the accounting for and disclosure of crypto assets. The ASU requires entities to subsequently measure crypto assets
that meet specific criteria at fair value, with changes recognized in net income each reporting period. The ASU also the requires specific
presentation of cash receipts arising from crypto assets that are received as noncash consideration in the ordinary course of business
and are converted nearly immediately into cash. The amendments in this update are effective for all entities for fiscal years beginning
after December 15, 2024, with early adoption permitted. The Company adopted ASU No. 2023-08 effective January 1, 2023, which had a material
impact to its financial statement and related disclosures, which are further discussed in Note 4.
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 - Changes in Accounting Principle
Fair Value Accounting for Crypto Assets
- Adoption of ASU No. 2023-08
Effective
January 1, 2023, the Company has elected to early adopt ASU No. 2023-08, resulting in a material change in accounting principles related
to the Company’s accounting treatment of crypto assets.
As
a result of the adoption of ASU No. 2023-08, crypto assets are recorded at their fair market value on its balance sheet and changes in
the fair market value of its crypto assets during reporting periods are recorded within its statements of operations as unrealized appreciation
(depreciation). Prior to adopting ASU No. 2023-08, crypto assets were accounted for as intangible assets with an indefinite life in accordance
with ASC 350, Intangibles –Goodwill and Other, carrying them at their impaired value and recognizing impairment losses during
reporting periods. Adoption of the fair market value guidance contained within ASU No. 2023-08 eliminates the need to calculate impairment
losses on crypto assets for the period of adoption and moving forward.
The
Company elected to early adopt the guidance contained with ASU No. 2023-08 as we believe that the specified changes in financial reporting
better reflect the economic realities of the Company’s business model and the value of the crypto assets held, enhancing the transparency
and accuracy of the financial statements.
The
adoption of ASU No. 2023-08 required an adjustment to the Company’s opening Retained Earnings balance as of January 1, 2023, to
recognize the cumulative effect of initially applying the change in accounting principle to previous periods. The adjustment accounts
for the difference between the December 31, 2022 ending book value of crypto assets and their respective fair market value, which amounted
to approximately $4,986,000.
Presentation
of Ethereum Block Building Revenues and Costs – ASC 606
During
the second quarter of 2024, the Company elected to change its accounting principle related to the presentation of revenue and cost of
revenues associated with its Ethereum block building operations, as conducted through Builder+. This change in accounting principle is
pursuant to the ASC 606, Revenue from Contracts with Customers.
Upon
re-evaluation, the Company determined that gas fees earned by our Ethereum block builders should be recognized as gross revenue. The
Validator Payments, which are fees paid to the validator nodes for the contractual rights to control transaction bundles within the blocks,
should be presented separately as cost of revenues. The Company previously presented the net amount of gas fees, after netting
off the Validator Payments made, as revenue. This change from a net to a gross presentation aligns more closely with the economic
realities of our business operations and the transaction structure within the Ethereum network.
The Company has
retrospectively applied this change in accounting principle to the financial statements for the three months ended March 31, 2024,
to ensure comparability across all periods presented. The effect of this change results in an increase in the presentation of both
revenues and cost of revenues by $65,614 for the three months ended March 31, 2024. The effect of this change in accounting
principle is immaterial and does not impact the reported gross profit, net income (loss), or any balance sheet items for the current
or prior periods.
Detailed
impacts for the three months ended March 31, 2024, are presented in the following table:
Schedule
of Changes Affects in Current and Prior Periods
| |
| | | |
| | |
| |
For the Three Months Ending | |
| |
March 31, 2024 | |
| |
As reported on
Form 10-Q | | |
As revised resulting from change in
accounting principle | |
Revenues | |
$ | 385,773 | | |
$ | 451,387 | |
Cost of revenues | |
| 95,012 | | |
| 160,626 | |
Gross profit | |
$ | 290,761 | | |
$ | 290,761 | |
Based on an analysis of ASC 250,
Accounting Changes and Error Corrections, and Staff Accounting Bulletin 99, Materiality, the Company has determined that
the effect of this change was immaterial to the previously issued financial statements for the three months ended March 31, 2024.
The
Company elected to implement this change in accounting principle as it provides a more accurate and transparent view of our Ethereum
block building operations. This change enhances stakeholders’ understanding of the operational performance and the financial aspects
of our block building activities under Builder+.
Note
5 – Crypto Assets
The
following table presents the Company’s crypto assets held as of June 30, 2024:
Schedule of Crypto Assets Held
Asset | |
Tokens | | |
Cost | | |
Fair Market Value | |
Ethereum (ETH) | |
| 7,935 | | |
$ | 9,260,043 | | |
$ | 27,235,107 | |
Cosmos (Atom) | |
| 293,886 | | |
| 5,069,377 | | |
| 1,975,032 | |
Solana (SOL) | |
| 6,839 | | |
| 461,376 | | |
| 1,001,728 | |
Avalanche (Avax) | |
| 18,510 | | |
| 1,147,773 | | |
| 542,525 | |
Axie Infinity (AXS) | |
| 71,704 | | |
| 1,998,689 | | |
| 434,956 | |
Polygon (Matic) | |
| 518,554 | | |
| 858,094 | | |
| 290,027 | |
Oasis Network (ROSE) | |
| - | | |
| - | | |
| - | |
Kusama (KSM) | |
| 8,074 | | |
| 1,435,665 | | |
| 191,929 | |
Kava (KAVA) | |
| 358,318 | | |
| 1,098,857 | | |
| 158,376 | |
NEAR Protocol (NEAR) | |
| 82,867 | | |
| 179,702 | | |
| 438,780 | |
Akash (AKT) | |
| 129,891 | | |
| 91,642 | | |
| 466,154 | |
Cardano (ADA) | |
| 268,582 | | |
| 403,582 | | |
| 105,270 | |
Mina (MINA) | |
| 95,777 | | |
| 69,624 | | |
| 51,720 | |
Polkadot (DOT) | |
| 9,386 | | |
| 145,287 | | |
| 58,218 | |
Evmos (EVMOS) | |
| 364,037 | | |
| 98,612 | | |
| 11,249 | |
Tezos (XTZ) | |
| 26,845 | | |
| 74,025 | | |
| 21,296 | |
Band Protocol (BAND) | |
| 992 | | |
| 1,500 | | |
| 1,221 | |
Total | |
| | | |
$ | 22,393,848 | | |
$ | 32,983,588 | |
Note
6 – 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 (i.e., 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 – Valuations based on unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that are accessible
at the measurement date. Since valuations are based on quoted prices that are readily and regularly available in an active market, these
valuations do not entail a significant degree of judgment.
Level
2 – Valuations based on 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 – Valuations based on 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, 2024 and December 31, 2023:
Schedule of Fair Value of Assets and Liabilities Valued on Recurring Basis
| |
Fair Value Measured at June 30, 2024 | |
| |
Total at
June 30, | | |
Quoted
prices in
active
markets | | |
Significant
other
observable
inputs | | |
Significant
unobservable
inputs | |
| |
2024 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
Assets | |
| | |
| | |
| | |
| |
Crypto Assets | |
$ | 32,983,588 | | |
$ | 32,983,588 | | |
$ | - | | |
$ | - | |
Investments | |
| 100,000 | | |
| - | | |
| - | | |
| 100,000 | |
Total Assets | |
$ | 33,083,588 | | |
$ | 32,983,588 | | |
$ | - | | |
$ | 100,000 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Warrant Liabilities | |
$ | 71,250 | | |
$ | - | | |
$ | - | | |
$ | 71,250 | |
| |
Fair Value Measured at December 31, 2023 | |
| |
Total at
December 31, | | |
Quoted
prices in
active
markets | | |
Significant
other
observable
inputs | | |
Significant
unobservable
inputs | |
| |
2023 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
Assets | |
| | |
| | |
| | |
| |
Crypto Assets | |
$ | 25,202,929 | | |
$ | 25,202,929 | | |
$ | - | | |
$ | - | |
Investments | |
| 100,000 | | |
| - | | |
| - | | |
| 100,000 | |
Total Assets | |
$ | 25,302,929 | | |
$ | 25,202,929 | | |
$ | - | | |
$ | 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, 2024 and 2023.
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, 2024 and December 31, 2023, 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 June 30, 2024, 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, 2024
and December 31, 2023, is as follows:
Summary of Valuation Methodology and Significant Unobservable Inputs Warrant Liabilities
| |
June 30, 2024 | | |
December 31, 2023 | |
Risk-free rate of interest | |
| 4.71 | % | |
| 4.23 | % |
Expected volatility | |
| 103.06 | % | |
| 108.19 | % |
Expected life (in years) | |
| 1.68 | | |
| 2.18 | |
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, 2024 and 2023, 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, | |
| |
2024 | | |
2023 | |
Beginning balance | |
$ | 100,000 | | |
| 100,000 | |
Purchases | |
| - | | |
| - | |
Unrealized appreciation (depreciation) | |
| - | | |
| - | |
Ending balance | |
$ | 100,000 | | |
$ | 100,000 | |
| |
Fair Value of Level 3 Financial Liabilities | |
| |
June 30, | | |
June 30, | |
| |
2024 | | |
2023 | |
Beginning balance | |
$ | 213,750 | | |
$ | 213,750 | |
Fair value adjustment of warrant liabilities | |
| (142,500 | ) | |
| 142,500 | |
Ending balance | |
$ | 71,250 | | |
$ | 356,250 | |
Note
7 – 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 (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, 2024, the Company sold a total of 163,831 shares of Common Stock under the ATM Agreement for aggregate
total gross proceeds of approximately $252,000 at an average selling price of $1.54 per share, resulting in net proceeds of approximately
$240,000 after deducting commissions and other transaction costs.
Share
Based Payments
Effective
January 19, 2023, the Board of Directors of the Company approved the annual 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, 2024, 39,987
shares of common stock were issued to independent directors.
For
the six months ended June 30, 2024, 414,148
shares of common stock were issued to officers related to payment of 2023 accrued bonus compensation totaling approximately $675,000. Of the shares issued, 43,220 were returned to net settle the issuance and pay related taxes, resulting in a net share
issuance of 370,928.
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
fair value of the Series V as of the record date, May 12, 2023, amounted to approximately $2,560,000. The Company used a probability
valuation model to determine the fair value of the preferred stock.
For
the year ended December 31, 2023, an additional 25,026 shares of Series V were issued related to the vesting of eligible employee RSUs.
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
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, 2024 and 2023 for the Black-Scholes formula:
Schedule of
Weighted-Average Assumptions Used to Estimate Fair Value
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Exercise price | |
$ | 1.55 | | |
$ | 0.63 | |
Term (years) | |
| 5.00 | | |
| 5.00 | |
Expected stock price volatility | |
| 144.57 | % | |
| 152.84 | % |
Risk-free rate of interest | |
| 4.31 | % | |
| 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, 2024 is presented below:
Summary of Option Activity
| |
Number of Shares | | |
Weighted Average Exercise Price | | |
Total Intrinsic Value | | |
Weighted Average Remaining Contractual Life (in years) | |
Outstanding as of December 31, 2023 | |
| 1,200,000 | | |
$ | 2.12 | | |
$ | 8,700 | | |
| 2.4 | |
Employee options granted | |
| 120,000 | | |
| 1.52 | | |
| - | | |
| 4.9 | |
Employee options expired | |
| (17,500 | ) | |
| 10.30 | | |
| - | | |
| - | |
Outstanding as of June 30, 2024 | |
| 1,302,500 | | |
$ | 1.96 | | |
$ | 4,950 | | |
| 2.2 | |
Options vested and exercisable as of June 30, 2024 | |
| 1,127,500 | | |
$ | 2.03 | | |
$ | - | | |
| 1.8 | |
RSUs
On
December 29, 2023, upon recommendation of the Compensation Committee, the Board of BTCS Inc. approved the grant of 50,000 RSUs to each
of its executive officers (Mr. Allen, Mr. Handerhan, Mr. Prevoznik and Mr. Paranjape), effective January 1, 2024. The RSUs granted vest
annually over a 5-year period (10,000 per year) with the first vesting date of December 31, 2024 and each subsequent vesting on the one-year
anniversary of the first vesting date, subject to continued employment on each applicable vesting date.
On
January 12, 2024, Messrs. Allen and Handerhan both informed the Compensation Committee, that for personal reasons, they each do not accept,
and forfeit, the 50,000 restricted stock units granted to them each by the Company effective January 1, 2024. Subsequently, effective
January 12, 2024, the Compensation Committee approved the grant of 50,000 additional RSUs to Mr. Prevoznik and Mr. Paranjape, each, which
vest annually over a 5-year period (10,000 per year) with the first vesting date of December 31, 2024 and each subsequent vesting on
the one-year anniversary of the first vesting 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, 2024 are as follows:
Summary of Restricted Stock
| |
Number of Restricted Stock Units | | |
Weighted Average Grant Date Fair Value | |
Nonvested at December 31, 2023 | |
| 1,606,373 | | |
$ | 3.25 | |
Granted | |
| 300,000 | | |
| 1.71 | |
Forfeited | |
| (100,000 | ) | |
| 1.63 | |
Nonvested at June 30, 2024 | |
| 1,806,373 | | |
$ | 3.09 | |
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, 2024 and 2023 was as follows:
Schedule of Stock-based Compensation Expense
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the Three Months Ended June 30, | | |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Employee stock option awards | |
$ | 22,712 | | |
$ | (8,619 | ) | |
$ | 31,993 | | |
$ | (5,312 | ) |
Employee restricted stock unit awards | |
| 241,752 | | |
| 228,953 | | |
| 480,898 | | |
| 496,291 | |
Non-employee restricted stock awards | |
| 35,578 | | |
| 8,333 | | |
| 60,580 | | |
| 24,242 | |
Stock-based
compensation | |
$ | 300,042 | | |
$ | 228,667 | | |
$ | 573,471 | | |
$ | 515,221 | |
Note
8 – Accrued Expenses
Accrued
expenses consist of the following:
Schedule
of Accrued Expenses
| |
June 30,
2024 | | |
December 31,
2023 | |
Accrued compensation | |
$ | 508,489 | | |
$ | 712,092 | |
Accounts payable and accrued expenses | |
| 130,850 | | |
| 55,058 | |
Accrued
Expenses | |
$ | 639,339 | | |
$ | 767,150 | |
Accrued
compensation includes approximately $505,000 and $710,000 related to performance bonus accruals as of June 30, 2024 and December 31,
2023, respectively.
Note
9 – 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, 2024 and 2023, the Company made contributions to the 401(k) Plan
of $109,000 and $95,000, respectively.
Note
10 – 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 of approximately
$133,148,000 at June 30, 2024, and net cash used in operating activities of approximately $1,693,000 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. Our Form S-3 expired on August 14, 2024. The Company filed a new Form S-3 on February 14, 2024. As a result
of SEC comments, the new Form S-3 has not yet gone effective and therefore we may not sell shares under the ATM Agreement.
Note
11 – 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, 2024 to August 16, 2024, the Company sold a total of 279,896 shares of Common Stock
under the ATM Agreement for aggregate total gross proceeds of approximately $431,000 at an average selling price of $1.54 per share, resulting
in net proceeds of approximately $413,000 after deducting commissions and other transaction costs.
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, 2023. When we refer to the “2024 Quarter” and the “2023 Quarter” we are referring to
the three months ended June 30, 2024 and June 30, 2023, respectively. When we refer to the “2024 Period” and the “2023
Period” we are referring to the six months ended June 30, 2024 and June 30, 2023, respectively.
Company
Overview
BTCS
Inc. is a Nasdaq listed company operating in the blockchain technology sector since 2014 and is one of the only U.S. publicly traded
companies with a primary focus on proof-of-stake blockchain infrastructure. Our core focus is on driving scalable growth through a diverse
range of business streams leveraging and built on top of our core and proven blockchain infrastructure operations.
Blockchain
Infrastructure
The
Company operates validator nodes on various delegated proof-of-stake and proof-of-stake based blockchain networks, with an emphasis on
Ethereum. We earn native token rewards by validating transactions across various blockchain networks by staking our crypto assets on
validator nodes operated by BTCS and third parties.
Our
evaluation of blockchain networks involves comprehensive due diligence procedures, including assessments of blockchain quality, reward
potential, and the technical challenges associated with running validator nodes. Criteria for assessing blockchain quality encompass
factors such as i) market and on-chain statistics, ii) liquidity, iii) potential blockchain utility, iv) history and milestones, v) growth
and development roadmap, vi) use cases, vii) community interest, vii) quality of documentation, viii) decentralization, and ix) any other
publicly available information.
StakeSeeker
– Staking-as-a-Service
BTCS’s
Staking-as-a-Service (“StaaS”) business model allows for crypto asset holders to earn token 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 a crypto asset 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 alternative for crypto asset holders to participate
in blockchain networks’ consensus mechanisms, promoting the growth and adoption of blockchain technology.
The
Company’s internally-developed “StakeSeeker” platform is a personal finance software and education center with a comprehensive
crypto dashboard for crypto asset holders to connect, monitor, track, and analyze their crypto portfolios across exchanges and wallets
in a single analytics platform. The StakeSeeker dashboard reads user data from digital wallets and utilizes application programming interfaces
(APIs) to read data from crypto exchanges and does not allow for the trading or custody of crypto assets. StakeSeeker’s Stake Hub
functions as an educational center, offering users guidance on the delegation of their crypto assets to our non-custodial validator nodes,
along with the ability to monitor such delegation activities through data analysis. StakeSeeker does not provide or facilitate direct,
crypto asset delegation or transaction execution on our platform. The Stake Hub’s primary role is to offer instructional support
and tracking capabilities. There is no active process for crypto asset delegation through the Stake Hub dashboard; it is primarily a
monitoring tool. Crypto asset holders are able to delegate to our validator nodes without signing up for our StakeSeeker platform; conversely,
crypto asset holders can delegate to validator nodes not operated by the Company and sign up for StakeSeeker to utilize our software
and data analytics. The StakeSeeker platform is currently free-to-use for registered users and is not currently generating revenue. The
Company is not a broker-dealer or an investment advisor and does not provide any such related services.
A
StaaS provider maintains a ministerial role in validating transactions on a given dPoS network on behalf of its Delegators by (1) using
open-source software to stake the relevant crypto assets; (2) monitoring and maintaining the nodes it is operating to ensure the computers
remain online to validate transactions; and (3) verifying transactions on the network when required.
As
a non-custodial StaaS provider, we do not hold or take possession of any Delegator funds, crypto assets, or crypto asset rewards at any
point during the staking or delegation process. Delegation does not involve the transfer of crypto asset ownership to a Validator. During
the process of staking, delegated crypto assets remain in the Delegator’s digital wallets. The blockchain network calculates rewards
earned, which are then distributed directly to the Delegator’s wallet. The blockchain network does not distribute any of the Delegator’s
earned crypto rewards to BTCS. At no point does the Validator gain access, control, or custody of the original staked crypto assets or
the earned crypto rewards through staking to its node. Therefore, the Company does not have any exposure to the custodial risks that
a crypto exchange would have related to excessive redemptions or withdrawals of crypto assets, suspension of redemptions, or withdrawals.
Further, we do not issue or hold crypto assets on behalf of third parties and have no exposure to the risks an exchange would have with
respect to loans, rehypothecation, or margin.
