0001493152-18-013050.txt : 20180910 0001493152-18-013050.hdr.sgml : 20180910 20180910161142 ACCESSION NUMBER: 0001493152-18-013050 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 70 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180910 DATE AS OF CHANGE: 20180910 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Crypto Co CENTRAL INDEX KEY: 0001688126 STANDARD INDUSTRIAL CLASSIFICATION: WOMEN'S, MISSES', CHILDREN'S & INFANTS' UNDERGARMENTS [2340] IRS NUMBER: 464212405 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55726 FILM NUMBER: 181062858 BUSINESS ADDRESS: STREET 1: 23805 STUART RANCH ROAD, STREET 2: SUITE 235 CITY: MALIBU STATE: CA ZIP: 90265 BUSINESS PHONE: (424) 228-9955 MAIL ADDRESS: STREET 1: 23805 STUART RANCH ROAD, STREET 2: SUITE 235 CITY: MALIBU STATE: CA ZIP: 90265 FORMER COMPANY: FORMER CONFORMED NAME: CROE, INC. DATE OF NAME CHANGE: 20161020 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

  [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2018

 

OR

 

  [  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______________ to _______________

 

Commission File Number: 000-55726

 

THE CRYPTO COMPANY

(Exact name of registrant as specified in its charter)

 

Nevada   46-4212105
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification No.)

 

23805 Stuart Ranch Road, Suite 235

Malibu, California 90265

(Address of principal executive offices)

(Zip Code)

 

(424) 228-9955

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has 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 [X]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period than the registrant was required to submit and post such files). Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or 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. (Check one):

 

Large accelerated filer [  ] Accelerated filer [  ]
   
Non-accelerated filer [  ] Smaller reporting company [X]
(Do not check if a 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 Exchange Act). Yes [  ] No [X]

 

As of August 7, 2018, the issuer had 21,172,860 shares of common stock, par value $0.001 per share, outstanding.

 

 

 

 
 

 

TABLE OF CONTENTS

 

Note About Forward-Looking Statements

 

    Page No.
PART I FINANCIAL INFORMATION  
     
Item 1. Condensed Consolidated Financial Statements 4
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 24
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 32
     
Item 4. Controls and Procedures 32
     
PART II OTHER INFORMATION
     
Item 1. Legal Proceedings 33
     
Item 1A. Risk Factors 33
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35
     
Item 6. Exhibits 35
     
SIGNATURES 37

 

 2 
 

 

NOTE ABOUT FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains forward-looking statements. All statements contained in this Quarterly Report other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the period from March 9, 2017 (“Inception”), through December 31, 2017 (“2017 Annual Report”), in this Quarterly Report under “Risk Factors” and in any subsequent filings with the U.S. Securities and Exchange Commission (“SEC”). Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

 

We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

 

Unless expressly indicated or the context requires otherwise, the terms “Crypto”, the “Company”, “we”, “us” and “our” in this Quarterly Report refer to The Crypto Company, a Nevada corporation, and, where appropriate, its wholly owned subsidiaries, Crypto Sub, Inc., a Nevada corporation; CoinTracking, LLC, a Nevada limited liability company (“CoinTracking”); Malibu Blockchain, LLC, a Nevada limited liability company (“Malibu Blockchain”); and, where applicable, CoinTracking’s majority-owned subsidiary, CoinTracking GmbH.

 

 3 
 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

 

THE CRYPTO COMPANY

CONDENSED CONSOLIDATED BALANCE SHEET

 

   June 30, 2018   December 31, 2017 
    (unaudited)      
ASSETS          
CURRENT ASSETS          
Cash and cash equivalents  $1,154,996   $8,950,244 
Accounts receivable, net   -    500 
Loan receivable, related party   168,423    - 
Investment in Cryptocurrency          
The Crypto Company, at fair value (cost $1,304,457, and $1,131,885, respectively)   1,022,099    2,917,627 
CoinTracking GmbH, at fair value (cost $1,153,325)   1,178,350    - 
Prepaid expenses and other current assets   196,773    33,294 
Contract asset for commissions and incentives, current portion   114,127    - 
Total Current assets   3,834,768    11,901,665 
           
Equipment, net of accumulated depreciation   108,159    68,320 
Investments, non-cryptocurrency   250,000    - 
Contract asset for commissions and incentives, net of current portion   44,233    - 
Intangible assets, net   176,989    - 
Goodwill   9,392,685    - 
Other assets   36,566    1,500 
           
TOTAL ASSETS  $13,843,400   $11,971,485 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
CURRENT LIABILITIES          
Accounts payable and accrued expenses  $769,236   $697,609 
Income taxes payable   800    800 
Contract liabilities, current portion   2,800,248    - 
Total Current Liabilities   3,570,284    698,409 
           
Contract liabilities, net of current portion   1,408,208    - 
           
TOTAL LIABILITIES   4,978,492    698,409 
           
STOCKHOLDERS’ EQUITY          
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding   -    - 
Common stock, $0.001 par value; 50,000,000 shares authorized, 21,169,289 and 20,458,945 shares issued and outstanding, respectively   21,169    20,459 
Additional paid-in-capital   27,830,366    19,020,176 
Accumulated deficit   (18,198,814)   (7,767,559)
Accumulated other comprehensive income   (551,778)   - 
TOTAL CRYPTO COMPANY EQUITY   9,100,943    11,273,076 
Noncontrolling interests   (236,035)   - 
TOTAL STOCKHOLDERS’ EQUITY   8,864,908    11,273,076 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $13,843,400   $11,971,485 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 4 
 

 

THE CRYPTO COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited)

 

   For the Three
Months Ended
   For the Six  

For the Period

from Inception
March 9, 2017

 
   June 30,   Months Ended   through 
   2018   2017   June 30, 2018   June 30, 2017 
REVENUE                    
Net realized gain/(loss) on investment in cryptocurrency  $(299,086)  $82,640   $773,512   $82,640 
Subscription revenue, net   884,587    -    1,341,284    - 
Other   1,246    -    1,541    - 
                     
Total Revenue, net   586,747    82,640    2,116,337    82,640 
                     
OPERATING EXPENSES                    
Cost of subscription revenues   325,115    -    390,176    - 
General and administrative expenses   2,969,183    1,224,748    5,667,975    1,305,848 
Share-based compensation   4,757,580    166,717    4,049,441    366,717 
                     
Total Operating Expenses   8,051,878    1,391,465    10,107,592    1,672,565 
                     
OPERATING LOSS   (7,465,131)   (1,308,825)   (7,991,255)   (1,589,925)
                     
NET CHANGE IN UNREALIZED GAINS/(LOSSES) ON INVESTMENT IN CRYPTOCURRENCY                    
Net change in unrealized gains/(losses) on investment in cryptocurrency   249,487    389,071    (2,745,337)   389,071 
                     
OTHER INCOME   70,101    -    70,101    - 
                     
LOSS BEFORE PROVISION FOR INCOME TAXES   (7,145,543)   (919,754)   (10,666,491)   (1,200,854)
                     
PROVISION FOR INCOME TAXES   -    800    800    800 
                     
NET LOSS   (7,145,543)   (920,554)   (10,667,291)   (1,201,654)
                     
INCOME/(LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS   126,766    -    (236,035)   - 
                     
NET LOSS ATTRIBUATE TO CRYPTO COMPANY   (7,272,309)   (920,554)   (10,431,256)   (1,201,654)
                     
OTHER COMPREHENSIVE LOSS                    
Foreign currency translation adjustment   (557,606)   -    (551,778)   - 
                     
COMPREHENSIVE LOSS ATTRIBUTABLE TO THE CRYPTO COMPANY  $(7,829,915)  $(920,554)  $(10,983,034)  $(1,201,654)
                     
Net loss attributable to the Crypto Company per common share - basic and diluted  $(0.34)  $(0.07)  $(0.50)  $(0.09)
Weighted average common shares outstanding - basic and diluted   21,131,457    13,179,033    21,003,328    12,746,973 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 5 
 

 

THE CRYPTO COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

       For the Period 
       from Inception 
   For the Six   March 31, 2017 
   Months Ended   Through 
   June 30, 2018   June 30, 2017 
         
Cash flows from operating activities:          
Net loss  $(10,667,291)  $(1,201,654)
Adjustments to reconcile net loss to net cash used in operations:          
Net change in unrealized losses/(gains) on investment in cryptocurrency   2,745,337    (389,071)
Net realized gain on investment in cryptocurrency   (773,512)   (82,640)
Customer payments received in cryptocurrency   (908,924)   - 
Net proceeds from sales of investments in cryptocurrency   538,289    - 
Depreciation and amortization   186,359    541 
Share-based compensation   4,049,441    366,717 
Change in operating assets and liabilities:   -    - 
Accounts receivable   500    - 
Loan receivable, related party   25,957    - 
Prepaid expenses   121,198    (166,069)
Accounts payable and accrued expenses   (28,713)   232,856 
Value-added taxes payable   (111,082)   - 
Contract liabilities   785,854    - 
Net cash used in operating activities   (4,036,587)   (1,239,320)
           
Cash flows from investing activities:          
Payments for purchase of other assets   (25,301)   (107,000)
Payments for purchase of equipment   (64,641)   (20,185)
Cash paid for acquisition, net of cash acquired   (3,189,303)   - 
Purchase of investments, non-cryptocurrency   (250,000)   - 
Capitalized software development   (130,771)   - 
Net cash used in investing activities   (3,660,016)   (127,185)
           
Cash flows from financing activities:          
Proceeds from common stock issuance   -    2,756,036 
Proceeds from exercise of stock options   25,058    - 
Net cash provided by financing activities   25,058    2,756,036 
           
Effect of exchange rate changes on cash   (123,703)   - 
Net (decrease) increase in cash and cash equivalents   (7,795,248)   1,389,531 
Cash and cash equivalents at the beginning of the period   8,950,244    - 
Cash and cash equivalents at the end of the period  $1,154,996   $1,389,531 
           
Noncash investment activities:          
Shares of common stock issued in exchange of investment in cryptocurrency  $-   $100,000 
Issues of common stock for acquisition of CoinTracking GmbH  $4,736,400   $- 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 6 
 

 

THE CRYPTO COMPANY

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1 - THE COMPANY

 

The Crypto Company was incorporated in the State of Nevada on March 9, 2017 (“Inception”) and is engaged in the business of building technological infrastructure, a proprietary investment portfolio and strategic alliances to facilitate the exchange of value in the digital asset market and, specifically, to assist third parties with investing in, trading and managing their own digital assets. From time to time, we may seek strategic acquisitions either by integrating third-party teams and technology with our core business or by funding third-party teams in which we may have interest. Unless expressly indicated or the context requires otherwise, the terms “Crypto,” the “Company,” “we,” “us,” and “our” in this Quarterly Report refer to The Crypto Company and, where appropriate, its wholly owned subsidiaries, Crypto Sub, Inc., a Nevada corporation (“Crypto Sub”); CoinTracking, LLC, a Nevada limited liability company (“CoinTracking”); Malibu Blockchain, LLC, a Nevada limited liability company (“Malibu Blockchain”); and, where applicable, CoinTracking’ s majority-owned subsidiary, CoinTracking GmbH.

 

On January 26, 2018, CoinTracking, a Nevada limited liability company and wholly owned subsidiary of the Cypto Company, acquired 50.1% of CoinTracking GmbH. The remaining 49.9% of CoinTracking GmbH is owned by Kachel Holding GmbH, a private limited liability company (Gesellschaft mit beschränkter Haftung) organized under the laws of the Federal Republic of Germany (“Kachel Holding”). CoinTracking GmbH operates as a Software as a Service (“SaaS”) platform that allows users to track and manage value, profit, loss and other information regarding their investments in cryptocurrencies (but not trade their cryptocurrencies) available via web-based or mobile application. Prior to December 2017, CoinTracking GmbH operated as a sole proprietorship starting in 2013.

 

Technology

 

The Company is developing proprietary technology and source code to create products and services that will assist third-parties by providing them with the tools, computer programming and training to independently invest in, trade and manage their own digital assets, including trading management and auditing software, tools and processes to assist in the trading and management of our own proprietary portfolio of digital assets and the operations and traditional companies, from start-up businesses to well-established companies. We may consider using our technology to build additional units around our existing platform, or selling or licensing our technology to third-party institutions for a fee.

 

Media and Ongoing Education

 

The Company also engages in public discourse on an ongoing basis and regularly hosts roundtable webinars to educate the public about the cryptocurrency market. The Company does not express opinions regarding the advisability of investing in a particular digital asset or in the digital asset marketplace, and it does not receive compensation in connection with these roundtable webinars.

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation - The included condensed consolidated balance sheet as of December 31, 2017, was derived from audited financial statements and the accompanying unaudited condensed consolidated financial statements as June 30, 2018 and 2017 of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the condensed consolidated financial statements have been included.

 

The results of operations for interim periods are not necessarily indicative of the results to be expected for future quarters or for the full year.

 

 7 
 

 

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the period from Inception through December 31, 2017, filed with the Securities and Exchange Commission (“SEC”) on April 2, 2018.

 

Consolidation - The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Crypto Sub, CoinTracking, and Malibu Blockchain, as well as its 50.1% ownership of CoinTracking GmbH. All significant intercompany accounts and transactions are eliminated in consolidation.

 

Liquidity and Going Concern- The Company’s condensed consolidated financial statements are prepared using the accrual method of accounting in accordance with US GAAP and have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The Company has incurred significant losses and experienced negative cash flows since Inception. As of June 30, 2018, the Company had cash of $1,154,996, a decline of $7,795,248 from the December 31, 2017 balance of $8,950,244. This decline is due, in part, to the acquisition of CoinTracking GmbH in January 2018, which included $3,189,303 of cash consideration, net of acquired cash. The Company’s working capital was $264,484 as of June 30, 2018, which includes a contract liability of $2,800,248, representing advanced payments from customers for subscription service, which is initially deferred and recognized on a straight-line method over the terms of the applicable subscription period. Management does not anticipate settling this liability in cash. After June 30, 2018, the Company liquidated its cryptocurrency of $1,022,099 at June 30, 2018, included on its condensed consolidated balance sheet, to help fund its operations. As of June 30, 2018, the accumulated deficit amounted to $18,198,814. As a result of the Company’s history of losses and financial condition, there is substantial doubt about the ability of the Company to continue as a going concern.

 

The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management is evaluating different strategies to obtain financing to fund the Company’s expenses and achieve a level of revenue adequate to support the Company’s current cost structure. Financing strategies may include, but are not limited to, private placements of capital stock, debt borrowings, partnerships and/or collaborations. There can be no assurance that any of these future-funding efforts will be successful or that the Company will achieve its projected level of revenue in 2018 and beyond. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

 

Use of estimates - The preparation of these condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses and the related disclosure of contingent assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company’s significant estimates and assumptions include but are not limited to the recoverability and useful lives of long-lived assets, allocation of revenue on software subscriptions, valuation of goodwill from business acquisitions, valuation and recoverability of investments, valuation allowances of deferred taxes, and stock-based compensation expenses. Actual results may differ from these estimates. In addition, any change in these estimates or their related assumptions could have an adverse effect on the Company’s operating results.

 

Cash and cash equivalents - The Company defines its cash and cash equivalents to include only cash on hand and certain highly liquid investments with original maturities of ninety days or less. The Company maintains its cash and cash equivalents at financial institutions, the balances of which may, at times, exceed federally insured limits. Management believes that the risk of loss due to the concentration is minimal.

 

Investments in cryptocurrency - Investments are comprised primarily of two types of cryptocurrency investments. The Company owns several cryptocurrencies, of which a majority is Bitcoin, which are actively traded on exchanges and are reported at fair value as determined by digital asset markets with realized gains and losses calculated on a trade date basis as the difference between the fair value and cost of cryptocurrencies transferred. Management believes that measuring cryptocurrencies at fair value, consistent with the accounting for trading investments in commodities and securities with changes in fair value recognized on both the balance sheet and profit and loss statements, best reflects the Company’s financial position and the economics and characteristics of its cryptocurrency investments. The Company recognizes the fair value changes in unrealized gains and losses on investment through the accompanying Statement of Operations. For the six-month period ended June 30, 2018, the Company had a consolidated balance of $2,200,449 in investments in cryptocurrencies. The Company believes that it would be able to liquidate a majority of its portfolio into cash within one to seven days, if needed. As of June 30, 2018, the Company’s holdings represent on average 1.3% of the daily volume of total trades on the specific exchanges where it would be able to convert its holdings to cash. The primary exchanges and principal markets the Company utilizes for its trading are Kraken, Bittrex, Poloniex and Bitstamp. These exchanges, in the aggregate, account for approximately $168,000,000 in Bitcoin/USD trades per day globally.

 

 8 
 

 

In addition, the Company’s cryptocurrency investments include Initial Coin Offerings (“ICOs”), which primarily consist of tokens that are not currently traded on an exchange. The Company records these investments at cost, as there is no active market. As of June 30, 2018, ICOs represent $367,639 of the Company’s investments in cryptocurrencies. For the six-month period ended June 30, 2018, the Company recognized no impairment losses on investments in ICOs.

 

Investments – non-cryptocurrency - During the six months ended June 30, 2018, the Company invested $250,000 as part of a financing in accordance with a simple agreement for future equity (“SAFE”), representing 4% interest, at the time of the investment, in a private enterprise. The Company’s investment may take the form of equity in the future, relating to a potential equity financing or initial public offering and a token grant in the event of a successful ICO by the enterprise. The Company has evaluated the guidance in Accounting Standards Codification (“ASC”) No. 325-20 Investments – Other, in determining to account for the investment using the cost method since the equity securities are not marketable and do not give the Company significant influence. The Company has determined that there is no impairment to date due to the recent nature of the investment and the early stage development of the platform and has included such asset as a level 3 investment.

 

Equipment - Equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life ranging from three to five years. Normal repairs and maintenance are expensed as incurred. Expenditures that materially adapt, improve, or alter the nature of the underlying assets are capitalized. When equipment are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and the resulting gain or loss is credited or charged to income.

 

Impairment of long lived assets - The Company analyzes its long-lived assets for potential impairment. Impairment losses are recorded on long-lived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the net carrying amount of the assets. In such cases, the carrying values of assets to be held and used are adjusted to their estimated fair value, less estimated selling expenses. For the six-month period ended June 30, 2018, the Company recognized no impairment losses on its long-lived assets.

 

Business combination - The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values with the residual of the purchase price recorded as goodwill. The results of operations of acquired businesses are included in our operating results from the dates of acquisition.

 

Goodwill and Intangible Assets - The Company records the excess of purchase price over the fair value of the tangible and identifiable intangible assets acquired as goodwill. Goodwill and intangible assets with indefinite lives are tested for impairment at least annually on December 31, and whenever events or circumstances occur indicating that a possible impairment may have been incurred. Intangible assets with finite lives are amortized over their useful lives.

 

The Company assesses whether goodwill impairment exists using both qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed to determine whether a goodwill impairment exists at the reporting unit.

 

 9 
 

 

Based on its analysis, the Company’s management believes that no impairment of the carrying value of its goodwill existed at June 30, 2018. There can be no assurance however, that market conditions will not change or demand for the Company’s products and services will continue which could result in impairment of goodwill in the future.

 

In addition, we capitalize certain costs incurred with developing our CoinTracking SaaS platform in accordance with ASC 985-20, Software — Costs of Software to be Sold, Leased, or Marketed once technological feasibility has been established. Capitalized software costs primarily include i) external direct costs of services utilized in software development and ii) compensation and related benefits for employees who are directly associated with software development. We amortize our capitalized software costs over a three-year period, reflecting the estimated useful lives of the assets.

 

Foreign Currency Translation - Results of foreign operations are translated into U.S. dollars using average rates prevailing throughout the period, while assets and liabilities are translated in U.S. dollars at period end foreign exchange rates. Transactions gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency of the applicable subsidiary are included in the consolidated statements of operations, within other income, in the year in which the change occurs. The Company’s functional currency is U.S. dollars while the functional currency for CoinTracking GmbH is in euros.

 

Income taxes - Deferred tax assets and liabilities are recognized for expected future consequences of events that have been included in the financial statements or tax returns. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. The provision for income taxes represents the tax payable for the period and the change during the period in deferred tax assets and liabilities. For the six-month period ended June 30, 2018, the income tax payable of $800 reflects the minimum franchise tax for the State of California.

 

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

 

We are subject to taxation in the U.S., as well as state and German taxes. The Company has not been audited by the U.S. Internal Revenue Service, nor has the Company been audited by any states or in Germany.

 

Fair value measurements - The Company recognizes and discloses the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). Each level of input has different levels of subjectivity and difficulty involved in determining fair value.

 

  Level 1 Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurable date.
     
  Level 2 Inputs, other than quoted prices included in Level 1, which are observable for the asset or liability through corroboration with market data at the measurement date.
     
  Level 3 Unobservable inputs that reflect management’s best estimate of what participants would use in pricing the asset or liability at the measurement date.

 

 10 
 

 

The carrying amounts of the Company’s financial assets and liabilities, including cash, accounts payable and accrued expenses approximate fair value because of the short maturity of these instruments.

 

Revenue recognition – The Company has two streams of principal revenue segments as of June 30, 2018, software subscription and cryptocurrency investments. The Company records the realized gain or loss on the investments on a trade date basis. In addition, the changes in unrealized gains or losses on the investments are marked to market on the last day of every month at 11:59 p.m., Pacific Time, based on publicly available cryptocurrency exchanges. The Company classifies investments in cryptocurrency as trading investments. Trading generally reflects active and frequent buying and selling and is generally used with the dual objective of generating profits on short-term difference in price and gaining hands on experience in the cryptocurrency marketplace to aid in the development of our proprietary software.

 

The Company also has subscription revenues through its majority-owned subsidiary CoinTracking GmbH and minimal amounts of consulting revenue. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. ASU No. 2014-09 supersedes nearly all existing revenue recognition guidance under US GAAP. The Company adopted ASU No. 2014-09 as of January 1, 2018 using the modified retrospective transition method for contracts as of the date of initial application. There is no cumulative impact to the Company’s retained earnings at January 1, 2018. See “Note 5 - Revenue Recognition” for additional information on the impact to the Company.

 

Currently, in the US GAAP accounting framework, there is no authoritative guidance specifically related to the accounting treatment of cryptocurrencies, and management has exercised significant judgement in determining appropriate accounting treatment. Management believes that measuring cryptocurrencies at fair value, consistent with the accounting for trading investments in commodities and securities with changes in fair value recognized on both the balance sheet and profit and loss statements, best reflects the Company’s financial position and the economics and characteristics of our cryptocurrency investments. Realized gains and losses for the Company’s cryptocurrency segment are included in revenues.

 

Stock-based compensation - In accordance with ASC No. 718, Compensation – Stock Compensation (“ASC 718”), the Company measures the compensation costs of stock-based compensation arrangements based on the grant date fair value of granted instruments and recognizes the costs in financial statements over the period during which employees are required to provide services. Stock-based compensation arrangements include stock options.

 

Equity instruments (“instruments”) issued to non-employees are recorded on the basis of the fair value of the instruments, as required by ASC 718. ASC No. 505, Equity Based Payments to Non-Employees (“ASC 505”), defines the measurement date and recognition period for such instruments. In general, the measurement date is (a) when a performance commitment, as defined, is reached or (b) when the earlier of (i) the non-employee performance is complete and (ii) the instruments are vested. The compensation cost is remeasured at fair value at each reporting period when the award vests. As a result, stock option-based payments to non-employees can result in significant volatility in compensation expense.

 

The Company accounts for its stock-based compensation using the Black-Scholes model to estimate the fair value of stock option awards. Using this model, fair value is calculated based on assumptions with respect to the (i) expected volatility of the Company’s common stock price, (ii) expected life of the award, which for options is the period of time over which employees and non-employees are expected to hold their options prior to exercise, and (iii) risk-free interest rate.

 

Risks and uncertainties - The Company is subject to various risks including market risk, liquidity risk, and other risks related to its investments in cryptocurrency. Investing in cryptocurrency is currently unregulated, highly speculative, and volatile.

 

 11 
 

 

The prices of cryptocurrency could materially and adversely affect an investment in the shares of the Company. The prices of the cryptocurrencies have a limited history. During such history, the cryptocurrencies’ prices have been volatile and subject to influence by many factors including the levels of liquidity. If the cryptocurrency’s markets continue to experience significant price fluctuations, the Company may experience losses. Several factors may affect the prices of the cryptocurrencies, including, but not limited to, global cryptocurrency supply and demand, and competition from other forms of digital currency or payments services.

 

There is currently no clearing house for cryptocurrency, nor is there a central or major depository for the custody of cryptocurrency. There is a risk that some or all of the Company’s cryptocurrencies could be lost or stolen. The Company does not have insurance protection on its cryptocurrency which exposes the Company and its shareholders to the risk of loss of the Company’s cryptocurrency. Further, cryptocurrency transactions are irrevocable. Stolen or incorrectly transferred of cryptocurrency may be irretrievable. As a result, any incorrectly executed cryptocurrency transactions could adversely affect an investment in the Company.

 

To the extent private keys for the cryptocurrency’s addresses are lost, destroyed or otherwise compromised and no backup of the private keys are accessible, the Company may be unable to access the cryptocurrency held in the associated address and the private key will not be capable of being restored by the cryptocurrency network.

 

The processes by which cryptocurrency transactions are settled are dependent on the cryptocurrency peer-to-peer network, and as such, the Company is subject to operational risk. A risk also exists with respect to previously unknown technical vulnerabilities, which may adversely affect the value of the cryptocurrencies.

 

Net loss per common share - The Company reports earnings per share (“EPS”) with a dual presentation of basic EPS and diluted EPS. Basic EPS is computed as net income divided by the weighted average of common shares for the period. Diluted EPS reflects the potential dilution that could occur from common shares issued through stock options, or warrants. For the three and six month periods ended June 30, 2018, the Company had no potentially dilutive common stock equivalents. Therefore, the basic EPS and the diluted EPS are the same.

 

Marketing expense - Marketing expenses are charged to operations, under general and administrative expenses. The Company incurred $85,570 and $134,269 of marketing expenses for the three and six months ended June 30, 2018, respectively, compared to $13,500 for the three months ended June 30, 2017 and for the period from Inception through June 30, 2017.

 

NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS

 

In June 2018, FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The ASU expands the scope of Topic 718, Compensation—Stock Compensation, which currently only includes share-based payments issued to employees, to also include share-based payments issued to non-employees for goods and services. Consequently, the accounting for share-based payments to non-employees and employees will be substantially aligned. Management currently does not plan to early adopt this guidance. The new standard is effective for annual reporting periods beginning after December 15, 2018 with early adoption permitted. The Company is evaluating the effect that ASU No. 2018-07 will have on its consolidated financial statements and related disclosures.

 

In July 2017, the FASB issued No. ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Rounds and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. This ASU changes the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. The amendments also require entities to recognize the effect of the down round feature on EPS when it is triggered. ASU 2017-11 should be adopted retrospectively or as a cumulative-effect adjustment as of the date of adoption, only to financial instruments outstanding as of the initial application date. ASU 2017-11 will be effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. The adoption of ASU No. 2017-11 is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

 

 12 
 

 

In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Essentially, an entity will not have to account for the effects of a modification if: (1) The fair value of the modified award is the same immediately before and after the modification; (2) the vesting conditions of the modified award are the same immediately before and after the modification; and (3) the classification of the modified award as either an equity instrument or liability instrument is the same immediately before and after the modification. The new standard became effective for us on January 1, 2018. Adoption of the ASU No. 2017-11 did not have a significant impact on our consolidated financial statements and related disclosures.

 

In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business (Topic 805). The new guidance that changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in ASC 606, Revenue from Contracts with Customers. The ASU is effective for annual reporting periods beginning after December 15, 2017, and for interim periods within those years. Adoption of ASU No. 2017-01 did not have a significant impact on our consolidated financial statements and related disclosures.

 

In January 2017, the FASB issues, ASU No. 2017-04, Simplifying the Test for Goodwill Impairment (Topic 350) which removes “Step Two” of the goodwill impairment test, which required a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The ASU is effective for annual reporting periods beginning after December 15, 2019, and for interim periods within those years, with early adoption permitted. The adoption of ASU No. 2017-04 is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which, among other things, requires lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. The new standard also requires new disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard becomes effective for us on January 1, 2019. Early adoption is permitted. The amendments in this update should be applied under a modified retrospective approach. Adoption of ASU No. 2016-02 will not have a significant impact on our consolidated financial statements and related disclosures.

 

NOTE 4 - ACQUISITION

 

On January 26, 2018, CoinTracking, a wholly-owned subsidiary of the Company, acquired 50.1% of the equity interest in CoinTracking GmbH, for (i) $4,736,400 in cash and (ii) 473,640 shares of common stock of the Company at $10 per share for total purchase price valued at $9,472,800. On the acquisition date, the fair market value of $10 per share for the Company’s common stock was determined using a trading range from November 2017, discounted further due to lack of marketability. The Company used this approach due to the lack of trading volume since (i) the stock trading was suspended by the SEC in December 2017 and was moved to OTC Grey market by the OTC Markets Group, Inc. on January 3, 2018, (ii) stock sales to accredited investors on December 12, 2017, at $7 per share, and (iii) a valuation performed as of March 31, 2018. The equity purchase agreement between the Company and CoinTracking GmbH included a purchase price adjustment pursuant to which the consideration would increase if the share price of the Company’s common stock closed below $10 per share on July 2, 2018. No adjustment was required. CoinTracking GmbH provides its customers with the ability to view and monitor their own cryptocurrency portfolios as well as tax calculation and reporting services. Customers may not make trades through the CoinTracking GmbH platform. The purpose of the acquisition was to increase our presence in the digital asset industry and build strategic alliances.

 

 13 
 

 

The consolidated financial statements were prepared using the acquisition method of accounting in accordance with FASB ASC805, Business Combinations, and have been included in the Company’s consolidated results as of acquisition date with the Company considered as the accounting acquirer and CoinTracking GmbH as the accounting acquiree.

 

Accordingly, consideration paid by the Company to complete the acquisition was allocated to the identifiable assets and liabilities of CoinTracking GmbH based on estimated fair values as of the closing date. We made a preliminary allocation of the consideration transferred to the assets acquired and liabilities assumed based on the information available and preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed. Acquisition-related costs were expensed as incurred and were not considered to be significant. We expect to complete the final purchase price allocation related to this acquisition prior to year-end. Therefore, the valuation of certain assets and liabilities in the CoinTracking GmbH acquisition is preliminary and subject to change.

 

The table below summarizes the fair values of the assets acquired and liabilities assumed, translated from euros to U.S. dollars, at the date of acquisition:

 

   CoinTracking GmbH 
Cash and cash equivalents  $1,547,097 
Investment in cryptocurrency   1,115,345 
Loan receivable – related party   194,380 
Other current assets   284,677 
Goodwill   10,014,881 
Other assets   144,566 
Total assets  $13,300,946 
      
Current liabilities  $211,422 
Contract liabilities, short term   2,686,858 
Contract liabilities, long term   929,866 
Total liabilities   3,828,146 
Net assets acquired  $9,472,800 

 

During the six months ended June 30, 2018, the Company recorded an adjustment to current liabilities assumed of $250,000, resulting in a reduction of goodwill.

 

The purchase price was based on the expected financial performance of CoinTracking GmbH and not on the value of the net identifiable assets at the time of acquisition. This resulted in a significant portion of the purchase price being attributed to goodwill. As a result, the Company recognized $10,014,881 of goodwill on the date of acquisition. Once the purchase price allocation is completed, the Company expects a portion of goodwill to be allocated to non-controlling interests and intangible assets, primarily software and technology and a non-compete agreement with the former majority shareholder of CoinTracking GmbH, included as finite-lived intangible assets, which will increase amortization expense by a significant amount.

