Bitcoin Unlimited Futures Again Utilized to Extinguish Debt of First Bitcoin Capital Corp: Company Updates Shareholders on Release of Audit; Discloses Selected Audit Details
TEL AVIV, ISRAEL / ACCESSWIRE / July 6, 2018 / First Bitcoin Capital Corp (OTC PINK: BITCF), in a related party transaction, agreed to pay off for a second time, approximately $200,000 in debt utilizing Bitcoin Unlimited Futures, which will make the Company once again 100% debt free.
“Bitcoin Unlimited Futures” (COIN:XB) as a cryptocurrency was generated by the Company and is dependent on the protocols of the Bitcoin Blockchain for transferring coins from one party to another. Only released by the Company as a means of allowing speculators to predict the outcome of the then anticipated hard fork of Bitcoin Core into two distinct assets, Bitcoin Unlimited Futures is tradeable under the symbols XBU on the decentralized OMNIDEX and the Company’s subsidiary, COINQX.com as well as XB on the C-CEX.com cryptocurrency exchanges.
XBU or XB is not to be confused with past competing efforts to presale actual “Bitcoin Unlimited (Futures)” COIN:BTU prior to the hard fork, whereas in the case of XBU/XB our coin was not designed to become BTU, instead, it trades independently as a third currency. There is no relation of XBU or XB to the actual Bitcoin other than that it was created on and its movements are dependent on the Bitcoin Blockchain using the Omni Layer Protocols.
BTU was trading at about half of the trading value of XBU/XB at the time of the last exchange of our debt for XB. Efforts by two competing exchanges to capitalize on the then pending hard fork were found here, however, Bitcoin Cash resulted in the fork instead of BTU: http://coinmarketcap.com/currencies/bitcoin-unlimited/
Due to the ephemeral nature of XBU/XB, the Company’s creditor agreed to accept XBU at a discount from current illiquid market rates so that the company has agreed to pay 20,000 XBU/XT to settle this related party debt from its growing inventory of various altcoins in comparison to the 2,000 XB used last year to extinguish a similar amount of debt.
“Becoming debt free not only re-strengthens our balance sheet again but is an important milestone for a development stage company which positions the company for a more rapid path to profitability.”
Update on Audits
The Company’s Board of Directors approved the audits and anticipates publishing our audited financial statements for the years ending 2016 and 2017 next week, and will commence the process of filing these financial statements in SEDAR to qualify for listing on a Canadian Stock Exchange. The Company is planning to have our shares trading in 3 markets in North America and Europe this year as a result.
Selected Financial Information and Results of Operations
|December 31, 2017||December 31, 2016||December 31, 2015|
|Total long-term liabilities||–||–||–|
|Cash dividends declared||–||–||–|
|Cost of goods sold||–||–||(38,548)|
|Net (loss) income||(2,333,112)||3,792||(48,331)|
|Comprehensive (loss) income||(1,899,976)||3,792||(48,331)|
|Net (loss) income per share – basic and diluted||(0.01)||0.00||0.00|
Note: While the audited financial statements do include as an exhibit itemizing the full inventory of more than 100 unique cryptocurrencies owned by the Company, the vast majority of these cryptocurrencies do not reflect any market values therein and are only booked and reflected at cost.
Total assets increased from $362,920 at December 31, 2015 to $403,960 at December 31, 2016. As at December 31, 2015, assets included mining rights to a mineralized property in the Pacaraima region in Southern Venezuela, with a carrying value of $360,000. This property was exchanged for one billion KiloCoins valued at $398,000 in November 2016, which resulted in the increase in total assets at December 31, 2016.
Total assets increased from $403,960 at December 31, 2016 to $1,279,832 at December 31, 2017. During the year ended December 31, 2017, we exchanged one million WEED coins for five million common shares of Singlepoint Inc. (“Singlepoint”). Our equity investment in Singlepoint was recorded at its fair value of $500,000 as at December 31, 2017. The increase to our assets as at December 31, 2017, was also a result of investments in kiosk equipment with a carrying value of $82,033 and accounts receivable of $100,000 related to our revenues earned from blockchain development.
Our revenues increased by $100,000 from the year ended December 31, 2016, to the year ended December 31, 2017, as a result of revenues earned from blockchain development. In 2016, we had not begun our business of blockchain development.
Our expenses increased to $2,848,265 for the year ended December 31, 2017, from $34,208 for the year ended December 31, 2016. 2017 represented a full year of cryptocurrency generation as we began this segment of our business in September 2016. During 2017, we issued 3,415,924 shares of our common stock, valued at $2,356,988, as a fee for mining activity performed on our BITCF coin. The mining activity fee is a non-recurring event. In addition, overall increase in activity resulted in increases in general and administration expense, professional fees and sales and marketing expense.
Other income increased from $38,000 for the year ended December 31, 2016, to $415,153 for the year ended December 31, 2017. During 2016, we exchanged our mineralized property, with a carrying value of $360,000, for one billion KiloCoins valued at $398,000 and recorded a gain on exchange of $38,000. During 2017, we exchanged one million WEED coins for five million common shares of Singlepoint and recorded a gain on exchange of $150,000. We settled amounts payable to our Chief Executive Officer with 2,000 Bitcoin Unlimited Futures (COIN:XBU) and recorded a gain on settlement of $154,179. In addition, we conducted a crowdsale of ALTCOIN (coin:ALT) and received 113,214 Tether (COIN:USDT), which resulted in a gain on acquisition of digital currencies of $108,410 included in other income.
About First Bitcoin Capital Corp
First Bitcoin Capital Corp (OTC PINK: BITCF) (COIN: BITCF) began developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange – www.CoinQX.com (in Beta) in early 2014. We saw this step as a tremendous opportunity to create further shareholder value by leveraging management’s experience in developing and managing complex Blockchain technologies and in developing new types of digital assets. Being the first publicly-traded cryptocurrency and BlockChain-centered Company, we provide our shareholders with diversified exposure to digital cryptocurrencies and BlockChain technologies.
Certain statements contained in this press release may constitute “forward-looking statements.” Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company’s filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company’s filings, which are on file at www.OTCMarkets.com.
SOURCE: First Bitcoin Capital Corp.