The
following table details the blockchain networks on which BTCS operates nodes that support third-party delegations as part of our staking-as-a-service
operations, including the amount of third-party crypto assets delegated to our non-custodial validator nodes, as of June 30, 2024:
| |
Validator Fee | | |
Delegated Crypto Assets | |
Delegated Crypto Assets | |
Blockchain Network | |
Percentage % | | |
(Native Tokens) | |
($USD) | |
Cosmos | |
| 5 | %* | |
112,000 ATOM | |
$ | 749,997 | |
Akash | |
| 5 | %* | |
171,000 AKT | |
$ | 612,071 | |
Oasis | |
| 5 | % | |
2,359,000 ROSE | |
$ | 234,963 | |
Kava | |
| 5 | %* | |
28,000 KAVA | |
$ | 12,351 | |
Total | |
| | | |
| |
$ | 1,609,382 | |
*
indicates the minimum required by the blockchain network.
Builder+
– Ethereum Block Building
In
January 2024, we introduced “Builder+”, an Ethereum block builder. Builder+ utilizes algorithms to construct optimized
blocks for on-chain validation. The Company aims to maximize the value of gas fees earned by increasing the number of blocks we
purchase while minimizing Validator Payments required for purchasing block space.
The
following table further details the operational results of Builder+ for the three and six months ended June 30, 2024.
| |
For the Three Months Ended June 30, | | |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Asset | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | |
Ethereum (ETH) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Gas fees earned from blocks proposed | |
| 23 | | |
$ | 75,853 | | |
| - | | |
$ | - | | |
| 34 | | |
$ | 108,886 | | |
| - | | |
$ | - | |
Validator payments for block space | |
| (28 | ) | |
$ | (92,499 | ) | |
| - | | |
$ | - | | |
| (51 | ) | |
$ | (158,112 | ) | |
| - | | |
$ | - | |
Net ETH earned from Ethereum block building through Builder+ | |
| (5 | ) | |
$ | (16,646 | ) | |
| - | | |
$ | - | | |
| (17 | ) | |
$ | (49,226 | ) | |
| - | | |
$ | - | |
ChainQ
– AI Analytics
On
July 10, 2024, the Company announced the public launch of the ChainQ beta. ChainQ is an AI-powered blockchain data and analytics platform,
designed to allow users to query real-time and historical on-chain blockchain data. Through comprehensive indexing of public blockchain
data from our Blockchain Infrastructure operations, ChainQ is intended to provide an intuitive and straightforward platform for users
to access on-chain data.
Crypto
Assets
The
tables below detail BTCS’s quarterly crypto asset holdings as of the end of each quarter beginning with the 2023 Quarter and ending
the 2024 Quarter.
Crypto
Assets Held at the End of the Following Calendar Quarters:
Asset | |
2023 Q2 | | |
2023 Q3 | | |
2023 Q4 | | |
2024 Q1 | | |
2024 Q2 | |
Ethereum (ETH) | |
| 7,833 | | |
| 7,748 | | |
| 7,815 | | |
| 7,868 | | |
| 7,935 | |
Cardano (ADA) | |
| 263,293 | | |
| 264,751 | | |
| 265,254 | | |
| 266,543 | | |
| 268,582 | |
Kusama (KSM) | |
| 6,946 | | |
| 7,246 | | |
| 7,313 | | |
| 7,796 | | |
| 8,074 | |
Tezos (XTZ) | |
| 25,375 | | |
| 25,760 | | |
| 26,174 | | |
| 26,492 | | |
| 26,845 | |
Solana (SOL) | |
| 7,621 | | |
| 7,752 | | |
| 7,845 | | |
| 7,964 | | |
| 6,839 | |
Polkadot (DOT) | |
| 7,882 | | |
| 8,284 | | |
| 8,650 | | |
| 9,010 | | |
| 9,386 | |
Cosmos (ATOM) | |
| 243,472 | | |
| 256,784 | | |
| 270,098 | | |
| 281,264 | | |
| 293,886 | |
Polygon (MATIC) | |
| 492,965 | | |
| 499,548 | | |
| 506,010 | | |
| 512,241 | | |
| 518,554 | |
Avalanche (AVAX) | |
| 17,824 | | |
| 17,824 | | |
| 17,842 | | |
| 17,842 | | |
| 18,510 | |
Axie Infinity (AXS) | |
| 50,955 | | |
| 55,584 | | |
| 60,552 | | |
| 65,932 | | |
| 71,704 | |
Kava (KAVA) | |
| 315,362 | | |
| 327,862 | | |
| 345,394 | | |
| 351,685 | | |
| 358,318 | |
Band Protocol (BAND) | |
| 992 | | |
| 992 | | |
| 992 | | |
| 992 | | |
| 992 | |
Mina (MINA) | |
| 81,377 | | |
| 84,257 | | |
| 90,017 | | |
| 92,897 | | |
| 95,777 | |
Oasis Network (ROSE) | |
| 2,600,279 | | |
| 2,626,600 | | |
| 2,647,629 | | |
| 2,663,766 | | |
| - | |
Akash (AKT) | |
| 113,063 | | |
| 115,735 | | |
| 119,071 | | |
| 123,646 | | |
| 129,891 | |
NEAR Protocol (NEAR) | |
| 77,389 | | |
| 79,067 | | |
| 80,267 | | |
| 80,981 | | |
| 82,867 | |
Evmos (EVMOS) | |
| 295,422 | | |
| 322,693 | | |
| 345,777 | | |
| 357,203 | | |
| 364,037 | |
Fair
Market Value of Crypto Assets at the End of the Following Calendar Quarters:
Asset | |
2023 Q2 | | |
2023 Q3 | | |
2023 Q4 | | |
2024 Q1 | | |
2024 Q2 | |
Ethereum (ETH) | |
$ | 15,141,859 | | |
$ | 12,948,491 | | |
$ | 17,829,264 | | |
$ | 28,700,380 | | |
$ | 27,235,107 | |
Cardano (ADA) | |
| 75,553 | | |
| 67,259 | | |
| 157,615 | | |
| 173,350 | | |
| 105,270 | |
Kusama (KSM) | |
| 175,352 | | |
| 138,166 | | |
| 329,353 | | |
| 377,395 | | |
| 191,929 | |
Tezos (XTZ) | |
| 20,452 | | |
| 17,569 | | |
| 26,379 | | |
| 37,118 | | |
| 21,296 | |
Solana (SOL) | |
| 144,010 | | |
| 165,849 | | |
| 796,327 | | |
| 1,613,543 | | |
| 1,001,728 | |
Polkadot (DOT) | |
| 40,763 | | |
| 34,009 | | |
| 70,879 | | |
| 86,858 | | |
| 58,218 | |
Cosmos (ATOM) | |
| 2,261,411 | | |
| 1,859,407 | | |
| 2,860,870 | | |
| 3,455,299 | | |
| 1,975,032 | |
Polygon (MATIC) | |
| 325,857 | | |
| 266,400 | | |
| 491,138 | | |
| 514,187 | | |
| 290,027 | |
Avalanche (AVAX) | |
| 231,941 | | |
| 164,759 | | |
| 687,713 | | |
| 964,888 | | |
| 542,525 | |
Axie Infinity (AXS) | |
| 302,966 | | |
| 254,967 | | |
| 535,546 | | |
| 726,572 | | |
| 434,956 | |
Kava (KAVA) | |
| 305,501 | | |
| 207,289 | | |
| 301,429 | | |
| 374,932 | | |
| 158,376 | |
Band Protocol (BAND) | |
| 1,260 | | |
| 1,121 | | |
| 2,174 | | |
| 2,223 | | |
| 1,221 | |
Mina (MINA) | |
| 39,579 | | |
| 32,095 | | |
| 122,007 | | |
| 115,192 | | |
| 51,720 | |
Oasis Network (ROSE) | |
| 128,686 | | |
| 109,516 | | |
| 363,571 | | |
| 366,108 | | |
| - | |
Akash (AKT) | |
| 63,311 | | |
| 94,686 | | |
| 291,574 | | |
| 592,956 | | |
| 466,154 | |
NEAR Protocol (NEAR) | |
| 107,088 | | |
| 89,660 | | |
| 293,204 | | |
| 591,162 | | |
| 438,780 | |
Evmos (EVMOS) | |
| 26,069 | | |
| 24,089 | | |
| 43,886 | | |
| 28,612 | | |
| 11,249 | |
Total | |
| 19,391,658 | | |
| 16,475,332 | | |
| 25,202,929 | | |
| 38,720,775 | | |
| 32,983,588 | |
QoQ Change | |
| 1 | % | |
| -15 | % | |
| 53 | % | |
| 54 | % | |
| -15 | % |
YoY Change | |
| 63 | % | |
| 11 | % | |
| 101 | % | |
| 101 | % | |
| 70 | % |
Prices
of Crypto Assets at the End of the Following Calendar Quarters:*
Asset | |
2023 Q2 | | |
2023 Q3 | | |
2023 Q4 | | |
2024 Q1 | | |
2024 Q2 | |
Ethereum (ETH) | |
$ | 1,933 | | |
$ | 1,671 | | |
$ | 2,281 | | |
$ | 3,648 | | |
$ | 3,432 | |
Cardano (ADA) | |
| 0.29 | | |
| 0.25 | | |
| 0.59 | | |
| 0.65 | | |
| 0.39 | |
Kusama (KSM) | |
| 25.24 | | |
| 19.07 | | |
| 45.04 | | |
| 48.41 | | |
| 23.77 | |
Tezos (XTZ) | |
| 0.81 | | |
| 0.68 | | |
| 1.01 | | |
| 1.40 | | |
| 0.79 | |
Solana (SOL) | |
| 18.90 | | |
| 21.40 | | |
| 101.51 | | |
| 202.60 | | |
| 146.48 | |
Polkadot (DOT) | |
| 5.17 | | |
| 4.11 | | |
| 8.19 | | |
| 9.64 | | |
| 6.20 | |
Cosmos (ATOM) | |
| 9.29 | | |
| 7.24 | | |
| 10.59 | | |
| 12.28 | | |
| 6.72 | |
Polygon (MATIC) | |
| 0.66 | | |
| 0.53 | | |
| 0.97 | | |
| 1.00 | | |
| 0.56 | |
Avalanche (AVAX) | |
| 13.01 | | |
| 9.24 | | |
| 38.54 | | |
| 54.08 | | |
| 29.31 | |
Axie Infinity (AXS) | |
| 5.95 | | |
| 4.59 | | |
| 8.84 | | |
| 11.02 | | |
| 6.07 | |
Kava (KAVA) | |
| 0.97 | | |
| 0.63 | | |
| 0.87 | | |
| 1.07 | | |
| 0.44 | |
Band Protocol (BAND) | |
| 1.27 | | |
| 1.13 | | |
| 2.19 | | |
| 2.24 | | |
| 1.23 | |
Mina (MINA) | |
| 0.49 | | |
| 0.38 | | |
| 1.36 | | |
| 1.24 | | |
| 0.54 | |
Oasis Network (ROSE) | |
| 0.05 | | |
| 0.04 | | |
| 0.14 | | |
| 0.14 | | |
| 0.10 | |
Akash (AKT) | |
| 0.56 | | |
| 0.82 | | |
| 2.45 | | |
| 4.80 | | |
| 3.59 | |
NEAR Protocol (NEAR) | |
| 1.38 | | |
| 1.13 | | |
| 3.65 | | |
| 7.30 | | |
| 5.30 | |
Evmos (EVMOS) | |
| 0.09 | | |
| 0.07 | | |
| 0.13 | | |
| 0.08 | | |
| 0.03 | |
*
The prices have been rounded to the nearest whole dollar for prices above $100
Crypto
Asset Rewards
The
tables below detail BTCS’s quarterly crypto assets earned during each of the following quarters:
Crypto
assets earned from BTCS validator nodes
Asset | |
2023 Q2 | | |
2023 Q3 | | |
2023 Q4 | | |
2024 Q1 | | |
2024 Q2 | |
Ethereum (ETH) | |
| 108 | | |
| 85 | | |
| 67 | | |
| 65 | | |
| 72 | |
Cosmos (ATOM) | |
| 10,662 | | |
| 13,312 | | |
| 13,314 | | |
| 11,166 | | |
| 12,565 | |
Akash (AKT) | |
| 2,851 | | |
| 2,671 | | |
| 3,337 | | |
| 4,575 | | |
| 6,246 | |
Kava (KAVA) | |
| 10,394 | | |
| 12,500 | | |
| 17,532 | | |
| 6,292 | | |
| 6,632 | |
Mina (MINA) | |
| 1,440 | | |
| 2,880 | | |
| 5,760 | | |
| 2,880 | | |
| 2,880 | |
Oasis Network (ROSE) | |
| 30,287 | | |
| 26,321 | | |
| 21,029 | | |
| 16,137 | | |
| 10,431 | |
Kusama (KSM) | |
| 180 | | |
| 300 | | |
| 67 | | |
| 10 | | |
| 279 | |
Avalanche (AVAX) | |
| 646 | | |
| - | | |
| 18 | | |
| - | | |
| 668 | |
NEAR Protocol (NEAR) | |
| 1,665 | | |
| 1,606 | | |
| 1,200 | | |
| 714 | | |
| - | |
Evmos (EVMOS) | |
| 32,236 | | |
| 27,271 | | |
| 30,084 | | |
| - | | |
| - | |
Tezos (XTZ) | |
| 435 | | |
| 385 | | |
| 414 | | |
| - | | |
| - | |
Crypto
assets earned from Ethereum block building through Builder+
Asset | |
2023 Q1 | | |
2023 Q2 | | |
2023 Q3 | | |
2023 Q4 | | |
2024 Q1 | | |
2024 Q2 | |
Ethereum (ETH) | |
| - | | |
| - | | |
| - | | |
| - | | |
| 11 | | |
| 23 | |
Crypto
assets earned from staking to third-party validator nodes
Asset | |
2023 Q2 | | |
2023 Q3 | | |
2023 Q4 | | |
2024 Q1 | | |
2024 Q2 | |
Axie Infinity (AXS) | |
| 4,474 | | |
| 4,629 | | |
| 4,967 | | |
| 5,381 | | |
| 5,772 | |
Solana (SOL) | |
| 128 | | |
| 131 | | |
| 93 | | |
| 119 | | |
| 139 | |
Polygon (MATIC) | |
| 6,158 | | |
| 6,276 | | |
| 6,462 | | |
| 6,230 | | |
| 6,314 | |
Polkadot (DOT) | |
| 356 | | |
| 402 | | |
| 366 | | |
| 360 | | |
| 376 | |
Evmos (EVMOS) | |
| - | | |
| - | | |
| - | | |
| 11,426 | | |
| 6,834 | |
Cardano (ADA) | |
| 433 | | |
| 1,458 | | |
| 503 | | |
| 1,289 | | |
| 2,039 | |
Tezos (XTZ) | |
| - | | |
| - | | |
| - | | |
| 318 | | |
| 354 | |
NEAR Protocol (NEAR) | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,886 | |
Fair
Market Value of Crypto Asset Rewards Earned Recognized as Revenue
The
tables below detail the fair market value of BTCS’s quarterly crypto assets earned as revenue during the following calendar quarters:
Revenue
earned from BTCS validator nodes
Asset | |
2023 Q2 | | |
2023 Q3 | | |
2023 Q4 | | |
2024 Q1 | | |
2024 Q2 | |
Ethereum (ETH) | |
$ | 201,121 | | |
$ | 151,699 | | |
$ | 131,903 | | |
$ | 188,078 | | |
$ | 241,588 | |
Cosmos (ATOM) | |
| 109,787 | | |
| 106,982 | | |
| 116,726 | | |
| 121,074 | | |
| 104,580 | |
Akash (AKT) | |
| 1,159 | | |
| 2,263 | | |
| 5,341 | | |
| 18,746 | | |
| 26,740 | |
Kava (KAVA) | |
| 9,351 | | |
| 9,523 | | |
| 13,033 | | |
| 5,252 | | |
| 4,305 | |
Mina (MINA) | |
| 1,070 | | |
| 1,234 | | |
| 4,818 | | |
| 3,646 | | |
| 2,439 | |
Oasis Network (ROSE) | |
| 1,735 | | |
| 1,183 | | |
| 1,688 | | |
| 2,218 | | |
| 1,036 | |
Kusama (KSM) | |
| 4,960 | | |
| 6,416 | | |
| 1,193 | | |
| 475 | | |
| 8,108 | |
Avalanche (AVAX) | |
| 8,403 | | |
| - | | |
| 714 | | |
| - | | |
| 18,491 | |
NEAR Protocol (NEAR) | |
| 2,841 | | |
| 2,050 | | |
| 1,834 | | |
| 4,422 | | |
| - | |
Evmos (EVMOS) | |
| 5,862 | | |
| 2,016 | | |
| 2,929 | | |
| - | | |
| - | |
Tezos (XTZ) | |
| 432 | | |
| 288 | | |
| 337 | | |
| - | | |
| - | |
Total revenue earned from BTCS blockchain infrastructure operations | |
$ | 346,721 | | |
$ | 283,654 | | |
$ | 280,516 | | |
$ | 343,911 | | |
$ | 407,287 | |
Revenue
earned from Ethereum block building through Builder+
Asset | |
2023 Q1 | | |
2023 Q2 | | |
2023 Q3 | | |
2023 Q4 | | |
2024 Q1 | | |
2024 Q2 | |
Ethereum (ETH) | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 33,033 | | |
$ | 75,853 | |
Total revenue earned from Ethereum block building through Builder+ | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 33,033 | | |
$ | 75,853 | |
Revenue
earned from staking to third-party validator nodes
Asset | |
2023 Q2 | | |
2023 Q3 | | |
2023 Q4 | | |
2024 Q1 | | |
2024 Q2 | |
Axie Infinity (AXS) | |
$ | 29,313 | | |
$ | 23,755 | | |
$ | 34,595 | | |
$ | 48,322 | | |
$ | 36,379 | |
Solana (SOL) | |
| 2,581 | | |
| 2,860 | | |
| 3,620 | | |
| 15,372 | | |
| 21,353 | |
Polygon (MATIC) | |
| 5,057 | | |
| 3,676 | | |
| 5,143 | | |
| 5,731 | | |
| 3,758 | |
Polkadot (DOT) | |
| 1,957 | | |
| 1,898 | | |
| 1,999 | | |
| 2,957 | | |
| 2,619 | |
Evmos (EVMOS) | |
| - | | |
| - | | |
| - | | |
| 940 | | |
| 268 | |
Cardano (ADA) | |
| 124 | | |
| 399 | | |
| 252 | | |
| 753 | | |
| 837 | |
Tezos (XTZ) | |
| - | | |
| - | | |
| - | | |
| 367 | | |
| 338 | |
NEAR Protocol (NEAR) | |
| - | | |
| - | | |
| - | | |
| - | | |
| 12,500 | |
Total revenue earned from staking to third-party validator nodes | |
$ | 39,032 | | |
$ | 32,588 | | |
$ | 45,609 | | |
$ | 74,442 | | |
$ | 78,052 | |
Total revenue earned | |
$ | 385,753 | | |
$ | 316,242 | | |
$ | 326,125 | | |
$ | 451,386 | | |
$ | 561,192 | |
Results
of Operations for the Three and Six Months Ended June 30, 2024 and 2023
The
following tables reflect our operating results for the three and six months ended June 30, 2024 and 2023:
| |
For the Three Months Ended | | |
| |
| |
June 30, | | |
$ Change | | |
% Change | |
| |
2024 | | |
2023 | | |
2024 | | |
2024 | |
| |
| | |
| | |
| | |
| |
Revenues | |
| | | |
| | | |
| | | |
| | |
Blockchain infrastructure revenues (net of fees) | |
$ | 561,192 | | |
$ | 385,753 | | |
$ | 175,439 | | |
| 45 | % |
Total revenues | |
| 561,192 | | |
| 385,753 | | |
| 175,439 | | |
| 45 | % |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| | | |
| | | |
| | | |
| | |
Blockchain infrastructure costs | |
| 168,848 | | |
| 113,612 | | |
| 55,236 | | |
| 49 | % |
Gross profit | |
| 392,344 | | |
| 272,141 | | |
| 120,203 | | |
| 44 | % |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative | |
$ | 538,956 | | |
$ | 617,569 | | |
$ | (78,613 | ) | |
| (13 | )% |
Research and development | |
| 163,777 | | |
| 180,903 | | |
| (17,126 | ) | |
| (9 | )% |
Compensation and related expenses | |
| 875,491 | | |
| 578,496 | | |
| 296,995 | | |
| 51 | % |
Marketing | |
| 28,477 | | |
| 2,723 | | |
| 25,754 | | |
| 946 | % |
Realized (gains) losses on crypto asset transactions | |
| (287,327 | ) | |
| 568,031 | | |
| (855,358 | ) | |
| (151 | )% |
Total operating expenses | |
| 1,319,374 | | |
| 1,947,722 | | |
| (628,348 | ) | |
| (32 | )% |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses): | |
| | | |
| | | |
| | | |
| | |
Change in unrealized appreciation (depreciation) on crypto assets | |
| (5,943,339 | ) | |
| 355,033 | | |
| (6,298,372 | ) | |
| (1,774 | )% |
Change in fair value of warrant liabilities | |
| 142,500 | | |
| 142,500 | | |
| - | | |
| - | % |
Total other income (expenses) | |
| (5,800,839 | ) | |
| 497,533 | | |
| (6,298,372 | ) | |
| (1,266 | )% |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | (6,727,869 | ) | |
$ | (1,178,048 | ) | |
| (5,549,821 | ) | |
| (471 | )% |
| |
For the Six Months Ended | | |
| |
| |
June 30, | | |
$ Change | | |
% Change | |
| |
2024 | | |
2023 | | |
2024 | | |
2024 | |
| |
| | |
| | |
| | |
| |
Revenues | |
| | | |
| | | |
| | | |
| | |
Validator revenue | |
$ | 1,012,578 | | |
$ | 697,261 | | |
$ | 315,317 | | |
| 45 | % |
Total revenues | |
| 1,012,578 | | |
| 697,261 | | |
| 315,317 | | |
| 45 | % |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| | | |
| | | |
| | | |
| | |
Validator expense | |
| 329,473 | | |
| 195,626 | | |
| 133,847 | | |
| 68 | % |
Gross profit | |
| 683,105 | | |
| 501,635 | | |
| 181,470 | | |
| 36 | % |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative | |
$ | 1,026,555 | | |
$ | 1,227,398 | | |
$ | (200,843 | ) | |
| (16 | )% |
Research and development | |
| 310,326 | | |
| 382,528 | | |
| (72,202 | ) | |
| (19 | )% |
Compensation and related expenses | |
| 1,331,270 | | |
| 1,040,586 | | |
| 290,684 | | |
| 28 | % |
Marketing | |
| 86,079 | | |
| 8,966 | | |
| 77,113 | | |
| 860 | % |
Realized gains on crypto asset transactions | |
| (298,014 | ) | |
| 560,477 | | |
| (858,491 | ) | |
| (153 | )% |
Total operating expenses | |
| 2,456,216 | | |
| 3,219,955 | | |
| (763,739 | ) | |
| (24 | )% |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses): | |
| | | |
| | | |
| | | |
| | |
Change in unrealized appreciation (depreciation) on crypto assets | |
| 7,159,328 | | |
| 6,648,240 | | |
| 511,088 | | |
| 8 | % |
Change in fair value of warrant liabilities | |
| 142,500 | | |
| (142,500 | ) | |
| 285,000 | | |
| (200 | )% |
Total other income (expenses) | |
| 7,301,828 | | |
| 6,505,740 | | |
| 796,088 | | |
| 12 | % |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | 5,528,717 | | |
$ | 3,787,420 | | |
| 1,741,297 | | |
| 46 | % |
Revenues
The
increase in revenue during the 2024 Quarter and Period as compared to the 2023 Quarter and Period is primarily due to the increase
in fair value of our crypto assets earned as rewards for staking as the market prices of crypto assets continued to be elevated
during 2024 Period compared to 2023 Period. The increase is also partially due to an increase in the block rewards earned from our
Ethereum block building activities during the 2024 Quarter and 2024 Period. Although we believe the number of block rewards and
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 crypto asset markets may impact the market prices of the crypto assets we earn from
staking.