 

Unaudited pro forma financial information

 

The unaudited pro forma financial information in the table below presents the combined results of the Company and CoinTracking GmbH as if these acquisitions had occurred on January 1, 2018. The unaudited pro forma financial information includes adjustments required under the acquisition method of accounting and is presented for informational purposes only and is not necessarily indicative of the results that would have been achieved had the acquisitions actually occurred on January 1, 2018.

 

For the three and six months ended June 30, 2018:

 

   Three-months   Six Months 
Revenue  $586,747   $2,232,007 
Net loss  $(7,145,543)   (10,374,966)
Basic and diluted loss per share:          
Basic and diluted  $(0.34)  $(0.49)

 

 14 
 

 

NOTE 5 – SUBSCRIPTION REVENUE RECOGNITION

 

CoinTracking GmbH accounts for a contract when it has approval and commitment from all parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised services is transferred to our customers, and in an amount that reflects the consideration the Company is contractually due in exchange for those services. Most of the Company’s contracts with customers are single, or have few distinct performance obligations, the transaction price is allocated to each performance obligation using the stand-alone selling price.

 

CoinTracking GmbH’s revenue is primarily derived directly from users in the form of subscriptions. Subscription revenue, is presented net of credits and credit card chargebacks. Subscribers pay in advance, primarily by PayPal or cryptocurrencies, and, subject to certain conditions identified in our terms and conditions. Revenue is initially deferred and is recognized using the straight-line method over the terms of the applicable subscription period, which primarily range from annual to perpetual.

 

Transaction Price

 

The objective of determining the transaction price is to estimate the amount of consideration the Company is due in exchange for services, including amounts that are variable. CoinTracking GmbH has a standalone sales price for its subscription service, which varies based on length of subscription. Further, the Company excludes from the measurement of transaction price all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of revenue.

 

Estimates of certain revenue

 

Revenue collected in advance for subscriptions ranging from annual to perpetual packages are deferred and recognized as revenue on a straight-line basis over the terms of the applicable subscription period or performance obligation period. For “lifetime” revenue packages, where the customer has access to the website for unlimited length of time, the Company has elected to recognize revenue on a straight-line basis over three years. We believe that based on the short history of customer data, customer relationship period, and number of available alternative providers, and anticipation of future changes to the blockchain industry, a measure of three years of performance obligation to our customers appears to be appropriate. The Company intends to re-evaluate the length of the performance obligation period for lifetime revenue packages periodically based on historical and industry data and adjust it as deemed necessary.

 

Net Revenue and Charge-back Reserves

 

CoinTracking GmbH does not maintain an allowance for doubtful accounts because the customer prepays for subscription in advance before access is provided to CoinTracking GmbH’s website. The Company maintains a reserve for potential credits issued to consumers or other revenue adjustments. In addition, as of June 30, 2018, PayPal withheld $49,856 for potential credits issued to customers, which is included in prepaid expenses and other current assets on our condensed Balance Sheet.

 

Contract Liabilities

 

Contract liabilities are recorded when payments are received or due in advance of performing CoinTracking GmbH’s service obligations and is recognized over the service period, which primarily relates to prepayments of subscription revenue. At the acquisition date of January 26, 2018, CoinTracking GmbH’s total contract liabilities were $3,616,724, and we recognized revenue of $1,341,284 for the six months ended June 30, 2018. As of June 30, 2018, $2,800,248 of current contract liabilities were recorded and $1,408,208 of long-term contract liabilities were recorded. As of December 31, 2017, we did not have consolidated contract liabilities.

 

 15 
 

 

Assets Recognized from the Costs to Obtain a Contract with a Customer

 

CoinTracking GmbH has determined that certain costs associated with affiliate payments paid to customers pursuant to certain sales incentive programs, meet the requirements to be capitalized as a cost of obtaining a contract. Affiliates are paid in Bitcoins and expense is amortized over the applicable subscription period.

 

During the three and six months ended June 30, 2018, the Company recognized expense of $32,100 and $62,754, respectively, related to the amortization of affiliate payments. The aggregate contract asset balance at June 30, 2018 is $158,360.

 

NOTE 6 - SEGMENT INFORMATION

 

The Company has organized its operations into two segments: a software subscription segment and a cryptocurrency investment segment.

 

The software subscription segment primarily consists of amounts earned through subscriptions to the CoinTracking GmbH website. Among other features, the CoinTracking GmbH website offers subscriptions, currently ranging from annual to perpetual, that allow individuals and entities to record exactly when and where they acquired virtual currencies of any variety, as well as their acquisition prices. Operating expense related to this segment is technology infrastructure and general administrative costs primarily incurred in Germany.

 

The cryptocurrency investment segment primarily consists of amounts earned, if any, through proprietary trading activities of cryptocurrencies and costs are operating expenses that consists of general and administrative costs in North America. The Company does not trade or manage other individuals’ or entities’ funds and has no current plans to do so.

 

There are no intercompany internal revenue transactions between our reportable segments. These segments reflect the way our chief operating decision maker evaluates the Company’s business performance and manages its operations.

 

The following table summarizes the Company’s operating income by segment for the three months ended June 30:

 

   2018 
   Cryptocurrency Investment   Software Subscription   Total 
Revenue, net  $(299,086)  $885,833   $586,747 
Costs and expenses   (7,397,216)   (654,662)   (8,051,878)
Operating income/(loss)  $(7,696,302)  $231,171   $(7,465,131)

 

   2017 
   Cryptocurrency Investment   Software
Subscription
   Total 
Revenue, net  $82,640   $-   $82,640 
Costs and expenses   (1,391,465)   -    (1,391,465)
Operating loss  $(1,308,825)  $-   $(1,308,825)

 

 16 
 

 

The following table summarizes the Company’s operating income by segment for the six months ended June 30:

 

   2018 
   Cryptocurrency Investment   Software
Subscription
   Total 
Revenue, net  $773,512   $1,342,825   $2,116,337 
Costs and expenses   (8,836,235)   (1,271,374)   (10,107,592)
Operating income/(loss)  $(8,062,723)   71,468    (7,991,255)

 

The following table summarizes the Company’s operating income by segment for the period from Inception to June 30, 2017:

 

   2017 
   Cryptocurrency Investment   Software
Subscription
   Total 
Revenue, net  $82,640   $-   $82,640 
Costs and expenses   (1,672,565)   -    (1,672,565)
Operating loss  $(1,589,925)  $-   $(1,589,925)

 

NOTE 7 - INVESTMENTS

 

Investments include cryptocurrency classified as a Level 2 asset because inputs are from cryptocurrency exchanges with price variability. The Company also invests in a SAFE and ICOs which are included as Level 3 investments as there was no active market as of June 30, 2018. The following table summarizes the Company’s investments at fair value as of June 30, 2018:

 

   Level 1   Level 2   Level 3 
Investment in cryptocurrency  $-   $1,832,810   $617,639 

 

The Company establishes processes and procedures to ensure that the valuation methodologies that are categorized within Level 3 are fair, consistent and verifiable. ICOs are carried at cost which approximates fair value at June 30, 2018. The Company considers the length of its investments, of which a majority were made during the current year, as well as its comprehensive investment process which includes reviews of white papers, preparation of either short or long forms analysis that is reviewed by the Company’s internal investment committee, among other factors in determining fair value. At the time that the ICOs have an available market exchange, the investments will be reclassified to Level 2.

 

The following table sets forth a summary of changes in the fair value of the Company’s Level 3 investments for the six months ended June 30, 2018:

 

   Level 3 
   Cryptocurrency 
     
Balance at December 31, 2017  $167,818 
Transfers to Level 2 investments   (50,179)
Purchases, sales, issuances, and settlement, net   500,000 
Balance, June 30, 2018  $367,639 

 

 17 
 

 

The following table summarizes the fair value of cryptocurrencies, other than ICOs, held as of June 30, 2018:

 

Bitcoin  $1,223,488 
Ethereum   105,432 
Bitcoin Cash   70,028 
Litecoin   42,316 
Cardano   25,822 
EOS   24,525 
Stellar Lumens   24,369 
BlockVee   23,445 
Ether Classis   23,037 
Binance Coin   21,108 
NEO   20,882 
Dash   20,271 
Monero   17,619 
Polymath   16,281 
OmiseGO   15,143 
Enigma   14,096 
Ontology   13,761 
Vechain   13,457 
Qtum   13,122 
Steem   10,473 
Zcash   9,893 
Siacoin   9,466 
Basic Attention Token   8,665 
0x   8,429 
ICON   8,387 
Nano   8,298 
Lisk   8,272 
Aeternity   7,946 
Zilliqa   7,827 
Metal   6,342 
Aragon   4,757 
Bitcoin Private   1,948 
Ripple   1,384 
DigiByte   752 
Decred   435 
NavCoin   234 
Startis   215 
Dogecoin   188 
Gas   170 
NEM   157 
Horizen   122 
Waves   100 
CloakCoin   45 
Decentraland   37 
PIVX   32 
Bytom   20 
Nebulas   14 
   $1,832,810 

 

NOTE 8 - EQUIPMENT

 

Equipment consists of the following:

 

   June 30, 2018   December 31, 2017 
Computer equipment  $107,850   $69,241 
Furniture equipment   15,322    3,754 
    123,172    72,995 
Less accumulated depreciation   (15,013)   (4,675)
   $108,159   $68,320 

 

 18 
 

 

NOTE 9 – GOODWILL AND INTANGBILE ASSETS

 

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. The Company’s goodwill balance is the result of the acquisition of CoinTracking GmbH in the current year (see footnote 4). Intangible assets include software development costs, related to our CoinTracking GMBH SaaS platform.

 

The carrying amount of goodwill and intangible assets for the six months ended June 30, 2018 were as follows:

 

   Balance as of December 31, 2017(net of amortization)   Additions   Amortization  

Balance as of

June 30, 2018

 
Goodwill  $            -   $9,392,685    -   $9,392,685 (1)
Capitalized Software  $-   $217,632   $(40,644)  $176,988 
   $-   $9,610,317   $(40,644)  $9,569,673 

 

(1) Goodwill is recorded in euros and translated to U.S. dollars, in accordance with ASC 830, Foreign Currency Matters, and therefore, is subject to fluctuations.

 

The Company evaluates the recoverability of goodwill annually as of December 31, and whenever events or changes in circumstances indicate to us that the carrying amount may not be recoverable. There were no conditions that indicated any impairment of goodwill as of June 30, 2018.

 

Intangible assets with finite useful lives are amortized over their respective estimated useful lives. Amortization expense related to intangible assets was $9,060 for the three and six months ended June 30, 2018, respectively, and $0 for the prior year periods.

 

Amortization expense for intangible assets is included in general and administrative expenses. The following table provides estimated future amortization expense related to intangible assets as of June 30, 2018:

 

Year ending December 31,  Future Amortization 
2018 (remaining)  $37,564 
2019   75,129 
2020   51,611 
2021   12,684 
2022   - 
   $176,988 

 

 19 
 

 

NOTE 10 - SUMMARY OF COMMON STOCK TRANSACTIONS

 

On April 18, 2018, the Company issued to James Gilbert 202,512 shares of common stock of the Company, valued at $7 per share at the time of issuance, or $1,417,584, for certain services performed on behalf of the Company.

 

On March 20, 2018, upon exercise of a stock option by a consultant of the Company, the Company issued 7,031 shares of common stock at an exercise price of $0.01 per share.

 

On January 31, 2018, upon partial exercise of a stock option by an employee of the Company, the Company issued 14,667 shares of common stock as a cashless exercise.

 

On January 22, 2018, a consultant of the Company exercised 12,494 stock options at an exercise price of $2.00 per share. The Company did not issue the shares upon exercise, recording a common stock payable on its condensed consolidated balance sheet at March 31, 2018. On May 16, 2018, the Company issued the shares and recorded the issuance to common stock and additional paid-in-capital.

 

On January 16, 2018, pursuant to an Equity Purchase Agreement (the “Agreement”) entered into on December 22, 2017 by and among the Company, CoinTracking, Kachel Holding, and Dario Kachel, CoinTracking purchased from Kachel Holding 12,525 shares of CoinTracking GmbH, representing 50.1% of the equity interests in CoinTracking GmbH, for a purchase price which consisted, in part, of 473,640 shares of common stock of the Company (the “CoinTracking Acquisition”). The transaction closed on January 26, 2018 (see Note 4).

 

NOTE 11 – WARRANTS FOR COMMON STOCK

 

During the six-month period ended June 30, 2018, no stock purchase warrants were issued. As of June 30, 2018, outstanding warrants to purchase shares of the Company’s common stock were as follows:

 

             Number of Shares 
Issuance Date  Exercisable
for
  Expiration
Date
  Exercise
Price
   Outstanding
Under Warrants
 
                 
September 2017  Common Shares  September 25, 2020  $2.00    168,125 

 

The warrants expire on the third anniversary of their issuance dates. The exercise price of the warrants is subject to adjustment from time to time, as provided therein, to prevent dilution of purchase rights granted thereunder. The warrants are considered indexed to the Company’s own stock and therefore no subsequent remeasurement is required.

 

NOTE 12 - SUMMARY OF STOCK OPTIONS

 

On July 21, 2017, the Company’s board of directors adopted The Crypto Company 2017 Equity Incentive Plan (the “Plan), which was approved by its stockholders on August 24, 2017. The Plan is administered by the board of directors (the “Administrator”). Under the Plan, the Company may grant equity awards to eligible participants which may take the form of stock options (both incentive stock options and non-qualified stock options) and restricted stock awards. Awards may be granted to officers, employees, non-employee directors (as defined in the Plan) and other key persons (including consultants and prospective employees). The term of any stock option award may not exceed 10 years and may be subject to vesting conditions, as determined by the Administrator. Options granted generally vest over eighteen to thirty-six months. Incentive stock options may be granted only to employees of the Company or any subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the Internal Revenue Code.

 

During the six months ended June 30, 2018, the Company issued an additional 450,000 stock options to members of our board of directors, 1,957,062 stock options to employees, and 400,000 stock options to non-employees.

 

5,000,000 shares of the Company’s common stock are reserved for issuance under the Plan. As of the six-month period ended June 30, 2018, there are outstanding stock option awards issued from the Plan covering a total of 3,163,735 shares of the Company’s common stock and there remain reserved for future awards 1,836,265 shares of the Company’s common stock.

 

 20 
 

 

           Weighted     
           Average     
       Weighted   Remaining     
       Average   Contractual   Aggregate 
   Number   Exercise   Term   Intrinsic 
   of Shares   Price   (years)   Value 
                 
Options outstanding, at December 31, 2017   644,531   $2.32           
Options granted   2,807,062   $7.37           
Options cancelled   (250,000)  $7.00           
Options exercised   (37,858)  $1.63           
Options outstanding, at June 30, 2018   3,163,735   $6.44    9.44   $128,764,882 
Exercisable   637,117   $5.73    9.66   $25,762,945 
Vested and exercisable and expected to vest, end of period   3,163,735   $6.44    9.44   $128,764,882 

 

The Company recognized $3,339,996, and $2,631,857 of compensation expense related to stock options for the three and six months ended June 30, 2018, respectively.

 

The total intrinsic value for options exercised, determined using the market price of our common stock on the date of exercise, was $0 and $2,978,095 during the three and six months ended June 30, 2018, respectively.

 

During the six-month period ended June 30, 2018 and the period from Inception through June 30, 2017 the Company had not granted any restricted stock awards.

 

As of June 30, 2018, approximately $5,522,520 of total unrecognized compensation costs related to stock options issued to employees is expected to be recognized over a weighted average period of approximately 1.23 years.

 

The determination of the fair value of stock-based compensation awards utilizing the Black-Scholes model is affected by the Company’s stock price and a number of complex and subjective assumptions, including stock price, volatility, expected life of the equity award, forfeitures rates if any, risk-free interest rates and expected dividends. Volatility is based on the historical volatility of comparable companies measured over the most recent period, generally commensurate with the expected life of the Company’s stock options, adjusted for future expectations given the Company’s limited historical share price data.

 

The risk-free rate is based on implied yields in effect at the time of the grant on U.S. Treasury zero-coupon bonds with remaining terms equal to the expected term of the stock options. The expected dividend is based on the Company’s history and expectation of dividend payouts. Forfeitures are recognized when they occur.

 

The range of assumptions used for the six-month period ended June 30, 2018 are as follows:

 

   June 30, 2018 
    Ranges 
Weighted-average volatility   36 - 75 %
Expected dividends   0%
Expected term (in years)   5.00 - 10 years 
Risk-free rate   1.91 - 2.95%

 

Stock options issued to nonemployees are revalued at each vesting tranche and/or reporting date in accordance with ASC 505.

 

 21 
 

 

NOTE 13 - RELATED PARTY TRANSACTIONS

 

The Company has a services agreement with Full Stack Finance for chief financial officer and accounting outsource services. Ivan Ivankovich, the Company’s CFO, is the Co- Managing Director of Full Stack Finance. Emad Boulos, an employee of Full Stack Finance, serves as the Company’s Controller. The Company paid a total of $255,833 and $394,092 in fees to Full Stack Finance during the three-month and six-month period ended June 30, 2018, respectively, and as of June 30, 2018, there was a balance of $138,791 due to Full Stack Finance, which is included in accounts payable and accrued expenses on the accompanying condensed consolidated balance sheets.

 

The Company has a loan receivable from an officer of CoinTracking GmbH as of June 30, 2018 totaling $168,423. The loan is due upon demand and it bears interest at 2%. During the quarter ended June 30, 2018 and the period from Inception to June 30, 2017 interest income accrued for this loan was $1,246 and $0, respectively, which is included in other income on the accompanying condensed consolidated statements of operations.

 

On April 3, 2018, CoinTracking entered into a Loan Agreement (the “Loan Agreement”) with CoinTracking GmbH, pursuant to which CoinTracking GmbH may provide a loan (the “CoinTracking Loan”) of up to $3,000,000 to CoinTracking, to be advanced to CoinTracking in one or more tranches, at such times and in such amounts as may be requested by CoinTracking from time to time, on or before the tenth anniversary of the Loan Agreement. The Company is deemed obligor of CoinTracking’s obligations under the Loan Agreement for United States Federal income tax purposes. Interest on the CoinTracking Loan will accrue at a rate per annum of the greater of (i) three percent (3%), or (ii) the interest rates published monthly by the United States Internal Revenue Service and in effect under section 1274(d) of the Internal Revenue Code in effect as of the date of issuance of any promissory note under the CoinTracking Loan, and will be payable quarterly. During the three months ended June 30, 2018, pursuant to the Loan Agreement, CoinTracking GmbH advanced $1,500,000 to CoinTracking in exchange for three promissory notes (the “CoinTracking Note”) in the amounts of $300,000, $700,000 and $500,000, respectively, which is still outstanding as of June 30, 2018. The CoinTracking Note will mature on the second anniversary thereof. CoinTracking and CoinTracking GmbH are consolidated entities, as such, the loan and advances are considered to be intercompany transactions and are eliminated in consolidation.

 

Effective May 14, 2018, Michael Poutre, former Chief Executive Officer and director of the Company, resigned from all of his current roles with the Company. Mr. Poutre will remain a consultant to the Company until November 2018. In connection with Mr. Poutre’s resignation, the Company entered into a Separation and Consulting Agreement and General Mutual Release (the “Separation and Consulting Agreement”), which was executed on May 9, 2018 and approved by the Board of Directors on May 14, 2018. The Separation and Consulting Agreement was not effective until May 17, 2018, following the end of the revocation period. The Separation and Consulting Agreement provides that the Company will pay Mr. Poutre a lump-sum cash payment of (i) his earned but unpaid base salary, (ii) his accrued but unpaid vacation time, and (iii) any outstanding requests for expense reimbursements that are approved pursuant to Company policy. Mr. Poutre will serve as a consultant of the Company for six months at a rate of $30,000 per month, payable in two separate tranches, though the Company may terminate his services for any reason. The Separation and Consulting Agreement contains other standard provisions contained in agreements of this nature including non-disparagement and a general release of any and all claims.

 

 22 
 

 

NOTE 14 - BASIC AND DILUTED LOSS PER SHARE

 

The following is a reconciliation of the basic and diluted loss per share computations:

 

   For the three months
ended June 30, 2018
   For the six months
ended June 30, 2018
 
Numerator for basic and diluted income per share:          
Net loss attributable to the Company  $(7,272,309)  $(10,431,256)
           
Denominator for basic and diluted income per share:          
Weighted average shares (basic)   21,131,457    21,003,328 
Common stock equivalents   -    - 
Weighted average shares (diluted)   21,131,457    21,003,328 
           
Basic and diluted income (loss) per share:          
Basic and diluted  $(0.34)  $(0.50)

 

NOTE 15 - COMMITMENTS AND CONTINGENCIES

 

Operating leases - On May 15, 2017, the Company entered into a lease agreement with Soba Living, LLC for the rental of office space. The agreement is a month-to-month lease, which requires monthly rents of $6,000 through September 30, 2018.

 

On January 18, 2018, the Company entered into a short-term lease agreement with Miramar Property Investment Co., for an office space on a month-to-month basis, requiring monthly rents of $3,024 expiring through September 30, 2018.

 

Facility rent expense was $10,478 and $9,000 for the three months ended June 30, 2018 and 2017, respectively, and $35,501 and $9,000, for the six months ended June 30, 2018 and the three-month period from Inception to June 30, 2017 respectively.

 

Legal – On May 15, 2018, we received a subpoena from the SEC’s Division of Enforcement in connection with a formal investigation it is conducting involving us as well as other unrelated public issuers who are holders of or provide services related to digital assets. Additionally, the Company may from time to time become subject to legal proceedings, claims, and litigation arising in the ordinary course of business. Please see a summary of legal proceedings in Part II Item 1 of this Quarterly Report on Form 10-Q, as well as Part II, Item 1A. “Risk Factors.”

 

Indemnities and guarantees - During the normal course of business, the Company has made certain indemnities and guarantees under which it may be required to make payments in relation to certain transactions. These indemnities include certain agreements with the Company’s officers and directors, under which the Company may be required to indemnify such persons for liabilities arising out of their respective relationships. In connection with its facility lease, the Company has indemnified the lessor for certain claims arising from the use of the facility. The duration of these indemnities and guarantees varies and, in certain cases, is indefinite. The majority of these indemnities and guarantees do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not been obligated to make significant payments for these obligations and no liabilities have been recorded for these indemnities and guarantees in the accompanying balance sheet.

 

Note 16: SUBSEQUENT EVENTS

 

On July 3, 2018, upon exercise of a stock option by a member of the Company’s board of directors, the Company issued 3,571 shares of common stock at an exercise price of $7.00 per share.

 

As of August 31, 2018, the Company liquidated, into cash, all its investment in cryptocurrency held by the cryptocurrency investment segment, which had a balance of $1,022,099 as of June 30, 2018, included in investment in cryptocurrency, of The Crypto Company in the condensed consolidated balance sheet.

 

 23 
 

 

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

You should read the following discussion of our financial condition and results of operations in conjunction with the condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q (“Quarterly Report”) and with our audited consolidated financial statements included in our Annual Report on Form 10-K for the period from March 9, 2017 (“Inception”) through December 31, 2017 (“2017 Annual Report”). In addition to historical condensed consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Quarterly Report, particularly in Part II, Item 1A. “Risk Factors.”

 

Overview of Our Business

 

In the discussion below, when we use the terms “we”, “us” and “our”, we refer to The Crypto Company, a Nevada corporation, and, where appropriate, its wholly owned subsidiaries, Crypto Sub, Inc., a Nevada corporation; CoinTracking, LLC, a Nevada limited liability company (“CoinTracking”); Malibu Blockchain, LLC, a Nevada limited liability company (“Malibu Blockchain”); and, where applicable, CoinTracking’s majority-owned subsidiary, CoinTracking GmbH.

 

We are engaged in the business of building technological infrastructure, a proprietary investment portfolio and strategic alliances to facilitate the exchange of value in the digital asset market and, specifically, to assist third parties by providing them with tools, computer software/programming and educational material that may prove useful to third parties seeking to independently invest, trade and manage their own digital assets. We also seek to build strategic alliances with other companies and from time-to-time may seek strategic acquisitions of entities or technologies that the Company believes may aid its development of proprietary products and tools designed to help third parties to independently invest in, trade and manage their digital assets.

 

Business Segments

 

The Company has two streams of principal revenue segments as of June 30, 2018:

 

The cryptocurrency investment segment primarily consists of amounts earned through trading activities of cryptocurrencies. The Company records the realized gain or loss on the investments on a trade date basis. The changes in unrealized gains or losses on the investments are marked to market on the last day of every month at 11:59 p.m., Pacific Time, based on publicly available cryptocurrency exchanges. The Company classifies investment in cryptocurrency as trading investments. Trading generally reflects active and frequent buying and selling, and is generally used with the dual objectives of generating profits on short-term differences in price and gaining hands on experience in the cryptocurrency marketplace to aid in the development of our proprietary software. Costs are operating expenses that consists of general and administrative costs in North America.

 

The Company also has software subscription revenues through CoinTracking GmbH and minimal amounts of consulting revenue. The software subscription segment consists primarily of amounts earned through subscriptions to the CoinTracking GmbH website. Operating expenses related to this segment are technology infrastructure and general administrative costs primarily incurring in Germany.

 

CoinTracking Platform

 

Our majority owned subsidiary, CoinTracking GmbH, operates a Software as a Service (“SaaS”) platform for cryptocurrency (“coin” or “cryptocurrency”) tracking. Subscribers pay in advance for the services, primarily by PayPal or cryptocurrencies, and the subscription periods range from annual to perpetual. The CoinTracking GmbH platform allows individuals and entities to record exactly when and where they acquired coins of any variety, as well as the acquisition prices for those coins. The platform also assists subscribers in determining the current trading price for a variety of coins on various third-party exchanges, such as Bittrex, Kraken and Coinbase, and has a number of other features designed to make the CoinTracking GmbH platform a valuable landing portal for holders of cryptocurrencies. Key features include those designed to allow users to see a current and historical “dashboard” view of their coin-based holdings and activities and to assist users in accounting for gains and losses without having to go to many other websites on a piecemeal basis or requiring use of a calculator and Excel spreadsheet.

 

 24 
 

 

Technology

 

We are developing proprietary technology, including trading management and auditing software, tools and processes, to assist third parties to independently trade and manage their own digital assets. We do not provide any functionality that allows a subscriber to make any form of cryptocurrency trade; a subscriber would have to go to an unrelated third-party website or exchange in order to enter into a virtual currency purchase or sale transaction. We may use our technology or license technology from third parties to build additional units around our existing platform, or sell or license our technology to third-party institutions for a fee.

 

We are currently beta testing possible software solution related indices. The indices are algorithmic in that they are designed with rule sets that can be programmatically (not manually curated) based on pricing and supply information available from exchanges and other websites in what we believe to be a more user-friendly format.

 

We have also developed and launched a proprietary trading operation. We believe that hands-on trading experience can provide important insight for any entity seeking to engage in virtual currency related endeavors. It can also be an important factor in evaluating targets for potential business acquisitions.

 

Investment Portfolio

 

In addition to the Company’s ordinary operations, we also utilize a significant portion of our assets to trade a diversified proprietary portfolio of digital assets. While the Company intends to seek to generate revenue from the trading of its proprietary virtual currency portfolio, the trading and management of our proprietary portfolio is primarily intended to provide hands-on virtual currency trading experience. We do not accept or manage any investor, client, or other third-party assets. We invest solely the Company’s assets and incur no management fees.

 

Trading of and evaluation of our proprietary portfolio often involves proprietary investment strategies based on proprietary algorithms, processes and standards developed and implemented by in-house traders, analysts, researchers and other personnel experienced in trading cryptocurrencies.

 

Strategic Acquisitions

 

In furtherance of our development of the technology and source code necessary to create products and services to assist third parties to independently invest in, trade and manage their own digital assets and to build strategic alliances to better supply services that may facilitate the exchange of value in the digital asset marketplace, we may from time-to-time seek strategic acquisitions of majority and minority equity interests in entities and technology that demonstrate (i) established, protectable and scalable revenues; (ii) substantial market share; (iii) established brand equity and customer loyalty; (iv) proprietary technology with competitive advantages; (v) quality personnel; and (vi) strategic access to international markets.

 

Media Opportunities

 

We engage in public discourse on an ongoing basis and host roundtable webinars to educate the public about the cryptocurrency market and intend to expand our presence at industry conferences to develop and expand our community and content network. We do not express opinions regarding the advisability of investing in a particular digital asset or in the digital asset marketplace, and we do not receive compensation in connection with these roundtable webinars.

 

 25 
 

 

Recent Events

 

Stock Sale

 

On June 7, 2017, the Company entered into (i) a Share Purchase Agreement (the “Restricted Share Purchase Agreement”) with Crypto Sub and John B. Thomas P.C., in its sole capacity as representative for certain shareholders of the Company; and (ii) a Share Purchase Agreement (the “Free Trading Share Purchase Agreement”, and together with the Restricted Share Purchase Agreement, the “Share Purchase Agreements”) with Crypto Sub, Uptick Capital, LLC (“Uptick Capital”) and John B. Thomas P.C., in its sole capacity as representative for certain shareholders of the Company. Pursuant to the Share Purchase Agreements, the shareholders of the Company sold an aggregate of 11,235,000 shares of common stock of the Company to Crypto Sub and 100,000 shares of common stock of the Company to Uptick Capital, representing an aggregate of 100% of the issued and outstanding common stock of the Company as of such date, for aggregate proceeds of $411,650, including escrow and other transaction related fees to the selling shareholders (the “Stock Sale”). A portion of the acquisition cost equal to $399,300 is expensed as a general and administrative expense in the accompanying consolidated statement of operations.

 

10,000,000 shares held by Deborah Thomas, the former Chief Executive Officer, principal accounting and financial officer and director of the Company, representing approximately 88.22% of the outstanding common stock of the Company immediately prior to the Stock Sale, were sold at a price of $0.031 per share, and an aggregate of 1,335,000 shares held by the remaining shareholders of the Company were sold at a price of $0.075 per share.

 

In connection with the Stock Sale, effective as of June 7, 2017, (i) Deborah Thomas resigned as Chief Executive Officer, principal accounting officer and director of the Company and Elliott Polatoff resigned as Secretary and director of the Company; and (ii) Michael Poutre was appointed Chief Executive Officer and sole director of the Company, James Gilbert was appointed President of the Company and Ron Levy was appointed Chief Operating Officer of the Company. While Mr. Gilbert remains Chairman of the Company’s Board of Directors, Mr. Gilbert and Mr. Poutre had since resigned from their roles as officers of the Company. Mr. Levy is currently the Company’s Chief Executive Officer, Chief Operating Officer and Secretary.

 

Stock Dividend

 

On June 7, 2017, Crypto Sub issued to its shareholders a stock dividend (the “Stock Dividend”) of 10,918,007 shares of common stock of the Company acquired through the Stock Sale, distributed on a pro-rata basis, such that the shareholders of Crypto Sub received fifteen shares of common stock of the Company for each share of common stock of Crypto Sub held as of June 6, 2017.

 

Immediately following the consummation of the Stock Sale and the distribution of the Stock Dividend, Crypto Sub held 316,993 shares, representing 4.26% of the issued and outstanding shares of common stock of the Company, and the shareholders of Crypto Sub, collectively, held 10,918,007 shares, representing 94.40% of the issued and outstanding shares of common stock of the Company. Of the 316,993 shares held by Crypto Sub, 129,238 shares were transferred to certain officers and consultants of Crypto Sub in exchange for their services related to the Transaction, and the remaining shares were retired in June 2017.

