Statements of Operations(Unaudited) For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues Blockchain infrastructure revenues (net of fees) $739,157 $316,242 $1,751,735 $1,013,503 Total revenues 739,157 316,242 1,751,735 1,013,503 Cost of revenues Blockchain infrastructure costs 543,308 83,100 872,781 278,726 Gross profit 195,849 233,142 878,954 734,777 Operating expenses: General and administrative $586,926 $283,239 1,613,481 $1,510,637 Research and development 213,332 148,525 523,658 531,053 Compensation and related expenses 942,860 409,960 2,274,130 1,450,546 Marketing 55,611 2,155 141,690 11,121 Realized (gains) losses on crypto asset transactions 121,964 43,791 (176,050) 604,270 Total operating expenses 1,920,693 887,670 4,376,909 4,107,627 Other income (expenses): Change in unrealized appreciation (depreciation) on crypto assets (7,396,380) (2,914,029) (237,052) 3,734,213 Change in fair value of warrant liabilities 53,437 285,000 195,937 142,500 Other income 28,000 - 28,000 - Total other income (expenses) (7,314,943) (2,629,029) (13,115) 3,876,713 Net income (loss) $(9,039,787) $(3,283,557) $(3,511,070) $503,863 Basic net income (loss) per share attributable to common stockholders $(0.56) $(0.23) $(0.22) $0.04 Diluted net income (loss) per share attributable to common stockholders $(0.56) $(0.23) $(0.22) $0.03 Basic weighted average number of common shares outstanding 16,158,032 14,317,750 15,870,343 13,957,097 Diluted weighted average number of common shares outstanding, basic and diluted 16,158,032 14,317,750 15,870,343 17,437,809 BTCS Inc.
Balance Sheets September 30, December 31, 2024 2023 (Unaudited) Assets: Current assets: Cash and cash equivalents $254,466 $1,458,327 Stablecoins 40,397 21,044 Crypto assets 430,483 302,783 Staked crypto assets 25,317,039 24,900,146 Prepaid compensation 288,309 - Prepaid expenses 96,439 62,461 Receivable for capital shares sold - 291,440 Total current assets 26,427,133 27,036,201 Other assets: Investments, at value (Cost $100,000) 100,000 100,000 Property and equipment, net 6,015 10,490 Total other assets 106,015 110,490 Total Assets $26,533,148 $27,146,691 Liabilities and Stockholders’ Equity: Accounts payable and accrued expenses $266,827 $55,058 Accrued compensation 1,052,647 712,092 Warrant liabilities 17,813 213,750 Total current liabilities 1,337,287 980,900 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 September 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, 16,555,221 and 15,320,281 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 16,555 15,322 Additional paid-in capital 164,803,541 162,263,634 Accumulated deficit (142,188,173) (138,677,103)Total stockholders’ equity 25,195,861 26,165,791 Total Liabilities and Stockholders’ Equity $ 26,533,148 $27,146,691 BTCS Inc.
These forward-looking statements are based upon assumptions and are subject to various risks and uncertainties, including without limitation regulatory issues, the new administration’s failure to favor crypto landscape as much as expected, unexpected issues with Builder+, unexpected issues with ChainQ, and the reluctance of validators to try or utilize our Builder+ product, as well as risks set forth in the Company’s filings with the Securities and Exchange Commission including its Form 10-K for the year ended December 31, 2023 which was filed on March 21, 2024.
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