Cost
of Revenues
The
increase in the cost of revenues during the 2024 Period as compared to the 2023 Period is due to the Validator Payments made to purchase block space as part of our Ethereum block building activities during the
2024 Quarter and Period. Thes additional costs are partially offset by the 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, particularly our strategy to increase the number and value of block production, requiring additional purchases
of block space from Validators.
Summary of Accounting Principle Change
in Ethereum Block Building Revenues and Costs
During the second 2024 Quarter,
the Company implemented a change in accounting principle related to the presentation of revenues and costs associated with our Ethereum
block building operations. This change, made under ASC 606, now presents gas fees earned as gross revenue and Validator Payments as cost
of revenues, rather than netting them against each other. This correction, applied retrospectively, better reflects the economic substance
of our transactions and provides enhanced transparency. The change does not impact gross profit, net income, or balance sheet items, but
it does result in increased reported revenues and costs for the three months ended March 31, 2024.
Operating
Expenses
General
and administrative expenses consist of director compensation, legal and professional fees and other personnel and related costs. The
decrease in the 2024 Period was primarily due to a decrease of approximately $140,000 in legal service and related administrative costs
from the 2023 Period, driven primarily by services surrounding the Series V Preferred Distribution and related listing on Upstream Exchange
incurred during the first half of 2023. We are uncertain as to whether our future investigation legal expenses related to the SEC’s
current investigation of the Company will have a material impact on our operating expenses during the balance of 2024 or thereafter.
Additionally, we incurred higher accounting fees related to our audits and Form S-3 registration during the 2024 Period, which is partially
offset by other reduced costs resulting from cost cutting measures for other professional fees during the 2024 Period.
Research
and development expenses decreased during the 2024 Period from the 2023 Period as the Company focused on the beta release of our proprietary
StakeSeeker platform in the first quarter 2023, including responding to user feedback and continued planned feature development and incorporation
onto the platform. Research and development in the 2024 Period focused on the launch of Builder+ operations as well as the further development
of ChainQ, which launched in July 2024. We anticipate research and development costs to remain consistent as we continue to expand on
technological solutions in the blockchain sector with a focus on cost management of our third-party development team.
Compensation
and related expenses increased during the 2024 Period resulting from the addition of employee headcount during the 2024 Quarter. We believe
our compensation expenses will increase from those reported in the 2024 Period as the Company continues to utilize non-cash equity-based
compensation incentives as a core part of our compensation strategy and anticipate accruals for 2024 performance-based bonus incentives
in future reporting periods.
Marketing
costs increased during the 2024 Period as the Company incurred costs associated with the purchase of transaction traffic to bolster Ethereum
block production as part of the ramp up of Builder+ operations. The Company may have additional expenditures for transaction traffic
in order to further increase Ethereum block building activities.
The
realized gains on crypto asset transactions increased during the 2024 Period as the Company sold certain crypto assets from our blockchain
infrastructure operations in order to fund operating activities. The Company may realize additional gains (losses) in the future resulting
from the sale of crypto assets earned are sold to meet cash needs.
Other
Income (Expenses)
The
changes in other income for the 2024 Quarter and Period were primarily attributed to the recognition of the change in unrealized appreciation
on crypto assets resulting from the increase in the fair market value of the Company’s crypto assets during the 2024 Period compared
to the 2023 Period and the decrease in the fair market value of the Company’s crypto assets during the 2024 Quarter. Changes in
the unrealized appreciation or depreciation of crypto assets are directly influenced by the volatility in crypto markets, which can be
challenging for management to predict.
Furthermore,
the changes in other income for the 2024 Quarter were partially driven by the decrease in the fair value of warrant liabilities throughout
the period. This non-cash expense is influenced by the value of our stock price at the end of each quarter, a factor that we cannot predict.
Net
income (loss)
The
increase in net income for the 2024 Period compared to the 2023 Period is primarily attributable to larger increases in fair value of
our crypto assets during the 2024 Period compared to the 2023 Period. The decrease in net loss for the 2024 Quarter compared to the 2023
Quarter is primarily attributable to the peel back of the crypto market during the 2024 Quarter, resulting in declines in the market
prices of our crypto assets and reporting of unrealized depreciation in the 2024 Quarter. We acknowledge that our net income (loss) may
exhibit significant fluctuations due to the volatility in the crypto asset markets, impacting changes in the fair value of crypto assets
during future reporting periods.
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 (assuming
an effective registration statement on Form S-3), 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 16, 2024, the Company sold a
total of 4,790,475 shares of Common Stock under the ATM Agreement for aggregate total gross proceeds of approximately $17,938,000 at an
average selling price of $3.74 per share, resulting in net proceeds of approximately $17,350,000 after deducting commissions and other
transaction costs.
Our Form S-3 expired on August 14, 2024. The Company filed a new Form S-3 on February 14, 2024. As a result
of SEC comments, the new Form S-3 has not yet gone effective and therefore we may not sell shares under the ATM Agreement.
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, 2024, the Company had approximately $537,000 of cash and working capital of approximately $33,005,000.
As
of August 16, 2024, the Company had approximately $562,000 of cash and cash equivalents and the fair market value of the Company’s
liquid crypto assets was approximately $25,291,000. The Company has no outstanding debt. The Company believes that the existing cash
and liquid crypto assets held by us provide sufficient liquidity to meet working capital requirements, anticipated capital expenditures
and contractual obligations for at least the next 12 months.
Certain
of our staked crypto assets may be locked up for varying durations, depending on the specific blockchain protocol, and we may be unable
to unstake them in a timely manner in order to liquidate to the extent desired. Lock-up periods for our staked crypto assets range from
several hours to six months. 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.
Cash
Flows
Cash
used in operating activities was approximately $1,693,000 during the 2024 Period compared to approximately $2,046,000 for the 2023 Period.
The largest non-cash adjustment to our operating cash flows consisted of approximately $7,159,000 change in in unrealized appreciation
on crypto assets during the 2024 Period, which is based on volatility in the crypto asset market and cannot be accurately predicted.
Cash
provided by investing activities was approximately $531,000 during the 2024 Period compared to cash used in investing activities of approximately
$84,000 for the 2023 Period. Net cash inflows from investing activities resulted from the sale of crypto assets. We anticipate similar
levels of sales of additional crypto assets in future quarters as we fund operating activities from crypto earned as staking revenues.
Cash
provided by financing activities was approximately $240,000 during the 2024 Period compared to approximately $927,000 for the 2023 Period.
The cash inflows from financing activities were entirely from proceeds from the Common Stock sold pursuant to the ATM Agreement. The
Company 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, 2024, 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, 2023, 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 business, including but not limited to Builder+, StakeSeeker, and ChainQ, plans to expand our PoS operations,
growth opportunities for the Company, 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, 2023. 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, 2024. 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, 2024.
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
No
officers, as defined in Rule 16a-1(f), or directors adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule
10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, during the last fiscal quarter.
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
19, 2024 |
|
|
|
By:
|
/s/
Charles Allen |
|
|
Charles
W. Allen |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
EXHIBIT
INDEX
101.INS |
|
Inline XBRL Instance Document |
101.SCH |
|
Inline
XBRL Taxonomy Extension Schema Document |
101.CAL |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document |
104
|
|
Cover
Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
** |
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
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, 2024. |
|
|
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 19, 2024 |
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, 2024. |
|
|
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 19, 2024 |
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, 2024, 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 19, 2024 |
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, 2024, 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 19, 2024 |
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.
v3.24.2.u1
Cover - $ / shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 16, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
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 $0.001
|
|
Trading Symbol |
BTCS
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
16,174,923
|
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$ 0.001
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v3.24.2.u1
Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 536,682
|
$ 1,458,327
|
Stablecoins |
14,797
|
21,044
|
Crypto assets |
973,413
|
302,783
|
Staked crypto assets |
32,010,175
|
24,900,146
|
Prepaid expenses |
180,919
|
62,461
|
Receivable for capital shares sold |
|
291,440
|
Total current assets |
33,715,986
|
27,036,201
|
Other assets: |
|
|
Investments, at value (Cost $100,000) |
100,000
|
100,000
|
Property and equipment, net |
7,500
|
10,490
|
Total other assets |
107,500
|
110,490
|
Total Assets |
33,823,486
|
27,146,691
|
Liabilities and Stockholders’ Equity: |
|
|
Accounts payable and accrued expenses |
130,850
|
55,058
|
Accrued compensation |
508,489
|
712,092
|
Warrant liabilities |
71,250
|
213,750
|
Total current liabilities |
710,589
|
980,900
|
Stockholders’ equity: |
|
|
Series V preferred stock: 14,567,829 and 14,567,829 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively |
|
|
Common stock, 975,000,000 shares authorized at $0.001 par value, 15,895,027 and 15,320,281 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively |
15,895
|
15,322
|
Additional paid in capital |
163,681,450
|
162,263,634
|
Accumulated deficit |
(133,148,386)
|
(138,677,103)
|
Total stockholders’ equity |
33,112,897
|
26,165,791
|
Total Liabilities and Stockholders’ Equity |
33,823,486
|
27,146,691
|
Series V Preferred Stock [Member] |
|
|
Stockholders’ equity: |
|
|
Series V preferred stock: 14,567,829 and 14,567,829 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively |
$ 2,563,938
|
$ 2,563,938
|
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v3.24.2.u1
Balance Sheets (Parenthetical) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Cost of investment |
$ 100,000
|
$ 100,000
|
Preferred stock, shares authorized |
20,000,000
|
20,000,000
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorised |
975,000,000
|
975,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares issued |
15,895,027
|
15,320,281
|
Common stock, shares outstanding |
15,895,027
|
15,320,281
|
Series V Preferred Stock [Member] |
|
|
Preferred stock, shares issued |
14,567,829
|
14,567,829
|
Preferred stock, shares outstanding |
14,567,829
|
14,567,829
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenues |
|
|
|
|
Blockchain infrastructure revenues (net of fees) |
$ 561,192
|
$ 385,753
|
$ 1,012,578
|
$ 697,261
|
Total revenues |
561,192
|
385,753
|
1,012,578
|
697,261
|
Cost of revenues |
|
|
|
|
Blockchain infrastructure costs |
168,848
|
113,612
|
329,473
|
195,626
|
Gross profit |
392,344
|
272,141
|
683,105
|
501,635
|
Operating expenses: |
|
|
|
|
General and administrative |
538,956
|
617,569
|
1,026,555
|
1,227,398
|
Research and development |
163,777
|
180,903
|
310,326
|
382,528
|
Compensation and related expenses |
875,491
|
578,496
|
1,331,270
|
1,040,586
|
Marketing |
28,477
|
2,723
|
86,079
|
8,966
|
Realized (gains) losses on crypto asset transactions |
(287,327)
|
568,031
|
(298,014)
|
560,477
|
Total operating expenses |
1,319,374
|
1,947,722
|
2,456,216
|
3,219,955
|
Other income (expenses): |
|
|
|
|
Change in unrealized appreciation (depreciation) on crypto assets |
(5,943,339)
|
355,033
|
7,159,328
|
6,648,240
|
Change in fair value of warrant liabilities |
142,500
|
142,500
|
142,500
|
(142,500)
|
Total other income (expenses) |
(5,800,839)
|
497,533
|
7,301,828
|
6,505,740
|
Net income (loss) |
$ (6,727,869)
|
$ (1,178,048)
|
$ 5,528,717
|
$ 3,787,420
|
Basic net income (loss) per share attributable to common stockholders |
$ (0.43)
|
$ (0.08)
|
$ 0.35
|
$ 0.27
|
Diluted net income (loss) per share attributable to common stockholders |
$ (0.43)
|
$ (0.08)
|
$ 0.28
|
$ 0.22
|
Basic weighted average number of common shares outstanding |
15,758,157
|
13,873,331
|
15,724,917
|
13,773,782
|
Diluted weighted average number of common shares outstanding, basic and diluted |
15,758,157
|
13,873,331
|
19,447,348
|
17,263,427
|
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v3.24.2.u1
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 |
Balance at Dec. 31, 2022 |
|
$ 13,108
|
$ 160,800,263
|
$ (146,495,831)
|
[1] |
$ 14,317,540
|
Balance, shares at Dec. 31, 2022 |
|
13,107,149
|
|
|
|
|
Issuance of common stock, net of offering cost / At-the-market offering |
|
$ 651
|
925,850
|
|
[1] |
926,501
|
Issuance of common stock, net of offering cost / At-the-market offering, shares |
|
651,172
|
|
|
|
|
Stock-based compensation |
|
$ 423
|
789,030
|
|
[1] |
789,453
|
Stock-based compensation, shares |
|
423,089
|
|
|
|
|
Net income (loss) |
|
|
|
3,787,420
|
[1] |
3,787,420
|
Issuance of Series V preferred stock |
$ 2,559,533
|
|
(2,559,533)
|
|
[1] |
|
Issuance of Series V preferred stock, shares |
14,542,803
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 2,559,533
|
$ 14,182
|
159,955,610
|
(142,708,411)
|
[1] |
19,820,914
|
Balance, shares at Jun. 30, 2023 |
14,542,803
|
14,181,410
|
|
|
|
|
Balance at Mar. 31, 2023 |
|
$ 13,800
|
161,839,971
|
(141,530,363)
|
|
20,323,408
|
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
|
|
|
|
|
Stock-based compensation |
|
$ 32
|
257,803
|
|
|
257,835
|
Stock-based compensation, shares |
|
31,647
|
|
|
|
|
Net income (loss) |
|
|
|
(1,178,048)
|
|
(1,178,048)
|
Issuance of Series V preferred stock |
$ 2,559,533
|
|
(2,559,533)
|
|
|
|
Issuance of Series V preferred stock, shares |
14,542,803
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 2,559,533
|
$ 14,182
|
159,955,610
|
(142,708,411)
|
[1] |
19,820,914
|
Balance, shares at Jun. 30, 2023 |
14,542,803
|
14,181,410
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 2,563,938
|
$ 15,322
|
162,263,634
|
(138,677,103)
|
|
26,165,791
|
Balance, shares at Dec. 31, 2023 |
14,567,829
|
15,320,281
|
|
|
|
|
Issuance of common stock, net of offering cost / At-the-market offering |
|
$ 163
|
240,142
|
|
|
240,305
|
Issuance of common stock, net of offering cost / At-the-market offering, shares |
|
163,831
|
|
|
|
|
Stock-based compensation |
|
$ 410
|
1,177,674
|
|
|
1,178,084
|
Stock-based compensation, shares |
|
410,915
|
|
|
|
|
Net income (loss) |
|
|
|
5,528,717
|
|
5,528,717
|
Balance at Jun. 30, 2024 |
$ 2,563,938
|
$ 15,895
|
163,681,450
|
(133,148,386)
|
|
33,112,897
|
Balance, shares at Jun. 30, 2024 |
14,567,829
|
15,895,027
|
|
|
|
|
Balance at Mar. 31, 2024 |
$ 2,563,938
|
$ 15,707
|
163,141,291
|
(126,420,517)
|
|
39,300,419
|
Balance, shares at Mar. 31, 2024 |
14,567,829
|
15,705,415
|
|
|
|
|
Issuance of common stock, net of offering cost / At-the-market offering |
|
$ 163
|
240,142
|
|
|
240,305
|
Issuance of common stock, net of offering cost / At-the-market offering, shares |
|
163,831
|
|
|
|
|
Stock-based compensation |
|
$ 25
|
300,017
|
|
|
300,042
|
Stock-based compensation, shares |
|
25,781
|
|
|
|
|
Net income (loss) |
|
|
|
(6,727,869)
|
|
(6,727,869)
|
Balance at Jun. 30, 2024 |
$ 2,563,938
|
$ 15,895
|
$ 163,681,450
|
$ (133,148,386)
|
|
$ 33,112,897
|
Balance, shares at Jun. 30, 2024 |
14,567,829
|
15,895,027
|
|
|
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.2.u1
Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Net Cash flows used from operating activities: |
|
|
Net income |
$ 5,528,717
|
$ 3,787,420
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
Depreciation expense |
2,990
|
2,318
|
Stock-based compensation |
1,178,084
|
789,453
|
Blockchain infrastructure revenue |
(1,012,578)
|
(697,261)
|
Builder payments (non-cash) |
158,112
|
|
Change in fair value of warrant liabilities |
(142,500)
|
142,500
|
Realized gains on crypto assets transactions |
(298,014)
|
560,477
|
Change in unrealized (appreciation) depreciation on crypto assets |
(7,159,328)
|
(6,648,240)
|
Changes in operating assets and liabilities: |
|
|
Stablecoins |
6,247
|
|
Prepaid expenses and other current assets |
(118,458)
|
(51,668)
|
Receivable for capital shares sold |
291,440
|
|
Accounts payable and accrued expenses |
75,792
|
111,417
|
Accrued compensation |
(203,603)
|
(41,940)
|
Net cash used in operating activities |
(1,693,099)
|
(2,045,524)
|
Cash flows from investing activities: |
|
|
Purchase of productive crypto assets for validating |
(19,212)
|
(1,804,213)
|
Sale of productive crypto assets |
550,361
|
1,719,871
|
Net cash provided by (used in) investing activities |
531,149
|
(84,342)
|
Cash flow from financing activities: |
|
|
Net proceeds from issuance common stock/ At-the-market offering |
240,305
|
926,501
|
Net cash provided by financing activities |
240,305
|
926,501
|
Net (decrease)/increase in cash |
(921,645)
|
(1,203,365)
|
Cash, beginning of period |
1,458,327
|
2,146,783
|
Cash, end of period |
536,682
|
943,418
|
Supplemental disclosure of non-cash financing and investing activities: |
|
|
Series V Preferred Stock Distribution |
|
$ 2,559,533
|
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v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
Net Income (Loss) |
$ (6,727,869)
|
$ (1,178,048)
|
$ 5,528,717
|
$ 3,787,420
|
X |
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v3.24.2.u1
Business Organization and Nature of Operations
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Business Organization and Nature of Operations |
Note
1 - Business Organization and Nature of Operations
BTCS
Inc. (“BTCS” or the “Company”), a Nevada corporation listed on Nasdaq, has operated in the blockchain technology
sector since 2014 with a primary focus on blockchain infrastructure. The Company secures and operates validator nodes (as a “Validator”)
on various proof-of-stake (“PoS”) and delegated proof-of-stake (“dPoS”) based blockchain networks earning native
token rewards by staking our proof-of-stake crypto assets (also referred to “cryptocurrencies”, “crypto”, “crypto
assets”, “digital assets”, or “tokens”), with an emphasis on Ethereum.