 

Share Exchange

 

On June 7, 2017, the Company, entered into a Share Exchange Agreement (the “Exchange Agreement”) with Michael Poutre, in his sole capacity as representative for the shareholders of Crypto Sub, pursuant to which each issued and outstanding share of common stock of Crypto Sub was exchanged for shares of common stock of the Company (the “Share Exchange”), resulting in the aggregate issuance of 7,026,614 shares of common stock of the Company, on a pro-rata basis, as provided on the Exchange Agreement, to the shareholders of Crypto Sub, in exchange for 727,867 shares of common stock of Crypto Sub.

 

The Stock Sale, the Stock Dividend and the Share Exchange are collectively referred to as the “Acquisition”. Immediately following the Acquisition, (i) Crypto Sub became a wholly owned subsidiary of the Company; (ii) all of the former shareholders of Crypto Sub became shareholders of the Company, on a pro-rata basis; and (iii) the operations of the Company solely consisted of the operations of Crypto Sub.

 

 26 
 

 

CoinTracking Acquisition

 

On January 16, 2018, pursuant to an Equity Purchase Agreement (the “Equity Purchase Agreement”) entered into on December 22, 2017 by and among the Company, CoinTracking, Kachel Holding GmbH, an entity formed under the laws of the Republic of Germany (“Kachel Holding”), and Dario Kachel, CoinTracking purchased from Kachel Holding 12,525 shares of CoinTracking GmbH, representing 50.1% of the equity interests in CoinTracking GmbH, for a purchase price of (i) $4,736,400 in cash, and (ii) 473,640 shares of common stock of the Company, par value $0.001 per share, subject to adjustment as provided in the Equity Purchase Agreement (the “CoinTracking Acquisition”). Following administrative procedures as required under applicable German laws, the CoinTracking Acquisition was consummated on January 26, 2018. CoinTracking GmbH operates a SaaS platform, which allows users to track and manage value, profit, loss and other information regarding their investments in cryptocurrencies (but not trade their cryptocurrencies), available via web-based or mobile application.

 

Investment in Cryptocurrency Liquidation

 

As of August 31, 2018, the Company liquidated, into cash, all its investment in cryptocurrency held by its cryptocurrency investment segment, which had a balance of $1,022,099 at June 30, 2018.

 

Proposed Stock Split

 

On December 12, 2017, the Company’s Board and a majority of its stockholders approved a forward split of the Company’s common stock at a ratio of 10-for-1 (the “Stock Split”) such that each share of Common Stock issued and outstanding as of December 12, 2017 shall, immediately following the effective time of the Stock Split, automatically be converted into and exchanged for 10 shares of Common Stock. The Company filed a Definitive Information Statement on Schedule 14C with the Securities and Exchange Commission (the “SEC”) on January 5, 2018. On January 12, 2018, the Company submitted an Issuer Company-Related Action Form to the Financial Industry Regulatory Authority (“FINRA”) for approval of the Stock Split. On March 1, 2018, we received a letter from FINRA rejecting the Stock Split on the basis of deficiency and in the interest of the protection of investors, the public interest and to maintain fair and orderly markets. On March 8, 2018, the Company submitted an appeal to FINRA pursuant to FINRA Rule 6490, which FINRA’s Uniform Practice Code Committee reviewed on April 27, 2018, and affirmed, in part, the deficiency determination. The Company’s right to appeal this decision to the SEC has expired.

 

Results of Operations

 

Comparison of the three months ended June 30, 2018 and the three months ended June 30, 2017

 

Revenue

 

Cryptocurrency Investment Segment

 

We recorded net realized losses from our sales of cryptocurrencies of $299,086 for the three months ended June 30, 2018, compared to net realized gains of $82,640 in the prior year period. Our realized gains and losses are primarily from market fluctuations in our investments in cryptocurrency and are measured based on the market value at the time of sale, compared to our original cost of the investment.

 

Software Subscription Segment

 

We recorded software subscription revenue of $884,587 for the three months ended June 30, 2018, which was primarily from the acquired CoinTracking GmbH business as of January 26, 2018. This segment had no revenues for the three months ended June 30, 2017 as the segment was not acquired until January 26, 2018.

 

CoinTracking GmbH has a standalone sales price for its subscription service. Subscription services collected in advance, which are initially deferred and recognized as revenue on a straight-line method over the terms of the applicable subscription period, are fixed in the quantity of cryptocurrency received. Subscription services recorded as deferred revenue upon sign-up are recognized based on the current market value of the cryptocurrency on the date received. Therefore, the amount recognized as revenue will fluctuate based on the fluctuation in cryptocurrency market values. Bitcoin represents over 90% of our cryptocurrency receipts.

 

 27 
 

 

General and administrative expenses

 

Cryptocurrency Investment Segment

 

For the three months ended June 30, 2018, our general and administrative expenses were $2,639,635, compared to $1,224,748 for the three months ended June 30, 2017. General and administrative expenses consist primarily of costs relating to professional fees, payroll and payroll-related expenses.

 

Professional services included in general and administrative expenses consisted primarily of contracting fees, consulting fees, accounting fees, and legal costs. The increase for 2018 reflects increased costs associated with being a public company, in particular outside legal and accounting costs.

 

Share-based compensation was $4,757,580 for the three months ended June 30, 2018, compared to $166,717 for the three months ended June 30, 2017. Share-based compensation increased due to the grant of 2,657,062 stock options to our employees and advisors during the three months ended June 30, 2018, compared to 0 during the three months ended June 30, 2017. In addition, share-based compensation includes $1,417,584 for the three months ended June 30, 2018 for common stock issued to our former CEO, James Gilbert, in connection with services rendered, compared to $166,717 for the three months ended June 30, 2017, for common stock issued to certain officers and consultants for services rendered in connection with a stock dividend, stock sale and share exchange.

 

Software Subscription Segment

 

For the three months ended June 30, 2018, we incurred $329,548 in general and administrative expenses, which primarily consisted of costs relating to professional fees, and payroll and payroll-related expenses from the acquired CoinTracking GmbH business on January 26, 2018. This segment had no operations for the prior year period.

 

Professional fees include costs for our source code development, consulting and advising and educational developments

 

Net change in unrealized gains/(losses) on investment in cryptocurrency

 

Cryptocurrency Investment Segment

 

We recorded an unrealized gain of $296,717 on our investment in cryptocurrency for the three months ended June 30, 2018, compared to $389,071 for the three months ended June 30, 2017. Our unrealized gains are primarily from market fluctuations in our investments in cryptocurrency and are measured based on the market value of our investments at the end of the period compared to the investments original cost.

 

Software Subscription Segment

 

We recorded an unrealized loss of $47,230 on our investment in cryptocurrency for the three months ended June 30, 2018. This segment had no operations for the prior year period.

 

Unrealized and realized gains and losses in our two segments from our holdings in cryptocurrency are driven primarily by fluctuations in the market prices of our holdings, and for the cryptocurrency investment segment, the mix in the various cryptocurrency that comprises our portfolio.

 

Comparison of the six months ended June 30, 2018 and for the period from Inception to June 30, 2017

 

Revenue

 

Cryptocurrency Investment Segment

 

We recorded net realized gains of $773,512 for the six months ended June 30, 2018, from our sales of cryptocurrencies, compared to net realized gains of $82,640 for the period from Inception to June 30, 2017. Our realized gains and losses are primarily from market fluctuations in our investments in cryptocurrency and are measured based on the market value at the time of sale, compared to our original cost of the investment.

 

 28 
 

 

Software Subscription Segment

 

We recorded software subscription revenue of $1,341,284 for the six months ended June 30, 2018, which was primarily from the acquired CoinTracking GmbH business as of January 26, 2018. This segment had no revenues for the period from Inception to June 30, 2017 as the segment was not acquired until January 26, 2018.

 

General and administrative expenses

 

Cryptocurrency Investment Segment

 

For the six months ended June 30, 2018, our general and administrative expenses were $4,786,794, compared to $1,305,848 for the period from Inception to June 30, 2017. General and administrative expenses consist primarily of costs relating to professional fees, and payroll and payroll-related expenses.

 

Professional services included in general and administrative expenses consisted primarily of contracting fees, consulting fees, accounting fees, and legal costs. The increase for 2018 reflects increased costs associated with being a public company, in particular outside legal and accounting costs. In addition, the prior year includes general and administrative expenses for a period of less than four months.

 

Share-based compensation was $4,049,441 for the six months ended June 30, 2018, compared to $366,717 for the period from Inception to June 30, 2017. Share-based compensation increased primarily due to the issuance of 2,807,062 stock options to our employees and advisors for the six months ended June 30, 2018, compared to $0 for the six months ended June 30, 2017. In addition, share-based compensation includes $1,417,584 for the six months ended June 30, 2018 for common stock issued to our former CEO, James Gilbert, in connection with services rendered, compared to $366,717 for the six months ended June 30, 2017, for common stock issued to certain officers and consultants for services rendered, including services in connection with a stock dividend, stock sale and share exchange. The increase in expense for the six months ended June 30, 2018 was partially offset by an expense reduction of $708,139 for the three months ended March 31, 2018, as a result of a decline of the estimated value of the Company’s common stock during the three months ended March 31, 2018.

 

Software Subscription Segment

 

For the six months ended June 30, 2018, we incurred $881,181 in general and administrative expenses, which primarily consisted of costs relating to professional fees, and payroll and payroll-related expenses from the acquired CoinTracking GmbH business on January 26, 2018. This segment had no operations for the prior year period.

 

Net change in unrealized gains/(losses) on investment in cryptocurrency

 

Cryptocurrency Investment Segment

 

We recorded an unrealized loss of $2,130,752 on our investment in cryptocurrency for the six months ended June 30, 2018, compared to an unrealized gain of $389,071 for the period from Inception to June 30, 2017.

 

Software Subscription Segment

 

We recorded an unrealized loss of $614,585 on our investment in cryptocurrency since the acquisition of CoinTracking GmbH, for the period January 26, 2018 to June 30, 2018.

 

Liquidity, Going Concern and Capital Resources

 

For the six months ended June 30, 2018

 

The Company’s condensed consolidated financial statements are prepared using the accrual method of accounting in accordance with US GAAP and have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The Company has incurred significant losses and experienced negative cash flows from operations since Inception.  As of June 30, 2018, the Company had cash of $1,154,996, a decline of $7,795,248 from the December 31, 2017 balance of $8,950,244. This decline is due, in part, to the acquisition of CoinTracking GmbH in January 2018, which included $3,189,303 of cash consideration, net of acquired cash. The Company’s working capital was $264,484 as of June 30, 2018, which includes a contract liability of $2,800,248, representing advanced payments from customers for subscription service, which is initially deferred and recognized on a straight-line method over the terms of the applicable subscription period. Management does not anticipate settling this liability in cash. After June 30, 2018, the Company liquidated the cryptocurrency held by its cryptocurrency investment segment of $1,022,099 at June 30, 2018, to help fund its operations. As of June 30, 2018, the accumulated deficit amounted to $18,198,814.  As a result of the Company’s history of losses and financial condition, there is substantial doubt about the ability of the Company to continue as a going concern.

 

 29 
 

 

The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management is evaluating different strategies to obtain financing to fund the Company’s expenses and achieve a level of revenue adequate to support the Company’s current cost structure. Financing strategies may include, but are not limited to, private placements of capital stock, debt borrowings, partnerships and/or collaborations. There can be no assurance that any of these future-funding efforts will be successful or that the Company will achieve its projected level of revenue in 2018 and beyond. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

 

The following table summarizes the primary sources and uses of cash for the periods presented below:

 

   Six Months ended
June 30, 2018
 
     
Net cash used in operating activities  $(4,036,587)
Net cash used in investing activities   (3,660,016)
Net cash provided by financing activities   25,058 
Effects of exchange rate on cash   (123,703)
Net decrease in cash and cash equivalents  $(7,795,248)

 

Operating Activities

 

We have incurred, and expect to continue to incur, significant expenses in the areas of professional fees and contracting services.

 

Net cash used in operating activities for the six months ended June 30, 2018 was $4,036,587, compared to $1,239,320 for the period from Inception to June 30, 2017. The increase of $2,797,267 was primarily due to an increase in our net loss of $2,648,505 (excluding the effects of net change in unrealized losses on investment in cryptocurrency of $2,745,337 for the six months ended June 30, 2018 compared to a net unrealized gain of $389,071 in the prior year and share based compensation of $4,049,441 for the six months ended June 30, 2018 compared to $366,717 in the prior year). The increased loss for the six months ended June 30, 2018 was primarily due to a growth in our general and administrative expenses. Management is implementing numerous cost cutting measures to reduce its expenditures, in particular as it relates to payroll and payroll related costs, consulting services, contracting fees, consulting fees, accounting fees, and legal costs, however some of these costs have increased as the result of being a public company.

 

Investing Activities

 

Net cash used in investing activities for the six months ended June 30, 2018 was $3,660,016 compared to $127,185 for the prior year period, due to the acquisition of CoinTracking GmbH for $3,189,303, net of acquired cash of $1,547,097.

 

Financing Activities

 

Net cash provided by financing activities for the six months ended June 30, 2018 was $25,058, compared to $2,756,036 in the prior year. The decrease of $2,730,978 was the result of the issuance of 477,867 shares of common stock in the prior year, resulting in proceeds of $2,756,036. There were no such issuances in the current year.

 

 30 
 

 

Trends, Events and Uncertainties

 

The Company is subject to various risks including market risk, liquidity risk, and other risks related to its concentration in cryptocurrency. Investing in cryptocurrency is currently unregulated, highly speculative, and volatile. The cryptocurrency and digital assets market is, by its nature, unpredictable. Although we will undertake compliance efforts, including efforts with commercially reasonable diligence, there can be no assurance that there will not be a new or unforeseen law, regulation or risk factor that will materially impact our ability to continue our business as currently operated or raise additional capital to foster our continued growth.

 

The prices of cryptocurrency could materially and adversely affect an investment in the shares of the Company. The prices of the cryptocurrencies have a limited history. During such history, the cryptocurrencies’ prices have been volatile and subject to influence by many factors including the levels of liquidity. If the cryptocurrency’s markets continue to experience significant price fluctuations, the Company may experience losses. Several factors may affect the prices of the cryptocurrencies, including, but not limited to, global cryptocurrency supply and demand, and competition from other forms of digital currency or payments services.

 

There is currently no clearing house for cryptocurrency, nor is there a central or major depository for the custody of cryptocurrency. There is a risk that some or all of the Company’s cryptocurrencies could be lost or stolen. The Company does not have insurance protection on its cryptocurrency which exposes the Company and its shareholders to the risk of loss of the Company’s cryptocurrency. Further, cryptocurrency transactions are irrevocable. Stolen or incorrectly transferred of cryptocurrency may be irretrievable. As a result, any incorrectly executed cryptocurrency transactions could adversely affect an investment in the Company.

 

To the extent private keys for the cryptocurrency’s addresses are lost, destroyed or otherwise compromised and no backup of the private keys are accessible, the Company may be unable to access the cryptocurrency held in the associated address and the private key will not be capable of being restored by the cryptocurrency network.

 

The processes by which cryptocurrency transactions are settled are dependent on the cryptocurrency peer-to-peer network, and as such, the Company is subject to operational risk. A risk also exists with respect to previously unknown technical vulnerabilities, which may adversely affect the value of the cryptocurrencies.

 

Other than as discussed elsewhere in this Quarterly Report, our Form 10-Q for the months ended March 31, 2018, and our 2017 Annual Report, we are not aware of any trends, events or uncertainties that are likely to have a material effect on our financial condition.

 

Critical Accounting Policies and Estimates

 

The preparation of our condensed consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent liabilities. We base our judgments on our historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making estimates about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We have no material changes to our Critical Accounting Policies and Estimates disclosure as filed in our 2017 Annual Report.

 

Recent Accounting Pronouncements

 

See Note 3 to the condensed consolidated financial statements for a discussion of recent accounting guidance.

 

Off-Balance Sheet Transactions

 

We do not have any off-balance sheet transactions.

 

 31 
 

 

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

 

ITEM 4. Controls and Procedures.

 

Our management, including our principal executive officer and principal financial officer, conducted an evaluation of the effectiveness of internal control over financial reporting as of June 30, 2018 based on the 2013 Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on management’s evaluation under the COSO framework, management concluded that our internal control over financial reporting was not effective as of June 30, 2018 due to the material weaknesses described below.

 

The matters involving internal controls and procedures that our management considered to be material weaknesses were as follows:

 

  we have not performed a risk assessment and mapped our processes to control objectives;
     
  we have not implemented comprehensive entity-level internal controls;
     
  we have not implemented adequate system and manual controls; and
     
  we do not have sufficient segregation of duties.

 

Management’s Actions and Plans to Remediate Material Weaknesses

 

Management is responsible for implementing changes and improvements to internal control over financial reporting and for remediating the control deficiencies that gave rise to the material weaknesses. Management believes that progress has been made to remediate the underlying causes of the material weaknesses in internal control over financial reporting and has taken the following steps to remediate such material weaknesses:

 

  Implemented a formal quarterly review of financial information with our Chief Executive Officer and each managing director that oversees a portion of the business. These individuals provide a certification that the operating results are accurate to the best of their knowledge.
     
  Account reconciliations are now prepared for all material accounts and independently reviewed.
     
  Expenditures are approved by our Chief Executive Officer.
     
  We have segregation of duties between access to our accounting information system and individuals who may sign checks.
     
  We have hired a Controller.

 

Management plans to take the following steps to further remediate the material weaknesses as follows:

 

  Perform a risk assessment and map processes to control objectives and, where necessary, implement and document internal controls in accordance with the 2013 Committee of Sponsoring Organizations of the Treadway Commission.
     
  Our entity-level controls are, generally, informal and we intend to evaluate current processes, supplement where necessary, and document requirements.
     
  Evaluate system and manual controls, identify specific weaknesses, and implement a comprehensive system of internal controls.
     
  Asses and remediate personnel weaknesses.
     
  Appoint a Chief Financial Officer with public company experience.

 

Management understands that in order to remediate the Company’s material weaknesses, additional segregation of duties, changes in personnel and technologies are necessary. We will not consider these material weaknesses fully remediated until management has tested those internal controls and found them to be operating effectively.

 

 32 
 

 

Changes in Internal Control over Financial Reporting

 

Other than as described above under “Management’s Actions and Plans to Remediate Material Weaknesses”, there have been no changes in our internal control over financial reporting during the quarter ended June 30, 2018 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.

 

On May 15, 2018, we received a subpoena from the SEC’s Division of Enforcement in connection with a formal investigation it is conducting involving us and other unrelated public issuers who are holders of or provide services related to digital assets. The subpoena requested that we produce certain documents to the SEC’s Division of Enforcement by May 30, 2018. We are unable to predict how long the SEC’s investigation will continue or whether, at the conclusion of its investigation, the SEC will seek to impose fines or file an enforcement action against us.

 

Item 1A. Risk Factors.

 

Reference is made to our 2017 Annual Report on Form 10-K and our Form 10-Q for the months ended March 31, 2018. At the time of this filing, there have been no material changes to our risk factors other than as described below.

 

Risks Related to Our Business

 

Ineffective internal controls could impact the accuracy and timely reporting of our business and financial results.

 

Our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. If we fail to maintain the adequacy of our internal controls, including any failure to implement new or improved controls, or if we experience difficulties in their implementation, our business and financial results could be harmed and we could fail to meet our financial reporting obligations. For example, in connection with this Form 10-Q, management evaluated the effectiveness of our internal control over financial reporting as of June 30, 2018 and concluded that there are material weaknesses in our internal controls related to control over financial reporting, and therefore, that we did not maintain effective internal control over financial reporting as of June 30, 2018. For a description of the material weaknesses identified by management and the remediation efforts being implemented for such material weaknesses, see Part I, Item 4. Controls and Procedures. If the enhanced controls implemented to address the material weaknesses are not designed or do not operate effectively, if we are unsuccessful in implementing or following these processes, or we are otherwise unable to remediate the material weaknesses, this may result in untimely or inaccurate reporting of our financial results.

 

We will need to raise substantial additional capital in the future to fund our operations and we may be unable to raise such funds when needed and on acceptable terms.

 

When we elect to raise additional funds or additional funds are required, we may raise such funds from time to time through equity offerings, debt financings, corporate collaborations or other financing alternatives. Additional equity financing, debt financing or corporate collaborations may not be available on advantageous or reasonable terms, if at all. If we are unable to raise additional capital in sufficient amounts or on terms advantageous or reasonable to us, our ability to achieve or sustain profitability will be substantially harmed.

 

If we raise additional funds by issuing equity securities, our stockholders will experience dilution. Debt financing, if available, would result in increased fixed payment obligations and may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. Any debt financing or additional equity that we raise may contain terms, such as liquidation and other preferences, which are not favorable to us or our stockholders. If we raise additional funds through collaborations with third parties, it may be necessary to relinquish valuable rights to future revenue streams. Should the financing we require to sustain our working capital needs be unavailable or prohibitively expensive when we require it, our business, operating results, financial condition and prospects could be materially and adversely affected, and we may be unable to continue our operations. These factors raise substantial doubt about our ability to continue as a going concern.

 

 33 
 

 

Risks Related to Ownership of Our Common Stock

 

We are involved in an ongoing SEC investigation and a comment letter process with the SEC, both of which could divert management’s focus, result in substantial investigation expenses and have an adverse impact on our reputation, financial condition, results of operations and cash flows.

 

On May 15, 2018, we received a subpoena from the SEC’s Division of Enforcement in connection with a formal investigation it is conducting involving us and other unrelated public issuers. We have incurred significant legal and accounting expenditures in connection with the SEC’s investigation. We are unable to predict how long the SEC’s investigation will continue or whether, at the conclusion of its investigation, the SEC will seek to impose fines or file an enforcement action against us.

 

In addition, on May 24, 2018, the SEC’s Division of Corporation Finance (the “Division of Corporation Finance”) issued a comment letter to the Company requesting, among other things, additional information regarding our business activities, cryptocurrency investments, accounting policies, and our analysis of the effectiveness of our disclosure controls and procedures and our internal control over financial reporting. The comment letter also covered whether our activities would fall under the Investment Company Act of 1940 or require us to register as a broker-dealer under Section 15(A) of the Exchange Act. On June 22, 2018, we responded to the Division of Corporation Finance’s comment letter. On August 6, 2018, the Division of Corporation Finance issued an additional comment letter, requesting clarification to, and additional information regarding, our initial responses. While we have responded to these comment letters, the Division of Corporation Finance’s comment letter process is ongoing. Not only may the comment letter process impose additional costs, but it may require us to alter the nature of our business, as well as our general operations and internal controls.

 

The filing of this Quarterly Report will not make us “current” in our Exchange Act filing obligations, which means we retain certain potential liability and are not eligible to use certain forms or rely on certain SEC rules.

 

We were unable to include the required pro forma financial information in our Form 8-K filed on January 16, 2018 reporting the CoinTracking GmbH acquisition. The filing of this Quarterly Report does not make us current in our filing obligations under the Exchange Act. Our failure to file all required Exchange Act reports, on a timely basis, means we remain potentially liable under the Exchange Act for those delinquencies, and the filing of this Quarterly Report does not preclude the enforcement staff of the SEC from taking action as a result of those filing delinquencies. Further, without the missing filings, investors may not be able to review certain financial and other disclosures that would be contained in those filings. As a result, we will not be “current” for purposes of Rule 144 and Regulation S until we amend the Form 8-K to include the pro forma financial information.

 

A stock split of our Common Stock will likely result in substantial dilution.

 

On December 12, 2017, the Company’s Board and a majority of its stockholders approved a forward split of the Company’s Common Stock at a ratio of 10-for-1 (the “Stock Split”) such that each share of Common Stock issued and outstanding as of December 12, 2017 would, immediately following the effective time of the Stock Split, automatically be converted into and exchanged for 10 shares of Common Stock. On January 12, 2018, the Company submitted an Issuer Company-Related Action Form to the Financial Industry Regulatory Authority (“FINRA”) for approval of the Stock Split. On March 1, 2018, we received a letter from FINRA rejecting the Stock Split on the basis of deficiency and in the interest of the protection of investors, the public interest and to maintain fair and orderly markets. On March 8, 2018, the Company submitted an appeal to FINRA pursuant to FINRA Rule 6490, which FINRA’s Uniform Practice Code Committee reviewed on April 27, 2018 and affirmed, in part, the deficiency determination. The Company’s right to appeal this decision to the SEC has expired.

 

 34 
 

 

We cannot guarantee that a stock split will ever be effectuated. To the extent that a stock split is effectuated, resulting in the issuance of additional shares of common stock, dilution to the interests of any stockholders will occur and the rights of such holders of common stock might be materially and adversely affected.

 

ITEM 2. Unregistered Sales of Equity Securities and Use Of Proceeds.

 

Unregistered Sales of Securities

 

On April 18, 2018, the Company issued to James Gilbert 202,512 shares of common stock of the Company, immediately vested, for certain services performed on behalf of the Company.

 

The shares issued above were issued in transactions that were exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) of the Securities Act inasmuch as the securities were offered and sold solely to sophisticated investors and the Company did not engage in any form of general solicitation or general advertising in making the offering.

 

ITEM 6. Exhibits.

 

Exhibit Number   Document
     
3.1   Articles of Conversion (Utah) (incorporated by reference from Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on October 11, 2017)
     
3.2   Articles of Conversion (Nevada) (incorporated by reference from Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on October 11, 2017)
     
3.3   Articles of Incorporation of The Crypto Company (incorporated by reference from Exhibit 3.3 to the Company’s Current Report on Form 8-K filed on October 11, 2017)
     
3.4   Certificate of Amendment to Articles of Incorporation of Crypto Sub, Inc. (incorporated by reference from Exhibit 3.4 to the Company’s Current Report on Form 8-K filed on October 11, 2017)
     
3.5   Amended and Restated Bylaws of The Crypto Company (incorporated by reference from Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on February 28, 2018)
     
10.1   Loan Agreement by and between CoinTracking, LLC and CoinTracking GmbH, dated as of April 3, 2018 (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 9, 2018)
     
10.2   Promissory Note issued by CoinTracking LLC to CoinTracking GmbH, dated as of April 3, 2018 (incorporated by reference from Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on April 9, 2018
     
10.3   Form of Non-Qualified Stock Option Agreement (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 17, 2018)
     
10.4   Separation and Consulting Agreement and General Mutual Release by and between the Company and Michael Poutre, dated as of May 9, 2018 (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on May 18, 2018)
     
10.5   Separation Agreement and General Mutual Release by and between the Company and James Gilbert, dated as of May 24, 2018 (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on May 25, 2018)

 

 35 
 

 

10.6   Director Services Agreement by and between the Company and Ron Levy, effective as of May 25, 2018 (incorporated by reference from Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on May 25, 2018)
     
10.7   Director Services Agreement by and between the Company and James Gilbert, effective as of June 7, 2018 (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K/A filed on June 12, 2018)
     
10.8   Director Services Agreement by and between the Company and Anthony Strickland, effective as of June 7, 2018 (incorporated by reference from Exhibit 10.2 to the Company’s Current Report on Form 8-K/A filed on June 12, 2018)
     
31.1   Certification of the Company’s Principal Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
31.2   Certification of the Company’s Principal Financial and Accounting Officer pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
32.1+   Certification of the Company’s Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
32.2+   Certification of the Company’s Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
101 INS   XBRL Instance Document
     
101.SCH   XBRL Taxonomy Extension Schema Document
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document

 

+ This document is deemed not filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act.

 

 36 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Dated: September 10, 2018 THE CRYPTO COMPANY
  (Registrant)
     
  By: /s/ Ron Levy
    Ron Levy
    Chief Executive Officer, Chief Operating Officer and Secretary
     
  By: /s/ Ivan Ivankovich
    Ivan Ivankovich
    Chief Financial Officer
Principal Financial and Accounting Officer

 

 37 
 

EX-31.1 2 ex31-1.htm

 

Exhibit 31.1

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT

 

I, Ron Levy, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q for the period ended June 30, 2018 of The Crypto Company;

 

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 quarterly report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the period 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 control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have:

 

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to me by others within those entities, 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 my 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 small business issuer’s disclosure controls and procedures and presented in this report my 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; and

 

d. disclosed in this report any change in the small business issuer’s internal control over financial reporting that occurred during the small business issuer’s most recent fiscal quarter (the small business issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer’s internal control over financial reporting; and

 

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of small business issuer’s board of directors (or persons performing the equivalent functions):

 

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 small business issuer’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 small business issuer’s internal controls over financial reporting.

 

Date: September 10, 2018  
   
/s/ Ron Levy  
Ron Levy  
Chief Executive Officer, Chief Operating Officer and Secretary  
(Principal Executive Officer)  

 

   
 

EX-31.2 3 ex31-2.htm

 

Exhibit 31.2

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT

 

I, Ivan Ivankovich, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q for the period ended June 30, 2018 of The Crypto Company;

 

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 quarterly report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the period 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 control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have:

 

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to me by others within those entities, 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 my 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 small business issuer’s disclosure controls and procedures and presented in this report my 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; and

 

d. disclosed in this report any change in the small business issuer’s internal control over financial reporting that occurred during the small business issuer’s most recent fiscal quarter (the small business issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer’s internal control over financial reporting; and

 

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of small business issuer’s board of directors (or persons performing the equivalent functions):

 

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 small business issuer’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 small business issuer’s internal controls over financial reporting.

 

Date: September 10, 2018  
   
/s/ Ivan Ivankovich  
Ivan Ivankovich  
Chief Financial Officer  
(Principal Accounting Officer)  

 

   
 

EX-32.1 4 ex32-1.htm

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of The Crypto Company. (the “Company”) on Form 10-Q for the period ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ron Levy, Chief Executive Officer, Chief Operating Officer and Secretary of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

IN WITNESS WHEREOF, the undersigned has executed this certification as of September 10, 2018.

 

/s/ Ron Levy  
Ron Levy  
Chief Executive Officer, Chief Operating Officer and Secretary  
(Principal Executive Officer)  

 

A signed original of this written statement, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement, has been provided to The Crypto Company, and will be retained by The Crypto Company, and furnished to the Securities and Exchange Commission or its staff upon request.

 

   
 

EX-32.2 5 ex32-2.htm

 

Exhibit 32.2

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of The Crypto Company (the “Company”) on Form 10-Q for the period ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ivan Ivankovich, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

IN WITNESS WHEREOF, the undersigned has executed this certification as of September 10, 2018.

 

/s/ Ivan Ivankovich  
Ivan Ivankovich  
Chief Financial Officer  
(Principal Accounting Officer)  

 

A signed original of this written statement, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement, has been provided to The Crypto Company, and will be retained by The Crypto Company, and furnished to the Securities and Exchange Commission or its staff upon request.

