Bitcoin firm BTCS incurs $3.82M loss in Q3 2015

BTCS Inc (OTCMKTS:BTCS), formerly known as Bitcoin Shop, Inc., has just filed a report with the U.S. Securities and Exchange Commission (SEC) regarding its results for the three months to September 30, 2015.

Adding to the gloomy financial metrics for the first half of 2015, when the company posted a net loss of $4.6 million, the report for the third quarter of 2015 also revealed a hefty loss.

The Nevada-based corporation, which is active in the blockchain and digital currency ecosystems, kept grappling with high operating expenses, which totalled $4.17 million in the third quarter of 2015 and, thus, represented the main factor for the loss incurred.

The company reported a net loss of $3.82 million in the three-month period, compared with a net loss of $2.59 million reported for the same period in 2014.

Total revenues, which came only from the transaction verification business, amounted to humble $169,069.

BTCS admitted that it will require significant additional capital to sustain its short-term operations and make the investments it needs to execute its longer term business plan.

The report stated that:

The Company’s existing liquidity is not sufficient to fund its operations and anticipated capital expenditures for the foreseeable future. If the Company attempts to obtain additional debt or equity financing, it cannot provide assurance that such financing will be available to the Company on favorable terms, if at all. Because of recurring operating losses, net operating cash flow deficits, and an accumulated deficit, there is substantial doubt about the Company’s ability to continue as a going concern.

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To view the official SEC filing with BTCS’ Q3 results, click here.

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