The
Company’s non-custodial Staking-as-a-Service (“StaaS”) business allows crypto asset holders to earn staking rewards
by participating in network consensus mechanisms through staking (or “delegating”) their crypto assets to BTCS-operated validator
nodes (or “nodes”). As a non-custodial Validator, BTCS may charge a validator node fee, typically determined as a percent
of the crypto asset rewards earned on crypto assets delegated to its node, creating the opportunity for potential scalable revenue and
business growth with limited additional costs.
The
internally developed “StakeSeeker” platform is a personal finance software that allows crypto asset holders to monitor and
analyze their portfolios across exchanges and wallets. It includes tracking capabilities utilizing application programming interfaces
(APIs) as well as educational features, offering users guidance on the delegation of their crypto assets to our non-custodial validator
nodes, along with the ability to monitor such delegation activities through data analysis. StakeSeeker is an informational monitoring
tool and does not facilitate trading, delegation or custody of crypto assets on the platform.
The
Company developed “Builder+”, an Ethereum block builder (“Builder”) that utilizes algorithms to optimize block
construction for on-chain validation and maximize gas fees.
The
Company’s business is subject to various risks, including regulatory uncertainties, crypto asset price volatility, and the adoption
of blockchain technology. Future success depends on the growth of the crypto asset market and the Company’s ability to effectively
grow its StaaS and blockchain infrastructure operations.
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v3.24.2.u1
Basis of Presentation
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Note
2 - Basis of Presentation
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, 2024
are not necessarily indicative of results for the full year ending December 31, 2024. The unaudited condensed financial statements and
notes should be read in conjunction with the financial statements and notes for the year ended December 31, 2023.
Reclassifications
Certain
prior period amounts have been reclassified in order to conform with the current period presentation in the unaudited condensed financial
statements and accompanying notes. The reclassifications did not have a material impact on the Company’s unaudited condensed financial
statements and related disclosures. The impact on any prior period disclosures was immaterial.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.24.2.u1
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
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 2023 Annual
Report.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash and cash equivalents.
The Company maintains cash and cash equivalent balances at financial institutions that are insured by the FDIC. As of June 30, 2024 and
December 31, 2023, the Company had approximately $537,000 and $1,458,000 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, 2024 and December
31, 2023, the Company had approximately $61,000 and $933,000 in excess of the FDIC insured limit, respectively.
Stablecoins
The
Company holds stablecoins, such as USDT (Tether) and USDC (USD Coin), which are crypto assets that are pegged to the value of one U.S.
dollar. Our stablecoins are typically held in secure digital wallets or on crypto asset exchanges. The Company acquires and holds stablecoins
primarily to facilitate crypto asset transactions, including, but not limited to, payments to third-party vendors. While not accounted
for as cash or cash equivalents, these stablecoins are considered a liquidity resource.
Crypto
Assets
Fair
Value Measurement
The
Company’s accounts for the fair value measurement for its crypto assets in accordance with Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurement. ASC 820 defines fair value
as the price that would be received for an asset in a current sale, assuming an orderly transaction between market participants on the
measurement date. Market participants are considered to be independent, knowledgeable, and willing and able to transact. It requires
the Company to assume that its crypto assets are sold in their principal market or, in the absence of a principal market, the most advantageous
market.
Kraken
serves as the principal market for the Company’s crypto assets, being the Company’s primary cryptocurrency exchange for both
purchases and sales. Coinbase is designated as the secondary principal market. This determination results from a comprehensive evaluation
considering various factors, including compliance, trading activity, and price stability.
The
fair value of crypto assets is primarily determined based on pricing data obtained from Kraken, the Company’s principal market.
In the absence of Kraken data, pricing from Coinbase serves as a secondary source.
While
Kraken is designated as the primary exchange, the Company retains flexibility to conduct cryptocurrency transactions on other exchanges
where it maintains accounts. This flexibility allows the Company to adapt to changing market conditions and explore alternative platforms
when necessary to ensure cost-effective execution and fair value measurement using the most advantageous market.
The
selection of Kraken as the principal market reflects the Company’s commitment to informed decision-making and achieving the most
accurate representation of fair value for its crypto assets. Regular reviews ensure alignment with the Company’s objectives and
cryptocurrency market dynamics.
Accounting
for Crypto Assets
The
cost basis of the Company’s crypto assets is initially recorded at their fair value using the last close price of the day in the
UTC (Coordinated Universal Time) time zone on the date of receipt.
Crypto
assets are measured at their fair respective fair market values at each reporting period end on the balance sheets and classified as
either ‘Staked Crypto Assets’ or ‘Crypto Assets’ to distinguish their nature within the respective balances.
Staked crypto assets are presented as current assets if their lock-up periods are less than 12 months, and as long-term other assets
if the lock-up extends beyond one year. The majority of our crypto assets are staked, typically with lock-up periods of less than 21
days, and are considered current assets in accordance with ASC 210-10-20, Balance Sheet, due to the Company’s ability to
sell them in a liquid marketplace, as we have a reasonable expectation that they will be realized in cash or sold or consumed during
the normal operating cycle of our business to support operations when needed.
The
classification of purchases and sales in the statements of cash flows is determined based on the nature of the crypto assets, which can
be categorized as ‘productive’ (i.e. acquired for purposes of staking) or ‘non-productive’ (e.g. bitcoin). Acquisitions
of non-productive crypto assets are treated as operating activities, while acquisitions of productive crypto assets are classified as
investing activities in accordance with ASC 230-10-20, Investing activities. Productive crypto assets staked with lock-up periods
of less than 12 months are listed as current assets in the ‘Staked Crypto Assets’ line item on the balance sheet. Staked
crypto assets with lock-up periods exceeding 12 months are categorized as long-term other assets. Non-productive crypto assets are included
in the ‘Crypto Assets’ line item on the balance sheet.
Effective
January 1, 2023, the Company has elected to early adopt ASU No. 2023-08, resulting in a material change in accounting principle
related to the Company’s accounting treatment of crypto assets. The impacts of the change in accounting principle are discussed
further in Note 4.
The
Company employs the specific identification method to determine the cost basis of our assets for the computation of gains and losses,
in accordance with ASC 350-60-50-2a. This method involves identifying and using the actual cost of each individual asset sold or disposed
of to calculate the gain or loss on its sale. 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 $287,000 and ($568,000)
for the three months ended June 30, 2024 and 2023, respectively, and approximately $298,000 and ($560,000) for the six months ended June
30, 2024 and 2023, respectively.
Revenue
Recognition
The
Company recognizes revenue under ASC 606, Revenue from Contracts with Customers. The core principle of the 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 1) staking rewards
generated from its blockchain infrastructure operations, and 2) gas fees earned from successful Ethereum block building through Builder+.
These revenues are collectively termed ‘Blockchain infrastructure revenues’ in the statements of operations.
The
transaction consideration the Company receives - the crypto asset awards and gas fees - are a non-cash consideration, which the Company
measures at fair value on the date received.
Blockchain
Infrastructure
The
Company engages in network-based smart contracts by running its own crypto asset validator nodes as well as by staking (or “delegating”)
crypto assets directly to both its own validator nodes and nodes run by third-party operators. Through these contracts, the Company provides
crypto assets to stake to 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 from a few days to several weeks
after it is cancelled (or “un-staked”) by the delegator and requires that the staked crypto assets remain locked up during
the duration of the smart contract.
In
exchange for staking the crypto assets and validating transactions on blockchain networks, the Company is entitled to all of the fixed
crypto asset awards earned from the network when delegating to the Company’s own node and is entitled to a fractional share of
the fixed crypto asset awards a third-party node operator receives (less crypto asset transaction fees payable to the node operator,
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 proportionate to the crypto
assets staked by the Company compared to the total crypto assets staked by all Delegators to that node at that time.
On
certain blockchain networks on which the Company operates a validator node, the Company earns a validator node fee (“Validator
Fee”), determined as a node operator’s published percentage of the crypto asset rewards earned on crypto assets delegated
to its node.
Token
rewards earned from staking, as well as tokens earned as Validator Fees, are calculated and distributed directly to BTCS digital wallets
by the blockchain networks as part of their consensus mechanisms.
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 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.
Ethereum
Block Building (Builder+)
The
Company participates in the Ethereum blockchain network by engaging in the construction of blocks (“block building”) containing
strategically bundled transactions from the Ethereum mempool and from searchers who connect to the Company’s endpoint with the
intent of the Company’s builder proposing their transactions. Revenue recognition for these activities, conducted through Builder+,
entails the recognition of gas fees (or “transaction fees”) earned in exchange for successfully constructing blocks of bundled
transactions and having these blocks selected and proposed by a validator to the Ethereum network for validation and successfully finalized
on the network.
These
gas fees are earned as a direct result of the Company’s fulfillment of its performance obligations, which include the construction
of blocks by bundling transactions to maximize the value of the included fees and the proposal of that block by a Validator. Each constructed
block under a smart contract with the Ethereum network signifies a distinct performance obligation.
As
part of the block construction and proposal process, the Company’s Builder purchases block space through a fixed non-negotiable
fee paid to a Validator (a “Validator Payment”) embedded in each proposed block. The Validator Payment, predetermined by
the Builder, is paid to Validators as compensation for selecting and proposing the Company’s block to the network for validation.
The Validator Payment is intrinsically linked to the Company’s performance obligations and is disbursed in the block constructed
by the Builder if our Builder’s block is both selected by a Validator and successfully proposed to, and finalized on, the Ethereum
network; otherwise, our Validator Payment may be included in a subsequent block. The Validator Payment represents a direct and fixed
pre-determined cost.
The
satisfaction of the performance obligation occurs at a point in time when the constructed block is both proposed by a Validator and successfully
finalized on the Ethereum network. At this juncture, the Company has fulfilled its obligations, and the gas fees associated with the
transactions included in the block become available and are transferred to the Company’s digital wallet.
The
Company recognizes revenue, reflecting the fair value of the total gas fees earned from the constructed block.
The
following table summarizes the revenues earned from the Company’s operations for the three and six months ended June 30, 2024 and
2023.
Schedule of Revenues Earned from Company’s Operations
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues from blockchain infrastructure operations | |
| | | |
| | | |
| | | |
| | |
Staking to BTCS nodes | |
$ | 407,287 | | |
$ | 346,721 | | |
$ | 751,198 | | |
$ | 607,429 | |
Staking to third-party nodes | |
| 78,052 | | |
| 39,032 | | |
| 152,494 | | |
| 89,832 | |
Builder+ | |
| 75,853 | | |
| - | | |
| 108,886 | | |
| - | |
Total revenues | |
$ | 561,192 | | |
$ | 385,753 | | |
$ | 1,012,578 | | |
$ | 697,261 | |
The
following tables detail the native token rewards and their respective fair market value recognized as revenue for the three and six
months ended June 30, 2024 and 2023. Revenues are derived from three primary sources: (1) token rewards earned from the delegation
of cryptocurrency assets to third-party validator nodes; (2) token rewards derived from BTCS-operated validator nodes, which include
staking of the Company’s crypto assets to BTCS nodes as well as Validator Fees earned from third parties asset delegations to
our nodes; and (3) block rewards generated by BTCS Builders.
Crypto
assets earned from BTCS validator nodes
Schedule of Crypto Assets Earned From Validator Nodes
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Asset | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | |
Ethereum (ETH) | |
| 72 | | |
$ | 241,588 | | |
| 108 | | |
$ | 201,121 | | |
| 138 | | |
$ | 429,666 | | |
| 206 | | |
$ | 355,755 | |
Cosmos (Atom) | |
| 12,565 | | |
$ | 104,580 | | |
| 10,662 | | |
$ | 109,787 | | |
| 23,731 | | |
$ | 225,654 | | |
| 16,642 | | |
$ | 185,256 | |
Akash (AKT) | |
| 6,246 | | |
$ | 26,740 | | |
| 2,851 | | |
$ | 1,159 | | |
| 10,820 | | |
$ | 45,486 | | |
| 5,658 | | |
$ | 2,204 | |
Kava (KAVA) | |
| 6,632 | | |
$ | 4,305 | | |
| 10,394 | | |
$ | 9,351 | | |
| 12,924 | | |
$ | 9,557 | | |
| 23,403 | | |
$ | 21,086 | |
Mina (MINA) | |
| 2,880 | | |
$ | 2,439 | | |
| 1,440 | | |
$ | 1,070 | | |
| 5,760 | | |
$ | 6,085 | | |
| 7,200 | | |
$ | 4,907 | |
Oasis Network (ROSE) | |
| 10,431 | | |
$ | 1,036 | | |
| 30,287 | | |
$ | 1,735 | | |
| 26,567 | | |
$ | 3,254 | | |
| 50,651 | | |
$ | 2,931 | |
Kusama (KSM) | |
| 279 | | |
$ | 8,108 | | |
| 180 | | |
$ | 4,960 | | |
| 289 | | |
$ | 8,583 | | |
| 453 | | |
$ | 14,372 | |
Avalanche (Avax) | |
| 668 | | |
$ | 18,491 | | |
| 646 | | |
$ | 8,403 | | |
| 668 | | |
$ | 18,491 | | |
| 646 | | |
$ | 8,403 | |
NEAR Protocol (NEAR) | |
| - | | |
$ | - | | |
| 1,665 | | |
$ | 2,841 | | |
| 714 | | |
$ | 4,422 | | |
| 2,687 | | |
$ | 4,952 | |
Tezos (XTZ) | |
| - | | |
$ | - | | |
| 435 | | |
$ | 432 | | |
| - | | |
$ | - | | |
| 1,614 | | |
$ | 1,701 | |
Evmos (EVMOS) | |
| - | | |
$ | - | | |
| 32,236 | | |
$ | 5,862 | | |
| - | | |
$ | - | | |
| 32,236 | | |
$ | 5,862 | |
Total earned from BTCS blockchain infrastructure operations | |
| | | |
$ | 407,287 | | |
| | | |
$ | 346,721 | | |
| | | |
$ | 751,198 | | |
| | | |
$ | 607,429 | |
Crypto
assets earned from Ethereum block building through Builder+
Schedule of Crypto Assets Earned From
Ethereum
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Asset | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | |
Ethereum (ETH) | |
| 23 | | |
$ | 75,853 | | |
| - | | |
$ | - | | |
| 34 | | |
$ | 108,886 | | |
| - | | |
$ | - | |
Total earned from Ethereum block building through Builder+ | |
| 23 | | |
$ | 75,853 | | |
| - | | |
$ | - | | |
| 34 | | |
$ | 108,886 | | |
| - | | |
$ | - | |
Crypto
assets earned from staking to third-party validator nodes
Schedule of Crypto Assets Earned From Third Party
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Asset | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | |
Axie Infinity (AXS) | |
| 5,772 | | |
$ | 36,379 | | |
| 4,474 | | |
$ | 29,313 | | |
| 11,152 | | |
$ | 84,701 | | |
| 8,926 | | |
$ | 69,341 | |
Solana (SOL) | |
| 139 | | |
$ | 21,353 | | |
| 128 | | |
$ | 2,581 | | |
| 259 | | |
$ | 36,725 | | |
| 249 | | |
$ | 5,112 | |
Polygon (MATIC) | |
| 6,314 | | |
$ | 3,758 | | |
| 6,158 | | |
$ | 5,057 | | |
| 12,544 | | |
$ | 9,489 | | |
| 12,140 | | |
$ | 11,794 | |
Polkadot (DOT) | |
| 376 | | |
$ | 2,619 | | |
| 356 | | |
$ | 1,957 | | |
| 736 | | |
$ | 5,576 | | |
| 602 | | |
$ | 3,461 | |
Evmos (EVMOS) | |
| 6,834 | | |
$ | 268 | | |
| - | | |
$ | - | | |
| 18,260 | | |
$ | 1,208 | | |
| - | | |
$ | - | |
Cardano (ADA) | |
| 2,039 | | |
$ | 837 | | |
| 433 | | |
$ | 124 | | |
| 3,328 | | |
$ | 1,590 | | |
| 433 | | |
$ | 124 | |
Tezos (XTZ) | |
| 354 | | |
$ | 338 | | |
| - | | |
$ | - | | |
| 671 | | |
$ | 705 | | |
| - | | |
$ | - | |
NEAR Protocol (NEAR) | |
| 1,886 | | |
$ | 12,500 | | |
| - | | |
$ | - | | |
| 1,886 | | |
$ | 12,500 | | |
| - | | |
$ | - | |
Total earned from staking to third-party validator nodes | |
| | | |
$ | 78,052 | | |
| | | |
$ | 39,032 | | |
| | | |
$ | 152,494 | | |
| | | |
$ | 89,832 | |
Total revenue earned | |
| | | |
$ | 561,192 | | |
| | | |
$ | 385,753 | | |
| | | |
$ | 1,012,578 | | |
| | | |
$ | 697,261 | |
Cost
of Revenues
The
Company’s cost of revenues related to its blockchain infrastructure operations primarily includes direct production costs
associated with transaction validation on the network, cloud-based server hosting expenses related to our validator nodes and
Builders, and allocated employee salaries dedicated to node maintenance and support. Additionally, the cost of revenues encompasses
Validator Payments made from our Builder to Validators as well as fees paid to third parties for their assistance in software
maintenance and node operations. These costs directly related to the production of revenues are collectively termed
‘Blockchain infrastructure expenses’ in the statements of operations.