 

   
 

EX-101.INS 6 crcw-20180630.xml XBRL INSTANCE FILE 0001688126 2017-12-31 0001688126 2018-01-01 2018-06-30 0001688126 2017-03-08 0001688126 us-gaap:FairValueInputsLevel3Member 2017-12-31 0001688126 CRCW:FurnitureEquipmentMember 2017-12-31 0001688126 us-gaap:ComputerEquipmentMember 2017-12-31 0001688126 CRCW:TwoThousandSeventennEquityIncentivePlanMember 2017-07-21 0001688126 2017-06-30 0001688126 2018-06-30 0001688126 CRCW:CoinTrackingMember 2017-12-31 0001688126 CRCW:CoinTrackingMember 2018-06-30 0001688126 CRCW:CoinTrackingGmbHMember 2018-01-26 0001688126 CRCW:KachelHoldingGmbHMember 2018-01-26 0001688126 CRCW:CoinTrackingGmbHMember 2018-06-30 0001688126 srt:MinimumMember 2018-01-01 2018-06-30 0001688126 srt:MaximumMember 2018-01-01 2018-06-30 0001688126 CRCW:CoinTrackingGmbHMember 2018-01-25 2018-01-26 0001688126 CRCW:CoinTrackingLLCMember 2018-01-26 0001688126 us-gaap:FairValueInputsLevel1Member 2018-06-30 0001688126 us-gaap:FairValueInputsLevel2Member 2018-06-30 0001688126 us-gaap:FairValueInputsLevel3Member 2018-01-01 2018-06-30 0001688126 us-gaap:FairValueInputsLevel3Member 2018-06-30 0001688126 CRCW:BitcoinMember 2018-06-30 0001688126 CRCW:EthereumMember 2018-06-30 0001688126 CRCW:PolymathMember 2018-06-30 0001688126 CRCW:RippleMember 2018-06-30 0001688126 CRCW:LitecoinMember 2018-06-30 0001688126 CRCW:BitcoinCashMember 2018-06-30 0001688126 CRCW:BlockVEEMember 2018-06-30 0001688126 CRCW:CardanoMember 2018-06-30 0001688126 CRCW:DashMember 2018-06-30 0001688126 CRCW:EOSMember 2018-06-30 0001688126 us-gaap:ComputerEquipmentMember 2018-06-30 0001688126 CRCW:FurnitureEquipmentMember 2018-06-30 0001688126 CRCW:ConsultantMember 2018-03-19 2018-03-20 0001688126 CRCW:EmployeeMember 2018-01-30 2018-01-31 0001688126 CRCW:EquityPurchaseAgreementMember CRCW:KachelHoldingGmbHMember 2018-01-15 2018-01-16 0001688126 CRCW:EquityPurchaseAgreementMember CRCW:CoinTrackingGmbHMember 2018-01-16 0001688126 CRCW:EquityPurchaseAgreementMember CRCW:CoinTrackingGmbHMember 2018-01-15 2018-01-16 0001688126 us-gaap:WarrantMember 2018-06-30 0001688126 us-gaap:WarrantMember 2018-01-01 2018-06-30 0001688126 CRCW:TwoThousandSeventennEquityIncentivePlanMember srt:MaximumMember 2017-07-20 2017-07-21 0001688126 CRCW:TwoThousandSeventeenEquityIncentivePlanMember 2018-06-30 0001688126 CRCW:NonEmployeesMember 2018-01-01 2018-06-30 0001688126 us-gaap:StockOptionMember 2018-06-30 0001688126 us-gaap:StockOptionMember 2018-01-01 2018-06-30 0001688126 CRCW:FullStackFinanceMember 2018-01-01 2018-06-30 0001688126 CRCW:FullStackFinanceMember 2018-06-30 0001688126 CRCW:CoinTrackingGmbHMember 2017-06-30 0001688126 CRCW:LeaseAgreementMember CRCW:SobaLivingLLCMember 2017-05-14 2017-05-15 0001688126 CRCW:ShortTermLeaseAgreementMember CRCW:MiramarPropertyInvestmentCoMember 2018-01-17 2018-01-18 0001688126 2018-04-01 2018-06-30 0001688126 2018-08-07 0001688126 2017-04-01 2017-06-30 0001688126 2017-03-09 2017-06-30 0001688126 CRCW:CryptocurrencyInvestmentMember 2018-04-01 2018-06-30 0001688126 CRCW:CryptocurrencyInvestmentMember 2017-04-01 2017-06-30 0001688126 CRCW:CryptocurrencyInvestmentMember 2017-03-09 2017-06-30 0001688126 CRCW:CryptocurrencyInvestmentMember 2018-01-01 2018-06-30 0001688126 CRCW:SoftwareSubscriptionMember 2018-04-01 2018-06-30 0001688126 CRCW:SoftwareSubscriptionMember 2017-03-09 2017-06-30 0001688126 CRCW:SoftwareSubscriptionMember 2017-04-01 2017-06-30 0001688126 CRCW:SoftwareSubscriptionMember 2018-01-01 2018-06-30 0001688126 CRCW:StellarLumensMember 2018-06-30 0001688126 CRCW:EtherClassisMember 2018-06-30 0001688126 CRCW:BinanceCoinMember 2018-06-30 0001688126 CRCW:NEOMember 2018-06-30 0001688126 CRCW:MoneroMember 2018-06-30 0001688126 CRCW:OmiseGOMember 2018-06-30 0001688126 CRCW:EnigmaMember 2018-06-30 0001688126 CRCW:OntologyMember 2018-06-30 0001688126 CRCW:VechainMember 2018-06-30 0001688126 CRCW:QtumMember 2018-06-30 0001688126 CRCW:SteemMember 2018-06-30 0001688126 CRCW:ZcashMember 2018-06-30 0001688126 CRCW:SiacoinMember 2018-06-30 0001688126 CRCW:BasicAttentionTokenMember 2018-06-30 0001688126 CRCW:ZeroxMember 2018-06-30 0001688126 CRCW:IconMember 2018-06-30 0001688126 CRCW:NanoMember 2018-06-30 0001688126 CRCW:LiskMember 2018-06-30 0001688126 CRCW:ConsultantMember 2018-01-21 2018-01-22 0001688126 CRCW:JamesGilbertMember 2018-04-16 2018-04-18 0001688126 CRCW:JamesGilbertMember 2018-04-18 0001688126 CRCW:BoardofDirectorsMember 2018-01-01 2018-06-30 0001688126 CRCW:FullStackFinanceMember 2018-04-01 2018-06-30 0001688126 CRCW:CoinTrackingGmbHMember CRCW:LoanAgreementMember 2018-04-03 0001688126 CRCW:MichaelPoutreMember CRCW:SeparationAndConsultingAgreementMember 2018-05-16 2018-05-17 0001688126 CRCW:CoinTrackingGmbHMember CRCW:LoanAgreementMember CRCW:PromissoryNoteOneMember 2018-06-30 0001688126 CRCW:CoinTrackingGmbHMember CRCW:LoanAgreementMember CRCW:PromissoryNoteTwoMember 2018-06-30 0001688126 CRCW:CoinTrackingGmbHMember CRCW:LoanAgreementMember CRCW:PromissoryNoteThreeMember 2018-06-30 0001688126 CRCW:CoinTrackingGmbHMember CRCW:LoanAgreementMember 2018-06-30 0001688126 CRCW:SubscriptionRevenueNetMember 2018-04-01 2018-06-30 0001688126 CRCW:SubscriptionRevenueNetMember 2017-04-01 2017-06-30 0001688126 CRCW:SubscriptionRevenueNetMember 2018-01-01 2018-06-30 0001688126 CRCW:SubscriptionRevenueNetMember 2017-03-09 2017-06-30 0001688126 CRCW:OtherMember 2018-04-01 2018-06-30 0001688126 CRCW:OtherMember 2017-04-01 2017-06-30 0001688126 CRCW:OtherMember 2018-01-01 2018-06-30 0001688126 CRCW:OtherMember 2017-03-09 2017-06-30 0001688126 CRCW:InitialCoinOfferingsMember 2018-06-30 0001688126 CRCW:InitialCoinOfferingsMember 2018-01-01 2018-06-30 0001688126 CRCW:CoinTrackingGmbHMember CRCW:AccreditedInvestorsMember 2017-12-12 0001688126 CRCW:AeternityMember 2018-06-30 0001688126 CRCW:ZilliqaMember 2018-06-30 0001688126 CRCW:MetalMember 2018-06-30 0001688126 CRCW:AragonMember 2018-06-30 0001688126 CRCW:BitcoinPrivateMember 2018-06-30 0001688126 CRCW:DigiByteMember 2018-06-30 0001688126 CRCW:DecredMember 2018-06-30 0001688126 CRCW:NavCoinMember 2018-06-30 0001688126 CRCW:StartisMember 2018-06-30 0001688126 CRCW:DogecoinMember 2018-06-30 0001688126 CRCW:GasMember 2018-06-30 0001688126 CRCW:NEMMember 2018-06-30 0001688126 CRCW:HorizenMember 2018-06-30 0001688126 CRCW:WavesMember 2018-06-30 0001688126 CRCW:CloakCoinMember 2018-06-30 0001688126 CRCW:DecentralandMember 2018-06-30 0001688126 CRCW:PIVXMember 2018-06-30 0001688126 CRCW:BytomMember 2018-06-30 0001688126 CRCW:NebulasMember 2018-06-30 0001688126 2017-01-01 2017-06-30 0001688126 CRCW:EmployeesMember 2018-01-01 2018-06-30 0001688126 us-gaap:SubsequentEventMember 2018-07-02 2018-07-03 0001688126 us-gaap:SubsequentEventMember 2018-07-03 0001688126 us-gaap:SubsequentEventMember 2018-08-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure CRCW:Segments 8950244 1389531 1154996 11901665 3834768 698409 3570284 698409 4978492 19020176 27830366 11273076 9100943 11971485 13843400 0.001 0.001 50000000 50000000 20458945 21169289 20458945 21169289 10107592 8051878 1391465 1672565 -7991255 -7465131 -1308825 -1589925 -7696302 -1308825 -1589925 -8062723 231171 71468 -10667291 -7145543 -920554 -1201654 21003328 21131457 13179033 12746973 21172860 68320 108159 1500 36566 11971485 13843400 773512 -299086 82640 82640 5667975 2969183 1224748 1305848 -2745337 249487 389071 389071 -10666491 -7145543 -919754 -1200854 800 800 800 4049441 4757580 166717 366717 -121198 166069 -28713 232856 -4036587 -1239320 64641 20185 2756036 25058 2756036 -7795248 1389531 100000 -7767559 -18198814 -500 697609 769236 Crypto Co 0001688126 10-Q 2018-06-30 false --12-31 Smaller Reporting Company Q2 2018 0.001 0.001 10000000 10000000 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 1 - THE COMPANY</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Crypto Company was incorporated in the State of Nevada on March 9, 2017 (&#8220;Inception&#8221;) and is engaged in the business of building technological infrastructure, a proprietary investment portfolio and strategic alliances to facilitate the exchange of value in the digital asset market and, specifically, to assist third parties with investing in, trading and managing their own digital assets. From time to time, we may seek strategic acquisitions either by integrating third-party teams and technology with our core business or by funding third-party teams in which we may have interest. Unless expressly indicated or the context requires otherwise, the terms &#8220;Crypto,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; in this Quarterly Report refer to The Crypto Company and, where appropriate, its wholly owned subsidiaries, Crypto Sub, Inc., a Nevada corporation (&#8220;Crypto Sub&#8221;); CoinTracking, LLC, a Nevada limited liability company (&#8220;CoinTracking&#8221;); Malibu Blockchain, LLC, a Nevada limited liability company (&#8220;Malibu Blockchain&#8221;); and, where applicable, CoinTracking&#8217; s majority-owned subsidiary, CoinTracking GmbH.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">On January 26, 2018, CoinTracking, a Nevada limited liability company and wholly owned subsidiary of the Cypto Company, acquired 50.1% of CoinTracking GmbH. The remaining 49.9% of CoinTracking GmbH is owned by Kachel Holding GmbH, a private limited liability company (Gesellschaft mit beschr&#228;nkter Haftung) organized under the laws of the Federal Republic of Germany (&#8220;Kachel Holding&#8221;). CoinTracking GmbH operates as a Software as a Service (&#8220;SaaS&#8221;) platform that allows users to track and manage value, profit, loss and other information regarding their investments in cryptocurrencies (but not trade their cryptocurrencies) available via web-based or mobile application. Prior to December 2017, CoinTracking GmbH operated as a sole proprietorship starting in 2013.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Technology</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is developing proprietary technology and source code to create products and services that will assist third-parties by providing them with the tools, computer programming and training to independently invest in, trade and manage their own digital assets, including trading management and auditing software, tools and processes to assist in the trading and management of our own proprietary portfolio of digital assets and the operations and traditional companies, from start-up businesses to well-established companies. We may consider using our technology to build additional units around our existing platform, or selling or licensing our technology to third-party institutions for a fee.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Media and Ongoing Education</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also engages in public discourse on an ongoing basis and regularly hosts roundtable webinars to educate the public about the cryptocurrency market. The Company does not express opinions regarding the advisability of investing in a particular digital asset or in the digital asset marketplace, and it does not receive compensation in connection with these roundtable webinars.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Basis of presentation</b> - The included condensed consolidated balance sheet as of December 31, 2017, was derived from audited financial statements and the accompanying unaudited condensed consolidated financial statements as June 30, 2018 and 2017 of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;US GAAP&#8221;) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the condensed consolidated financial statements have been included.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The results of operations for interim periods are not necessarily indicative of the results to be expected for future quarters or for the full year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the period from Inception through December 31, 2017, filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) on April 2, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Consolidation </b>- The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Crypto Sub, CoinTracking, and Malibu Blockchain, as well as its 50.1% ownership of CoinTracking GmbH. All significant intercompany accounts and transactions are eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity and Going Concern</b>- The Company&#8217;s condensed consolidated financial statements are prepared using the accrual method of accounting in accordance with US GAAP and have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The Company has incurred significant losses and experienced negative cash flows since Inception. As of June 30, 2018, the Company had cash of $1,154,996, a decline of $7,795,248 from the December 31, 2017 balance of $8,950,244. This decline is due, in part, to the acquisition of CoinTracking GmbH in January 2018, which included $3,189,303 of cash consideration, net of acquired cash. The Company&#8217;s working capital was $264,484 as of June 30, 2018, which includes a contract liability of $2,800,248, representing advanced payments from customers for subscription service, which is initially deferred and recognized on a straight-line method over the terms of the applicable subscription period. Management does not anticipate settling this liability in cash. After June 30, 2018, the Company liquidated its cryptocurrency of $1,022,099 at June 30, 2018, included on its condensed consolidated balance sheet, to help fund its operations. As of June 30, 2018, the accumulated deficit amounted to $18,198,814. As a result of the Company&#8217;s history of losses and financial condition, there is substantial doubt about the ability of the Company to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management is evaluating different strategies to obtain financing to fund the Company&#8217;s expenses and achieve a level of revenue adequate to support the Company&#8217;s current cost structure. Financing strategies may include, but are not limited to, private placements of capital stock, debt borrowings, partnerships and/or collaborations. There can be no assurance that any of these future-funding efforts will be successful or that the Company will achieve its projected level of revenue in 2018 and beyond. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Use of estimates </b>- The preparation of these condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses and the related disclosure of contingent assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company&#8217;s significant estimates and assumptions include but are not limited to the recoverability and useful lives of long-lived assets, allocation of revenue on software subscriptions, valuation of goodwill from business acquisitions, valuation and recoverability of investments, valuation allowances of deferred taxes, and stock-based compensation expenses. Actual results may differ from these estimates. In addition, any change in these estimates or their related assumptions could have an adverse effect on the Company&#8217;s operating results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash and cash equivalents</b> - The Company defines its cash and cash equivalents to include only cash on hand and certain highly liquid investments with original maturities of ninety days or less. The Company maintains its cash and cash equivalents at financial institutions, the balances of which may, at times, exceed federally insured limits. Management believes that the risk of loss due to the concentration is minimal.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investments in cryptocurrency - </b>Investments are comprised primarily of two types of cryptocurrency investments. The Company owns several cryptocurrencies, of which a majority is Bitcoin, which are actively traded on exchanges and are reported at fair value as determined by digital asset markets with realized gains and losses calculated on a trade date basis as the difference between the fair value and cost of cryptocurrencies transferred. <font style="background-color: white">Management </font>believes that measuring cryptocurrencies at fair value, consistent with the accounting for trading investments in commodities and securities with changes in fair value recognized on both the balance sheet and profit and loss statements, best reflects the Company&#8217;s financial position and the economics and characteristics of its cryptocurrency investments. The Company recognizes the fair value changes in unrealized gains and losses on investment through the accompanying Statement of Operations. For the six-month period ended June 30, 2018, the Company had a consolidated balance of $2,200,449 in investments in cryptocurrencies. The Company believes that it would be able to liquidate a majority of its portfolio into cash within one to seven days, if needed. As of June 30, 2018, the Company&#8217;s holdings represent on average 1.3% of the daily volume of total trades on the specific exchanges where it would be able to convert its holdings to cash. The primary exchanges and principal markets the Company utilizes for its trading are Kraken, Bittrex, Poloniex and Bitstamp. These exchanges, in the aggregate, account for approximately $168,000,000 in Bitcoin/USD trades per day globally.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the Company&#8217;s cryptocurrency investments include Initial Coin Offerings (&#8220;ICOs&#8221;), which primarily consist of tokens that are not currently traded on an exchange. The Company records these investments at cost, as there is no active market. As of June 30, 2018, ICOs represent $367,639 of the Company&#8217;s investments in cryptocurrencies. For the six-month period ended June 30, 2018, the Company recognized no impairment losses on investments in ICOs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investments &#8211; non-cryptocurrency </b>- During the six months ended June 30, 2018, the Company invested $250,000 as part of a financing in accordance with a simple agreement for future equity (&#8220;SAFE&#8221;), representing 4% interest, at the time of the investment, in a private enterprise. The Company&#8217;s investment may take the form of equity in the future, relating to a potential equity financing or initial public offering and a token grant in the event of a successful ICO by the enterprise. The Company has evaluated the guidance in Accounting Standards Codification (&#8220;ASC&#8221;) No. 325-20 Investments &#8211; Other, in determining to account for the investment using the cost method since the equity securities are not marketable and do not give the Company significant influence. The Company has determined that there is no impairment to date due to the recent nature of the investment and the early stage development of the platform and has included such asset as a level 3 investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equipment </b>- Equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life ranging from three to five years. Normal repairs and maintenance are expensed as incurred. Expenditures that materially adapt, improve, or alter the nature of the underlying assets are capitalized. When equipment are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and the resulting gain or loss is credited or charged to income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Impairment of long lived assets - </b>The Company analyzes its long-lived assets for potential impairment. Impairment losses are recorded on long-lived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the net carrying amount of the assets. In such cases, the carrying values of assets to be held and used are adjusted to their estimated fair value, less estimated selling expenses. For the six-month period ended June 30, 2018, the Company recognized no impairment losses on its long-lived assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Business combination - </b>The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values with the residual of the purchase price recorded as goodwill. The results of operations of acquired businesses are included in our operating results from the dates of acquisition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Goodwill and Intangible Assets </b>- The Company records the excess of purchase price over the fair value of the tangible and identifiable intangible assets acquired as goodwill. Goodwill and intangible assets with indefinite lives are tested for impairment at least annually on December 31, and whenever events or circumstances occur indicating that a possible impairment may have been incurred. Intangible assets with finite lives are amortized over their useful lives.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company assesses whether goodwill impairment exists using both qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed to determine whether a goodwill impairment exists at the reporting unit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on its analysis, the Company&#8217;s management believes that no impairment of the carrying value of its goodwill existed at June 30, 2018. There can be no assurance however, that market conditions will not change or demand for the Company&#8217;s products and services will continue which could result in impairment of goodwill in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, we capitalize certain costs incurred with developing our CoinTracking SaaS platform in accordance with ASC 985-20, Software &#8212; Costs of Software to be Sold, Leased, or Marketed once technological feasibility has been established. Capitalized software costs primarily include i) external direct costs of services utilized in software development and ii) compensation and related benefits for employees who are directly associated with software development. We amortize our capitalized software costs over a three-year period, reflecting the estimated useful lives of the assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Foreign Currency Translation</b> - Results of foreign operations are translated into U.S. dollars using average rates prevailing throughout the period, while assets and liabilities are translated in U.S. dollars at period end foreign exchange rates. Transactions gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency of the applicable subsidiary are included in the consolidated statements of operations, within other income, in the year in which the change occurs. The Company&#8217;s functional currency is U.S. dollars while the functional currency for CoinTracking GmbH is in euros.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Income taxes -</b> Deferred tax assets and liabilities are recognized for expected future consequences of events that have been included in the financial statements or tax returns. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. The provision for income taxes represents the tax payable for the period and the change during the period in deferred tax assets and liabilities. For the six-month period ended June 30, 2018, the income tax payable of $800 reflects the minimum franchise tax for the State of California.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are subject to taxation in the U.S., as well as state and German taxes. The Company has not been audited by the U.S. Internal Revenue Service, nor has the Company been audited by any states or in Germany.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fair value measurements</b> - The Company recognizes and discloses the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). Each level of input has different levels of subjectivity and difficulty involved in determining fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">&#160;</td> <td style="width: 48px"><font style="font-size: 10pt">Level 1</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurable date.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">Level 2</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Inputs, other than quoted prices included in Level 1, which are observable for the asset or liability through corroboration with market data at the measurement date.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">Level 3</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Unobservable inputs that reflect management&#8217;s best estimate of what participants would use in pricing the asset or liability at the measurement date.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amounts of the Company&#8217;s financial assets and liabilities, including cash, accounts payable and accrued expenses approximate fair value because of the short maturity of these instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenue recognition</b> &#8211; The Company has two streams of principal revenue segments as of June 30, 2018, software subscription and cryptocurrency investments. The Company records the realized gain or loss on the investments on a trade date basis. In addition, the changes in unrealized gains or losses on the investments are marked to market on the last day of every month at 11:59 p.m., Pacific Time, based on publicly available cryptocurrency exchanges. The Company classifies investments in cryptocurrency as trading investments. Trading generally reflects active and frequent buying and selling and is generally used with the dual objective of generating profits on short-term difference in price and gaining hands on experience in the cryptocurrency marketplace to aid in the development of our proprietary software.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also has subscription revenues through its majority-owned subsidiary CoinTracking GmbH and minimal amounts of consulting revenue. In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09, Revenue from Contracts with Customers. ASU No. 2014-09 supersedes nearly all existing revenue recognition guidance under US GAAP. The Company adopted ASU No. 2014-09 as of January 1, 2018 using the modified retrospective transition method for contracts as of the date of initial application. There is no cumulative impact to the Company&#8217;s retained earnings at January 1, 2018. See &#8220;Note 5 - Revenue Recognition&#8221; for additional information on the impact to the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Currently, in the US GAAP accounting framework, there is no authoritative guidance specifically related to the accounting treatment of cryptocurrencies, and management has <font style="background-color: white">exercised significant judgement in determining appropriate accounting treatment. Management </font>believes that measuring cryptocurrencies at fair value, consistent with the accounting for trading investments in commodities and securities with changes in fair value recognized on both the balance sheet and profit and loss statements, best reflects the Company&#8217;s financial position and the economics and characteristics of our cryptocurrency investments. Realized gains and losses for the Company&#8217;s cryptocurrency segment are included in revenues.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Stock-based compensation</b> - In accordance with ASC No. 718, Compensation &#8211; Stock Compensation (&#8220;ASC 718&#8221;), the Company measures the compensation costs of stock-based compensation arrangements based on the grant date fair value of granted instruments and recognizes the costs in financial statements over the period during which employees are required to provide services. Stock-based compensation arrangements include stock options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Equity instruments (&#8220;instruments&#8221;) issued to non-employees are recorded on the basis of the fair value of the instruments, as required by ASC 718. ASC No. 505, Equity Based Payments to Non-Employees (&#8220;ASC 505&#8221;), defines the measurement date and recognition period for such instruments. In general, the measurement date is (a) when a performance commitment, as defined, is reached or (b) when the earlier of (i) the non-employee performance is complete and (ii) the instruments are vested. The compensation cost is remeasured at fair value at each reporting period when the award vests. As a result, stock option-based payments to non-employees can result in significant volatility in compensation expense.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for its stock-based compensation using the Black-Scholes model to estimate the fair value of stock option awards. Using this model, fair value is calculated based on assumptions with respect to the (i) expected volatility of the Company&#8217;s common stock price, (ii) expected life of the award, which for options is the period of time over which employees and non-employees are expected to hold their options prior to exercise, and (iii) risk-free interest rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Risks and uncertainties - </b>The Company is subject to various risks including market risk, liquidity risk, and other risks related to its investments in cryptocurrency. Investing in cryptocurrency is currently unregulated, highly speculative, and volatile.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The prices of cryptocurrency could materially and adversely affect an investment in the shares of the Company. The prices of the cryptocurrencies have a limited history. During such history, the cryptocurrencies&#8217; prices have been volatile and subject to influence by many factors including the levels of liquidity. If the cryptocurrency&#8217;s markets continue to experience significant price fluctuations, the Company may experience losses. Several factors may affect the prices of the cryptocurrencies, including, but not limited to, global cryptocurrency supply and demand, and competition from other forms of digital currency or payments services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There is currently no clearing house for cryptocurrency, nor is there a central or major depository for the custody of cryptocurrency. There is a risk that some or all of the Company&#8217;s cryptocurrencies could be lost or stolen. The Company does not have insurance protection on its cryptocurrency which exposes the Company and its shareholders to the risk of loss of the Company&#8217;s cryptocurrency. Further, cryptocurrency transactions are irrevocable. Stolen or incorrectly transferred of cryptocurrency may be irretrievable. As a result, any incorrectly executed cryptocurrency transactions could adversely affect an investment in the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent private keys for the cryptocurrency&#8217;s addresses are lost, destroyed or otherwise compromised and no backup of the private keys are accessible, the Company may be unable to access the cryptocurrency held in the associated address and the private key will not be capable of being restored by the cryptocurrency network.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The processes by which cryptocurrency transactions are settled are dependent on the cryptocurrency peer-to-peer network, and as such, the Company is subject to operational risk. A risk also exists with respect to previously unknown technical vulnerabilities, which may adversely affect the value of the cryptocurrencies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Net loss per common share</b> - The Company reports earnings per share (&#8220;EPS&#8221;) with a dual presentation of basic EPS and diluted EPS. Basic EPS is computed as net income divided by the weighted average of common shares for the period. Diluted EPS reflects the potential dilution that could occur from common shares issued through stock options, or warrants. For the three and six month periods ended June 30, 2018, the Company had no potentially dilutive common stock equivalents. Therefore, the basic EPS and the diluted EPS are the same.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Marketing expense - </b>Marketing expenses are charged to operations, under general and administrative expenses. The Company incurred $85,570 and $134,269 of marketing expenses for the three and six months ended June 30, 2018, respectively, compared to $13,500 for the three months ended June 30, 2017 and for the period from Inception through June 30, 2017.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 8 - EQUIPMENT</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Equipment consists of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2018</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2017</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; text-align: justify"><font style="font-size: 10pt">Computer equipment</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">107,850</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">69,241</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Furniture equipment</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">15,322</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,754</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">123,172</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">72,995</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Less accumulated depreciation</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(15,013</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(4,675</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">108,159</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68,320</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 10 - SUMMARY OF COMMON STOCK TRANSACTIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 18, 2018, the Company issued to James Gilbert 202,512 shares of common stock of the Company, valued at $7 per share at the time of issuance, or $1,417,584, for certain services performed on behalf of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 20, 2018, upon exercise of a stock option by a consultant of the Company, the Company issued 7,031 shares of common stock at an exercise price of $0.01 per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 31, 2018, upon partial exercise of a stock option by an employee of the Company, the Company issued 14,667 shares of common stock as a cashless exercise.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 22, 2018, a consultant of the Company exercised 12,494 stock options at an exercise price of $2.00 per share. The Company did not issue the shares upon exercise, recording a common stock payable on its condensed consolidated balance sheet at March 31, 2018. On May 16, 2018, the Company issued the shares and recorded the issuance to common stock and additional paid-in-capital.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 16, 2018, pursuant to an Equity Purchase Agreement (the &#8220;Agreement&#8221;) entered into on December 22, 2017 by and among the Company, CoinTracking, Kachel Holding, and Dario Kachel, CoinTracking purchased from Kachel Holding 12,525 shares of CoinTracking GmbH, representing 50.1% of the equity interests in CoinTracking GmbH, for a purchase price which consisted, in part, of 473,640 shares of common stock of the Company (the &#8220;CoinTracking Acquisition&#8221;). The transaction closed on January 26, 2018 (see Note 4).</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 12 - SUMMARY OF STOCK OPTIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 21, 2017, the Company&#8217;s board of directors adopted The Crypto Company 2017 Equity Incentive Plan (the &#8220;Plan), which was approved by its stockholders on August 24, 2017. The Plan is administered by the board of directors (the &#8220;Administrator&#8221;). Under the Plan, the Company may grant equity awards to eligible participants which may take the form of stock options (both incentive stock options and non-qualified stock options) and restricted stock awards. Awards may be granted to officers, employees, non-employee directors (as defined in the Plan) and other key persons (including consultants and prospective employees). The term of any stock option award may not exceed 10 years and may be subject to vesting conditions, as determined by the Administrator. Options granted generally vest over eighteen to thirty-six months. Incentive stock options may be granted only to employees of the Company or any subsidiary that is a &#8220;subsidiary corporation&#8221; within the meaning of Section 424(f) of the Internal Revenue Code.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the six months ended June 30, 2018, the Company issued an additional 450,000 stock options to members of our board of directors, 1,957,062 stock options to employees, and 400,000 stock options to non-employees.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5,000,000 shares of the Company&#8217;s common stock are reserved for issuance under the Plan. As of the six-month period ended June 30, 2018, there are outstanding stock option awards issued from the Plan covering a total of 3,163,735 shares of the Company&#8217;s common stock and there remain reserved for future awards 1,836,265 shares of the Company&#8217;s common stock.</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Remaining</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Contractual</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Aggregate</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Number</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Exercise</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Term</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Intrinsic</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>of Shares</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>(years)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Value</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%; text-align: justify"><font style="font-size: 10pt">Options outstanding, at December 31, 2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">644,531</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">2.32</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Options granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,807,062</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">7.37</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Options cancelled</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(250,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">7.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Options exercised</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(37,858</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">1.63</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Options outstanding, at June 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,163,735</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">6.44</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">9.44</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">128,764,882</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Exercisable</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">637,117</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">5.73</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">9.66</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">25,762,945</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Vested and exercisable and expected to vest, end of period</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,163,735</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">6.44</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">9.44</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">128,764,882</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognized $3,339,996, and $2,631,857 of compensation expense related to stock options for the three and six months ended June 30, 2018, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The total intrinsic value for options exercised, determined using the market price of our common stock on the date of exercise, was $0 and $2,978,095 during the three and six months ended June 30, 2018, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the six-month period ended June 30, 2018 and the period from Inception through June 30, 2017 the Company had not granted any restricted stock awards.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2018, approximately $5,522,520 of total unrecognized compensation costs related to stock options issued to employees is expected to be recognized over a weighted average period of approximately 1.23 years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The determination of the fair value of stock-based compensation awards utilizing the Black-Scholes model is affected by the Company&#8217;s stock price and a number of complex and subjective assumptions, including stock price, volatility, expected life of the equity award, forfeitures rates if any, risk-free interest rates and expected dividends. Volatility is based on the historical volatility of comparable companies measured over the most recent period, generally commensurate with the expected life of the Company&#8217;s stock options, adjusted for future expectations given the Company&#8217;s limited historical share price data.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The risk-free rate is based on implied yields in effect at the time of the grant on U.S. Treasury zero-coupon bonds with remaining terms equal to the expected term of the stock options. The expected dividend is based on the Company&#8217;s history and expectation of dividend payouts. Forfeitures are recognized when they occur.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The range of assumptions used for the six-month period ended June 30, 2018 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">Ranges</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Weighted-average volatility</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">36 - 75 </font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%"><font style="font-size: 10pt">Expected dividends</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">0</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Expected term (in years)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5.00 - 10 years</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Risk-free rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.91 - 2.95</font></td> <td><font style="font-size: 10pt">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stock options issued to nonemployees are revalued at each vesting tranche and/or reporting date in accordance with ASC 505.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 13 - RELATED PARTY TRANSACTIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a services agreement with Full Stack Finance for chief financial officer and accounting outsource services. Ivan Ivankovich, the Company&#8217;s CFO, is the Co- Managing Director of Full Stack Finance. Emad Boulos, an employee of Full Stack Finance, serves as the Company&#8217;s Controller. The Company paid a total of $255,833 and $394,092 in fees to Full Stack Finance during the three-month and six-month period ended June 30, 2018, respectively, and as of June 30, 2018, there was a balance of $138,791 due to Full Stack Finance, which is included in accounts payable and accrued expenses on the accompanying condensed consolidated balance sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a loan receivable from an officer of CoinTracking GmbH as of June 30, 2018 totaling $168,423. The loan is due upon demand and it bears interest at 2%. During the quarter ended June 30, 2018 and the period from Inception to June 30, 2017 interest income accrued for this loan was $1,246 and $0, respectively, which is included in other income on the accompanying condensed consolidated statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 3, 2018, CoinTracking entered into a Loan Agreement (the &#8220;Loan Agreement&#8221;) with CoinTracking GmbH, pursuant to which CoinTracking GmbH may provide a loan (the &#8220;CoinTracking Loan&#8221;) of up to $3,000,000 to CoinTracking, to be advanced to CoinTracking in one or more tranches, at such times and in such amounts as may be requested by CoinTracking from time to time, on or before the tenth anniversary of the Loan Agreement. The Company is deemed obligor of CoinTracking&#8217;s obligations under the Loan Agreement for United States Federal income tax purposes. Interest on the CoinTracking Loan will accrue at a rate per annum of the greater of (i) three percent (3%), or (ii) the interest rates published monthly by the United States Internal Revenue Service and in effect under section 1274(d) of the Internal Revenue Code in effect as of the date of issuance of any promissory note under the CoinTracking Loan, and will be payable quarterly. During the three months ended June 30, 2018, pursuant to the Loan Agreement, CoinTracking GmbH advanced $1,500,000 to CoinTracking in exchange for three promissory notes (the &#8220;CoinTracking Note&#8221;) in the amounts of $300,000, $700,000 and $500,000, respectively, which is still outstanding as of June 30, 2018. The CoinTracking Note will mature on the second anniversary thereof. CoinTracking and CoinTracking GmbH are consolidated entities, as such, the loan and advances are considered to be intercompany transactions and are eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective May 14, 2018, Michael Poutre, former Chief Executive Officer and director of the Company, resigned from all of his current roles with the Company. Mr. Poutre will remain a consultant to the Company until November 2018. In connection with Mr. Poutre&#8217;s resignation, the Company entered into a Separation and Consulting Agreement and General Mutual Release (the &#8220;Separation and Consulting Agreement&#8221;), which was executed on May 9, 2018 and approved by the Board of Directors on May 14, 2018. The Separation and Consulting Agreement was not effective until May 17, 2018, following the end of the revocation period. The Separation and Consulting Agreement provides that the Company will pay Mr. Poutre a lump-sum cash payment of (i) his earned but unpaid base salary, (ii) his accrued but unpaid vacation time, and (iii) any outstanding requests for expense reimbursements that are approved pursuant to Company policy. Mr. Poutre will serve as a consultant of the Company for six months at a rate of $30,000 per month, payable in two separate tranches, though the Company may terminate his services for any reason. The Separation and Consulting Agreement contains other standard provisions contained in agreements of this nature including non-disparagement and a general release of any and all claims<b>.</b></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 15 - COMMITMENTS AND CONTINGENCIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operating leases</b> - On May 15, 2017, the Company entered into a lease agreement with Soba Living, LLC for the rental of office space. The agreement is a month-to-month lease, which requires monthly rents of $6,000 through September 30, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 18, 2018, the Company entered into a short-term lease agreement with Miramar Property Investment Co., for an office space on a month-to-month basis, requiring monthly rents of $3,024 expiring through September 30, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Facility rent expense was $10,478 and $9,000 for the three months ended June 30, 2018 and 2017, respectively, and $35,501 and $9,000, for the six months ended June 30, 2018 and the three-month period from Inception to June 30, 2017 respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Legal </b>&#8211; On May 15, 2018, we received a subpoena from the SEC&#8217;s Division of Enforcement in connection with a formal investigation it is conducting involving us as well as other unrelated public issuers who are holders of or provide services related to digital assets. Additionally, the Company may from time to time become subject to legal proceedings, claims, and litigation arising in the ordinary course of business. Please see a summary of legal proceedings in Part II Item 1 of this Quarterly Report on Form 10-Q, as well as Part II, Item 1A. &#8220;Risk Factors.&#8221;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indemnities and guarantees </b>- During the normal course of business, the Company has made certain indemnities and guarantees under which it may be required to make payments in relation to certain transactions. These indemnities include certain agreements with the Company&#8217;s officers and directors, under which the Company may be required to indemnify such persons for liabilities arising out of their respective relationships. In connection with its facility lease, the Company has indemnified the lessor for certain claims arising from the use of the facility. The duration of these indemnities and guarantees varies and, in certain cases, is indefinite. The majority of these indemnities and guarantees do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not been obligated to make significant payments for these obligations and no liabilities have been recorded for these indemnities and guarantees in the accompanying balance sheet.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Basis of presentation</b> - The included condensed consolidated balance sheet as of December 31, 2017, was derived from audited financial statements and the accompanying unaudited condensed consolidated financial statements as June 30, 2018 and 2017 of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;US GAAP&#8221;) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the condensed consolidated financial statements have been included.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The results of operations for interim periods are not necessarily indicative of the results to be expected for future quarters or for the full year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the period from Inception through December 31, 2017, filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) on April 2, 2018.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Use of estimates </b>- The preparation of these condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses and the related disclosure of contingent assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company&#8217;s significant estimates and assumptions include but are not limited to the recoverability and useful lives of long-lived assets, allocation of revenue on software subscriptions, valuation of goodwill from business acquisitions, valuation and recoverability of investments, valuation allowances of deferred taxes, and stock-based compensation expenses. Actual results may differ from these estimates. In addition, any change in these estimates or their related assumptions could have an adverse effect on the Company&#8217;s operating results.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash and cash equivalents</b> - The Company defines its cash and cash equivalents to include only cash on hand and certain highly liquid investments with original maturities of ninety days or less. The Company maintains its cash and cash equivalents at financial institutions, the balances of which may, at times, exceed federally insured limits. Management believes that the risk of loss due to the concentration is minimal.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equipment </b>- Equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life ranging from three to five years. Normal repairs and maintenance are expensed as incurred. Expenditures that materially adapt, improve, or alter the nature of the underlying assets are capitalized. When equipment are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and the resulting gain or loss is credited or charged to income.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Stock-based compensation</b> - In accordance with ASC No. 718, Compensation &#8211; Stock Compensation (&#8220;ASC 718&#8221;), the Company measures the compensation costs of stock-based compensation arrangements based on the grant date fair value of granted instruments and recognizes the costs in financial statements over the period during which employees are required to provide services. Stock-based compensation arrangements include stock options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Equity instruments (&#8220;instruments&#8221;) issued to non-employees are recorded on the basis of the fair value of the instruments, as required by ASC 718. ASC No. 505, Equity Based Payments to Non-Employees (&#8220;ASC 505&#8221;), defines the measurement date and recognition period for such instruments. In general, the measurement date is (a) when a performance commitment, as defined, is reached or (b) when the earlier of (i) the non-employee performance is complete and (ii) the instruments are vested. The compensation cost is remeasured at fair value at each reporting period when the award vests. As a result, stock option-based payments to non-employees can result in significant volatility in compensation expense.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for its stock-based compensation using the Black-Scholes model to estimate the fair value of stock option awards. Using this model, fair value is calculated based on assumptions with respect to the (i) expected volatility of the Company&#8217;s common stock price, (ii) expected life of the award, which for options is the period of time over which employees and non-employees are expected to hold their options prior to exercise, and (iii) risk-free interest rate.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fair value measurements</b> - The Company recognizes and discloses the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). Each level of input has different levels of subjectivity and difficulty involved in determining fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">&#160;</td> <td style="width: 48px"><font style="font-size: 10pt">Level 1</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurable date.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">Level 2</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Inputs, other than quoted prices included in Level 1, which are observable for the asset or liability through corroboration with market data at the measurement date.</font></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><font style="font-size: 10pt">Level 3</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Unobservable inputs that reflect management&#8217;s best estimate of what participants would use in pricing the asset or liability at the measurement date.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amounts of the Company&#8217;s financial assets and liabilities, including cash, accounts payable and accrued expenses approximate fair value because of the short maturity of these instruments.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Net loss per common share</b> - The Company reports earnings per share (&#8220;EPS&#8221;) with a dual presentation of basic EPS and diluted EPS. Basic EPS is computed as net income divided by the weighted average of common shares for the period. Diluted EPS reflects the potential dilution that could occur from common shares issued through stock options, or warrants. For the three and six month periods ended June 30, 2018, the Company had no potentially dilutive common stock equivalents. Therefore, the basic EPS and the diluted EPS are the same.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenue recognition</b> &#8211; The Company has two streams of principal revenue segments as of June 30, 2018, software subscription and cryptocurrency investments. The Company records the realized gain or loss on the investments on a trade date basis. In addition, the changes in unrealized gains or losses on the investments are marked to market on the last day of every month at 11:59 p.m., Pacific Time, based on publicly available cryptocurrency exchanges. The Company classifies investments in cryptocurrency as trading investments. Trading generally reflects active and frequent buying and selling and is generally used with the dual objective of generating profits on short-term difference in price and gaining hands on experience in the cryptocurrency marketplace to aid in the development of our proprietary software.