The
following table further details the costs of revenues for the three and six months ended June 30, 2024 and 2023.
Schedule of Costs of Revenues
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Cost of staking revenues | |
$ | 47,414 | | |
$ | 113,612 | | |
$ | 99,367 | | |
$ | 195,626 | |
Cost of Builder revenues | |
| 121,434 | | |
| - | | |
| 230,106 | | |
| - | |
Total cost of revenues | |
$ | 168,848 | | |
$ | 113,612 | | |
$ | 329,473 | | |
$ | 195,626 | |
Internally
Developed Software
Internally
developed software consists of the core technology of the Company’s StakeSeeker and ChainQ platforms. 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. 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 sheets 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 6).
Stock-based
compensation
The
Company accounts for stock-based compensation in accordance with ASC 718, Compensation - Stock Compensation. 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. In June 2023,
the Series V shares commenced trading on Upstream, a Merj Exchange market (“Upstream”). In November 2023, Upstream announced
that it was no longer providing U.S. individuals with the ability to trade on Upstream. All Series V shares owned by U.S investors were
returned to the transfer agent.
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 $28,000
and $3,000 for the three months ended June 30, 2024 and 2023, respectively, and approximately $86,000 and $9,000 for the six months ended June 30, 2024 and 2023, respectively.
Net
Income (Loss) per Share
Basic
income (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 restricted
stock units, options and warrants. Diluted income (loss) per share excludes the shares issuable upon the conversion of preferred stock,
notes and warrants from the calculation of net income (loss) per share if their effect would be anti-dilutive.
The
following financial instruments were not included in the diluted loss per share calculation for the three months ended June 30, 2024
and 2023 because their effect was anti-dilutive:
Schedule
of Earnings Per Share Anti-diluted
| |
2024 | | |
2023 | |
| |
As of June 30, | |
| |
2024 | | |
2023 | |
Warrants to purchase common stock | |
| 712,500 | | |
| 712,500 | |
Options | |
| 1,302,500 | | |
| 1,135,000 | |
Non-vested restricted stock awards units | |
| 1,806,373 | | |
| 1,631,399 | |
Total | |
| 3,821,373 | | |
| 3,478,899 | |
Anti-dilutive securities | |
| 3,821,373 | | |
| 3,478,899 | |
Recent
Accounting Pronouncements
In
December 2023, the FASB issued ASU No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60), which
is intended to improve the accounting for and disclosure of crypto assets. The ASU requires entities to subsequently measure crypto assets
that meet specific criteria at fair value, with changes recognized in net income each reporting period. The ASU also the requires specific
presentation of cash receipts arising from crypto assets that are received as noncash consideration in the ordinary course of business
and are converted nearly immediately into cash. The amendments in this update are effective for all entities for fiscal years beginning
after December 15, 2024, with early adoption permitted. The Company adopted ASU No. 2023-08 effective January 1, 2023, which had a material
impact to its financial statement and related disclosures, which are further discussed in Note 4.
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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v3.24.2.u1
Changes in Accounting Principle
|
6 Months Ended |
Jun. 30, 2024 |
Changes In Accounting Principle |
|
Changes in Accounting Principle |
Note
4 - Changes in Accounting Principle
Fair Value Accounting for Crypto Assets
- Adoption of ASU No. 2023-08
Effective
January 1, 2023, the Company has elected to early adopt ASU No. 2023-08, resulting in a material change in accounting principles related
to the Company’s accounting treatment of crypto assets.
As
a result of the adoption of ASU No. 2023-08, crypto assets are recorded at their fair market value on its balance sheet and changes in
the fair market value of its crypto assets during reporting periods are recorded within its statements of operations as unrealized appreciation
(depreciation). Prior to adopting ASU No. 2023-08, crypto assets were accounted for as intangible assets with an indefinite life in accordance
with ASC 350, Intangibles –Goodwill and Other, carrying them at their impaired value and recognizing impairment losses during
reporting periods. Adoption of the fair market value guidance contained within ASU No. 2023-08 eliminates the need to calculate impairment
losses on crypto assets for the period of adoption and moving forward.
The
Company elected to early adopt the guidance contained with ASU No. 2023-08 as we believe that the specified changes in financial reporting
better reflect the economic realities of the Company’s business model and the value of the crypto assets held, enhancing the transparency
and accuracy of the financial statements.
The
adoption of ASU No. 2023-08 required an adjustment to the Company’s opening Retained Earnings balance as of January 1, 2023, to
recognize the cumulative effect of initially applying the change in accounting principle to previous periods. The adjustment accounts
for the difference between the December 31, 2022 ending book value of crypto assets and their respective fair market value, which amounted
to approximately $4,986,000.
Presentation
of Ethereum Block Building Revenues and Costs – ASC 606
During
the second quarter of 2024, the Company elected to change its accounting principle related to the presentation of revenue and cost of
revenues associated with its Ethereum block building operations, as conducted through Builder+. This change in accounting principle is
pursuant to the ASC 606, Revenue from Contracts with Customers.
Upon
re-evaluation, the Company determined that gas fees earned by our Ethereum block builders should be recognized as gross revenue. The
Validator Payments, which are fees paid to the validator nodes for the contractual rights to control transaction bundles within the blocks,
should be presented separately as cost of revenues. The Company previously presented the net amount of gas fees, after netting
off the Validator Payments made, as revenue. This change from a net to a gross presentation aligns more closely with the economic
realities of our business operations and the transaction structure within the Ethereum network.
The Company has
retrospectively applied this change in accounting principle to the financial statements for the three months ended March 31, 2024,
to ensure comparability across all periods presented. The effect of this change results in an increase in the presentation of both
revenues and cost of revenues by $65,614 for the three months ended March 31, 2024. The effect of this change in accounting
principle is immaterial and does not impact the reported gross profit, net income (loss), or any balance sheet items for the current
or prior periods.
Detailed
impacts for the three months ended March 31, 2024, are presented in the following table:
Schedule
of Changes Affects in Current and Prior Periods
| |
| | | |
| | |
| |
For the Three Months Ending | |
| |
March 31, 2024 | |
| |
As reported on
Form 10-Q | | |
As revised resulting from change in
accounting principle | |
Revenues | |
$ | 385,773 | | |
$ | 451,387 | |
Cost of revenues | |
| 95,012 | | |
| 160,626 | |
Gross profit | |
$ | 290,761 | | |
$ | 290,761 | |
Based on an analysis of ASC 250,
Accounting Changes and Error Corrections, and Staff Accounting Bulletin 99, Materiality, the Company has determined that
the effect of this change was immaterial to the previously issued financial statements for the three months ended March 31, 2024.
The
Company elected to implement this change in accounting principle as it provides a more accurate and transparent view of our Ethereum
block building operations. This change enhances stakeholders’ understanding of the operational performance and the financial aspects
of our block building activities under Builder+.
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v3.24.2.u1
Crypto Assets
|
6 Months Ended |
Jun. 30, 2024 |
Other Liabilities Disclosure [Abstract] |
|
Crypto Assets |
Note
5 – Crypto Assets
The
following table presents the Company’s crypto assets held as of June 30, 2024:
Schedule of Crypto Assets Held
Asset | |
Tokens | | |
Cost | | |
Fair Market Value | |
Ethereum (ETH) | |
| 7,935 | | |
$ | 9,260,043 | | |
$ | 27,235,107 | |
Cosmos (Atom) | |
| 293,886 | | |
| 5,069,377 | | |
| 1,975,032 | |
Solana (SOL) | |
| 6,839 | | |
| 461,376 | | |
| 1,001,728 | |
Avalanche (Avax) | |
| 18,510 | | |
| 1,147,773 | | |
| 542,525 | |
Axie Infinity (AXS) | |
| 71,704 | | |
| 1,998,689 | | |
| 434,956 | |
Polygon (Matic) | |
| 518,554 | | |
| 858,094 | | |
| 290,027 | |
Oasis Network (ROSE) | |
| - | | |
| - | | |
| - | |
Kusama (KSM) | |
| 8,074 | | |
| 1,435,665 | | |
| 191,929 | |
Kava (KAVA) | |
| 358,318 | | |
| 1,098,857 | | |
| 158,376 | |
NEAR Protocol (NEAR) | |
| 82,867 | | |
| 179,702 | | |
| 438,780 | |
Akash (AKT) | |
| 129,891 | | |
| 91,642 | | |
| 466,154 | |
Cardano (ADA) | |
| 268,582 | | |
| 403,582 | | |
| 105,270 | |
Mina (MINA) | |
| 95,777 | | |
| 69,624 | | |
| 51,720 | |
Polkadot (DOT) | |
| 9,386 | | |
| 145,287 | | |
| 58,218 | |
Evmos (EVMOS) | |
| 364,037 | | |
| 98,612 | | |
| 11,249 | |
Tezos (XTZ) | |
| 26,845 | | |
| 74,025 | | |
| 21,296 | |
Band Protocol (BAND) | |
| 992 | | |
| 1,500 | | |
| 1,221 | |
Total | |
| | | |
$ | 22,393,848 | | |
$ | 32,983,588 | |
|
X |
- DefinitionThe entire disclosure for crypto-asset held for platform user.
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v3.24.2.u1
Fair Value of Financial Assets and Liabilities
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value of Financial Assets and Liabilities |
Note
6 – 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 (i.e., 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 – Valuations based on unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that are accessible
at the measurement date. Since valuations are based on quoted prices that are readily and regularly available in an active market, these
valuations do not entail a significant degree of judgment.
Level
2 – Valuations based on 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 – Valuations based on 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, 2024 and December 31, 2023:
Schedule of Fair Value of Assets and Liabilities Valued on Recurring Basis
| |
Fair Value Measured at June 30, 2024 | |
| |
Total at
June 30, | | |
Quoted
prices in
active
markets | | |
Significant
other
observable
inputs | | |
Significant
unobservable
inputs | |
| |
2024 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
Assets | |
| | |
| | |
| | |
| |
Crypto Assets | |
$ | 32,983,588 | | |
$ | 32,983,588 | | |
$ | - | | |
$ | - | |
Investments | |
| 100,000 | | |
| - | | |
| - | | |
| 100,000 | |
Total Assets | |
$ | 33,083,588 | | |
$ | 32,983,588 | | |
$ | - | | |
$ | 100,000 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Warrant Liabilities | |
$ | 71,250 | | |
$ | - | | |
$ | - | | |
$ | 71,250 | |
| |
Fair Value Measured at December 31, 2023 | |
| |
Total at
December 31, | | |
Quoted
prices in
active
markets | | |
Significant
other
observable
inputs | | |
Significant
unobservable
inputs | |
| |
2023 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
Assets | |
| | |
| | |
| | |
| |
Crypto Assets | |
$ | 25,202,929 | | |
$ | 25,202,929 | | |
$ | - | | |
$ | - | |
Investments | |
| 100,000 | | |
| - | | |
| - | | |
| 100,000 | |
Total Assets | |
$ | 25,302,929 | | |
$ | 25,202,929 | | |
$ | - | | |
$ | 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, 2024 and 2023.
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, 2024 and December 31, 2023, 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 June 30, 2024, 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, 2024
and December 31, 2023, is as follows:
Summary of Valuation Methodology and Significant Unobservable Inputs Warrant Liabilities
| |
June 30, 2024 | | |
December 31, 2023 | |
Risk-free rate of interest | |
| 4.71 | % | |
| 4.23 | % |
Expected volatility | |
| 103.06 | % | |
| 108.19 | % |
Expected life (in years) | |
| 1.68 | | |
| 2.18 | |
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, 2024 and 2023, 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, | |
| |
2024 | | |
2023 | |
Beginning balance | |
$ | 100,000 | | |
| 100,000 | |
Purchases | |
| - | | |
| - | |
Unrealized appreciation (depreciation) | |
| - | | |
| - | |
Ending balance | |
$ | 100,000 | | |
$ | 100,000 | |
| |
Fair Value of Level 3 Financial Liabilities | |
| |
June 30, | | |
June 30, | |
| |
2024 | | |
2023 | |
Beginning balance | |
$ | 213,750 | | |
$ | 213,750 | |
Fair value adjustment of warrant liabilities | |
| (142,500 | ) | |
| 142,500 | |
Ending balance | |
$ | 71,250 | | |
$ | 356,250 | |
|
X |
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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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v3.24.2.u1
Stockholders’ Equity
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Stockholders’ Equity |
Note
7 – 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 (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, 2024, the Company sold a total of 163,831 shares of Common Stock under the ATM Agreement for aggregate
total gross proceeds of approximately $252,000 at an average selling price of $1.54 per share, resulting in net proceeds of approximately
$240,000 after deducting commissions and other transaction costs.
Share
Based Payments
Effective
January 19, 2023, the Board of Directors of the Company approved the annual 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, 2024, 39,987
shares of common stock were issued to independent directors.
For
the six months ended June 30, 2024, 414,148
shares of common stock were issued to officers related to payment of 2023 accrued bonus compensation totaling approximately $675,000. Of the shares issued, 43,220 were returned to net settle the issuance and pay related taxes, resulting in a net share
issuance of 370,928.
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
fair value of the Series V as of the record date, May 12, 2023, amounted to approximately $2,560,000. The Company used a probability
valuation model to determine the fair value of the preferred stock.
For
the year ended December 31, 2023, an additional 25,026 shares of Series V were issued related to the vesting of eligible employee RSUs.
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
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, 2024 and 2023 for the Black-Scholes formula:
Schedule of
Weighted-Average Assumptions Used to Estimate Fair Value
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Exercise price | |
$ | 1.55 | | |
$ | 0.63 | |
Term (years) | |
| 5.00 | | |
| 5.00 | |
Expected stock price volatility | |
| 144.57 | % | |
| 152.84 | % |
Risk-free rate of interest | |
| 4.31 | % | |
| 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, 2024 is presented below:
Summary of Option Activity
| |
Number of Shares | | |
Weighted Average Exercise Price | | |
Total Intrinsic Value | | |
Weighted Average Remaining Contractual Life (in years) | |
Outstanding as of December 31, 2023 | |
| 1,200,000 | | |
$ | 2.12 | | |
$ | 8,700 | | |
| 2.4 | |
Employee options granted | |
| 120,000 | | |
| 1.52 | | |
| - | | |
| 4.9 | |
Employee options expired | |
| (17,500 | ) | |
| 10.30 | | |
| - | | |
| - | |
Outstanding as of June 30, 2024 | |
| 1,302,500 | | |
$ | 1.96 | | |
$ | 4,950 | | |
| 2.2 | |
Options vested and exercisable as of June 30, 2024 | |
| 1,127,500 | | |
$ | 2.03 | | |
$ | - | | |
| 1.8 | |
RSUs
On
December 29, 2023, upon recommendation of the Compensation Committee, the Board of BTCS Inc. approved the grant of 50,000 RSUs to each
of its executive officers (Mr. Allen, Mr. Handerhan, Mr. Prevoznik and Mr. Paranjape), effective January 1, 2024. The RSUs granted vest
annually over a 5-year period (10,000 per year) with the first vesting date of December 31, 2024 and each subsequent vesting on the one-year
anniversary of the first vesting date, subject to continued employment on each applicable vesting date.
On
January 12, 2024, Messrs. Allen and Handerhan both informed the Compensation Committee, that for personal reasons, they each do not accept,
and forfeit, the 50,000 restricted stock units granted to them each by the Company effective January 1, 2024. Subsequently, effective
January 12, 2024, the Compensation Committee approved the grant of 50,000 additional RSUs to Mr. Prevoznik and Mr. Paranjape, each, which
vest annually over a 5-year period (10,000 per year) with the first vesting date of December 31, 2024 and each subsequent vesting on
the one-year anniversary of the first vesting 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, 2024 are as follows:
Summary of Restricted Stock
| |
Number of Restricted Stock Units | | |
Weighted Average Grant Date Fair Value | |
Nonvested at December 31, 2023 | |
| 1,606,373 | | |
$ | 3.25 | |
Granted | |
| 300,000 | | |
| 1.71 | |
Forfeited | |
| (100,000 | ) | |
| 1.63 | |
Nonvested at June 30, 2024 | |
| 1,806,373 | | |
$ | 3.09 | |
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, 2024 and 2023 was as follows:
Schedule of Stock-based Compensation Expense
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the Three Months Ended June 30, | | |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Employee stock option awards | |
$ | 22,712 | | |
$ | (8,619 | ) | |
$ | 31,993 | | |
$ | (5,312 | ) |
Employee restricted stock unit awards | |
| 241,752 | | |
| 228,953 | | |
| 480,898 | | |
| 496,291 | |
Non-employee restricted stock awards | |
| 35,578 | | |
| 8,333 | | |
| 60,580 | | |
| 24,242 | |
Stock-based
compensation | |
$ | 300,042 | | |
$ | 228,667 | | |
$ | 573,471 | | |
$ | 515,221 | |
|
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- DefinitionThe entire disclosure for equity.
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v3.24.2.u1
Accrued Expenses
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
Accrued Expenses |
Note
8 – Accrued Expenses
Accrued
expenses consist of the following:
Schedule
of Accrued Expenses
| |
June 30,
2024 | | |
December 31,
2023 | |
Accrued compensation | |
$ | 508,489 | | |
$ | 712,092 | |
Accounts payable and accrued expenses | |
| 130,850 | | |
| 55,058 | |
Accrued
Expenses | |
$ | 639,339 | | |
$ | 767,150 | |
Accrued
compensation includes approximately $505,000 and $710,000 related to performance bonus accruals as of June 30, 2024 and December 31,
2023, respectively.
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.2.u1
Employee Benefit Plans
|
6 Months Ended |
Jun. 30, 2024 |
Retirement Benefits [Abstract] |
|
Employee Benefit Plans |
Note
9 – 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, 2024 and 2023, the Company made contributions to the 401(k) Plan
of $109,000 and $95,000, respectively.
|
X |
- 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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v3.24.2.u1
Liquidity
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Liquidity |
Note
10 – 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 of approximately
$133,148,000 at June 30, 2024, and net cash used in operating activities of approximately $1,693,000 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. Our Form S-3 expired on August 14, 2024. The Company filed a new Form S-3 on February 14, 2024. As a result
of SEC comments, the new Form S-3 has not yet gone effective and therefore we may not sell shares under the ATM Agreement.
|
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v3.24.2.u1
Subsequent Events
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
11 – 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, 2024 to August 16, 2024, the Company sold a total of 279,896 shares of Common Stock
under the ATM Agreement for aggregate total gross proceeds of approximately $431,000 at an average selling price of $1.54 per share, resulting
in net proceeds of approximately $413,000 after deducting commissions and other transaction costs.
|
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v3.24.2.u1
Basis of Presentation (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
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, 2024
are not necessarily indicative of results for the full year ending December 31, 2024. The unaudited condensed financial statements and
notes should be read in conjunction with the financial statements and notes for the year ended December 31, 2023.
|
Reclassifications |
Reclassifications
Certain
prior period amounts have been reclassified in order to conform with the current period presentation in the unaudited condensed financial
statements and accompanying notes. The reclassifications did not have a material impact on the Company’s unaudited condensed financial
statements and related disclosures. The impact on any prior period disclosures was immaterial.
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v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash and cash equivalents.
The Company maintains cash and cash equivalent balances at financial institutions that are insured by the FDIC. As of June 30, 2024 and
December 31, 2023, the Company had approximately $537,000 and $1,458,000 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, 2024 and December
31, 2023, the Company had approximately $61,000 and $933,000 in excess of the FDIC insured limit, respectively.
|
Stablecoins |
Stablecoins
The
Company holds stablecoins, such as USDT (Tether) and USDC (USD Coin), which are crypto assets that are pegged to the value of one U.S.
dollar. Our stablecoins are typically held in secure digital wallets or on crypto asset exchanges. The Company acquires and holds stablecoins
primarily to facilitate crypto asset transactions, including, but not limited to, payments to third-party vendors. While not accounted
for as cash or cash equivalents, these stablecoins are considered a liquidity resource.
|
Crypto Assets |
Crypto
Assets
Fair
Value Measurement
The
Company’s accounts for the fair value measurement for its crypto assets in accordance with Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurement. ASC 820 defines fair value
as the price that would be received for an asset in a current sale, assuming an orderly transaction between market participants on the
measurement date. Market participants are considered to be independent, knowledgeable, and willing and able to transact. It requires
the Company to assume that its crypto assets are sold in their principal market or, in the absence of a principal market, the most advantageous
market.
Kraken
serves as the principal market for the Company’s crypto assets, being the Company’s primary cryptocurrency exchange for both
purchases and sales. Coinbase is designated as the secondary principal market. This determination results from a comprehensive evaluation
considering various factors, including compliance, trading activity, and price stability.
The
fair value of crypto assets is primarily determined based on pricing data obtained from Kraken, the Company’s principal market.
In the absence of Kraken data, pricing from Coinbase serves as a secondary source.
While
Kraken is designated as the primary exchange, the Company retains flexibility to conduct cryptocurrency transactions on other exchanges
where it maintains accounts. This flexibility allows the Company to adapt to changing market conditions and explore alternative platforms
when necessary to ensure cost-effective execution and fair value measurement using the most advantageous market.
The
selection of Kraken as the principal market reflects the Company’s commitment to informed decision-making and achieving the most
accurate representation of fair value for its crypto assets. Regular reviews ensure alignment with the Company’s objectives and
cryptocurrency market dynamics.
Accounting
for Crypto Assets
The
cost basis of the Company’s crypto assets is initially recorded at their fair value using the last close price of the day in the
UTC (Coordinated Universal Time) time zone on the date of receipt.
Crypto
assets are measured at their fair respective fair market values at each reporting period end on the balance sheets and classified as
either ‘Staked Crypto Assets’ or ‘Crypto Assets’ to distinguish their nature within the respective balances.
Staked crypto assets are presented as current assets if their lock-up periods are less than 12 months, and as long-term other assets
if the lock-up extends beyond one year. The majority of our crypto assets are staked, typically with lock-up periods of less than 21
days, and are considered current assets in accordance with ASC 210-10-20, Balance Sheet, due to the Company’s ability to
sell them in a liquid marketplace, as we have a reasonable expectation that they will be realized in cash or sold or consumed during
the normal operating cycle of our business to support operations when needed.
The
classification of purchases and sales in the statements of cash flows is determined based on the nature of the crypto assets, which can
be categorized as ‘productive’ (i.e. acquired for purposes of staking) or ‘non-productive’ (e.g. bitcoin). Acquisitions
of non-productive crypto assets are treated as operating activities, while acquisitions of productive crypto assets are classified as
investing activities in accordance with ASC 230-10-20, Investing activities. Productive crypto assets staked with lock-up periods
of less than 12 months are listed as current assets in the ‘Staked Crypto Assets’ line item on the balance sheet. Staked
crypto assets with lock-up periods exceeding 12 months are categorized as long-term other assets. Non-productive crypto assets are included
in the ‘Crypto Assets’ line item on the balance sheet.
Effective
January 1, 2023, the Company has elected to early adopt ASU No. 2023-08, resulting in a material change in accounting principle
related to the Company’s accounting treatment of crypto assets. The impacts of the change in accounting principle are discussed
further in Note 4.
The
Company employs the specific identification method to determine the cost basis of our assets for the computation of gains and losses,
in accordance with ASC 350-60-50-2a. This method involves identifying and using the actual cost of each individual asset sold or disposed
of to calculate the gain or loss on its sale. 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 $287,000 and ($568,000)
for the three months ended June 30, 2024 and 2023, respectively, and approximately $298,000 and ($560,000) for the six months ended June
30, 2024 and 2023, respectively.
|
Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenue under ASC 606, Revenue from Contracts with Customers. The core principle of the 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 1) staking rewards
generated from its blockchain infrastructure operations, and 2) gas fees earned from successful Ethereum block building through Builder+.
These revenues are collectively termed ‘Blockchain infrastructure revenues’ in the statements of operations.
The
transaction consideration the Company receives - the crypto asset awards and gas fees - are a non-cash consideration, which the Company
measures at fair value on the date received.
Blockchain
Infrastructure
The
Company engages in network-based smart contracts by running its own crypto asset validator nodes as well as by staking (or “delegating”)
crypto assets directly to both its own validator nodes and nodes run by third-party operators. Through these contracts, the Company provides
crypto assets to stake to 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 from a few days to several weeks
after it is cancelled (or “un-staked”) by the delegator and requires that the staked crypto assets remain locked up during
the duration of the smart contract.
In
exchange for staking the crypto assets and validating transactions on blockchain networks, the Company is entitled to all of the fixed
crypto asset awards earned from the network when delegating to the Company’s own node and is entitled to a fractional share of
the fixed crypto asset awards a third-party node operator receives (less crypto asset transaction fees payable to the node operator,
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 proportionate to the crypto
assets staked by the Company compared to the total crypto assets staked by all Delegators to that node at that time.
On
certain blockchain networks on which the Company operates a validator node, the Company earns a validator node fee (“Validator
Fee”), determined as a node operator’s published percentage of the crypto asset rewards earned on crypto assets delegated
to its node.
Token
rewards earned from staking, as well as tokens earned as Validator Fees, are calculated and distributed directly to BTCS digital wallets
by the blockchain networks as part of their consensus mechanisms.
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 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.
Ethereum
Block Building (Builder+)
The
Company participates in the Ethereum blockchain network by engaging in the construction of blocks (“block building”) containing
strategically bundled transactions from the Ethereum mempool and from searchers who connect to the Company’s endpoint with the
intent of the Company’s builder proposing their transactions. Revenue recognition for these activities, conducted through Builder+,
entails the recognition of gas fees (or “transaction fees”) earned in exchange for successfully constructing blocks of bundled
transactions and having these blocks selected and proposed by a validator to the Ethereum network for validation and successfully finalized
on the network.
These
gas fees are earned as a direct result of the Company’s fulfillment of its performance obligations, which include the construction
of blocks by bundling transactions to maximize the value of the included fees and the proposal of that block by a Validator. Each constructed
block under a smart contract with the Ethereum network signifies a distinct performance obligation.
As
part of the block construction and proposal process, the Company’s Builder purchases block space through a fixed non-negotiable
fee paid to a Validator (a “Validator Payment”) embedded in each proposed block. The Validator Payment, predetermined by
the Builder, is paid to Validators as compensation for selecting and proposing the Company’s block to the network for validation.
The Validator Payment is intrinsically linked to the Company’s performance obligations and is disbursed in the block constructed
by the Builder if our Builder’s block is both selected by a Validator and successfully proposed to, and finalized on, the Ethereum
network; otherwise, our Validator Payment may be included in a subsequent block. The Validator Payment represents a direct and fixed
pre-determined cost.
The
satisfaction of the performance obligation occurs at a point in time when the constructed block is both proposed by a Validator and successfully
finalized on the Ethereum network. At this juncture, the Company has fulfilled its obligations, and the gas fees associated with the
transactions included in the block become available and are transferred to the Company’s digital wallet.
The
Company recognizes revenue, reflecting the fair value of the total gas fees earned from the constructed block.
The
following table summarizes the revenues earned from the Company’s operations for the three and six months ended June 30, 2024 and
2023.
Schedule of Revenues Earned from Company’s Operations
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues from blockchain infrastructure operations | |
| | | |
| | | |
| | | |
| | |
Staking to BTCS nodes | |
$ | 407,287 | | |
$ | 346,721 | | |
$ | 751,198 | | |
$ | 607,429 | |
Staking to third-party nodes | |
| 78,052 | | |
| 39,032 | | |
| 152,494 | | |
| 89,832 | |
Builder+ | |
| 75,853 | | |
| - | | |
| 108,886 | | |
| - | |
Total revenues | |
$ | 561,192 | | |
$ | 385,753 | | |
$ | 1,012,578 | | |
$ | 697,261 | |
The
following tables detail the native token rewards and their respective fair market value recognized as revenue for the three and six
months ended June 30, 2024 and 2023. Revenues are derived from three primary sources: (1) token rewards earned from the delegation
of cryptocurrency assets to third-party validator nodes; (2) token rewards derived from BTCS-operated validator nodes, which include
staking of the Company’s crypto assets to BTCS nodes as well as Validator Fees earned from third parties asset delegations to
our nodes; and (3) block rewards generated by BTCS Builders.
Crypto
assets earned from BTCS validator nodes
Schedule of Crypto Assets Earned From Validator Nodes
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Asset | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | |
Ethereum (ETH) | |
| 72 | | |
$ | 241,588 | | |
| 108 | | |
$ | 201,121 | | |
| 138 | | |
$ | 429,666 | | |
| 206 | | |
$ | 355,755 | |
Cosmos (Atom) | |
| 12,565 | | |
$ | 104,580 | | |
| 10,662 | | |
$ | 109,787 | | |
| 23,731 | | |
$ | 225,654 | | |
| 16,642 | | |
$ | 185,256 | |
Akash (AKT) | |
| 6,246 | | |
$ | 26,740 | | |
| 2,851 | | |
$ | 1,159 | | |
| 10,820 | | |
$ | 45,486 | | |
| 5,658 | | |
$ | 2,204 | |
Kava (KAVA) | |
| 6,632 | | |
$ | 4,305 | | |
| 10,394 | | |
$ | 9,351 | | |
| 12,924 | | |
$ | 9,557 | | |
| 23,403 | | |
$ | 21,086 | |
Mina (MINA) | |
| 2,880 | | |
$ | 2,439 | | |
| 1,440 | | |
$ | 1,070 | | |
| 5,760 | | |
$ | 6,085 | | |
| 7,200 | | |
$ | 4,907 | |
Oasis Network (ROSE) | |
| 10,431 | | |
$ | 1,036 | | |
| 30,287 | | |
$ | 1,735 | | |
| 26,567 | | |
$ | 3,254 | | |
| 50,651 | | |
$ | 2,931 | |
Kusama (KSM) | |
| 279 | | |
$ | 8,108 | | |
| 180 | | |
$ | 4,960 | | |
| 289 | | |
$ | 8,583 | | |
| 453 | | |
$ | 14,372 | |
Avalanche (Avax) | |
| 668 | | |
$ | 18,491 | | |
| 646 | | |
$ | 8,403 | | |
| 668 | | |
$ | 18,491 | | |
| 646 | | |
$ | 8,403 | |
NEAR Protocol (NEAR) | |
| - | | |
$ | - | | |
| 1,665 | | |
$ | 2,841 | | |
| 714 | | |
$ | 4,422 | | |
| 2,687 | | |
$ | 4,952 | |
Tezos (XTZ) | |
| - | | |
$ | - | | |
| 435 | | |
$ | 432 | | |
| - | | |
$ | - | | |
| 1,614 | | |
$ | 1,701 | |
Evmos (EVMOS) | |
| - | | |
$ | - | | |
| 32,236 | | |
$ | 5,862 | | |
| - | | |
$ | - | | |
| 32,236 | | |
$ | 5,862 | |
Total earned from BTCS blockchain infrastructure operations | |
| | | |
$ | 407,287 | | |
| | | |
$ | 346,721 | | |
| | | |
$ | 751,198 | | |
| | | |
$ | 607,429 | |
Crypto
assets earned from Ethereum block building through Builder+
Schedule of Crypto Assets Earned From
Ethereum
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Asset | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | |
Ethereum (ETH) | |
| 23 | | |
$ | 75,853 | | |
| - | | |
$ | - | | |
| 34 | | |
$ | 108,886 | | |
| - | | |
$ | - | |
Total earned from Ethereum block building through Builder+ | |
| 23 | | |
$ | 75,853 | | |
| - | | |
$ | - | | |
| 34 | | |
$ | 108,886 | | |
| - | | |
$ | - | |
Crypto
assets earned from staking to third-party validator nodes
Schedule of Crypto Assets Earned From Third Party
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Asset | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | |
Axie Infinity (AXS) | |
| 5,772 | | |
$ | 36,379 | | |
| 4,474 | | |
$ | 29,313 | | |
| 11,152 | | |
$ | 84,701 | | |
| 8,926 | | |
$ | 69,341 | |
Solana (SOL) | |
| 139 | | |
$ | 21,353 | | |
| 128 | | |
$ | 2,581 | | |
| 259 | | |
$ | 36,725 | | |
| 249 | | |
$ | 5,112 | |
Polygon (MATIC) | |
| 6,314 | | |
$ | 3,758 | | |
| 6,158 | | |
$ | 5,057 | | |
| 12,544 | | |
$ | 9,489 | | |
| 12,140 | | |
$ | 11,794 | |
Polkadot (DOT) | |
| 376 | | |
$ | 2,619 | | |
| 356 | | |
$ | 1,957 | | |
| 736 | | |
$ | 5,576 | | |
| 602 | | |
$ | 3,461 | |
Evmos (EVMOS) | |
| 6,834 | | |
$ | 268 | | |
| - | | |
$ | - | | |
| 18,260 | | |
$ | 1,208 | | |
| - | | |
$ | - | |
Cardano (ADA) | |
| 2,039 | | |
$ | 837 | | |
| 433 | | |
$ | 124 | | |
| 3,328 | | |
$ | 1,590 | | |
| 433 | | |
$ | 124 | |
Tezos (XTZ) | |
| 354 | | |
$ | 338 | | |
| - | | |
$ | - | | |
| 671 | | |
$ | 705 | | |
| - | | |
$ | - | |
NEAR Protocol (NEAR) | |
| 1,886 | | |
$ | 12,500 | | |
| - | | |
$ | - | | |
| 1,886 | | |
$ | 12,500 | | |
| - | | |
$ | - | |
Total earned from staking to third-party validator nodes | |
| | | |
$ | 78,052 | | |
| | | |
$ | 39,032 | | |
| | | |
$ | 152,494 | | |
| | | |
$ | 89,832 | |
Total revenue earned | |
| | | |
$ | 561,192 | | |
| | | |
$ | 385,753 | | |
| | | |
$ | 1,012,578 | | |
| | | |
$ | 697,261 | |
|
Cost of Revenues |
Cost
of Revenues
The
Company’s cost of revenues related to its blockchain infrastructure operations primarily includes direct production costs
associated with transaction validation on the network, cloud-based server hosting expenses related to our validator nodes and
Builders, and allocated employee salaries dedicated to node maintenance and support. Additionally, the cost of revenues encompasses
Validator Payments made from our Builder to Validators as well as fees paid to third parties for their assistance in software
maintenance and node operations. These costs directly related to the production of revenues are collectively termed
‘Blockchain infrastructure expenses’ in the statements of operations.
The
following table further details the costs of revenues for the three and six months ended June 30, 2024 and 2023.
Schedule of Costs of Revenues
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Cost of staking revenues | |
$ | 47,414 | | |
$ | 113,612 | | |
$ | 99,367 | | |
$ | 195,626 | |
Cost of Builder revenues | |
| 121,434 | | |
| - | | |
| 230,106 | | |
| - | |
Total cost of revenues | |
$ | 168,848 | | |
$ | 113,612 | | |
$ | 329,473 | | |
$ | 195,626 | |
|
Internally Developed Software |
Internally
Developed Software
Internally
developed software consists of the core technology of the Company’s StakeSeeker and ChainQ platforms. 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. 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 sheets 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 6).
|
Stock-based compensation |
Stock-based
compensation
The
Company accounts for stock-based compensation in accordance with ASC 718, Compensation - Stock Compensation. 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. In June 2023,
the Series V shares commenced trading on Upstream, a Merj Exchange market (“Upstream”). In November 2023, Upstream announced
that it was no longer providing U.S. individuals with the ability to trade on Upstream. All Series V shares owned by U.S investors were
returned to the transfer agent.
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 $28,000
and $3,000 for the three months ended June 30, 2024 and 2023, respectively, and approximately $86,000 and $9,000 for the six months ended June 30, 2024 and 2023, respectively.
|
Net Income (Loss) per Share |
Net
Income (Loss) per Share
Basic
income (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 restricted
stock units, options and warrants. Diluted income (loss) per share excludes the shares issuable upon the conversion of preferred stock,
notes and warrants from the calculation of net income (loss) per share if their effect would be anti-dilutive.