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also has subscription revenues through its majority-owned subsidiary CoinTracking GmbH and minimal amounts of consulting revenue. In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09, Revenue from Contracts with Customers. ASU No. 2014-09 supersedes nearly all existing revenue recognition guidance under US GAAP. The Company adopted ASU No. 2014-09 as of January 1, 2018 using the modified retrospective transition method for contracts as of the date of initial application. There is no cumulative impact to the Company&#8217;s retained earnings at January 1, 2018. See &#8220;Note 5 - Revenue Recognition&#8221; for additional information on the impact to the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Currently, in the US GAAP accounting framework, there is no authoritative guidance specifically related to the accounting treatment of cryptocurrencies, and management has <font style="background-color: white">exercised significant judgement in determining appropriate accounting treatment. Management </font>believes that measuring cryptocurrencies at fair value, consistent with the accounting for trading investments in commodities and securities with changes in fair value recognized on both the balance sheet and profit and loss statements, best reflects the Company&#8217;s financial position and the economics and characteristics of our cryptocurrency investments. Realized gains and losses for the Company&#8217;s cryptocurrency segment are included in revenues.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Income taxes -</b> Deferred tax assets and liabilities are recognized for expected future consequences of events that have been included in the financial statements or tax returns. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. The provision for income taxes represents the tax payable for the period and the change during the period in deferred tax assets and liabilities. For the six-month period ended June 30, 2018, the income tax payable of $800 reflects the minimum franchise tax for the State of California.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are subject to taxation in the U.S., as well as state and German taxes. The Company has not been audited by the U.S. Internal Revenue Service, nor has the Company been audited by any states or in Germany.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Impairment of long lived assets - </b>The Company analyzes its long-lived assets for potential impairment. Impairment losses are recorded on long-lived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the net carrying amount of the assets. In such cases, the carrying values of assets to be held and used are adjusted to their estimated fair value, less estimated selling expenses. For the six-month period ended June 30, 2018, the Company recognized no impairment losses on its long-lived assets.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Marketing expense - </b>Marketing expenses are charged to operations, under general and administrative expenses. The Company incurred $85,570 and $134,269 of marketing expenses for the three and six months ended June 30, 2018, respectively, compared to $13,500 for the three months ended June 30, 2017 and for the period from Inception through June 30, 2017.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 7 - INVESTMENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investments include cryptocurrency classified as a Level 2 asset because inputs are from cryptocurrency exchanges with price variability. The Company also invests in a SAFE and ICOs which are included as Level 3 investments as there was no active market as of June 30, 2018. The following table summarizes the Company&#8217;s investments at fair value as of June 30, 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Level 1</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Level 2</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Level 3</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 55%; padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Investment in cryptocurrency</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,832,810</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">617,639</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> <tr> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company establishes processes and procedures to ensure that the valuation methodologies that are categorized within Level 3 are fair, consistent and verifiable. ICOs are carried at cost which approximates fair value at June 30, 2018. The Company considers the length of its investments, of which a majority were made during the current year, as well as its comprehensive investment process which includes reviews of white papers, preparation of either short or long forms analysis that is reviewed by the Company&#8217;s internal investment committee, among other factors in determining fair value. At the time that the ICOs have an available market exchange, the investments will be reclassified to Level 2.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth a summary of changes in the fair value of the Company&#8217;s Level 3 investments for the six months ended June 30, 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">Level 3</font></td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Cryptocurrency</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%; text-align: justify"><font style="font-size: 10pt">Balance at December 31, 2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">167,818</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Transfers to Level 2 investments</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(50,179</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Purchases, sales, issuances, and settlement, net</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">500,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Balance, June 30, 2018</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">367,639</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the fair value of cryptocurrencies, other than ICOs, held as of June 30, 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 87%"><font style="font-size: 10pt">Bitcoin</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">1,223,488</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Ethereum</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">105,432</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Bitcoin Cash</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">70,028</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Litecoin</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">42,316</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Cardano</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">25,822</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">EOS</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">24,525</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Stellar Lumens</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">24,369</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">BlockVee</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">23,445</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Ether Classis</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">23,037</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Binance Coin</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">21,108</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">NEO</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">20,882</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Dash</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">20,271</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Monero</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">17,619</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Polymath</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">16,281</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">OmiseGO</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">15,143</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Enigma</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">14,096</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Ontology</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,761</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Vechain</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,457</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Qtum</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,122</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Steem</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10,473</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Zcash</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9,893</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Siacoin</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9,466</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Basic Attention Token</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,665</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">0x</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,429</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">ICON</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,387</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Nano</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,298</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Lisk</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,272</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Aeternity</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">7,946</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Zilliqa</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">7,827</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Metal</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,342</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Aragon</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,757</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Bitcoin Private</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,948</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Ripple</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,384</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">DigiByte</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">752</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Decred</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">435</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">NavCoin</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">234</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Startis</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">215</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Dogecoin</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">188</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Gas</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">170</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">NEM</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">157</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Horizen</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">122</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Waves</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">100</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">CloakCoin</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">45</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Decentraland</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">37</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">PIVX</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">32</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Bytom</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">20</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Nebulas</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,832,810</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 11 &#8211; WARRANTS FOR COMMON STOCK</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the six-month period ended June 30, 2018, no stock purchase warrants were issued. As of June 30, 2018, outstanding warrants to purchase shares of the Company&#8217;s common stock were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Number of Shares</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt"><b>Issuance Date</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Exercisable</b></font><br /> <font style="font-size: 10pt"><b>for</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Expiration</b></font><br /> <font style="font-size: 10pt"><b>Date</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Exercise</b></font><br /> <font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Outstanding</b></font><br /> <font style="font-size: 10pt"><b>Under Warrants</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 23%; text-align: justify">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 19%; text-align: center">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 19%; text-align: center">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 15%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">September 2017</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Common Shares</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">September 25, 2020</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">2.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">168,125</font></td> <td>&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The warrants expire on the third anniversary of their issuance dates. The exercise price of the warrants is subject to adjustment from time to time, as provided therein, to prevent dilution of purchase rights granted thereunder. The warrants are considered indexed to the Company&#8217;s own stock and therefore no subsequent remeasurement is required.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 14 - BASIC AND DILUTED LOSS PER SHARE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a reconciliation of the basic and diluted loss per share computations:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the three months</font><br /> <font style="font-size: 10pt">ended June 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the six months</font><br /> <font style="font-size: 10pt">ended June 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Numerator for basic and diluted income per share:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 55%; text-align: justify"><font style="font-size: 10pt">Net loss attributable to the Company</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">(7,272,309</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 21%; text-align: right"><font style="font-size: 10pt">(10,431,256</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Denominator for basic and diluted income per share:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Weighted average shares (basic)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">21,131,457</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">21,003,328</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Common stock equivalents</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Weighted average shares (diluted)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">21,131,457</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">21,003,328</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Basic and diluted income (loss) per share:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Basic and diluted</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.34</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.50</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Consolidation </b>- The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Crypto Sub, CoinTracking, and Malibu Blockchain, as well as its 50.1% ownership of CoinTracking GmbH. All significant intercompany accounts and transactions are eliminated in consolidation.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investments in cryptocurrency - </b>Investments are comprised primarily of two types of cryptocurrency investments. The Company owns several cryptocurrencies, of which a majority is Bitcoin, which are actively traded on exchanges and are reported at fair value as determined by digital asset markets with realized gains and losses calculated on a trade date basis as the difference between the fair value and cost of cryptocurrencies transferred. <font style="background-color: white">Management </font>believes that measuring cryptocurrencies at fair value, consistent with the accounting for trading investments in commodities and securities with changes in fair value recognized on both the balance sheet and profit and loss statements, best reflects the Company&#8217;s financial position and the economics and characteristics of its cryptocurrency investments. The Company recognizes the fair value changes in unrealized gains and losses on investment through the accompanying Statement of Operations. For the six-month period ended June 30, 2018, the Company had a consolidated balance of $2,200,449 in investments in cryptocurrencies. The Company believes that it would be able to liquidate a majority of its portfolio into cash within one to seven days, if needed. As of June 30, 2018, the Company&#8217;s holdings represent on average 1.3% of the daily volume of total trades on the specific exchanges where it would be able to convert its holdings to cash. The primary exchanges and principal markets the Company utilizes for its trading are Kraken, Bittrex, Poloniex and Bitstamp. These exchanges, in the aggregate, account for approximately $168,000,000 in Bitcoin/USD trades per day globally.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the Company&#8217;s cryptocurrency investments include Initial Coin Offerings (&#8220;ICOs&#8221;), which primarily consist of tokens that are not currently traded on an exchange. The Company records these investments at cost, as there is no active market. As of June 30, 2018, ICOs represent $367,639 of the Company&#8217;s investments in cryptocurrencies. For the six-month period ended June 30, 2018, the Company recognized no impairment losses on investments in ICOs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investments &#8211; non-cryptocurrency </b>- During the six months ended June 30, 2018, the Company invested $250,000 as part of a financing in accordance with a simple agreement for future equity (&#8220;SAFE&#8221;), representing 4% interest, at the time of the investment, in a private enterprise. The Company&#8217;s investment may take the form of equity in the future, relating to a potential equity financing or initial public offering and a token grant in the event of a successful ICO by the enterprise. The Company has evaluated the guidance in Accounting Standards Codification (&#8220;ASC&#8221;) No. 325-20 Investments &#8211; Other, in determining to account for the investment using the cost method since the equity securities are not marketable and do not give the Company significant influence. The Company has determined that there is no impairment to date due to the recent nature of the investment and the early stage development of the platform and has included such asset as a level 3 investment.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the Company&#8217;s investments at fair value as of June 30, 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Level 1</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Level 2</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Level 3</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 55%; padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Investment in cryptocurrency</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,832,810</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td> <td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="width: 12%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">617,639</font></td> <td style="width: 1%; padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin-top: 0; margin-bottom: 0">&#160;</p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth a summary of changes in the fair value of the Company&#8217;s Level 3 investments for the six months ended June 30, 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt">Level 3</font></td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Cryptocurrency</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%; text-align: justify"><font style="font-size: 10pt">Balance at December 31, 2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 11%; text-align: right"><font style="font-size: 10pt">167,818</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Transfers to Level 2 investments</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(50,179</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Purchases, sales, issuances, and settlement, net</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">500,000</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Balance, June 30, 2018</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">367,639</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Equipment consists of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2018</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">December 31, 2017</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%; text-align: justify"><font style="font-size: 10pt">Computer equipment</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">107,850</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">69,241</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Furniture equipment</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">15,322</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,754</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">123,172</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">72,995</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Less accumulated depreciation</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(15,013</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(4,675</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">108,159</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68,320</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a reconciliation of the basic and diluted loss per share computations:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the three months</font><br /> <font style="font-size: 10pt">ended June 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">For the six months</font><br /> <font style="font-size: 10pt">ended June 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Numerator for basic and diluted income per share:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 55%; text-align: justify"><font style="font-size: 10pt">Net loss attributable to the Company</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">(7,272,309</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 21%; text-align: right"><font style="font-size: 10pt">(10,431,256</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Denominator for basic and diluted income per share:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Weighted average shares (basic)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">21,131,457</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">21,003,328</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Common stock equivalents</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Weighted average shares (diluted)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">21,131,457</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">21,003,328</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Basic and diluted income (loss) per share:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Basic and diluted</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.34</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.50</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the fair value of cryptocurrencies, other than ICOs, held as of June 30, 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 87%"><font style="font-size: 10pt">Bitcoin</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">1,223,488</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Ethereum</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">105,432</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Bitcoin Cash</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">70,028</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Litecoin</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">42,316</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Cardano</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">25,822</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">EOS</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">24,525</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Stellar Lumens</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">24,369</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">BlockVee</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">23,445</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Ether Classis</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">23,037</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Binance Coin</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">21,108</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">NEO</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">20,882</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Dash</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">20,271</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Monero</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">17,619</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Polymath</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">16,281</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">OmiseGO</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">15,143</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Enigma</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">14,096</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Ontology</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,761</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Vechain</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,457</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Qtum</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">13,122</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Steem</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10,473</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Zcash</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9,893</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Siacoin</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">9,466</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Basic Attention Token</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,665</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">0x</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,429</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">ICON</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,387</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Nano</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,298</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Lisk</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">8,272</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Aeternity</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">7,946</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Zilliqa</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">7,827</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Metal</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">6,342</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Aragon</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">4,757</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Bitcoin Private</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,948</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Ripple</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,384</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">DigiByte</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">752</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Decred</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">435</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">NavCoin</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">234</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Startis</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">215</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Dogecoin</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">188</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Gas</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">170</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">NEM</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">157</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Horizen</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">122</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Waves</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">100</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">CloakCoin</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">45</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Decentraland</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">37</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">PIVX</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">32</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Bytom</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">20</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Nebulas</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,832,810</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2018, outstanding warrants to purchase shares of the Company&#8217;s common stock were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Number of Shares</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt"><b>Issuance Date</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Exercisable</b></font><br /> <font style="font-size: 10pt"><b>for</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Expiration</b></font><br /> <font style="font-size: 10pt"><b>Date</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Exercise</b></font><br /> <font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Outstanding</b></font><br /> <font style="font-size: 10pt"><b>Under Warrants</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 23%; text-align: justify">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 19%; text-align: center">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 19%; text-align: center">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 15%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 16%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">September 2017</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">Common Shares</font></td> <td>&#160;</td> <td style="text-align: center"><font style="font-size: 10pt">September 25, 2020</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">2.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">168,125</font></td> <td>&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Weighted</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Remaining</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Average</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Contractual</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Aggregate</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Number</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Exercise</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Term</b></font></td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Intrinsic</b></font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>of Shares</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Price</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>(years)</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Value</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td colspan="2" style="text-align: justify">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 50%; text-align: justify"><font style="font-size: 10pt">Options outstanding, at December 31, 2017</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right"><font style="font-size: 10pt">644,531</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 10pt">2.32</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"><font style="font-size: 10pt">Options granted</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,807,062</font></td> <td>&#160;</td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">7.37</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify"><font style="font-size: 10pt">Options cancelled</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(250,000</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">7.00</font></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Options exercised</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(37,858</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">1.63</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Options outstanding, at June 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,163,735</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">6.44</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">9.44</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">128,764,882</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Exercisable</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">637,117</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">5.73</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">9.66</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">25,762,945</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Vested and exercisable and expected to vest, end of period</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,163,735</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">6.44</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">9.44</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">$</font></td> <td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 10pt">128,764,882</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The range of assumptions used for the six-month period ended June 30, 2018 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">June 30, 2018</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">Ranges</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Weighted-average volatility</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">36 - 75 </font></td> <td><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%"><font style="font-size: 10pt">Expected dividends</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 15%; text-align: right"><font style="font-size: 10pt">0</font></td> <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Expected term (in years)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">5.00 - 10 years</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Risk-free rate</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1.91 - 2.95</font></td> <td><font style="font-size: 10pt">%</font></td></tr> </table> <p style="margin: 0pt"></p> 2917627 1022099 1178350 367639 800 800 168423 168423 9392685 10014881 2800248 1408208 -236035 -551778 11273076 8864908 -551778 -557606 -10983034 -7829915 -920554 -1201654 -3660016 -127185 25058 -123703 4736400 908924 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 4 - ACQUISITION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 26, 2018, CoinTracking, a wholly-owned subsidiary of the Company, acquired 50.1% of the equity interest in CoinTracking GmbH, for (i) $4,736,400 in cash and (ii) 473,640 shares of common stock of the Company at $10 per share for total purchase price valued at $9,472,800. On the acquisition date, the fair market value of $10 per share for the Company&#8217;s common stock was determined using a trading range from November 2017, discounted further due to lack of marketability. The Company used this approach due to the lack of trading volume since (i) the stock trading was suspended by the SEC in December 2017 and was moved to OTC Grey market by the OTC Markets Group, Inc. on January 3, 2018, (ii) stock sales to accredited investors on December 12, 2017, at $7 per share, and (iii) a valuation performed as of March 31, 2018. The equity purchase agreement between the Company and CoinTracking GmbH included a purchase price adjustment pursuant to which the consideration would increase if the share price of the Company&#8217;s common stock closed below $10 per share on July 2, 2018. No adjustment was required. CoinTracking GmbH provides its customers with the ability to view and monitor their own cryptocurrency portfolios as well as tax calculation and reporting services. Customers may not make trades through the CoinTracking GmbH platform. The purpose of the acquisition was to increase our presence in the digital asset industry and build strategic alliances.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements were prepared using the acquisition method of accounting in accordance with FASB ASC805, <i>Business Combinations</i>, and have been included in the Company&#8217;s consolidated results as of acquisition date with the Company considered as the accounting acquirer and CoinTracking GmbH as the accounting acquiree.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accordingly, consideration paid by the Company to complete the acquisition was allocated to the identifiable assets and liabilities of CoinTracking GmbH based on estimated fair values as of the closing date. We made a preliminary allocation of the consideration transferred to the assets acquired and liabilities assumed based on the information available and preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed. Acquisition-related costs were expensed as incurred and were not considered to be significant. We expect to complete the final purchase price allocation related to this acquisition prior to year-end. Therefore, the valuation of certain assets and liabilities in the CoinTracking GmbH acquisition is preliminary and subject to change.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below summarizes the fair values of the assets acquired and liabilities assumed, translated from euros to U.S. dollars, at the date of acquisition:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">CoinTracking GmbH</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%"><font style="font-size: 10pt">Cash and cash equivalents</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">1,547,097</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Investment in cryptocurrency</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,115,345</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Loan receivable &#8211; related party</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">194,380</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Other current assets</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">284,677</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Goodwill</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10,014,881</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Other assets</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">144,566</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt"><b>Total assets</b></font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13,300,946</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Current liabilities</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">211,422</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Contract liabilities, short term</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,686,858</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Contract liabilities, long term</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">929,866</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt"><b>Total liabilities</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,828,146</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Net assets acquired</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,472,800</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the six months ended June 30, 2018, the Company recorded an adjustment to current liabilities assumed of $250,000, resulting in a reduction of goodwill.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The purchase price was based on the expected financial performance of CoinTracking GmbH and not on the value of the net identifiable assets at the time of acquisition. This resulted in a significant portion of the purchase price being attributed to goodwill. As a result, the Company recognized $10,014,881 of goodwill on the date of acquisition. Once the purchase price allocation is completed, the Company expects a portion of goodwill to be allocated to non-controlling interests and intangible assets, primarily software and technology and a non-compete agreement with the former majority shareholder of CoinTracking GmbH, included as finite-lived intangible assets, which will increase amortization expense by a significant amount.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Unaudited pro forma financial information</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The unaudited pro forma financial information in the table below presents the combined results of the Company and CoinTracking GmbH as if these acquisitions had occurred on January 1, 2018. The unaudited pro forma financial information includes adjustments required under the acquisition method of accounting and is presented for informational purposes only and is not necessarily indicative of the results that would have been achieved had the acquisitions actually occurred on January 1, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three and six months ended June 30, 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Three-months</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Six Months</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Revenue</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">586,747</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">2,232,007</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Net loss</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">(7,145,543</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(10,374,966</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Basic and diluted loss per share:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Basic and diluted</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(0.34</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(0.49</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 5 &#8211; SUBSCRIPTION REVENUE RECOGNITION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">CoinTracking GmbH accounts for a contract when it has approval and commitment from all parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised services is transferred to our customers, and in an amount that reflects the consideration the Company is contractually due in exchange for those services. Most of the Company&#8217;s contracts with customers are single, or have few distinct performance obligations, the transaction price is allocated to each performance obligation using the stand-alone selling price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">CoinTracking GmbH&#8217;s revenue is primarily derived directly from users in the form of subscriptions. Subscription revenue, is presented net of credits and credit card chargebacks. Subscribers pay in advance, primarily by PayPal or cryptocurrencies, and, subject to certain conditions identified in our terms and conditions. Revenue is initially deferred and is recognized using the straight-line method over the terms of the applicable subscription period, which primarily range from annual to perpetual.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transaction Price</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The objective of determining the transaction price is to estimate the amount of consideration the Company is due in exchange for services, including amounts that are variable. CoinTracking GmbH has a standalone sales price for its subscription service, which varies based on length of subscription. Further, the Company excludes from the measurement of transaction price all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of revenue.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Estimates of certain revenue</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue collected in advance for subscriptions ranging from annual to perpetual packages are deferred and recognized as revenue on a straight-line basis over the terms of the applicable subscription period or performance obligation period. For &#8220;lifetime&#8221; revenue packages, where the customer has access to the website for unlimited length of time, the Company has elected to recognize revenue on a straight-line basis over three years. We believe that based on the short history of customer data, customer relationship period, and number of available alternative providers, and anticipation of future changes to the blockchain industry, a measure of three years of performance obligation to our customers appears to be appropriate. The Company intends to re-evaluate the length of the performance obligation period for lifetime revenue packages periodically based on historical and industry data and adjust it as deemed necessary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net Revenue and Charge-back Reserves</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">CoinTracking GmbH does not maintain an allowance for doubtful accounts because the customer prepays for subscription in advance before access is provided to CoinTracking GmbH&#8217;s website. The Company maintains a reserve for potential credits issued to consumers or other revenue adjustments. In addition, as of June 30, 2018, PayPal withheld $49,856 for potential credits issued to customers, which is included in prepaid expenses and other current assets on our condensed Balance Sheet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contract Liabilities</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Contract liabilities are recorded when payments are received or due in advance of performing CoinTracking GmbH&#8217;s service obligations and is recognized over the service period, which primarily relates to prepayments of subscription revenue. At the acquisition date of January 26, 2018, CoinTracking GmbH&#8217;s total contract liabilities were $3,616,724, and we recognized revenue of $1,341,284 for the six months ended June 30, 2018. As of June 30, 2018, $2,800,248 of current contract liabilities were recorded and $1,408,208 of long-term contract liabilities were recorded. As of December 31, 2017, we did not have consolidated contract liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Assets Recognized from the Costs to Obtain a Contract with a Customer</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">CoinTracking GmbH has determined that certain costs associated with affiliate payments paid to customers pursuant to certain sales incentive programs, meet the requirements to be capitalized as a cost of obtaining a contract. Affiliates are paid in Bitcoins and expense is amortized over the applicable subscription period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three and six months ended June 30, 2018, the Company recognized expense of $32,100 and $62,754, respectively, related to the amortization of affiliate payments. The aggregate contract asset balance at June 30, 2018 is $158,360.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 6 - SEGMENT INFORMATION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company has organized its operations into two segments: a software subscription segment and a cryptocurrency investment segment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The software subscription segment primarily consists of amounts earned through subscriptions to the CoinTracking GmbH website. Among other features, the CoinTracking GmbH website offers subscriptions, currently ranging from annual to perpetual, that allow individuals and entities to record exactly when and where they acquired virtual currencies of any variety, as well as their acquisition prices. Operating expense related to this segment is technology infrastructure and general administrative costs primarily incurred in Germany.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The cryptocurrency investment segment primarily consists of amounts earned, if any, through proprietary trading activities of cryptocurrencies and costs are operating expenses that consists of general and administrative costs in North America. The Company does not trade or manage other individuals&#8217; or entities&#8217; funds and has no current plans to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no intercompany internal revenue transactions between our reportable segments. These segments reflect the way our chief operating decision maker evaluates the Company&#8217;s business performance and manages its operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the Company&#8217;s operating income by segment for the three months ended June 30:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2018</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Cryptocurrency Investment</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Software Subscription</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%"><font style="font-size: 10pt">Revenue, net</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(299,086</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">885,833</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">586,747</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Costs and expenses</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(7,397,216</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(654,662</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(8,051,878</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Operating income/(loss)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(7,696,302</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">231,171</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(7,465,131</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Cryptocurrency Investment</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Software</font><br /> <font style="font-size: 10pt">Subscription</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%"><font style="font-size: 10pt">Revenue, net</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">82,640</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">82,640</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Costs and expenses</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,391,465</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,391,465</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Operating loss</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1,308,825</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1,308,825</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the Company&#8217;s operating income by segment for the six months ended June 30:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2018</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Cryptocurrency Investment</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Software</font><br /> <font style="font-size: 10pt">Subscription</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%"><font style="font-size: 10pt">Revenue, net</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">773,512</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">1,342,825</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">2,116,337</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Costs and expenses</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(8,836,235</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,271,374</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(10,107,592</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Operating income/(loss)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(8,062,723</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">71,468</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(7,991,255</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the Company&#8217;s operating income by segment for the period from Inception to June 30, 2017:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Cryptocurrency Investment</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Software</font><br /> <font style="font-size: 10pt">Subscription</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%"><font style="font-size: 10pt">Revenue, net</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">82,640</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">82,640</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Costs and expenses</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,672,565</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,672,565</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Operating loss</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1,589,925</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1,589,925</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Foreign Currency Translation</b> - Results of foreign operations are translated into U.S. dollars using average rates prevailing throughout the period, while assets and liabilities are translated in U.S. dollars at period end foreign exchange rates. Transactions gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency of the applicable subsidiary are included in the consolidated statements of operations, within other income, in the year in which the change occurs. The Company&#8217;s functional currency is U.S. dollars while the functional currency for CoinTracking GmbH is in euros.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Business combination - </b>The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values with the residual of the purchase price recorded as goodwill. The results of operations of acquired businesses are included in our operating results from the dates of acquisition.