The
following financial instruments were not included in the diluted loss per share calculation for the three months ended June 30, 2024
and 2023 because their effect was anti-dilutive:
Schedule
of Earnings Per Share Anti-diluted
| |
2024 | | |
2023 | |
| |
As of June 30, | |
| |
2024 | | |
2023 | |
Warrants to purchase common stock | |
| 712,500 | | |
| 712,500 | |
Options | |
| 1,302,500 | | |
| 1,135,000 | |
Non-vested restricted stock awards units | |
| 1,806,373 | | |
| 1,631,399 | |
Total | |
| 3,821,373 | | |
| 3,478,899 | |
Anti-dilutive securities | |
| 3,821,373 | | |
| 3,478,899 | |
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
December 2023, the FASB issued ASU No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60), which
is intended to improve the accounting for and disclosure of crypto assets. The ASU requires entities to subsequently measure crypto assets
that meet specific criteria at fair value, with changes recognized in net income each reporting period. The ASU also the requires specific
presentation of cash receipts arising from crypto assets that are received as noncash consideration in the ordinary course of business
and are converted nearly immediately into cash. The amendments in this update are effective for all entities for fiscal years beginning
after December 15, 2024, with early adoption permitted. The Company adopted ASU No. 2023-08 effective January 1, 2023, which had a material
impact to its financial statement and related disclosures, which are further discussed in Note 4.
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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v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Revenues Earned from Company’s Operations |
The
following table summarizes the revenues earned from the Company’s operations for the three and six months ended June 30, 2024 and
2023.
Schedule of Revenues Earned from Company’s Operations
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenues from blockchain infrastructure operations | |
| | | |
| | | |
| | | |
| | |
Staking to BTCS nodes | |
$ | 407,287 | | |
$ | 346,721 | | |
$ | 751,198 | | |
$ | 607,429 | |
Staking to third-party nodes | |
| 78,052 | | |
| 39,032 | | |
| 152,494 | | |
| 89,832 | |
Builder+ | |
| 75,853 | | |
| - | | |
| 108,886 | | |
| - | |
Total revenues | |
$ | 561,192 | | |
$ | 385,753 | | |
$ | 1,012,578 | | |
$ | 697,261 | |
|
Schedule of Crypto Assets Earned From Validator Nodes |
Crypto
assets earned from BTCS validator nodes
Schedule of Crypto Assets Earned From Validator Nodes
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Asset | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | |
Ethereum (ETH) | |
| 72 | | |
$ | 241,588 | | |
| 108 | | |
$ | 201,121 | | |
| 138 | | |
$ | 429,666 | | |
| 206 | | |
$ | 355,755 | |
Cosmos (Atom) | |
| 12,565 | | |
$ | 104,580 | | |
| 10,662 | | |
$ | 109,787 | | |
| 23,731 | | |
$ | 225,654 | | |
| 16,642 | | |
$ | 185,256 | |
Akash (AKT) | |
| 6,246 | | |
$ | 26,740 | | |
| 2,851 | | |
$ | 1,159 | | |
| 10,820 | | |
$ | 45,486 | | |
| 5,658 | | |
$ | 2,204 | |
Kava (KAVA) | |
| 6,632 | | |
$ | 4,305 | | |
| 10,394 | | |
$ | 9,351 | | |
| 12,924 | | |
$ | 9,557 | | |
| 23,403 | | |
$ | 21,086 | |
Mina (MINA) | |
| 2,880 | | |
$ | 2,439 | | |
| 1,440 | | |
$ | 1,070 | | |
| 5,760 | | |
$ | 6,085 | | |
| 7,200 | | |
$ | 4,907 | |
Oasis Network (ROSE) | |
| 10,431 | | |
$ | 1,036 | | |
| 30,287 | | |
$ | 1,735 | | |
| 26,567 | | |
$ | 3,254 | | |
| 50,651 | | |
$ | 2,931 | |
Kusama (KSM) | |
| 279 | | |
$ | 8,108 | | |
| 180 | | |
$ | 4,960 | | |
| 289 | | |
$ | 8,583 | | |
| 453 | | |
$ | 14,372 | |
Avalanche (Avax) | |
| 668 | | |
$ | 18,491 | | |
| 646 | | |
$ | 8,403 | | |
| 668 | | |
$ | 18,491 | | |
| 646 | | |
$ | 8,403 | |
NEAR Protocol (NEAR) | |
| - | | |
$ | - | | |
| 1,665 | | |
$ | 2,841 | | |
| 714 | | |
$ | 4,422 | | |
| 2,687 | | |
$ | 4,952 | |
Tezos (XTZ) | |
| - | | |
$ | - | | |
| 435 | | |
$ | 432 | | |
| - | | |
$ | - | | |
| 1,614 | | |
$ | 1,701 | |
Evmos (EVMOS) | |
| - | | |
$ | - | | |
| 32,236 | | |
$ | 5,862 | | |
| - | | |
$ | - | | |
| 32,236 | | |
$ | 5,862 | |
Total earned from BTCS blockchain infrastructure operations | |
| | | |
$ | 407,287 | | |
| | | |
$ | 346,721 | | |
| | | |
$ | 751,198 | | |
| | | |
$ | 607,429 | |
|
Schedule of Crypto Assets Earned From Ethereum |
Crypto
assets earned from Ethereum block building through Builder+
Schedule of Crypto Assets Earned From
Ethereum
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Asset | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | |
Ethereum (ETH) | |
| 23 | | |
$ | 75,853 | | |
| - | | |
$ | - | | |
| 34 | | |
$ | 108,886 | | |
| - | | |
$ | - | |
Total earned from Ethereum block building through Builder+ | |
| 23 | | |
$ | 75,853 | | |
| - | | |
$ | - | | |
| 34 | | |
$ | 108,886 | | |
| - | | |
$ | - | |
|
Schedule of Crypto Assets Earned From Third Party |
Crypto
assets earned from staking to third-party validator nodes
Schedule of Crypto Assets Earned From Third Party
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Asset | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | | |
Token Rewards | | |
Revenue ($USD) | |
Axie Infinity (AXS) | |
| 5,772 | | |
$ | 36,379 | | |
| 4,474 | | |
$ | 29,313 | | |
| 11,152 | | |
$ | 84,701 | | |
| 8,926 | | |
$ | 69,341 | |
Solana (SOL) | |
| 139 | | |
$ | 21,353 | | |
| 128 | | |
$ | 2,581 | | |
| 259 | | |
$ | 36,725 | | |
| 249 | | |
$ | 5,112 | |
Polygon (MATIC) | |
| 6,314 | | |
$ | 3,758 | | |
| 6,158 | | |
$ | 5,057 | | |
| 12,544 | | |
$ | 9,489 | | |
| 12,140 | | |
$ | 11,794 | |
Polkadot (DOT) | |
| 376 | | |
$ | 2,619 | | |
| 356 | | |
$ | 1,957 | | |
| 736 | | |
$ | 5,576 | | |
| 602 | | |
$ | 3,461 | |
Evmos (EVMOS) | |
| 6,834 | | |
$ | 268 | | |
| - | | |
$ | - | | |
| 18,260 | | |
$ | 1,208 | | |
| - | | |
$ | - | |
Cardano (ADA) | |
| 2,039 | | |
$ | 837 | | |
| 433 | | |
$ | 124 | | |
| 3,328 | | |
$ | 1,590 | | |
| 433 | | |
$ | 124 | |
Tezos (XTZ) | |
| 354 | | |
$ | 338 | | |
| - | | |
$ | - | | |
| 671 | | |
$ | 705 | | |
| - | | |
$ | - | |
NEAR Protocol (NEAR) | |
| 1,886 | | |
$ | 12,500 | | |
| - | | |
$ | - | | |
| 1,886 | | |
$ | 12,500 | | |
| - | | |
$ | - | |
Total earned from staking to third-party validator nodes | |
| | | |
$ | 78,052 | | |
| | | |
$ | 39,032 | | |
| | | |
$ | 152,494 | | |
| | | |
$ | 89,832 | |
Total revenue earned | |
| | | |
$ | 561,192 | | |
| | | |
$ | 385,753 | | |
| | | |
$ | 1,012,578 | | |
| | | |
$ | 697,261 | |
|
Schedule of Costs of Revenues |
The
following table further details the costs of revenues for the three and six months ended June 30, 2024 and 2023.
Schedule of Costs of Revenues
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Cost of staking revenues | |
$ | 47,414 | | |
$ | 113,612 | | |
$ | 99,367 | | |
$ | 195,626 | |
Cost of Builder revenues | |
| 121,434 | | |
| - | | |
| 230,106 | | |
| - | |
Total cost of revenues | |
$ | 168,848 | | |
$ | 113,612 | | |
$ | 329,473 | | |
$ | 195,626 | |
|
Schedule of Earnings Per Share Anti-diluted |
The
following financial instruments were not included in the diluted loss per share calculation for the three months ended June 30, 2024
and 2023 because their effect was anti-dilutive:
Schedule
of Earnings Per Share Anti-diluted
| |
2024 | | |
2023 | |
| |
As of June 30, | |
| |
2024 | | |
2023 | |
Warrants to purchase common stock | |
| 712,500 | | |
| 712,500 | |
Options | |
| 1,302,500 | | |
| 1,135,000 | |
Non-vested restricted stock awards units | |
| 1,806,373 | | |
| 1,631,399 | |
Total | |
| 3,821,373 | | |
| 3,478,899 | |
Anti-dilutive securities | |
| 3,821,373 | | |
| 3,478,899 | |
|
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v3.24.2.u1
Changes in Accounting Principle (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Changes In Accounting Principle |
|
Schedule of Changes Affects in Current and Prior Periods |
Detailed
impacts for the three months ended March 31, 2024, are presented in the following table:
Schedule
of Changes Affects in Current and Prior Periods
| |
| | | |
| | |
| |
For the Three Months Ending | |
| |
March 31, 2024 | |
| |
As reported on
Form 10-Q | | |
As revised resulting from change in
accounting principle | |
Revenues | |
$ | 385,773 | | |
$ | 451,387 | |
Cost of revenues | |
| 95,012 | | |
| 160,626 | |
Gross profit | |
$ | 290,761 | | |
$ | 290,761 | |
|
X |
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v3.24.2.u1
Crypto Assets (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Other Liabilities Disclosure [Abstract] |
|
Schedule of Crypto Assets Held |
The
following table presents the Company’s crypto assets held as of June 30, 2024:
Schedule of Crypto Assets Held
Asset | |
Tokens | | |
Cost | | |
Fair Market Value | |
Ethereum (ETH) | |
| 7,935 | | |
$ | 9,260,043 | | |
$ | 27,235,107 | |
Cosmos (Atom) | |
| 293,886 | | |
| 5,069,377 | | |
| 1,975,032 | |
Solana (SOL) | |
| 6,839 | | |
| 461,376 | | |
| 1,001,728 | |
Avalanche (Avax) | |
| 18,510 | | |
| 1,147,773 | | |
| 542,525 | |
Axie Infinity (AXS) | |
| 71,704 | | |
| 1,998,689 | | |
| 434,956 | |
Polygon (Matic) | |
| 518,554 | | |
| 858,094 | | |
| 290,027 | |
Oasis Network (ROSE) | |
| - | | |
| - | | |
| - | |
Kusama (KSM) | |
| 8,074 | | |
| 1,435,665 | | |
| 191,929 | |
Kava (KAVA) | |
| 358,318 | | |
| 1,098,857 | | |
| 158,376 | |
NEAR Protocol (NEAR) | |
| 82,867 | | |
| 179,702 | | |
| 438,780 | |
Akash (AKT) | |
| 129,891 | | |
| 91,642 | | |
| 466,154 | |
Cardano (ADA) | |
| 268,582 | | |
| 403,582 | | |
| 105,270 | |
Mina (MINA) | |
| 95,777 | | |
| 69,624 | | |
| 51,720 | |
Polkadot (DOT) | |
| 9,386 | | |
| 145,287 | | |
| 58,218 | |
Evmos (EVMOS) | |
| 364,037 | | |
| 98,612 | | |
| 11,249 | |
Tezos (XTZ) | |
| 26,845 | | |
| 74,025 | | |
| 21,296 | |
Band Protocol (BAND) | |
| 992 | | |
| 1,500 | | |
| 1,221 | |
Total | |
| | | |
$ | 22,393,848 | | |
$ | 32,983,588 | |
|
X |
- DefinitionTabular disclosure of crypto-asset held for platform user.
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v3.24.2.u1
Fair Value of Financial Assets and Liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
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, 2024 and December 31, 2023:
Schedule of Fair Value of Assets and Liabilities Valued on Recurring Basis
| |
Fair Value Measured at June 30, 2024 | |
| |
Total at
June 30, | | |
Quoted
prices in
active
markets | | |
Significant
other
observable
inputs | | |
Significant
unobservable
inputs | |
| |
2024 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
Assets | |
| | |
| | |
| | |
| |
Crypto Assets | |
$ | 32,983,588 | | |
$ | 32,983,588 | | |
$ | - | | |
$ | - | |
Investments | |
| 100,000 | | |
| - | | |
| - | | |
| 100,000 | |
Total Assets | |
$ | 33,083,588 | | |
$ | 32,983,588 | | |
$ | - | | |
$ | 100,000 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Warrant Liabilities | |
$ | 71,250 | | |
$ | - | | |
$ | - | | |
$ | 71,250 | |
| |
Fair Value Measured at December 31, 2023 | |
| |
Total at
December 31, | | |
Quoted
prices in
active
markets | | |
Significant
other
observable
inputs | | |
Significant
unobservable
inputs | |
| |
2023 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
Assets | |
| | |
| | |
| | |
| |
Crypto Assets | |
$ | 25,202,929 | | |
$ | 25,202,929 | | |
$ | - | | |
$ | - | |
Investments | |
| 100,000 | | |
| - | | |
| - | | |
| 100,000 | |
Total Assets | |
$ | 25,302,929 | | |
$ | 25,202,929 | | |
$ | - | | |
$ | 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, 2024
and December 31, 2023, is as follows:
Summary of Valuation Methodology and Significant Unobservable Inputs Warrant Liabilities
| |
June 30, 2024 | | |
December 31, 2023 | |
Risk-free rate of interest | |
| 4.71 | % | |
| 4.23 | % |
Expected volatility | |
| 103.06 | % | |
| 108.19 | % |
Expected life (in years) | |
| 1.68 | | |
| 2.18 | |
Expected dividend yield | |
| - | | |
| - | |
|
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, 2024 and 2023, 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, | |
| |
2024 | | |
2023 | |
Beginning balance | |
$ | 100,000 | | |
| 100,000 | |
Purchases | |
| - | | |
| - | |
Unrealized appreciation (depreciation) | |
| - | | |
| - | |
Ending balance | |
$ | 100,000 | | |
$ | 100,000 | |
| |
Fair Value of Level 3 Financial Liabilities | |
| |
June 30, | | |
June 30, | |
| |
2024 | | |
2023 | |
Beginning balance | |
$ | 213,750 | | |
$ | 213,750 | |
Fair value adjustment of warrant liabilities | |
| (142,500 | ) | |
| 142,500 | |
Ending balance | |
$ | 71,250 | | |
$ | 356,250 | |
|
X |
- DefinitionTabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.
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v3.24.2.u1
Stockholders’ Equity (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Summary of Option Activity |
A
summary of option activity under the Company’s stock option plan for six months ended June 30, 2024 is presented below:
Summary of Option Activity
| |
Number of Shares | | |
Weighted Average Exercise Price | | |
Total Intrinsic Value | | |
Weighted Average Remaining Contractual Life (in years) | |
Outstanding as of December 31, 2023 | |
| 1,200,000 | | |
$ | 2.12 | | |
$ | 8,700 | | |
| 2.4 | |
Employee options granted | |
| 120,000 | | |
| 1.52 | | |
| - | | |
| 4.9 | |
Employee options expired | |
| (17,500 | ) | |
| 10.30 | | |
| - | | |
| - | |
Outstanding as of June 30, 2024 | |
| 1,302,500 | | |
$ | 1.96 | | |
$ | 4,950 | | |
| 2.2 | |
Options vested and exercisable as of June 30, 2024 | |
| 1,127,500 | | |
$ | 2.03 | | |
$ | - | | |
| 1.8 | |
|
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, 2024 are as follows:
Summary of Restricted Stock
| |
Number of Restricted Stock Units | | |
Weighted Average Grant Date Fair Value | |
Nonvested at December 31, 2023 | |
| 1,606,373 | | |
$ | 3.25 | |
Granted | |
| 300,000 | | |
| 1.71 | |
Forfeited | |
| (100,000 | ) | |
| 1.63 | |
Nonvested at June 30, 2024 | |
| 1,806,373 | | |
$ | 3.09 | |
|
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, 2024 and 2023 was as follows:
Schedule of Stock-based Compensation Expense
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the Three Months Ended June 30, | | |
For the Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Employee stock option awards | |
$ | 22,712 | | |
$ | (8,619 | ) | |
$ | 31,993 | | |
$ | (5,312 | ) |
Employee restricted stock unit awards | |
| 241,752 | | |
| 228,953 | | |
| 480,898 | | |
| 496,291 | |
Non-employee restricted stock awards | |
| 35,578 | | |
| 8,333 | | |
| 60,580 | | |
| 24,242 | |
Stock-based
compensation | |
$ | 300,042 | | |
$ | 228,667 | | |
$ | 573,471 | | |
$ | 515,221 | |
|
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
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Exercise price | |
$ | 1.55 | | |
$ | 0.63 | |
Term (years) | |
| 5.00 | | |
| 5.00 | |
Expected stock price volatility | |
| 144.57 | % | |
| 152.84 | % |
Risk-free rate of interest | |
| 4.31 | % | |
| 3.99 | % |
|
X |
- DefinitionTabular disclosure of the changes in outstanding nonvested restricted stock shares.