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below summarizes the fair values of the assets acquired and liabilities assumed, translated from euros to U.S. dollars, at the date of acquisition:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">CoinTracking GmbH</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%"><font style="font-size: 10pt">Cash and cash equivalents</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 20%; text-align: right"><font style="font-size: 10pt">1,547,097</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Investment in cryptocurrency</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">1,115,345</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Loan receivable &#8211; related party</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">194,380</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Other current assets</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">284,677</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Goodwill</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">10,014,881</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Other assets</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">144,566</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt"><b>Total assets</b></font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">13,300,946</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Current liabilities</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">211,422</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Contract liabilities, short term</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">2,686,858</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Contract liabilities, long term</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">929,866</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt"><b>Total liabilities</b></font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,828,146</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Net assets acquired</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,472,800</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three and six months ended June 30, 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Three-months</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Six Months</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%"><font style="font-size: 10pt">Revenue</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">586,747</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 16%; text-align: right"><font style="font-size: 10pt">2,232,007</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">Net loss</font></td> <td>&#160;</td> <td><font style="font-size: 10pt">$</font></td> <td style="text-align: right"><font style="font-size: 10pt">(7,145,543</font></td> <td><font style="font-size: 10pt">)</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">(10,374,966</font></td> <td><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">Basic and diluted loss per share:</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right">&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; padding-left: 10pt"><font style="font-size: 10pt">Basic and diluted</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(0.34</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(0.49</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the Company&#8217;s operating income by segment for the three months ended June 30:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2018</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Cryptocurrency Investment</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Software Subscription</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%"><font style="font-size: 10pt">Revenue, net</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(299,086</font></td> <td style="width: 1%"><font style="font-size: 10pt">)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">885,833</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">586,747</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Costs and expenses</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(7,397,216</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(654,662</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(8,051,878</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Operating income/(loss)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(7,696,302</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">231,171</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(7,465,131</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Cryptocurrency Investment</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Software</font><br /> <font style="font-size: 10pt">Subscription</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%"><font style="font-size: 10pt">Revenue, net</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">82,640</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">82,640</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Costs and expenses</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,391,465</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,391,465</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Operating loss</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1,308,825</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1,308,825</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the Company&#8217;s operating income by segment for the six months ended June 30:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2018</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Cryptocurrency Investment</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Software</font><br /> <font style="font-size: 10pt">Subscription</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%"><font style="font-size: 10pt">Revenue, net</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">773,512</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">1,342,825</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">2,116,337</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Costs and expenses</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(8,836,235</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,271,374</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(10,107,592</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Operating income/(loss)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(8,062,723</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">71,468</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double">&#160;</td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(7,991,255</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the Company&#8217;s operating income by segment for the period from Inception to June 30, 2017:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">2017</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Cryptocurrency Investment</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Software</font><br /> <font style="font-size: 10pt">Subscription</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Total</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%"><font style="font-size: 10pt">Revenue, net</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">82,640</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">82,640</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Costs and expenses</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,672,565</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(1,672,565</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 10pt">Operating loss</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1,589,925</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(1,589,925</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr> </table> <p style="margin: 0pt"></p> 20459 21169 3189303 9472800 25301 107000 0.04 0.501 0.499 0.501 0.501 168000000 P3Y P5Y 134269 85570 13500 13500 4736400 473640 12525 473640 10 7 2232007 586747 -10374966 -7145543 3616724 2 -10107592 -8051878 -1391465 -1672565 -7397216 -1391465 -1672565 -8836235 -654662 -1271374 167818 1832810 1832810 617639 1223488 105432 16281 1384 42316 70028 23445 25822 20271 24525 24369 23037 21108 20882 17619 15143 14096 13761 13457 13122 10473 9893 9466 8665 8429 8387 8298 8272 7946 7827 6342 4757 1948 752 435 234 215 188 170 157 122 100 45 37 32 20 14 50179 500000 72995 3754 69241 123172 107850 15322 4675 15013 September 2017 2020-09-25 2.00 168125 P10Y 5000000 1836265 644531 3163735 3163735 2807062 400000 450000 1957062 5522520 37858 7031 14667 12494 3163735 2.32 6.44 1.63 0.01 2.00 6.44 128764882 128764882 0.36 0.75 0.00 P5Y P10Y 0.0191 0.0295 202512 1417584 394092 255833 .02 .03 1246 0 21003328 21131457 21003328 21131457 6000 3024 2018-09-30 2018-09-30 35501 10478 9000 9000 CRCW 500 114127 44233 1131885 1304457 1153325 -0.50 -0.34 -0.07 -0.09 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">In June 2018, FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting<i>, </i>which simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. </font>The ASU expands the scope of Topic 718, Compensation&#8212;Stock Compensation, which currently only includes share-based payments issued to employees, to also include share-based payments issued to non-employees for goods and services. Consequently, the accounting for share-based payments to non-employees and employees will be substantially aligned. Management currently does not plan to early adopt this guidance. <font style="background-color: white">The new standard is effective for annual reporting periods beginning after December 15, 2018 with early adoption permitted. The Company is evaluating the effect that ASU No. 2018-07 will have on its consolidated financial statements and related disclosures.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2017, the FASB issued No. ASU 2017-11<i>, </i>Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Rounds and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. This ASU changes the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity&#8217;s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. The amendments also require entities to recognize the effect of the down round feature on EPS when it is triggered. ASU 2017-11 should be adopted retrospectively or as a cumulative-effect adjustment as of the date of adoption, only to financial instruments outstanding as of the initial application date. ASU 2017-11 will be effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. The adoption of ASU No. 2017-11 is not expected to have a material impact on the Company&#8217;s consolidated financial statements and related disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Essentially, an entity will not have to account for the effects of a modification if: (1) The fair value of the modified award is the same immediately before and after the modification; (2) the vesting conditions of the modified award are the same immediately before and after the modification; and (3) the classification of the modified award as either an equity instrument or liability instrument is the same immediately before and after the modification. The new standard became effective for us on January 1, 2018. Adoption of the ASU No. 2017-11 did not have a significant impact on our consolidated financial statements and related disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business (Topic 805). The new guidance that changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in ASC 606, Revenue from Contracts with Customers. The ASU is effective for annual reporting periods beginning after December 15, 2017, and for interim periods within those years. Adoption of ASU No. 2017-01 did not have a significant impact on our consolidated financial statements and related disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2017, the FASB issues, ASU No. 2017-04, Simplifying the Test for Goodwill Impairment (Topic 350) which removes &#8220;Step Two&#8221; of the goodwill impairment test, which required a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit&#8217;s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The ASU is effective for annual reporting periods beginning after December 15, 2019, and for interim periods within those years, with early adoption permitted. The adoption of ASU No. 2017-04 is not expected to have a material impact on the Company&#8217;s consolidated financial statements and related disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which, among other things, requires lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. The new standard also requires new disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard becomes effective for us on January 1, 2019. Early adoption is permitted. The amendments in this update should be applied under a modified retrospective approach. Adoption of ASU No. 2016-02 will not have a significant impact on our consolidated financial statements and related disclosures.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Goodwill and Intangible Assets </b>- The Company records the excess of purchase price over the fair value of the tangible and identifiable intangible assets acquired as goodwill. Goodwill and intangible assets with indefinite lives are tested for impairment at least annually on December 31, and whenever events or circumstances occur indicating that a possible impairment may have been incurred. Intangible assets with finite lives are amortized over their useful lives.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company assesses whether goodwill impairment exists using both qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed to determine whether a goodwill impairment exists at the reporting unit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on its analysis, the Company&#8217;s management believes that no impairment of the carrying value of its goodwill existed at June 30, 2018. There can be no assurance however, that market conditions will not change or demand for the Company&#8217;s products and services will continue which could result in impairment of goodwill in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, we capitalize certain costs incurred with developing our CoinTracking SaaS platform in accordance with ASC 985-20, Software &#8212; Costs of Software to be Sold, Leased, or Marketed once technological feasibility has been established. Capitalized software costs primarily include i) external direct costs of services utilized in software development and ii) compensation and related benefits for employees who are directly associated with software development. We amortize our capitalized software costs over a three-year period, reflecting the estimated useful lives of the assets.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Risks and uncertainties - </b>The Company is subject to various risks including market risk, liquidity risk, and other risks related to its investments in cryptocurrency. Investing in cryptocurrency is currently unregulated, highly speculative, and volatile.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The prices of cryptocurrency could materially and adversely affect an investment in the shares of the Company. The prices of the cryptocurrencies have a limited history. During such history, the cryptocurrencies&#8217; prices have been volatile and subject to influence by many factors including the levels of liquidity. If the cryptocurrency&#8217;s markets continue to experience significant price fluctuations, the Company may experience losses. Several factors may affect the prices of the cryptocurrencies, including, but not limited to, global cryptocurrency supply and demand, and competition from other forms of digital currency or payments services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There is currently no clearing house for cryptocurrency, nor is there a central or major depository for the custody of cryptocurrency. There is a risk that some or all of the Company&#8217;s cryptocurrencies could be lost or stolen. The Company does not have insurance protection on its cryptocurrency which exposes the Company and its shareholders to the risk of loss of the Company&#8217;s cryptocurrency. Further, cryptocurrency transactions are irrevocable. Stolen or incorrectly transferred of cryptocurrency may be irretrievable. As a result, any incorrectly executed cryptocurrency transactions could adversely affect an investment in the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent private keys for the cryptocurrency&#8217;s addresses are lost, destroyed or otherwise compromised and no backup of the private keys are accessible, the Company may be unable to access the cryptocurrency held in the associated address and the private key will not be capable of being restored by the cryptocurrency network.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The processes by which cryptocurrency transactions are settled are dependent on the cryptocurrency peer-to-peer network, and as such, the Company is subject to operational risk. A risk also exists with respect to previously unknown technical vulnerabilities, which may adversely affect the value of the cryptocurrencies.</p> Common Shares P1Y2M23D 1341284 884587 250000 -236035 126766 -10431256 -7272309 -920554 -1201654 -538289 250000 -111082 186359 541 250000 1547097 1115345 284677 144566 13300946 2686858 929866 3828146 9472800 Revenue collected in advance for subscriptions ranging from annual to perpetual packages are deferred and recognized as revenue on a straight-line basis over the terms of the applicable subscription period or performance obligation period. For "lifetime" revenue packages, where the customer has access to the website for unlimited length of time, the Company has elected to recognize revenue on a straight-line basis over three years. 62754 32100 49856 7 7.00 2631857 3339996 2978095 0 7.37 P9Y7M28D 3000000 30000 300000 700000 500000 2116337 586747 82640 82640 -299086 82640 82640 773512 885833 1342825 884587 1341284 1246 1541 264484 2200449 1022099 0.13 158360 637117 5.73 25762945 138791 1500000 33294 196773 176989 390176 325115 70101 70101 785854 130771 <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 9 &#8211; GOODWILL AND INTANGBILE ASSETS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. The Company&#8217;s goodwill balance is the result of the acquisition of CoinTracking GmbH in the current year (see footnote 4). Intangible assets include software development costs, related to our CoinTracking GMBH SaaS platform.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amount of goodwill and intangible assets for the&#160;six months ended June 30, 2018&#160;were as follows:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Balance as of December 31, 2017(net of amortization)</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Additions</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Amortization</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Balance as of</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">June 30, 2018</p></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 32%"><font style="font-size: 10pt">Goodwill</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">9,392,685</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">9,392,685 </font></td> <td style="width: 1%"><font style="font-size: 10pt">(1)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Capitalized Software</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">217,632</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(40,644</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">176,988</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,610,317</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(40,644</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,569,673</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><font style="font-size: 10pt">(1)</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Goodwill is recorded in euros and translated to U.S. dollars, in accordance with ASC 830, Foreign Currency Matters, and therefore, is subject to fluctuations. </font></td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluates the recoverability of goodwill annually as of December 31, and whenever events or changes in circumstances indicate to us that the carrying amount may not be recoverable. There were no conditions that indicated any impairment of goodwill as of&#160;June 30, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Intangible assets with finite useful lives are amortized over their respective estimated useful lives. Amortization expense related to intangible assets was&#160;$9,060&#160;for the three and&#160;six months ended&#160;June 30, 2018, respectively, and $0 for the prior year periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amortization expense for intangible assets is included in general and administrative expenses. The following table provides estimated future amortization expense related to intangible assets as of June 30, 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Year ending December 31,</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Future Amortization</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%"><font style="font-size: 10pt">2018 (remaining)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">37,564</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2019</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">75,129</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">51,611</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">12,684</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">2022</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">176,988</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Note 16: SUBSEQUENT EVENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 3, 2018, upon exercise of a stock option by a member of the Company&#8217;s board of directors, the Company issued 3,571 shares of common stock at an exercise price of $7.00 per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of August 31, 2018, the Company liquidated, into cash, all its investment in cryptocurrency held by the cryptocurrency investment segment, which had a balance of $1,022,099 as of June 30, 2018, included in investment in cryptocurrency, of The Crypto Company in the condensed consolidated balance sheet.</p> <p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity and Going Concern</b>- The Company&#8217;s condensed consolidated financial statements are prepared using the accrual method of accounting in accordance with US GAAP and have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The Company has incurred significant losses and experienced negative cash flows since Inception. As of June 30, 2018, the Company had cash of $1,154,996, a decline of $7,795,248 from the December 31, 2017 balance of $8,950,244. This decline is due, in part, to the acquisition of CoinTracking GmbH in January 2018, which included $3,189,303 of cash consideration, net of acquired cash. The Company&#8217;s working capital was $264,484 as of June 30, 2018, which includes a contract liability of $2,800,248, representing advanced payments from customers for subscription service, which is initially deferred and recognized on a straight-line method over the terms of the applicable subscription period. Management does not anticipate settling this liability in cash. After June 30, 2018, the Company liquidated its cryptocurrency of $1,022,099 at June 30, 2018, included on its condensed consolidated balance sheet, to help fund its operations. As of June 30, 2018, the accumulated deficit amounted to $18,198,814. As a result of the Company&#8217;s history of losses and financial condition, there is substantial doubt about the ability of the Company to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management is evaluating different strategies to obtain financing to fund the Company&#8217;s expenses and achieve a level of revenue adequate to support the Company&#8217;s current cost structure. Financing strategies may include, but are not limited to, private placements of capital stock, debt borrowings, partnerships and/or collaborations. There can be no assurance that any of these future-funding efforts will be successful or that the Company will achieve its projected level of revenue in 2018 and beyond. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.</p> 7795248 211422 250000 194380 -0.49 -0.34 9060 9060 0 0 37564 75129 51611 12684 176988 9392685 176988 217632 40644 9569673 9610317 40644 250000 7.00 P9Y5M9D P9Y5M9D 3571 <p style="margin: 0pt"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amount of goodwill and intangible assets for the&#160;six months ended June 30, 2018&#160;were as follows:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Balance as of December 31, 2017(net of amortization)</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Additions</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Amortization</font></td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Balance as of</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">June 30, 2018</p></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 32%"><font style="font-size: 10pt">Goodwill</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">9,392,685</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 14%; text-align: right"><font style="font-size: 10pt">9,392,685 </font></td> <td style="width: 1%"><font style="font-size: 10pt">(1)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Capitalized Software</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">217,632</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(40,644</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">176,988</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,610,317</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(40,644</font></td> <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">9,569,673</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><font style="font-size: 10pt">(1)</font></td> <td style="text-align: justify"><font style="font-size: 10pt">Goodwill is recorded in euros and translated to U.S. dollars, in accordance with ASC 830, Foreign Currency Matters, and therefore, is subject to fluctuations. </font></td></tr> </table> <p style="margin: 0pt"></p> <p style="margin: 0pt"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table provides estimated future amortization expense related to intangible assets as of June 30, 2018:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Year ending December 31,</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt">Future Amortization</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%"><font style="font-size: 10pt">2018 (remaining)</font></td> <td style="width: 1%">&#160;</td> <td style="width: 1%"><font style="font-size: 10pt">$</font></td> <td style="width: 18%; text-align: right"><font style="font-size: 10pt">37,564</font></td> <td style="width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2019</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">75,129</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 10pt">2020</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">51,611</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 10pt">2021</font></td> <td>&#160;</td> <td>&#160;</td> <td style="text-align: right"><font style="font-size: 10pt">12,684</font></td> <td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">2022</font></td> <td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: black 1.5pt solid">&#160;</td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td> <td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="padding-bottom: 2.5pt">&#160;</td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">176,988</font></td> <td style="padding-bottom: 2.5pt">&#160;</td></tr> </table> <p style="margin: 0pt"></p> -25957 Goodwill is recorded in euros and translated to U.S. dollars, in accordance with ASC 830, Foreign Currency Matters, and therefore, is subject to fluctuations. EX-101.SCH 7 crcw-20180630.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Consolidated Balance Sheet link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Consolidated Balance Sheet (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Disclosure - The Company link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Recent Accounting Pronouncements link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Acquisition link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Subscription Revenue Recognition link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Segment Information link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Investments link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Equipment link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Goodwill and Intangible Assets link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Summary of Common Stock Transactions link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Warrants for Common Stock link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Summary of Stock Options link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Basic and Diluted Loss Per Share link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Acquisition (Tables) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Segment Information (Tables) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Investments (Tables) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Equipment (Tables) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Goodwill and Intangible Assets (Tables) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Warrants for Common Stock (Tables) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Summary of Stock Options (Tables) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Basic and Diluted Loss Per Share (Tables) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - The Company (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Summary of Significant Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Acquisition (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Acquisition - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Acquisition - Schedule of Unaudited Pro Forma Financial Information (Details) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Subscription Revenue Recognition (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Segment Information (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Segment Information - Schedule of Operating Income (Loss) by Segment (Details) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - Investments - Schedule of Fair Value of Investments in Cryptocurrency (Details) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - Investments - Summary of Cryptocurrencies Held (Details) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - Equipment - Schedule of Equipment (Details) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - Goodwill and Intangible Assets (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense Related to Intangible Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - Summary of Common Stock Transactions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000046 - Disclosure - Warrants for Common Stock (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000047 - Disclosure - Warrants for Common Stock - Schedule of Outstanding Warrants to Purchase Shares of Common Stock (Details) link:presentationLink link:calculationLink link:definitionLink 00000048 - Disclosure - Summary of Stock Options (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - Summary of Stock Options - Schedule of Stock Options Activity (Details) link:presentationLink link:calculationLink link:definitionLink 00000050 - Disclosure - Summary of Stock Options - Schedule of Stock Option Assumptions Used (Details) link:presentationLink link:calculationLink link:definitionLink 00000051 - Disclosure - Related Party Transactions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000052 - Disclosure - Basic and Diluted Loss Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) link:presentationLink link:calculationLink link:definitionLink 00000053 - Disclosure - Commitments and Contingencies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000054 - Disclosure - Subsequent Events (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 crcw-20180630_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 crcw-20180630_def.xml XBRL DEFINITION FILE EX-101.LAB 10 crcw-20180630_lab.xml XBRL LABEL FILE Fair Value, Hierarchy [Axis] Level 3 [Member] Property, Plant and Equipment, Type [Axis] Furniture Equipment [Member] Computer Equipment [Member] Award Type [Axis] 2017 Equity Incentive Plan [Member] Legal Entity [Axis] CoinTracking [Member] CoinTracking GmbH [Member] Kachel Holding GmbH [Member] Range [Axis] Minimum [Member] Maximum [Member] CoinTracking LLC [Member] Level 1 [Member] Level 2 [Member] Investment Type [Axis] Bitcoin [Member] Ethereum [Member] Polymath [Member] Ripple [Member] Litecoin [Member] Bitcoin Cash [Member] BlockVee [Member] Cardano [Member] Dash [Member] EOS [Member] Title of Individual [Axis] Consultant [Member] Related Party [Axis] Employee [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Equity Purchase Agreement [Member] Equity Components [Axis] Warrant [Member] Plan Name [Axis] 2017 Equity Incentive Plan [Member] Non Employees [Member] Equity Components [Axis] Stock option [Member] Full Stack Finance [Member] Lease Agreement [Member] Soba Living, LLC [Member] Short-Term Lease Agreement [Member] Miramar Property Investment Co. [Member] Income Statement Location [Axis] Cryptocurrency Investment [Member] Software Subscription [Member] Stellar Lumens [Member] Ether Classis [Member] Binance Coin [Member] NEO [Member] Monero [Member] OmiseGO [Member] Enigma [Member] Ontology [Member] Vechain [Member] Qtum [Member] Steem [Member] Zcash [Member] Siacoin [Member] Basic Attention Token [Member] 0x [Member] ICON [Member] Nano [Member] Lisk [Member] James Gilbert [Member] Board of Directors [Member] Loan Agreement [Member] Michael Poutre [Member] Separation and Consulting Agreement [Member] Debt Instrument [Axis] Promissory Note One [Member] Promissory Note Two [Member] Promissory Note Three [Member] Product and Service [Axis] Subscription Revenue, Net [Member] Other [Member] Initial Coin Offerings [Member] Accredited Investors [Member] Aeternity [Member] Zilliqa [Member] Metal [Member] Aragon [Member] Bitcoin Private [Member] DigiByte [Member] Decred [Member] NavCoin [Member] Startis [Member] Dogecoin [Member] Gas [Member] NEM [Member] Horizen [Member] Waves [Member] CloakCoin [Member] Decentraland [Member] PIVX [Member] Bytom [Member] Nebulas [Member] Employees [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Trading Symbol Document Fiscal Period Focus Document Fiscal Year Focus Statement [Table] Statement [Line Items] ASSETS CURRENT ASSETS Cash and cash equivalents Accounts receivable, net Loan receivable, related party Investment in cryptocurrency at fair value Prepaid expenses and other current assets Contract asset for commissions and incentives, current portion Total Current assets Equipment, net of accumulated depreciation Investments, non-cryptocurrency Contract asset for commissions and incentives, net of current portion Intangible assets, net Goodwill Other assets TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued expenses Income taxes payable Contract liabilities, current portion Total Current Liabilities Contract liabilities, net of current portion TOTAL LIABILITIES STOCKHOLDERS' EQUITY Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding Common stock, $0.001 par value; 50,000,000 shares authorized, 21,169,289 and 20,458,945 shares issued and outstanding, respectively Additional paid-in-capital Accumulated deficit Accumulated other comprehensive income TOTAL CRYPTO COMPANY EQUITY Noncontrolling interests TOTAL STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Investment cost Preferred stock, par value Preferred stock, shares authorized Preferred Stock, shares issued Preferred Stock, shares outstanding Common stock, par value Common stock, shares authorized Common Stock, shares issued Common Stock, shares outstanding REVENUE Net realized gain/(loss) on investment in cryptocurrency Total Revenue, net OPERATING EXPENSES Cost of subscription revenues General and administrative expenses Share-based compensation Total Operating Expenses OPERATING LOSS NET CHANGE IN UNREALIZED GAINS/(LOSSES) ON INVESTMENT IN CRYPTOCURRENCY Net change in unrealized gains/(losses) on investment in cryptocurrency OTHER INCOME LOSS BEFORE PROVISION FOR INCOME TAXES PROVISION FOR INCOME TAXES NET LOSS INCOME/(LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS NET LOSS ATTRIBUATE TO CRYPTO COMPANY OTHER COMPREHENSIVE LOSS Foreign currency translation adjustment COMPREHENSIVE LOSS ATTRIBUTABLE TO THE CRYPTO COMPANY Net loss attributable to the Crypto Company per common share - basic and diluted Weighted average common shares outstanding - basic and diluted Statement of Cash Flows [Abstract] Cash flows from operating activities: Net loss Adjustments to reconcile net loss to net cash used in operations: Net change in unrealized losses/(gains) on investment in cryptocurrency Net realized gain on investment in cryptocurrency Customer payments received in cryptocurrency Net proceeds from sales of investments in cryptocurrency Depreciation and amortization Change in operating assets and liabilities: Accounts receivable Loan receivable, related party Prepaid expenses Accounts payable and accrued expenses Value-added taxes payable Contract liabilities Net cash used in operating activities Cash flows from investing activities: Payments for purchase of other assets Payments for purchase of equipment Cash paid for acquisition, net of cash acquired Purchase of investments, non-cryptocurrency Capitalized software development Net cash used in investing activities Cash flows from financing activities: Proceeds from common stock issuance Proceeds from exercise of stock options Net cash provided by financing activities Effect of exchange rate changes on cash Net (decrease) increase in cash and cash equivalents Cash and cash equivalents at the beginning of the Period Cash and cash equivalents at the end of the Period Noncash investment activities: Shares of common stock issued in exchange of investment in cryptocurrency Issues of common stock for acquisition of CoinTracking GmbH Organization, Consolidation and Presentation of Financial Statements [Abstract] The Company Accounting Policies [Abstract] Summary of Significant Accounting Policies New Accounting Pronouncements and Changes in Accounting Principles [Abstract] Recent Accounting Pronouncements Business Combinations [Abstract] Acquisition Subscription Revenue Recognition Subscription Revenue Recognition Segment Reporting [Abstract] Segment Information Investments [Abstract] Investments Property, Plant and Equipment [Abstract] Equipment Goodwill and Intangible Assets Disclosure [Abstract] Goodwill and Intangible Assets Equity [Abstract] Summary of Common Stock Transactions Warrants For Common Stock Warrants for Common Stock Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Summary of Stock Options Related Party Transactions [Abstract] Related Party Transactions Earnings Per Share [Abstract] Basic and Diluted Loss Per Share Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Subsequent Events [Abstract] Subsequent Events Basis of Presentation Consolidation Liquidity and Going Concern Use of Estimates Cash and Cash Equivalents Investments Equipment Impairment of Long Lived Assets Business Combination Goodwill and Intangible Assets Foreign Currency Translation Income Taxes Fair Value Measurements Revenue Recognition Stock-based Compensation Risks and Uncertainties Net Loss Per Common Share Marketing Expense Schedule of Fair Value of Assets Acquired and Liabilities Assumed Schedule of Unaudited Pro Forma Financial Information Schedule of Operating Income (Loss) by Segment Schedule of Fair Value of Investments in Cryptocurrency Summary of Cryptocurrencies Held Schedule of Equipment Schedule of Goodwill and Intangible Assets Schedule of Estimated Future Amortization Expense Related to Intangible Assets Schedule of Outstanding Warrants to Purchase Shares of Common Stock Schedule of Stock Options Activity Schedule of Stock Option Assumptions Used Schedule of Earnings Per Share Basic and Diluted Equity interests, percentage Common stock ownership percentage Cash balance Cash declined Cash paid for acquisition, net of cash acquired Working capital Contract liability Accumulated deficit Consolidated investments Percentage of volume of trades on exchanges Investment in trading exchange on Bitcoin/USD per day Impairment losses Investment in a private enterprise Estimated useful life of equipment Income tax payable Marketing expenses Payments to acquire businesses in cash Number of common stock shares purchased Business combination, purchase price per share Purchase price Adjustment to current liabilities assumed Goodwill on acquisition Cash and cash equivalents Investment in cryptocurrency Loan receivable - related party Other current assets Other assets Total assets Current liabilities Contract liabilities, short term Contract liabilities, long term Total liabilities Net assets acquired Revenue Net loss Basic and diluted loss per share: Basic and diluted Subscriptions of revenue, description Potential credit withheld by paypal Contract liabilities Subscription revenue Contract liabilities, current Contract liabilities, noncurrent Amortization of sales incentive programs cost Aggregate contract asset Number of operating segments Revenue, net Cost and expenses Operating income/(loss) Fair Value Hierarchy and NAV [Axis] Investment in cryptocurrency, beginning balance Transfers to Level 2 investments Purchases, sales, issuances, and settlement, net Investment in cryptocurrency, ending balance Investments Equipment, gross Less accumulated depreciation Equipment, net Impairment of goodwill Amortization expense related to intangible assets Goodwill, beginning balance Additions Amortization Goodwill, ending balance Capitalized Software, beginning balance Additions Amortization Capitalized Software, ending balance Goodwill and intangible assets beginning balance Additions Amortization Goodwill and intangible assets ending balance 2018 (remaining) 2019 2020 2021 2022 Total amortization expense Common stock issued for services Common stock issued for services, price per share Common stock issued for services, value Number of common stock shares exercise of stock options Stock option exercise price per share Number shares purchased Number of stock purchase warrants issued Issuance Date Exercisable for Expiration Date Exercise Price Number of Shares Outstanding Under Warrants Derivative Instrument [Axis] Stock option award vesting period Stock options granted Number of stock option remain reserved for future issuance Number of outstanding stock option awards Share based compensation Total intrinsic value of options exercised Restricted stock awards granted Unrecognized compensation costs Unrecognized compensation weighted average period Number of Options Outstanding, Beginning Balance Number of Options Granted Number of Options Cancelled Number of Options Exercised Number of Options Outstanding, Ending Balance Number of Options Outstanding, Exercisable Number of Options Vested and Exercisable and Expected to Vest Weighted Average Exercise Price, Options Outstanding, Beginning Balance Weighted Average Exercise Price, Options Granted Weighted Average Exercise Price, Options Cancelled Weighted Average Exercise Price, Options Exercised Weighted Average Exercise Price, Options Outstanding, Ending Balance Weighted Average Exercise Price, Options Exercisable Weighted Average Exercise Price, Vested and Exercisable and Expected to Vest Weighted Average Remaining Contractual Term, Options Outstanding Weighted Average Remaining Contractual Term, Options Exercisable Weighted Average Remaining Contractual Term, Vested and Exercisable and Expected to Vest Aggregate Intrinsic Value, Options Outstanding Aggregate Intrinsic Value, Options Exercisable Aggregate Intrinsic Value, Vested and Exercisable and Expected to Vest Weighted-average volatility Expected dividends Expected term (in years) Risk-free rate Schedule of Related Party Transactions, by Related Party [Table] Related Party Transaction [Line Items] Legal fees Legal fees payable Loans receivable Loan interest rate Accrued interest income Loan amount ot be advanced Loan amount outstanding Promissory note, face amount Consultant fee payable to CFO, per month Numerator for basic and diluted income per share: Net loss attributable to the Company Denominator for basic and diluted income per share: Weighted average shares (basic) Denominator for basic and diluted income per share: Common stock equivalents Denominator for basic and diluted income per share: Weighted average shares (diluted) Basic and diluted income (loss) per share: Basic and diluted Monthly rent Lease expiration date Facility rent expense Number of common stock shares issued Shares issued price per share Liquidated investments Acadia Properties LLC [Member] Amortization of sales incentive programs cost. Bitcoin Cash [Member] Bitcoin [Member] Block VEE [Member] Business combination recognized identifiable assets acquired and liabilities assumed contract liabilities, short term. Business combination recognized identifiable assets acquired and liabilities assumed contract liabilities, long term. Business combination recognized identifiable assets acquired and liabilities assumed investment in cryptocurrency. Business combination recognized identifiable assets acquired and liabilities assumed other assets. Cardano [Member] CoinTracking GmbH [Member] CoinTracking LLC [Member] CoinTracking Loan [Member] CoinTracking [Member] CoinTracking Note [Member] Common Stock Eight [Member] Common stock equivalents. Common Stock Five [Member] Common Stock Four [Member] Common Stock Nine [Member] Common Stock One [Member] Common Stock Seven [Member] Common Stock Six [Member] Common Stock Ten [Member] Common Stock Three [Member] Common Stock Two [Member] Consultant [Member] Crypto [Member] Crypto Sub [Member] Customer payments received. Dash [Member] Deborah Thomas [Member] Director Services Agreement [Member] EOS [Member] Eleven Accredited Investors [Member] Elliott Platoff [Member] Employee [Member] Employees [Member] Equity Purchase Agreement [Member] Ethereum [Member] Expiration Date. Federal and State [Member] Four Accredited Investors [Member] Full Stack Finance [Member] Furniture Equipment [Member] IOTA [Member] Imperial Strategies, LLC [Member] Investment in trading exchange. Issuance Date. James Gilbert [Member] John Thomas [Member] Kachel Holding GmbH [Member] Lease Agreement [Member] Litecoin [Member] Loan Agreement [Member] Michael Poutre [Member] Miramar Property Investment Co. [Member] Monero [Member] Mr. Berman [Member] Ms. Ruxin [Member] NEO [Member] Nine Accredited Investors [Member] Non Employees [Member] Officers and Consultants [Member] Percentage of volume of trades on exchanges. Polymath [Member] Redwood Fund LP [Member] Rimrock Gold Corp [Member] Ripple [Member] Ron Levy [Member] Separation and Consulting Agreement [Member] Seventy Six Accredited Investors [Member] Shareholders of Crypto [Member] Shares of common stock issued in exchange of investment. Short-Term Lease Agreement [Member] Soba Living, LLC [Member] Stock Sale [Member] Stratis [Member] Subscription [Member] Subscription revenue recognition [Text Block] Subscriptions of revenue, description. Trading [Member] Trading securities purchases, sales, issuances, and settlement, net. Two Accredited Investors [Member] 2017 Equity Incentive Plan [Member] 2017 Equity Incentive Plan [Member] Uptick Capital, LLC [Member] Various Other Currencies [Member] Warrant 8 [Member] Warrant 5 [Member] Warrant 4 [Member] Warrant 9 [Member] Warrant 1 [Member] Warrant 7 [Member] Warrant 6 [Member] Warrant 3 [Member] Warrant 2 [Member] Warrants for Common Stock [Text Block] Working capital. Subscription revenue, net. Potential credit withheld. Cryptocurrency Investment [Member] Software Subscription [Member] Stellar Lumens [Member] Ether Classis [Member] Binance Coin [Member] OmiseGO [Member] Enigma [Member] Ontology [Member] Vechain [Member] Qtum [Member] Steem [Member] Zcash [Member] Siacoin [Member] Basic Attention Token [Member] 0x [Member] ICON [Member] Nano [Member] Lisk [Member] Various Others [Member] Promissory Note One [Member] Promissory Note Two [Member] Promissory Note Three [Member] Board of Directors [Member] Subscription Revenue, Net [Member] Other [Member] Liquidity and Going Concern [Policy Text Block] Cash declined. Initial Coin Offerings [Member] Accredited Investors [Member] Business combination recognized identifiable assets acquired and liabilities assumed Loan receivable' related party. The pro forma basic and diluted net income per share for a period as if the business combination or combinations had been completed at the beginning of a period. Aeternity [Member] Zilliqa [Member] Metal [Member] Aragon [Member] Bitcoin Private [Member] DigiByte [Member] Decred [Member] NavCoin [Member] Startis [Member] Dogecoin [Member] Gas [Member] NEM [Member] Horizen [Member] Waves [Member] CloakCoin [Member] Decentraland [Member] PIVX [Member] Bytom [Member] Nebulas [Member] Goodwill and intangible assets additions. Goodwill amoritization. Goodwill and intangible assets amortization. TwoThousandSeventeenEquityIncentivePlanMember Assets, Current Assets Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Liabilities and Equity Operating Expenses Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Comprehensive Income (Loss), Net of Tax, Attributable to Parent CustomerPaymentsReceivedInCryptocurrency Gain (Loss) on Sale of Investments Increase (Decrease) in Accounts Receivable Increase (Decrease) in Finance Receivables Increase (Decrease) in Prepaid Expense Increase (Decrease) in Accounts Payable and Accrued Liabilities Net Cash Provided by (Used in) Operating Activities Payments to Acquire Other Productive Assets Payments to Acquire Property, Plant, and Equipment Payments to Acquire Investments Payments to Develop Software Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) SubscriptionRevenueRecognitionTextBlock Investment, Policy [Policy Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherAssets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Business Acquisition, Pro Forma Net Income (Loss) Contract with Customer, Liability Marketable Securities Transfer to Investments Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Capitalized Computer Software, Net Capitalized Computer Software, Additions Capitalized Computer Software, Amortization Intangible Assets, Net (Including Goodwill) GoodwillAndIntangibleAssetsAdditions GoodwillAndIntangibleAssetsAmortization Finite-Lived Intangible Assets, Net Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value EX-101.PRE 11 crcw-20180630_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2018
Aug. 07, 2018
Document And Entity Information    
Entity Registrant Name Crypto Co  
Entity Central Index Key 0001688126  
Document Type 10-Q  
Document Period End Date Jun. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   21,172,860
Trading Symbol CRCW  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2018  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheet - USD ($)
Jun. 30, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 1,154,996 $ 8,950,244
Accounts receivable, net 500
Loan receivable, related party 168,423
Investment in cryptocurrency at fair value 1,022,099 2,917,627
Prepaid expenses and other current assets 196,773 33,294
Contract asset for commissions and incentives, current portion 114,127
Total Current assets 3,834,768 11,901,665
Equipment, net of accumulated depreciation 108,159 68,320
Investments, non-cryptocurrency 250,000
Contract asset for commissions and incentives, net of current portion 44,233
Intangible assets, net 176,989
Goodwill 9,392,685 [1]
Other assets 36,566 1,500
TOTAL ASSETS 13,843,400 11,971,485
CURRENT LIABILITIES    
Accounts payable and accrued expenses 769,236 697,609
Income taxes payable 800 800
Contract liabilities, current portion 2,800,248
Total Current Liabilities 3,570,284 698,409
Contract liabilities, net of current portion 1,408,208
TOTAL LIABILITIES 4,978,492 698,409
STOCKHOLDERS' EQUITY    
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding
Common stock, $0.001 par value; 50,000,000 shares authorized, 21,169,289 and 20,458,945 shares issued and outstanding, respectively 21,169 20,459
Additional paid-in-capital 27,830,366 19,020,176
Accumulated deficit (18,198,814) (7,767,559)
Accumulated other comprehensive income (551,778)
TOTAL CRYPTO COMPANY EQUITY 9,100,943 11,273,076
Noncontrolling interests (236,035)
TOTAL STOCKHOLDERS' EQUITY 8,864,908 11,273,076
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 13,843,400 11,971,485
CoinTracking [Member]    
CURRENT ASSETS    
Investment in cryptocurrency at fair value $ 1,178,350
[1] Goodwill is recorded in euros and translated to U.S. dollars, in accordance with ASC 830, Foreign Currency Matters, and therefore, is subject to fluctuations.
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Investment cost $ 1,304,457 $ 1,131,885
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred Stock, shares issued
Preferred Stock, shares outstanding
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 50,000,000 50,000,000
Common Stock, shares issued 21,169,289 20,458,945
Common Stock, shares outstanding 21,169,289 20,458,945
CoinTracking [Member]    
Investment cost $ 1,153,325  
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 4 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2017
Jun. 30, 2018
REVENUE        
Net realized gain/(loss) on investment in cryptocurrency $ (299,086) $ 82,640 $ 82,640 $ 773,512
Total Revenue, net 586,747 82,640 82,640 2,116,337
OPERATING EXPENSES        
Cost of subscription revenues 325,115 390,176
General and administrative expenses 2,969,183 1,224,748 1,305,848 5,667,975
Share-based compensation 4,757,580 166,717 366,717 4,049,441
Total Operating Expenses 8,051,878 1,391,465 1,672,565 10,107,592
OPERATING LOSS (7,465,131) (1,308,825) (1,589,925) (7,991,255)
NET CHANGE IN UNREALIZED GAINS/(LOSSES) ON INVESTMENT IN CRYPTOCURRENCY        
Net change in unrealized gains/(losses) on investment in cryptocurrency 249,487 389,071 389,071 (2,745,337)
OTHER INCOME 70,101 70,101
LOSS BEFORE PROVISION FOR INCOME TAXES (7,145,543) (919,754) (1,200,854) (10,666,491)
PROVISION FOR INCOME TAXES 800 800 800
NET LOSS (7,145,543) (920,554) (1,201,654) (10,667,291)
INCOME/(LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS 126,766 (236,035)
NET LOSS ATTRIBUATE TO CRYPTO COMPANY (7,272,309) (920,554) (1,201,654) (10,431,256)
OTHER COMPREHENSIVE LOSS        
Foreign currency translation adjustment (557,606) (551,778)
COMPREHENSIVE LOSS ATTRIBUTABLE TO THE CRYPTO COMPANY $ (7,829,915) $ (920,554) $ (1,201,654) $ (10,983,034)
Net loss attributable to the Crypto Company per common share - basic and diluted $ (0.34) $ (0.07) $ (0.09) $ (0.50)
Weighted average common shares outstanding - basic and diluted 21,131,457 13,179,033 12,746,973 21,003,328
Subscription Revenue, Net [Member]        
REVENUE        
Total Revenue, net $ 884,587 $ 1,341,284
Other [Member]        
REVENUE        
Total Revenue, net $ 1,246 $ 1,541
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
4 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2018
Cash flows from operating activities:    
Net loss $ (1,201,654) $ (10,667,291)
Adjustments to reconcile net loss to net cash used in operations:    
Net change in unrealized losses/(gains) on investment in cryptocurrency (389,071) 2,745,337
Net realized gain on investment in cryptocurrency (82,640) (773,512)
Customer payments received in cryptocurrency (908,924)
Net proceeds from sales of investments in cryptocurrency 538,289
Depreciation and amortization 541 186,359
Share-based compensation 366,717 4,049,441
Change in operating assets and liabilities:    
Accounts receivable 500
Loan receivable, related party 25,957
Prepaid expenses (166,069) 121,198
Accounts payable and accrued expenses 232,856 (28,713)
Value-added taxes payable (111,082)
Contract liabilities 785,854
Net cash used in operating activities (1,239,320) (4,036,587)
Cash flows from investing activities:    
Payments for purchase of other assets (107,000) (25,301)
Payments for purchase of equipment (20,185) (64,641)
Cash paid for acquisition, net of cash acquired (3,189,303)
Purchase of investments, non-cryptocurrency (250,000)
Capitalized software development (130,771)
Net cash used in investing activities (127,185) (3,660,016)
Cash flows from financing activities:    
Proceeds from common stock issuance 2,756,036
Proceeds from exercise of stock options 25,058
Net cash provided by financing activities 2,756,036 25,058
Effect of exchange rate changes on cash (123,703)
Net (decrease) increase in cash and cash equivalents 1,389,531 (7,795,248)
Cash and cash equivalents at the beginning of the Period 8,950,244
Cash and cash equivalents at the end of the Period 1,389,531 1,154,996
Noncash investment activities:    
Shares of common stock issued in exchange of investment in cryptocurrency 100,000
Issues of common stock for acquisition of CoinTracking GmbH $ 4,736,400
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
The Company
6 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
The Company