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v3.24.2.u1
Accrued Expenses (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued Expenses |
Accrued
expenses consist of the following:
Schedule
of Accrued Expenses
| |
June 30,
2024 | | |
December 31,
2023 | |
Accrued compensation | |
$ | 508,489 | | |
$ | 712,092 | |
Accounts payable and accrued expenses | |
| 130,850 | | |
| 55,058 | |
Accrued
Expenses | |
$ | 639,339 | | |
$ | 767,150 | |
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v3.24.2.u1
Schedule of Revenues Earned from Company’s Operations (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Product Information [Line Items] |
|
|
|
|
|
Total revenues |
$ 561,192
|
$ 451,387
|
$ 385,753
|
$ 1,012,578
|
$ 697,261
|
Staking To BTCS Nodes [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Total revenues |
407,287
|
|
346,721
|
751,198
|
607,429
|
Staking To Third Party Nodes [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Total revenues |
78,052
|
|
39,032
|
152,494
|
89,832
|
Builder Plus [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Total revenues |
$ 75,853
|
|
|
$ 108,886
|
|
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v3.24.2.u1
Schedule of Crypto Assets Earned From Validator Nodes (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Crypto Asset, Holding [Line Items] |
|
|
|
|
|
Revenues |
$ 561,192
|
$ 451,387
|
$ 385,753
|
$ 1,012,578
|
$ 697,261
|
Bitcoin [Member] |
|
|
|
|
|
Crypto Asset, Holding [Line Items] |
|
|
|
|
|
Revenues |
407,287
|
|
346,721
|
751,198
|
607,429
|
Ethereum [Member] | Bitcoin [Member] |
|
|
|
|
|
Crypto Asset, Holding [Line Items] |
|
|
|
|
|
Token rewards |
72
|
|
108
|
138
|
206
|
Revenues |
241,588
|
|
201,121
|
429,666
|
355,755
|
Cosmos [Member] | Bitcoin [Member] |
|
|
|
|
|
Crypto Asset, Holding [Line Items] |
|
|
|
|
|
Token rewards |
12,565
|
|
10,662
|
23,731
|
16,642
|
Revenues |
104,580
|
|
109,787
|
225,654
|
185,256
|
Akash [Member] | Bitcoin [Member] |
|
|
|
|
|
Crypto Asset, Holding [Line Items] |
|
|
|
|
|
Token rewards |
6,246
|
|
2,851
|
10,820
|
5,658
|
Revenues |
26,740
|
|
1,159
|
45,486
|
2,204
|
Kava [Member] | Bitcoin [Member] |
|
|
|
|
|
Crypto Asset, Holding [Line Items] |
|
|
|
|
|
Token rewards |
6,632
|
|
10,394
|
12,924
|
23,403
|
Revenues |
4,305
|
|
9,351
|
9,557
|
21,086
|
Mina [Member] | Bitcoin [Member] |
|
|
|
|
|
Crypto Asset, Holding [Line Items] |
|
|
|
|
|
Token rewards |
2,880
|
|
1,440
|
5,760
|
7,200
|
Revenues |
2,439
|
|
1,070
|
6,085
|
4,907
|
Oasis Network [Member] | Bitcoin [Member] |
|
|
|
|
|
Crypto Asset, Holding [Line Items] |
|
|
|
|
|
Token rewards |
10,431
|
|
30,287
|
26,567
|
50,651
|
Revenues |
1,036
|
|
1,735
|
3,254
|
2,931
|
Kusama [Member] | Bitcoin [Member] |
|
|
|
|
|
Crypto Asset, Holding [Line Items] |
|
|
|
|
|
Token rewards |
279
|
|
180
|
289
|
453
|
Revenues |
8,108
|
|
4,960
|
8,583
|
14,372
|
Avalanche [Member] | Bitcoin [Member] |
|
|
|
|
|
Crypto Asset, Holding [Line Items] |
|
|
|
|
|
Token rewards |
668
|
|
646
|
668
|
646
|
Revenues |
18,491
|
|
8,403
|
18,491
|
8,403
|
Near Protocol [Member] | Bitcoin [Member] |
|
|
|
|
|
Crypto Asset, Holding [Line Items] |
|
|
|
|
|
Token rewards |
|
|
1,665
|
714
|
2,687
|
Revenues |
|
|
2,841
|
4,422
|
4,952
|
Tezos [Member] | Bitcoin [Member] |
|
|
|
|
|
Crypto Asset, Holding [Line Items] |
|
|
|
|
|
Token rewards |
|
|
435
|
|
1,614
|
Revenues |
|
|
432
|
|
1,701
|
Evmos [Member] | Bitcoin [Member] |
|
|
|
|
|
Crypto Asset, Holding [Line Items] |
|
|
|
|
|
Token rewards |
|
|
32,236
|
|
32,236
|
Revenues |
|
|
$ 5,862
|
|
$ 5,862
|
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v3.24.2.u1
Schedule of Crypto Assets Earned From Ethereum (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Impairment Effects on Earnings Per Share [Line Items] |
|
|
|
|
|
Revenues |
$ 561,192
|
$ 451,387
|
$ 385,753
|
$ 1,012,578
|
$ 697,261
|
Ethereum [Member] |
|
|
|
|
|
Impairment Effects on Earnings Per Share [Line Items] |
|
|
|
|
|
Token rewards |
23
|
|
|
34
|
|
Revenues |
75,853
|
|
|
108,886
|
|
Ethereum Block Building [Member] |
|
|
|
|
|
Impairment Effects on Earnings Per Share [Line Items] |
|
|
|
|
|
Token rewards |
23
|
|
|
34
|
|
Revenues |
$ 75,853
|
|
|
$ 108,886
|
|
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v3.24.2.u1
Schedule of Crypto Assets Earned From Third Party (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Revenues |
$ 561,192
|
$ 451,387
|
$ 385,753
|
$ 1,012,578
|
$ 697,261
|
Bitcoin [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Revenues |
407,287
|
|
346,721
|
751,198
|
607,429
|
Evmos [Member] | Bitcoin [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Token rewards |
|
|
32,236
|
|
32,236
|
Revenues |
|
|
5,862
|
|
5,862
|
Tezos [Member] | Bitcoin [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Token rewards |
|
|
435
|
|
1,614
|
Revenues |
|
|
432
|
|
1,701
|
Near Protocol [Member] | Bitcoin [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Token rewards |
|
|
1,665
|
714
|
2,687
|
Revenues |
|
|
2,841
|
4,422
|
4,952
|
Third Party [Member] | Bitcoin [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Revenues |
78,052
|
|
39,032
|
152,494
|
89,832
|
Third Party [Member] | Axie Infinity [Member] | Bitcoin [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Token rewards |
5,772
|
|
4,474
|
11,152
|
8,926
|
Revenues |
36,379
|
|
29,313
|
84,701
|
69,341
|
Third Party [Member] | Solana [Member] | Bitcoin [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Token rewards |
139
|
|
128
|
259
|
249
|
Revenues |
21,353
|
|
2,581
|
36,725
|
5,112
|
Third Party [Member] | Polygon [Member] | Bitcoin [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Token rewards |
6,314
|
|
6,158
|
12,544
|
12,140
|
Revenues |
3,758
|
|
5,057
|
9,489
|
11,794
|
Third Party [Member] | Polkadot [Member] | Bitcoin [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Token rewards |
376
|
|
356
|
736
|
602
|
Revenues |
2,619
|
|
1,957
|
5,576
|
3,461
|
Third Party [Member] | Evmos [Member] | Bitcoin [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Token rewards |
6,834
|
|
|
18,260
|
|
Revenues |
268
|
|
|
1,208
|
|
Third Party [Member] | Cardano [Member] | Bitcoin [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Token rewards |
2,039
|
|
433
|
3,328
|
433
|
Revenues |
837
|
|
124
|
1,590
|
124
|
Third Party [Member] | Tezos [Member] | Bitcoin [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Token rewards |
354
|
|
|
671
|
|
Revenues |
338
|
|
|
705
|
|
Third Party [Member] | Near Protocol [Member] | Bitcoin [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Token rewards |
1,886
|
|
|
1,886
|
|
Revenues |
$ 12,500
|
|
|
$ 12,500
|
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v3.24.2.u1
Schedule of Costs of Revenues (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
|
|
|
|
Cost of staking revenues |
$ 47,414
|
|
$ 113,612
|
$ 99,367
|
$ 195,626
|
Cost of Builder revenues |
121,434
|
|
|
230,106
|
|
Total cost of revenues |
$ 168,848
|
$ 160,626
|
$ 113,612
|
$ 329,473
|
$ 195,626
|
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v3.24.2.u1
Schedule of Earnings Per Share Anti-diluted (Details) - shares
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
3,821,373
|
3,478,899
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
712,500
|
712,500
|
Share-Based Payment Arrangement, Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
1,302,500
|
1,135,000
|
Non Vested Restricted Stock Awards Units [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
1,806,373
|
1,631,399
|
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v3.24.2.u1
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
|
Jun. 02, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Cash |
|
$ 537,000
|
|
$ 537,000
|
|
$ 1,458,000
|
Cash, FDIC insured amount |
|
61,000
|
|
61,000
|
|
$ 933,000
|
Realized investment gains losses |
|
287,000
|
$ 568,000
|
$ 298,000
|
$ 560,000
|
|
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
|
|
|
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).
|
|
|
Advertising and marketing expenses |
|
28,000
|
$ 3,000
|
$ 86,000
|
$ 9,000
|
|
Series V Preferred Stock [Member] |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Liquidation preference |
|
|
|
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).
|
|
|
Preferred Stock [Member] | Series V Preferred Stock [Member] |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Number of shares issued |
14,542,803
|
|
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Cash, FDIC insured amount |
|
$ 250,000
|
|
$ 250,000
|
|
|
Property, plant and equipment, estimated useful lives |
|
5 years
|
|
5 years
|
|
|
Minimum [Member] |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Property, plant and equipment, estimated useful lives |
|
3 years
|
|
3 years
|
|
|
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v3.24.2.u1
Schedule of Changes Affects in Current and Prior Periods (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenues |
$ 561,192
|
$ 451,387
|
$ 385,753
|
$ 1,012,578
|
$ 697,261
|
Cost of revenues |
168,848
|
160,626
|
113,612
|
329,473
|
195,626
|
Gross profit |
$ 392,344
|
290,761
|
$ 272,141
|
$ 683,105
|
$ 501,635
|
Previously Reported [Member] |
|
|
|
|
|
Revenues |
|
385,773
|
|
|
|
Cost of revenues |
|
95,012
|
|
|
|
Gross profit |
|
$ 290,761
|
|
|
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v3.24.2.u1
Schedule of Crypto Assets Held (Details)
|
Jun. 30, 2024
USD ($)
|
Platform Operator, Crypto Asset [Line Items] |
|
Cost |
$ 22,393,848
|
Fair Market Value |
32,983,588
|
Ethereum [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
7,935
|
Cost |
9,260,043
|
Fair Market Value |
27,235,107
|
Cosmos [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
293,886
|
Cost |
5,069,377
|
Fair Market Value |
1,975,032
|
Solana [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
6,839
|
Cost |
461,376
|
Fair Market Value |
1,001,728
|
Avalanche [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
18,510
|
Cost |
1,147,773
|
Fair Market Value |
542,525
|
Axie Infinity [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
71,704
|
Cost |
1,998,689
|
Fair Market Value |
434,956
|
Polygon [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
518,554
|
Cost |
858,094
|
Fair Market Value |
290,027
|
Oasis Network [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
|
Cost |
|
Fair Market Value |
|
Kusama [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
8,074
|
Cost |
1,435,665
|
Fair Market Value |
191,929
|
Kava [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
358,318
|
Cost |
1,098,857
|
Fair Market Value |
158,376
|
Near Protocol [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
82,867
|
Cost |
179,702
|
Fair Market Value |
438,780
|
Akash [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
129,891
|
Cost |
91,642
|
Fair Market Value |
466,154
|
Cardano [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
268,582
|
Cost |
403,582
|
Fair Market Value |
105,270
|
Mina [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
95,777
|
Cost |
69,624
|
Fair Market Value |
51,720
|
Polkadot [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
9,386
|
Cost |
145,287
|
Fair Market Value |
58,218
|
Evmos [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
364,037
|
Cost |
98,612
|
Fair Market Value |
11,249
|
Tezos [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
26,845
|
Cost |
74,025
|
Fair Market Value |
21,296
|
Band Protocol [Member] |
|
Platform Operator, Crypto Asset [Line Items] |
|
Tokens |
992
|
Cost |
1,500
|
Fair Market Value |
$ 1,221
|
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v3.24.2.u1
Schedule of Fair Value of Assets and Liabilities Valued on Recurring Basis (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Crypto Assets |
$ 32,983,588
|
$ 25,202,929
|
|
|
Investments |
100,000
|
100,000
|
|
|
Total Assets |
33,083,588
|
25,302,929
|
|
|
Warrant liabilities |
71,250
|
213,750
|
$ 356,250
|
$ 213,750
|
Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Crypto Assets |
32,983,588
|
25,202,929
|
|
|
Investments |
|
|
|
|
Total Assets |
32,983,588
|
25,202,929
|
|
|
Warrant liabilities |
|
|
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Crypto Assets |
|
|
|
|
Investments |
|
|
|
|
Total Assets |
|
|
|
|
Warrant liabilities |
|
|
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Crypto Assets |
|
|
|
|
Investments |
100,000
|
100,000
|
|
|
Total Assets |
100,000
|
100,000
|
|
|
Warrant liabilities |
$ 71,250
|
$ 213,750
|
|
|
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v3.24.2.u1
Schedule of Changes in Fair Value and Other Adjustments of Warrants (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
|
|
|
Beginning balance |
|
|
$ 100,000
|
$ 100,000
|
Purchases |
|
|
|
|
Unrealized appreciation (depreciation) |
|
|
|
|
Ending balance |
$ 100,000
|
$ 100,000
|
100,000
|
100,000
|
Warrant liabilities, beginning balance |
|
|
213,750
|
213,750
|
Fair value adjustment of warrant liabilities |
(142,500)
|
(142,500)
|
(142,500)
|
142,500
|
Warrant liabilities, ending balance |
$ 71,250
|
$ 356,250
|
$ 71,250
|
$ 356,250
|
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v3.24.2.u1
Fair Value of Financial Assets and Liabilities (Details Narrative) - USD ($)
|
Mar. 02, 2021 |
Jun. 30, 2024 |
Dec. 31, 2023 |
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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v3.24.2.u1
Summary of Option Activity (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Equity [Abstract] |
|
|
Number of shares outstanding, beginning balance |
1,200,000
|
|
Weighted average exercise price, beginning balance |
$ 2.12
|
|
Total intrinsic value, beginning balance |
$ 8,700
|
|
Weighted average remaining contractual life (In years), ending balance |
2 years 2 months 12 days
|
2 years 4 months 24 days
|
Number of Shares, Employee options granted |
120,000
|
|
Weighted average exercise price, employee options granted |
$ 1.52
|
|
Total intrinsic value, employee options granted |
|
|
Weighted average remaining contractual life (In years), employee options granted |
4 years 10 months 24 days
|
|
Number of shares, employee options expired |
(17,500)
|
|
Weighted average exercise price, employee options expired |
$ 10.30
|
|
Number of shares outstanding, ending balance |
1,302,500
|
1,200,000
|
Weighted average exercise price, ending balance |
$ 1.96
|
$ 2.12
|
Total intrinsic value, ending balance |
$ 4,950
|
$ 8,700
|
Number of shares outstanding, options vested and exercisable |
1,127,500
|
|
Weighted average exercise price, options vested and exercisable |
$ 2.03
|
|
Total intrinsic value, options vested and exercisable |
|
|
Weighted average remaining contractual life (In years), options vested and exercisable |
1 year 9 months 18 days
|
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v3.24.2.u1
Summary of Restricted Stock (Details)
|
6 Months Ended |
Jun. 30, 2024
$ / shares
shares
|
Equity [Abstract] |
|
Number of restricted stock units, nonvested, beginning balance | shares |
1,606,373
|
Weighted average grant date fair value nonvested, beginning balance | $ / shares |
$ 3.25
|
Number of restricted stock units, granted | shares |
300,000
|
Weighted average grant date fair value, granted | $ / shares |
$ 1.71
|
Number of restricted stock units, forfeited | shares |
(100,000)
|
Weighted average grant date fair value, forfeited | $ / shares |
$ 1.63
|
Number of restricted stock units, nonvested, ending balance | shares |
1,806,373
|
Weighted average grant date fair value nonvested, ending balance | $ / shares |
$ 3.09
|
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v3.24.2.u1
Schedule of Stock-based Compensation Expense (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation |
$ 300,042
|
$ 228,667
|
$ 573,471
|
$ 515,221
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation |
22,712
|
(8,619)
|
31,993
|
(5,312)
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation |
241,752
|
228,953
|
480,898
|
496,291
|
Non Employee Restricted Stock Awards [Member] |
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation |
$ 35,578
|
$ 8,333
|
$ 60,580
|
$ 24,242
|
X |
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v3.24.2.u1
Stockholders’ Equity (Details Narrative) - USD ($)
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
|
|
Jan. 12, 2024 |
Dec. 29, 2023 |
Jun. 02, 2023 |
Jan. 19, 2023 |
Sep. 14, 2021 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Jul. 12, 2023 |
Jul. 11, 2023 |
Jul. 10, 2023 |
May 12, 2023 |
Common stock, shares authorized |
|
|
|
|
|
975,000,000
|
|
975,000,000
|
|
975,000,000
|
975,000,000
|
97,500,000
|
|
|
Accrued bonus compensation |
|
|
|
|
|
$ 505,000
|
|
$ 505,000
|
|
$ 710,000
|
|
|
|
|
Shares issued |
|
|
|
|
|
43,220
|
|
43,220
|
|
|
|
|
|
|
Sharebased compensation arrangement by sharebased payment award, options, grants in period, gross |
|
|
|
|
|
|
|
120,000
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grants approved |
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vest description |
vest annually over a 5-year period (10,000 per year) with the first vesting date of December 31, 2024 and each subsequent vesting on
the one-year anniversary of the first vesting date, subject to continued employment on each applicable vesting date.
|
vest
annually over a 5-year period (10,000 per year) with the first vesting date of December 31, 2024 and each subsequent vesting on the one-year
anniversary of the first vesting date, subject to continued employment on each applicable vesting date.
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of additional shares authorized |
|
|
|
|
|
|
|
|
|
|
|
12,000,000
|
7,000,000
|
|
Series V Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation preference |
|
|
|
|
|
|
|
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).
|
|
|
|
|
|
|
Preferred stock value |
|
|
|
|
|
$ 2,563,938
|
|
$ 2,563,938
|
|
$ 2,563,938
|
|
|
|
|
Vesting shares issued |
|
|
|
|
|
|
|
|
|
25,026
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based payment issued |
|
|
|
|
|
25,781
|
31,647
|
410,915
|
423,089
|
|
|
|
|
|
Sharebased compensation arrangement by sharebased payment award, options, grants in period, gross |
|
|
|
|
|
|
|
370,928
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
163,831
|
350,018
|
163,831
|
651,172
|
|
|
|
|
|
Preferred Stock [Member] | Series V Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based payment issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
14,542,803
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock value |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,560,000
|
Each Independent Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option grant date fair value |
|
|
|
$ 50,000
|
|
|
|
|
|
|
|
|
|
|
Each Independent Director [Member] | Four Equal Installments [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option grant date fair value |
|
|
|
$ 12,500
|
|
|
|
|
|
|
|
|
|
|
Independent Directors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based payment issued |
|
|
|
|
|
|
|
39,987
|
|
|
|
|
|
|
Officer [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
414,148
|
|
|
|
|
|
|
Accrued bonus compensation |
|
|
|
|
|
$ 675,000
|
|
$ 675,000
|
|
|
|
|
|
|
Mr. Allen [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grants approved |
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Mr. Handerhan [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grants approved |
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Mr. Prevoznik [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grants approved |
50,000
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Mr. Paranjape [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grants approved |
50,000
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
At-the-Market Offering Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock, number of shares issued in transaction |
|
|
|
|
|
|
|
163,831
|
|
|
|
|
|
|
Gross proceeds from issuance of common stock |
|
|
|
|
|
|
|
$ 252,000
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
|
$ 1.54
|
|
$ 1.54
|
|
|
|
|
|
|
Proceeds from issuance of stock net |
|
|
|
|
|
|
|
$ 240,000
|
|
|
|
|
|
|
At-the-Market Offering Agreement [Member] | H.C. Wainwright And Co LLC [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock |
|
|
|
|
$ 98,767,500
|
|
|
|
|
|
|
|
|
|
At-the-Market Offering Agreement [Member] | H.C. Wainwright and Co., LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of gross proceeds of offerings |
|
|
|
|
3.00%
|
|
|
|
|
|
|
|
|
|
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Liquidity (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
Accumulated deficit |
$ 133,148,386
|
|
$ 138,677,103
|
Net cash used in operating activities |
$ 1,693,099
|
$ 2,045,524
|
|
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- DefinitionAmount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
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BTCS (NASDAQ:BTCS)
過去 株価チャート
から 7 2024 まで 8 2024
BTCS (NASDAQ:BTCS)
過去 株価チャート
から 8 2023 まで 8 2024