NOTE 1 - THE COMPANY

 

The Crypto Company was incorporated in the State of Nevada on March 9, 2017 (“Inception”) and is engaged in the business of building technological infrastructure, a proprietary investment portfolio and strategic alliances to facilitate the exchange of value in the digital asset market and, specifically, to assist third parties with investing in, trading and managing their own digital assets. From time to time, we may seek strategic acquisitions either by integrating third-party teams and technology with our core business or by funding third-party teams in which we may have interest. Unless expressly indicated or the context requires otherwise, the terms “Crypto,” the “Company,” “we,” “us,” and “our” in this Quarterly Report refer to The Crypto Company and, where appropriate, its wholly owned subsidiaries, Crypto Sub, Inc., a Nevada corporation (“Crypto Sub”); CoinTracking, LLC, a Nevada limited liability company (“CoinTracking”); Malibu Blockchain, LLC, a Nevada limited liability company (“Malibu Blockchain”); and, where applicable, CoinTracking’ s majority-owned subsidiary, CoinTracking GmbH.

 

On January 26, 2018, CoinTracking, a Nevada limited liability company and wholly owned subsidiary of the Cypto Company, acquired 50.1% of CoinTracking GmbH. The remaining 49.9% of CoinTracking GmbH is owned by Kachel Holding GmbH, a private limited liability company (Gesellschaft mit beschränkter Haftung) organized under the laws of the Federal Republic of Germany (“Kachel Holding”). CoinTracking GmbH operates as a Software as a Service (“SaaS”) platform that allows users to track and manage value, profit, loss and other information regarding their investments in cryptocurrencies (but not trade their cryptocurrencies) available via web-based or mobile application. Prior to December 2017, CoinTracking GmbH operated as a sole proprietorship starting in 2013.

 

Technology

 

The Company is developing proprietary technology and source code to create products and services that will assist third-parties by providing them with the tools, computer programming and training to independently invest in, trade and manage their own digital assets, including trading management and auditing software, tools and processes to assist in the trading and management of our own proprietary portfolio of digital assets and the operations and traditional companies, from start-up businesses to well-established companies. We may consider using our technology to build additional units around our existing platform, or selling or licensing our technology to third-party institutions for a fee.

 

Media and Ongoing Education

 

The Company also engages in public discourse on an ongoing basis and regularly hosts roundtable webinars to educate the public about the cryptocurrency market. The Company does not express opinions regarding the advisability of investing in a particular digital asset or in the digital asset marketplace, and it does not receive compensation in connection with these roundtable webinars.

XML 18 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation - The included condensed consolidated balance sheet as of December 31, 2017, was derived from audited financial statements and the accompanying unaudited condensed consolidated financial statements as June 30, 2018 and 2017 of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the condensed consolidated financial statements have been included.

 

The results of operations for interim periods are not necessarily indicative of the results to be expected for future quarters or for the full year.

 

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the period from Inception through December 31, 2017, filed with the Securities and Exchange Commission (“SEC”) on April 2, 2018.

 

Consolidation - The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Crypto Sub, CoinTracking, and Malibu Blockchain, as well as its 50.1% ownership of CoinTracking GmbH. All significant intercompany accounts and transactions are eliminated in consolidation.

 

Liquidity and Going Concern- The Company’s condensed consolidated financial statements are prepared using the accrual method of accounting in accordance with US GAAP and have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The Company has incurred significant losses and experienced negative cash flows since Inception. As of June 30, 2018, the Company had cash of $1,154,996, a decline of $7,795,248 from the December 31, 2017 balance of $8,950,244. This decline is due, in part, to the acquisition of CoinTracking GmbH in January 2018, which included $3,189,303 of cash consideration, net of acquired cash. The Company’s working capital was $264,484 as of June 30, 2018, which includes a contract liability of $2,800,248, representing advanced payments from customers for subscription service, which is initially deferred and recognized on a straight-line method over the terms of the applicable subscription period. Management does not anticipate settling this liability in cash. After June 30, 2018, the Company liquidated its cryptocurrency of $1,022,099 at June 30, 2018, included on its condensed consolidated balance sheet, to help fund its operations. As of June 30, 2018, the accumulated deficit amounted to $18,198,814. As a result of the Company’s history of losses and financial condition, there is substantial doubt about the ability of the Company to continue as a going concern.

 

The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management is evaluating different strategies to obtain financing to fund the Company’s expenses and achieve a level of revenue adequate to support the Company’s current cost structure. Financing strategies may include, but are not limited to, private placements of capital stock, debt borrowings, partnerships and/or collaborations. There can be no assurance that any of these future-funding efforts will be successful or that the Company will achieve its projected level of revenue in 2018 and beyond. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

 

Use of estimates - The preparation of these condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses and the related disclosure of contingent assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company’s significant estimates and assumptions include but are not limited to the recoverability and useful lives of long-lived assets, allocation of revenue on software subscriptions, valuation of goodwill from business acquisitions, valuation and recoverability of investments, valuation allowances of deferred taxes, and stock-based compensation expenses. Actual results may differ from these estimates. In addition, any change in these estimates or their related assumptions could have an adverse effect on the Company’s operating results.

 

Cash and cash equivalents - The Company defines its cash and cash equivalents to include only cash on hand and certain highly liquid investments with original maturities of ninety days or less. The Company maintains its cash and cash equivalents at financial institutions, the balances of which may, at times, exceed federally insured limits. Management believes that the risk of loss due to the concentration is minimal.

 

Investments in cryptocurrency - Investments are comprised primarily of two types of cryptocurrency investments. The Company owns several cryptocurrencies, of which a majority is Bitcoin, which are actively traded on exchanges and are reported at fair value as determined by digital asset markets with realized gains and losses calculated on a trade date basis as the difference between the fair value and cost of cryptocurrencies transferred. Management believes that measuring cryptocurrencies at fair value, consistent with the accounting for trading investments in commodities and securities with changes in fair value recognized on both the balance sheet and profit and loss statements, best reflects the Company’s financial position and the economics and characteristics of its cryptocurrency investments. The Company recognizes the fair value changes in unrealized gains and losses on investment through the accompanying Statement of Operations. For the six-month period ended June 30, 2018, the Company had a consolidated balance of $2,200,449 in investments in cryptocurrencies. The Company believes that it would be able to liquidate a majority of its portfolio into cash within one to seven days, if needed. As of June 30, 2018, the Company’s holdings represent on average 1.3% of the daily volume of total trades on the specific exchanges where it would be able to convert its holdings to cash. The primary exchanges and principal markets the Company utilizes for its trading are Kraken, Bittrex, Poloniex and Bitstamp. These exchanges, in the aggregate, account for approximately $168,000,000 in Bitcoin/USD trades per day globally.

 

In addition, the Company’s cryptocurrency investments include Initial Coin Offerings (“ICOs”), which primarily consist of tokens that are not currently traded on an exchange. The Company records these investments at cost, as there is no active market. As of June 30, 2018, ICOs represent $367,639 of the Company’s investments in cryptocurrencies. For the six-month period ended June 30, 2018, the Company recognized no impairment losses on investments in ICOs.

 

Investments – non-cryptocurrency - During the six months ended June 30, 2018, the Company invested $250,000 as part of a financing in accordance with a simple agreement for future equity (“SAFE”), representing 4% interest, at the time of the investment, in a private enterprise. The Company’s investment may take the form of equity in the future, relating to a potential equity financing or initial public offering and a token grant in the event of a successful ICO by the enterprise. The Company has evaluated the guidance in Accounting Standards Codification (“ASC”) No. 325-20 Investments – Other, in determining to account for the investment using the cost method since the equity securities are not marketable and do not give the Company significant influence. The Company has determined that there is no impairment to date due to the recent nature of the investment and the early stage development of the platform and has included such asset as a level 3 investment.

 

Equipment - Equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life ranging from three to five years. Normal repairs and maintenance are expensed as incurred. Expenditures that materially adapt, improve, or alter the nature of the underlying assets are capitalized. When equipment are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and the resulting gain or loss is credited or charged to income.

 

Impairment of long lived assets - The Company analyzes its long-lived assets for potential impairment. Impairment losses are recorded on long-lived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the net carrying amount of the assets. In such cases, the carrying values of assets to be held and used are adjusted to their estimated fair value, less estimated selling expenses. For the six-month period ended June 30, 2018, the Company recognized no impairment losses on its long-lived assets.

 

Business combination - The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values with the residual of the purchase price recorded as goodwill. The results of operations of acquired businesses are included in our operating results from the dates of acquisition.

 

Goodwill and Intangible Assets - The Company records the excess of purchase price over the fair value of the tangible and identifiable intangible assets acquired as goodwill. Goodwill and intangible assets with indefinite lives are tested for impairment at least annually on December 31, and whenever events or circumstances occur indicating that a possible impairment may have been incurred. Intangible assets with finite lives are amortized over their useful lives.

 

The Company assesses whether goodwill impairment exists using both qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed to determine whether a goodwill impairment exists at the reporting unit.

 

Based on its analysis, the Company’s management believes that no impairment of the carrying value of its goodwill existed at June 30, 2018. There can be no assurance however, that market conditions will not change or demand for the Company’s products and services will continue which could result in impairment of goodwill in the future.

 

In addition, we capitalize certain costs incurred with developing our CoinTracking SaaS platform in accordance with ASC 985-20, Software — Costs of Software to be Sold, Leased, or Marketed once technological feasibility has been established. Capitalized software costs primarily include i) external direct costs of services utilized in software development and ii) compensation and related benefits for employees who are directly associated with software development. We amortize our capitalized software costs over a three-year period, reflecting the estimated useful lives of the assets.

 

Foreign Currency Translation - Results of foreign operations are translated into U.S. dollars using average rates prevailing throughout the period, while assets and liabilities are translated in U.S. dollars at period end foreign exchange rates. Transactions gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency of the applicable subsidiary are included in the consolidated statements of operations, within other income, in the year in which the change occurs. The Company’s functional currency is U.S. dollars while the functional currency for CoinTracking GmbH is in euros.

 

Income taxes - Deferred tax assets and liabilities are recognized for expected future consequences of events that have been included in the financial statements or tax returns. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. The provision for income taxes represents the tax payable for the period and the change during the period in deferred tax assets and liabilities. For the six-month period ended June 30, 2018, the income tax payable of $800 reflects the minimum franchise tax for the State of California.

 

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

 

We are subject to taxation in the U.S., as well as state and German taxes. The Company has not been audited by the U.S. Internal Revenue Service, nor has the Company been audited by any states or in Germany.

 

Fair value measurements - The Company recognizes and discloses the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). Each level of input has different levels of subjectivity and difficulty involved in determining fair value.

 

  Level 1 Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurable date.
     
  Level 2 Inputs, other than quoted prices included in Level 1, which are observable for the asset or liability through corroboration with market data at the measurement date.
     
  Level 3 Unobservable inputs that reflect management’s best estimate of what participants would use in pricing the asset or liability at the measurement date.

 

The carrying amounts of the Company’s financial assets and liabilities, including cash, accounts payable and accrued expenses approximate fair value because of the short maturity of these instruments.

 

Revenue recognition – The Company has two streams of principal revenue segments as of June 30, 2018, software subscription and cryptocurrency investments. The Company records the realized gain or loss on the investments on a trade date basis. In addition, the changes in unrealized gains or losses on the investments are marked to market on the last day of every month at 11:59 p.m., Pacific Time, based on publicly available cryptocurrency exchanges. The Company classifies investments in cryptocurrency as trading investments. Trading generally reflects active and frequent buying and selling and is generally used with the dual objective of generating profits on short-term difference in price and gaining hands on experience in the cryptocurrency marketplace to aid in the development of our proprietary software.

 

The Company also has subscription revenues through its majority-owned subsidiary CoinTracking GmbH and minimal amounts of consulting revenue. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. ASU No. 2014-09 supersedes nearly all existing revenue recognition guidance under US GAAP. The Company adopted ASU No. 2014-09 as of January 1, 2018 using the modified retrospective transition method for contracts as of the date of initial application. There is no cumulative impact to the Company’s retained earnings at January 1, 2018. See “Note 5 - Revenue Recognition” for additional information on the impact to the Company.

 

Currently, in the US GAAP accounting framework, there is no authoritative guidance specifically related to the accounting treatment of cryptocurrencies, and management has exercised significant judgement in determining appropriate accounting treatment. Management believes that measuring cryptocurrencies at fair value, consistent with the accounting for trading investments in commodities and securities with changes in fair value recognized on both the balance sheet and profit and loss statements, best reflects the Company’s financial position and the economics and characteristics of our cryptocurrency investments. Realized gains and losses for the Company’s cryptocurrency segment are included in revenues.

 

Stock-based compensation - In accordance with ASC No. 718, Compensation – Stock Compensation (“ASC 718”), the Company measures the compensation costs of stock-based compensation arrangements based on the grant date fair value of granted instruments and recognizes the costs in financial statements over the period during which employees are required to provide services. Stock-based compensation arrangements include stock options.

 

Equity instruments (“instruments”) issued to non-employees are recorded on the basis of the fair value of the instruments, as required by ASC 718. ASC No. 505, Equity Based Payments to Non-Employees (“ASC 505”), defines the measurement date and recognition period for such instruments. In general, the measurement date is (a) when a performance commitment, as defined, is reached or (b) when the earlier of (i) the non-employee performance is complete and (ii) the instruments are vested. The compensation cost is remeasured at fair value at each reporting period when the award vests. As a result, stock option-based payments to non-employees can result in significant volatility in compensation expense.

 

The Company accounts for its stock-based compensation using the Black-Scholes model to estimate the fair value of stock option awards. Using this model, fair value is calculated based on assumptions with respect to the (i) expected volatility of the Company’s common stock price, (ii) expected life of the award, which for options is the period of time over which employees and non-employees are expected to hold their options prior to exercise, and (iii) risk-free interest rate.

 

Risks and uncertainties - The Company is subject to various risks including market risk, liquidity risk, and other risks related to its investments in cryptocurrency. Investing in cryptocurrency is currently unregulated, highly speculative, and volatile.

 

The prices of cryptocurrency could materially and adversely affect an investment in the shares of the Company. The prices of the cryptocurrencies have a limited history. During such history, the cryptocurrencies’ prices have been volatile and subject to influence by many factors including the levels of liquidity. If the cryptocurrency’s markets continue to experience significant price fluctuations, the Company may experience losses. Several factors may affect the prices of the cryptocurrencies, including, but not limited to, global cryptocurrency supply and demand, and competition from other forms of digital currency or payments services.

 

There is currently no clearing house for cryptocurrency, nor is there a central or major depository for the custody of cryptocurrency. There is a risk that some or all of the Company’s cryptocurrencies could be lost or stolen. The Company does not have insurance protection on its cryptocurrency which exposes the Company and its shareholders to the risk of loss of the Company’s cryptocurrency. Further, cryptocurrency transactions are irrevocable. Stolen or incorrectly transferred of cryptocurrency may be irretrievable. As a result, any incorrectly executed cryptocurrency transactions could adversely affect an investment in the Company.

 

To the extent private keys for the cryptocurrency’s addresses are lost, destroyed or otherwise compromised and no backup of the private keys are accessible, the Company may be unable to access the cryptocurrency held in the associated address and the private key will not be capable of being restored by the cryptocurrency network.

 

The processes by which cryptocurrency transactions are settled are dependent on the cryptocurrency peer-to-peer network, and as such, the Company is subject to operational risk. A risk also exists with respect to previously unknown technical vulnerabilities, which may adversely affect the value of the cryptocurrencies.

 

Net loss per common share - The Company reports earnings per share (“EPS”) with a dual presentation of basic EPS and diluted EPS. Basic EPS is computed as net income divided by the weighted average of common shares for the period. Diluted EPS reflects the potential dilution that could occur from common shares issued through stock options, or warrants. For the three and six month periods ended June 30, 2018, the Company had no potentially dilutive common stock equivalents. Therefore, the basic EPS and the diluted EPS are the same.

 

Marketing expense - Marketing expenses are charged to operations, under general and administrative expenses. The Company incurred $85,570 and $134,269 of marketing expenses for the three and six months ended June 30, 2018, respectively, compared to $13,500 for the three months ended June 30, 2017 and for the period from Inception through June 30, 2017.

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Recent Accounting Pronouncements
6 Months Ended
Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
Recent Accounting Pronouncements

NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS

 

In June 2018, FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The ASU expands the scope of Topic 718, Compensation—Stock Compensation, which currently only includes share-based payments issued to employees, to also include share-based payments issued to non-employees for goods and services. Consequently, the accounting for share-based payments to non-employees and employees will be substantially aligned. Management currently does not plan to early adopt this guidance. The new standard is effective for annual reporting periods beginning after December 15, 2018 with early adoption permitted. The Company is evaluating the effect that ASU No. 2018-07 will have on its consolidated financial statements and related disclosures.

 

In July 2017, the FASB issued No. ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Rounds and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. This ASU changes the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. The amendments also require entities to recognize the effect of the down round feature on EPS when it is triggered. ASU 2017-11 should be adopted retrospectively or as a cumulative-effect adjustment as of the date of adoption, only to financial instruments outstanding as of the initial application date. ASU 2017-11 will be effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. The adoption of ASU No. 2017-11 is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

 

In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Essentially, an entity will not have to account for the effects of a modification if: (1) The fair value of the modified award is the same immediately before and after the modification; (2) the vesting conditions of the modified award are the same immediately before and after the modification; and (3) the classification of the modified award as either an equity instrument or liability instrument is the same immediately before and after the modification. The new standard became effective for us on January 1, 2018. Adoption of the ASU No. 2017-11 did not have a significant impact on our consolidated financial statements and related disclosures.

 

In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business (Topic 805). The new guidance that changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in ASC 606, Revenue from Contracts with Customers. The ASU is effective for annual reporting periods beginning after December 15, 2017, and for interim periods within those years. Adoption of ASU No. 2017-01 did not have a significant impact on our consolidated financial statements and related disclosures.

 

In January 2017, the FASB issues, ASU No. 2017-04, Simplifying the Test for Goodwill Impairment (Topic 350) which removes “Step Two” of the goodwill impairment test, which required a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The ASU is effective for annual reporting periods beginning after December 15, 2019, and for interim periods within those years, with early adoption permitted. The adoption of ASU No. 2017-04 is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which, among other things, requires lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. The new standard also requires new disclosures to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard becomes effective for us on January 1, 2019. Early adoption is permitted. The amendments in this update should be applied under a modified retrospective approach. Adoption of ASU No. 2016-02 will not have a significant impact on our consolidated financial statements and related disclosures.

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisition
6 Months Ended
Jun. 30, 2018
Business Combinations [Abstract]  
Acquisition

NOTE 4 - ACQUISITION

 

On January 26, 2018, CoinTracking, a wholly-owned subsidiary of the Company, acquired 50.1% of the equity interest in CoinTracking GmbH, for (i) $4,736,400 in cash and (ii) 473,640 shares of common stock of the Company at $10 per share for total purchase price valued at $9,472,800. On the acquisition date, the fair market value of $10 per share for the Company’s common stock was determined using a trading range from November 2017, discounted further due to lack of marketability. The Company used this approach due to the lack of trading volume since (i) the stock trading was suspended by the SEC in December 2017 and was moved to OTC Grey market by the OTC Markets Group, Inc. on January 3, 2018, (ii) stock sales to accredited investors on December 12, 2017, at $7 per share, and (iii) a valuation performed as of March 31, 2018. The equity purchase agreement between the Company and CoinTracking GmbH included a purchase price adjustment pursuant to which the consideration would increase if the share price of the Company’s common stock closed below $10 per share on July 2, 2018. No adjustment was required. CoinTracking GmbH provides its customers with the ability to view and monitor their own cryptocurrency portfolios as well as tax calculation and reporting services. Customers may not make trades through the CoinTracking GmbH platform. The purpose of the acquisition was to increase our presence in the digital asset industry and build strategic alliances.

 

The consolidated financial statements were prepared using the acquisition method of accounting in accordance with FASB ASC805, Business Combinations, and have been included in the Company’s consolidated results as of acquisition date with the Company considered as the accounting acquirer and CoinTracking GmbH as the accounting acquiree.

 

Accordingly, consideration paid by the Company to complete the acquisition was allocated to the identifiable assets and liabilities of CoinTracking GmbH based on estimated fair values as of the closing date. We made a preliminary allocation of the consideration transferred to the assets acquired and liabilities assumed based on the information available and preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed. Acquisition-related costs were expensed as incurred and were not considered to be significant. We expect to complete the final purchase price allocation related to this acquisition prior to year-end. Therefore, the valuation of certain assets and liabilities in the CoinTracking GmbH acquisition is preliminary and subject to change.

 

The table below summarizes the fair values of the assets acquired and liabilities assumed, translated from euros to U.S. dollars, at the date of acquisition:

 

    CoinTracking GmbH  
Cash and cash equivalents   $ 1,547,097  
Investment in cryptocurrency     1,115,345  
Loan receivable – related party     194,380  
Other current assets     284,677  
Goodwill     10,014,881  
Other assets     144,566  
Total assets   $ 13,300,946  
         
Current liabilities   $ 211,422  
Contract liabilities, short term     2,686,858  
Contract liabilities, long term     929,866  
Total liabilities     3,828,146  
Net assets acquired   $ 9,472,800  

 

During the six months ended June 30, 2018, the Company recorded an adjustment to current liabilities assumed of $250,000, resulting in a reduction of goodwill.

 

The purchase price was based on the expected financial performance of CoinTracking GmbH and not on the value of the net identifiable assets at the time of acquisition. This resulted in a significant portion of the purchase price being attributed to goodwill. As a result, the Company recognized $10,014,881 of goodwill on the date of acquisition. Once the purchase price allocation is completed, the Company expects a portion of goodwill to be allocated to non-controlling interests and intangible assets, primarily software and technology and a non-compete agreement with the former majority shareholder of CoinTracking GmbH, included as finite-lived intangible assets, which will increase amortization expense by a significant amount.

 

Unaudited pro forma financial information

 

The unaudited pro forma financial information in the table below presents the combined results of the Company and CoinTracking GmbH as if these acquisitions had occurred on January 1, 2018. The unaudited pro forma financial information includes adjustments required under the acquisition method of accounting and is presented for informational purposes only and is not necessarily indicative of the results that would have been achieved had the acquisitions actually occurred on January 1, 2018.

 

For the three and six months ended June 30, 2018:

 

    Three-months     Six Months  
Revenue   $ 586,747     $ 2,232,007  
Net loss   $ (7,145,543 )     (10,374,966 )
Basic and diluted loss per share:                
Basic and diluted   $ (0.34 )   $ (0.49 )

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subscription Revenue Recognition
6 Months Ended
Jun. 30, 2018
Subscription Revenue Recognition  
Subscription Revenue Recognition

NOTE 5 – SUBSCRIPTION REVENUE RECOGNITION

 

CoinTracking GmbH accounts for a contract when it has approval and commitment from all parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised services is transferred to our customers, and in an amount that reflects the consideration the Company is contractually due in exchange for those services. Most of the Company’s contracts with customers are single, or have few distinct performance obligations, the transaction price is allocated to each performance obligation using the stand-alone selling price.

 

CoinTracking GmbH’s revenue is primarily derived directly from users in the form of subscriptions. Subscription revenue, is presented net of credits and credit card chargebacks. Subscribers pay in advance, primarily by PayPal or cryptocurrencies, and, subject to certain conditions identified in our terms and conditions. Revenue is initially deferred and is recognized using the straight-line method over the terms of the applicable subscription period, which primarily range from annual to perpetual.

 

Transaction Price

 

The objective of determining the transaction price is to estimate the amount of consideration the Company is due in exchange for services, including amounts that are variable. CoinTracking GmbH has a standalone sales price for its subscription service, which varies based on length of subscription. Further, the Company excludes from the measurement of transaction price all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of revenue.

 

Estimates of certain revenue

 

Revenue collected in advance for subscriptions ranging from annual to perpetual packages are deferred and recognized as revenue on a straight-line basis over the terms of the applicable subscription period or performance obligation period. For “lifetime” revenue packages, where the customer has access to the website for unlimited length of time, the Company has elected to recognize revenue on a straight-line basis over three years. We believe that based on the short history of customer data, customer relationship period, and number of available alternative providers, and anticipation of future changes to the blockchain industry, a measure of three years of performance obligation to our customers appears to be appropriate. The Company intends to re-evaluate the length of the performance obligation period for lifetime revenue packages periodically based on historical and industry data and adjust it as deemed necessary.

 

Net Revenue and Charge-back Reserves

 

CoinTracking GmbH does not maintain an allowance for doubtful accounts because the customer prepays for subscription in advance before access is provided to CoinTracking GmbH’s website. The Company maintains a reserve for potential credits issued to consumers or other revenue adjustments. In addition, as of June 30, 2018, PayPal withheld $49,856 for potential credits issued to customers, which is included in prepaid expenses and other current assets on our condensed Balance Sheet.

 

Contract Liabilities

 

Contract liabilities are recorded when payments are received or due in advance of performing CoinTracking GmbH’s service obligations and is recognized over the service period, which primarily relates to prepayments of subscription revenue. At the acquisition date of January 26, 2018, CoinTracking GmbH’s total contract liabilities were $3,616,724, and we recognized revenue of $1,341,284 for the six months ended June 30, 2018. As of June 30, 2018, $2,800,248 of current contract liabilities were recorded and $1,408,208 of long-term contract liabilities were recorded. As of December 31, 2017, we did not have consolidated contract liabilities.

 

Assets Recognized from the Costs to Obtain a Contract with a Customer

 

CoinTracking GmbH has determined that certain costs associated with affiliate payments paid to customers pursuant to certain sales incentive programs, meet the requirements to be capitalized as a cost of obtaining a contract. Affiliates are paid in Bitcoins and expense is amortized over the applicable subscription period.

 

During the three and six months ended June 30, 2018, the Company recognized expense of $32,100 and $62,754, respectively, related to the amortization of affiliate payments. The aggregate contract asset balance at June 30, 2018 is $158,360.

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Information
6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Segment Information

NOTE 6 - SEGMENT INFORMATION

 

The Company has organized its operations into two segments: a software subscription segment and a cryptocurrency investment segment.

 

The software subscription segment primarily consists of amounts earned through subscriptions to the CoinTracking GmbH website. Among other features, the CoinTracking GmbH website offers subscriptions, currently ranging from annual to perpetual, that allow individuals and entities to record exactly when and where they acquired virtual currencies of any variety, as well as their acquisition prices. Operating expense related to this segment is technology infrastructure and general administrative costs primarily incurred in Germany.

 

The cryptocurrency investment segment primarily consists of amounts earned, if any, through proprietary trading activities of cryptocurrencies and costs are operating expenses that consists of general and administrative costs in North America. The Company does not trade or manage other individuals’ or entities’ funds and has no current plans to do so.

 

There are no intercompany internal revenue transactions between our reportable segments. These segments reflect the way our chief operating decision maker evaluates the Company’s business performance and manages its operations.

 

The following table summarizes the Company’s operating income by segment for the three months ended June 30:

 

    2018  
    Cryptocurrency Investment     Software Subscription     Total  
Revenue, net   $ (299,086 )   $ 885,833     $ 586,747  
Costs and expenses     (7,397,216 )     (654,662 )     (8,051,878 )
Operating income/(loss)   $ (7,696,302 )   $ 231,171     $ (7,465,131 )

 

    2017  
    Cryptocurrency Investment     Software
Subscription
    Total  
Revenue, net   $ 82,640     $ -     $ 82,640  
Costs and expenses     (1,391,465 )     -       (1,391,465 )
Operating loss   $ (1,308,825 )   $ -     $ (1,308,825 )

 

The following table summarizes the Company’s operating income by segment for the six months ended June 30:

 

    2018  
    Cryptocurrency Investment     Software
Subscription
    Total  
Revenue, net   $ 773,512     $ 1,342,825     $ 2,116,337  
Costs and expenses     (8,836,235 )     (1,271,374 )     (10,107,592 )
Operating income/(loss)   $ (8,062,723 )     71,468       (7,991,255 )

 

The following table summarizes the Company’s operating income by segment for the period from Inception to June 30, 2017:

 

    2017  
    Cryptocurrency Investment     Software
Subscription
    Total  
Revenue, net   $ 82,640     $ -     $ 82,640  
Costs and expenses     (1,672,565 )     -       (1,672,565 )
Operating loss   $ (1,589,925 )   $ -     $ (1,589,925 )

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments
6 Months Ended
Jun. 30, 2018
Investments [Abstract]  
Investments

NOTE 7 - INVESTMENTS

 

Investments include cryptocurrency classified as a Level 2 asset because inputs are from cryptocurrency exchanges with price variability. The Company also invests in a SAFE and ICOs which are included as Level 3 investments as there was no active market as of June 30, 2018. The following table summarizes the Company’s investments at fair value as of June 30, 2018:

 

    Level 1     Level 2     Level 3  
Investment in cryptocurrency   $ -     $ 1,832,810     $ 617,639  
                         

 

The Company establishes processes and procedures to ensure that the valuation methodologies that are categorized within Level 3 are fair, consistent and verifiable. ICOs are carried at cost which approximates fair value at June 30, 2018. The Company considers the length of its investments, of which a majority were made during the current year, as well as its comprehensive investment process which includes reviews of white papers, preparation of either short or long forms analysis that is reviewed by the Company’s internal investment committee, among other factors in determining fair value. At the time that the ICOs have an available market exchange, the investments will be reclassified to Level 2.

 

The following table sets forth a summary of changes in the fair value of the Company’s Level 3 investments for the six months ended June 30, 2018:

 

    Level 3  
    Cryptocurrency  
       
Balance at December 31, 2017   $ 167,818  
Transfers to Level 2 investments     (50,179 )
Purchases, sales, issuances, and settlement, net     500,000  
Balance, June 30, 2018   $ 367,639  

 

The following table summarizes the fair value of cryptocurrencies, other than ICOs, held as of June 30, 2018:

 

Bitcoin   $ 1,223,488  
Ethereum     105,432  
Bitcoin Cash     70,028  
Litecoin     42,316  
Cardano     25,822  
EOS     24,525  
Stellar Lumens     24,369  
BlockVee     23,445  
Ether Classis     23,037  
Binance Coin     21,108  
NEO     20,882  
Dash     20,271  
Monero     17,619  
Polymath     16,281  
OmiseGO     15,143  
Enigma     14,096  
Ontology     13,761  
Vechain     13,457  
Qtum     13,122  
Steem     10,473  
Zcash     9,893  
Siacoin     9,466  
Basic Attention Token     8,665  
0x     8,429  
ICON     8,387  
Nano     8,298  
Lisk     8,272  
Aeternity     7,946  
Zilliqa     7,827  
Metal     6,342  
Aragon     4,757  
Bitcoin Private     1,948  
Ripple     1,384  
DigiByte     752  
Decred     435  
NavCoin     234  
Startis     215  
Dogecoin     188  
Gas     170  
NEM     157  
Horizen     122  
Waves     100  
CloakCoin     45  
Decentraland     37  
PIVX     32  
Bytom     20  
Nebulas     14  
    $ 1,832,810  

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equipment
6 Months Ended
Jun. 30, 2018
Property, Plant and Equipment [Abstract]  
Equipment

NOTE 8 - EQUIPMENT

 

Equipment consists of the following:

 

    June 30, 2018     December 31, 2017  
Computer equipment   $ 107,850     $ 69,241  
Furniture equipment     15,322       3,754  
      123,172       72,995  
Less accumulated depreciation     (15,013 )     (4,675 )
    $ 108,159     $ 68,320  

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

NOTE 9 – GOODWILL AND INTANGBILE ASSETS

 

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. The Company’s goodwill balance is the result of the acquisition of CoinTracking GmbH in the current year (see footnote 4). Intangible assets include software development costs, related to our CoinTracking GMBH SaaS platform.

 

The carrying amount of goodwill and intangible assets for the six months ended June 30, 2018 were as follows:

 

    Balance as of December 31, 2017(net of amortization)     Additions     Amortization    

Balance as of

June 30, 2018

 
Goodwill   $             -     $ 9,392,685       -     $ 9,392,685 (1)
Capitalized Software   $ -     $ 217,632     $ (40,644 )   $ 176,988  
    $ -     $ 9,610,317     $ (40,644 )   $ 9,569,673  

 

(1) Goodwill is recorded in euros and translated to U.S. dollars, in accordance with ASC 830, Foreign Currency Matters, and therefore, is subject to fluctuations.

 

The Company evaluates the recoverability of goodwill annually as of December 31, and whenever events or changes in circumstances indicate to us that the carrying amount may not be recoverable. There were no conditions that indicated any impairment of goodwill as of June 30, 2018.

 

Intangible assets with finite useful lives are amortized over their respective estimated useful lives. Amortization expense related to intangible assets was $9,060 for the three and six months ended June 30, 2018, respectively, and $0 for the prior year periods.

 

Amortization expense for intangible assets is included in general and administrative expenses. The following table provides estimated future amortization expense related to intangible assets as of June 30, 2018:

 

Year ending December 31,   Future Amortization  
2018 (remaining)   $ 37,564  
2019     75,129  
2020     51,611  
2021     12,684  
2022     -  
    $ 176,988  

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Common Stock Transactions
6 Months Ended
Jun. 30, 2018
Equity [Abstract]  
Summary of Common Stock Transactions

NOTE 10 - SUMMARY OF COMMON STOCK TRANSACTIONS

 

On April 18, 2018, the Company issued to James Gilbert 202,512 shares of common stock of the Company, valued at $7 per share at the time of issuance, or $1,417,584, for certain services performed on behalf of the Company.

 

On March 20, 2018, upon exercise of a stock option by a consultant of the Company, the Company issued 7,031 shares of common stock at an exercise price of $0.01 per share.

 

On January 31, 2018, upon partial exercise of a stock option by an employee of the Company, the Company issued 14,667 shares of common stock as a cashless exercise.

 

On January 22, 2018, a consultant of the Company exercised 12,494 stock options at an exercise price of $2.00 per share. The Company did not issue the shares upon exercise, recording a common stock payable on its condensed consolidated balance sheet at March 31, 2018. On May 16, 2018, the Company issued the shares and recorded the issuance to common stock and additional paid-in-capital.

 

On January 16, 2018, pursuant to an Equity Purchase Agreement (the “Agreement”) entered into on December 22, 2017 by and among the Company, CoinTracking, Kachel Holding, and Dario Kachel, CoinTracking purchased from Kachel Holding 12,525 shares of CoinTracking GmbH, representing 50.1% of the equity interests in CoinTracking GmbH, for a purchase price which consisted, in part, of 473,640 shares of common stock of the Company (the “CoinTracking Acquisition”). The transaction closed on January 26, 2018 (see Note 4).

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Warrants for Common Stock
6 Months Ended
Jun. 30, 2018
Warrants For Common Stock  
Warrants for Common Stock

NOTE 11 – WARRANTS FOR COMMON STOCK

 

During the six-month period ended June 30, 2018, no stock purchase warrants were issued. As of June 30, 2018, outstanding warrants to purchase shares of the Company’s common stock were as follows:

 

                  Number of Shares  
Issuance Date   Exercisable
for
  Expiration
Date
  Exercise
Price
    Outstanding
Under Warrants
 
                         
September 2017   Common Shares   September 25, 2020   $ 2.00       168,125  

 

The warrants expire on the third anniversary of their issuance dates. The exercise price of the warrants is subject to adjustment from time to time, as provided therein, to prevent dilution of purchase rights granted thereunder. The warrants are considered indexed to the Company’s own stock and therefore no subsequent remeasurement is required.

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Stock Options
6 Months Ended
Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Options

NOTE 12 - SUMMARY OF STOCK OPTIONS

 

On July 21, 2017, the Company’s board of directors adopted The Crypto Company 2017 Equity Incentive Plan (the “Plan), which was approved by its stockholders on August 24, 2017. The Plan is administered by the board of directors (the “Administrator”). Under the Plan, the Company may grant equity awards to eligible participants which may take the form of stock options (both incentive stock options and non-qualified stock options) and restricted stock awards. Awards may be granted to officers, employees, non-employee directors (as defined in the Plan) and other key persons (including consultants and prospective employees). The term of any stock option award may not exceed 10 years and may be subject to vesting conditions, as determined by the Administrator. Options granted generally vest over eighteen to thirty-six months. Incentive stock options may be granted only to employees of the Company or any subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the Internal Revenue Code.

 

During the six months ended June 30, 2018, the Company issued an additional 450,000 stock options to members of our board of directors, 1,957,062 stock options to employees, and 400,000 stock options to non-employees.

 

5,000,000 shares of the Company’s common stock are reserved for issuance under the Plan. As of the six-month period ended June 30, 2018, there are outstanding stock option awards issued from the Plan covering a total of 3,163,735 shares of the Company’s common stock and there remain reserved for future awards 1,836,265 shares of the Company’s common stock.

                Weighted        
                Average        
          Weighted     Remaining        
          Average     Contractual     Aggregate  
    Number     Exercise     Term     Intrinsic  
    of Shares     Price     (years)     Value  
                         
Options outstanding, at December 31, 2017     644,531     $ 2.32                  
Options granted     2,807,062     $ 7.37                  
Options cancelled     (250,000 )   $ 7.00                  
Options exercised     (37,858 )   $ 1.63                  
Options outstanding, at June 30, 2018     3,163,735     $ 6.44       9.44     $ 128,764,882  
Exercisable     637,117     $ 5.73       9.66     $ 25,762,945  
Vested and exercisable and expected to vest, end of period     3,163,735     $ 6.44       9.44     $ 128,764,882  

 

The Company recognized $3,339,996, and $2,631,857 of compensation expense related to stock options for the three and six months ended June 30, 2018, respectively.

 

The total intrinsic value for options exercised, determined using the market price of our common stock on the date of exercise, was $0 and $2,978,095 during the three and six months ended June 30, 2018, respectively.

 

During the six-month period ended June 30, 2018 and the period from Inception through June 30, 2017 the Company had not granted any restricted stock awards.

 

As of June 30, 2018, approximately $5,522,520 of total unrecognized compensation costs related to stock options issued to employees is expected to be recognized over a weighted average period of approximately 1.23 years.

 

The determination of the fair value of stock-based compensation awards utilizing the Black-Scholes model is affected by the Company’s stock price and a number of complex and subjective assumptions, including stock price, volatility, expected life of the equity award, forfeitures rates if any, risk-free interest rates and expected dividends. Volatility is based on the historical volatility of comparable companies measured over the most recent period, generally commensurate with the expected life of the Company’s stock options, adjusted for future expectations given the Company’s limited historical share price data.

 

The risk-free rate is based on implied yields in effect at the time of the grant on U.S. Treasury zero-coupon bonds with remaining terms equal to the expected term of the stock options. The expected dividend is based on the Company’s history and expectation of dividend payouts. Forfeitures are recognized when they occur.

 

The range of assumptions used for the six-month period ended June 30, 2018 are as follows:

 

    June 30, 2018  
      Ranges  
Weighted-average volatility     36 - 75 %
Expected dividends     0 %
Expected term (in years)     5.00 - 10 years  
Risk-free rate     1.91 - 2.95 %

 

Stock options issued to nonemployees are revalued at each vesting tranche and/or reporting date in accordance with ASC 505.

XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions
6 Months Ended
Jun. 30, 2018
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 13 - RELATED PARTY TRANSACTIONS

 

The Company has a services agreement with Full Stack Finance for chief financial officer and accounting outsource services. Ivan Ivankovich, the Company’s CFO, is the Co- Managing Director of Full Stack Finance. Emad Boulos, an employee of Full Stack Finance, serves as the Company’s Controller. The Company paid a total of $255,833 and $394,092 in fees to Full Stack Finance during the three-month and six-month period ended June 30, 2018, respectively, and as of June 30, 2018, there was a balance of $138,791 due to Full Stack Finance, which is included in accounts payable and accrued expenses on the accompanying condensed consolidated balance sheets.

 

The Company has a loan receivable from an officer of CoinTracking GmbH as of June 30, 2018 totaling $168,423. The loan is due upon demand and it bears interest at 2%. During the quarter ended June 30, 2018 and the period from Inception to June 30, 2017 interest income accrued for this loan was $1,246 and $0, respectively, which is included in other income on the accompanying condensed consolidated statements of operations.

 

On April 3, 2018, CoinTracking entered into a Loan Agreement (the “Loan Agreement”) with CoinTracking GmbH, pursuant to which CoinTracking GmbH may provide a loan (the “CoinTracking Loan”) of up to $3,000,000 to CoinTracking, to be advanced to CoinTracking in one or more tranches, at such times and in such amounts as may be requested by CoinTracking from time to time, on or before the tenth anniversary of the Loan Agreement. The Company is deemed obligor of CoinTracking’s obligations under the Loan Agreement for United States Federal income tax purposes. Interest on the CoinTracking Loan will accrue at a rate per annum of the greater of (i) three percent (3%), or (ii) the interest rates published monthly by the United States Internal Revenue Service and in effect under section 1274(d) of the Internal Revenue Code in effect as of the date of issuance of any promissory note under the CoinTracking Loan, and will be payable quarterly. During the three months ended June 30, 2018, pursuant to the Loan Agreement, CoinTracking GmbH advanced $1,500,000 to CoinTracking in exchange for three promissory notes (the “CoinTracking Note”) in the amounts of $300,000, $700,000 and $500,000, respectively, which is still outstanding as of June 30, 2018. The CoinTracking Note will mature on the second anniversary thereof. CoinTracking and CoinTracking GmbH are consolidated entities, as such, the loan and advances are considered to be intercompany transactions and are eliminated in consolidation.

 

Effective May 14, 2018, Michael Poutre, former Chief Executive Officer and director of the Company, resigned from all of his current roles with the Company. Mr. Poutre will remain a consultant to the Company until November 2018. In connection with Mr. Poutre’s resignation, the Company entered into a Separation and Consulting Agreement and General Mutual Release (the “Separation and Consulting Agreement”), which was executed on May 9, 2018 and approved by the Board of Directors on May 14, 2018. The Separation and Consulting Agreement was not effective until May 17, 2018, following the end of the revocation period. The Separation and Consulting Agreement provides that the Company will pay Mr. Poutre a lump-sum cash payment of (i) his earned but unpaid base salary, (ii) his accrued but unpaid vacation time, and (iii) any outstanding requests for expense reimbursements that are approved pursuant to Company policy. Mr. Poutre will serve as a consultant of the Company for six months at a rate of $30,000 per month, payable in two separate tranches, though the Company may terminate his services for any reason. The Separation and Consulting Agreement contains other standard provisions contained in agreements of this nature including non-disparagement and a general release of any and all claims.

XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basic and Diluted Loss Per Share
6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Basic and Diluted Loss Per Share

NOTE 14 - BASIC AND DILUTED LOSS PER SHARE

 

The following is a reconciliation of the basic and diluted loss per share computations:

 

    For the three months
ended June 30, 2018
    For the six months
ended June 30, 2018
 
Numerator for basic and diluted income per share:                
Net loss attributable to the Company   $ (7,272,309 )   $ (10,431,256 )
                 
Denominator for basic and diluted income per share:                
Weighted average shares (basic)     21,131,457       21,003,328  
Common stock equivalents     -       -  
Weighted average shares (diluted)     21,131,457       21,003,328  
                 
Basic and diluted income (loss) per share:                
Basic and diluted   $ (0.34 )   $ (0.50 )

XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies
6 Months Ended
Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 15 - COMMITMENTS AND CONTINGENCIES

 

Operating leases - On May 15, 2017, the Company entered into a lease agreement with Soba Living, LLC for the rental of office space. The agreement is a month-to-month lease, which requires monthly rents of $6,000 through September 30, 2018.

 

On January 18, 2018, the Company entered into a short-term lease agreement with Miramar Property Investment Co., for an office space on a month-to-month basis, requiring monthly rents of $3,024 expiring through September 30, 2018.

 

Facility rent expense was $10,478 and $9,000 for the three months ended June 30, 2018 and 2017, respectively, and $35,501 and $9,000, for the six months ended June 30, 2018 and the three-month period from Inception to June 30, 2017 respectively.

 

Legal – On May 15, 2018, we received a subpoena from the SEC’s Division of Enforcement in connection with a formal investigation it is conducting involving us as well as other unrelated public issuers who are holders of or provide services related to digital assets. Additionally, the Company may from time to time become subject to legal proceedings, claims, and litigation arising in the ordinary course of business. Please see a summary of legal proceedings in Part II Item 1 of this Quarterly Report on Form 10-Q, as well as Part II, Item 1A. “Risk Factors.”

 

Indemnities and guarantees - During the normal course of business, the Company has made certain indemnities and guarantees under which it may be required to make payments in relation to certain transactions. These indemnities include certain agreements with the Company’s officers and directors, under which the Company may be required to indemnify such persons for liabilities arising out of their respective relationships. In connection with its facility lease, the Company has indemnified the lessor for certain claims arising from the use of the facility. The duration of these indemnities and guarantees varies and, in certain cases, is indefinite. The majority of these indemnities and guarantees do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not been obligated to make significant payments for these obligations and no liabilities have been recorded for these indemnities and guarantees in the accompanying balance sheet.

XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

Note 16: SUBSEQUENT EVENTS

 

On July 3, 2018, upon exercise of a stock option by a member of the Company’s board of directors, the Company issued 3,571 shares of common stock at an exercise price of $7.00 per share.

 

As of August 31, 2018, the Company liquidated, into cash, all its investment in cryptocurrency held by the cryptocurrency investment segment, which had a balance of $1,022,099 as of June 30, 2018, included in investment in cryptocurrency, of The Crypto Company in the condensed consolidated balance sheet.

XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Basis of Presentation

Basis of presentation - The included condensed consolidated balance sheet as of December 31, 2017, was derived from audited financial statements and the accompanying unaudited condensed consolidated financial statements as June 30, 2018 and 2017 of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the condensed consolidated financial statements have been included.

 

The results of operations for interim periods are not necessarily indicative of the results to be expected for future quarters or for the full year.

 

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the period from Inception through December 31, 2017, filed with the Securities and Exchange Commission (“SEC”) on April 2, 2018.

Consolidation

Consolidation - The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Crypto Sub, CoinTracking, and Malibu Blockchain, as well as its 50.1% ownership of CoinTracking GmbH. All significant intercompany accounts and transactions are eliminated in consolidation.

Liquidity and Going Concern

Liquidity and Going Concern- The Company’s condensed consolidated financial statements are prepared using the accrual method of accounting in accordance with US GAAP and have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The Company has incurred significant losses and experienced negative cash flows since Inception. As of June 30, 2018, the Company had cash of $1,154,996, a decline of $7,795,248 from the December 31, 2017 balance of $8,950,244. This decline is due, in part, to the acquisition of CoinTracking GmbH in January 2018, which included $3,189,303 of cash consideration, net of acquired cash. The Company’s working capital was $264,484 as of June 30, 2018, which includes a contract liability of $2,800,248, representing advanced payments from customers for subscription service, which is initially deferred and recognized on a straight-line method over the terms of the applicable subscription period. Management does not anticipate settling this liability in cash. After June 30, 2018, the Company liquidated its cryptocurrency of $1,022,099 at June 30, 2018, included on its condensed consolidated balance sheet, to help fund its operations. As of June 30, 2018, the accumulated deficit amounted to $18,198,814. As a result of the Company’s history of losses and financial condition, there is substantial doubt about the ability of the Company to continue as a going concern.

 

The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management is evaluating different strategies to obtain financing to fund the Company’s expenses and achieve a level of revenue adequate to support the Company’s current cost structure. Financing strategies may include, but are not limited to, private placements of capital stock, debt borrowings, partnerships and/or collaborations. There can be no assurance that any of these future-funding efforts will be successful or that the Company will achieve its projected level of revenue in 2018 and beyond. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

Use of Estimates

Use of estimates - The preparation of these condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses and the related disclosure of contingent assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company’s significant estimates and assumptions include but are not limited to the recoverability and useful lives of long-lived assets, allocation of revenue on software subscriptions, valuation of goodwill from business acquisitions, valuation and recoverability of investments, valuation allowances of deferred taxes, and stock-based compensation expenses. Actual results may differ from these estimates. In addition, any change in these estimates or their related assumptions could have an adverse effect on the Company’s operating results.

Cash and Cash Equivalents

Cash and cash equivalents - The Company defines its cash and cash equivalents to include only cash on hand and certain highly liquid investments with original maturities of ninety days or less. The Company maintains its cash and cash equivalents at financial institutions, the balances of which may, at times, exceed federally insured limits. Management believes that the risk of loss due to the concentration is minimal.

Investments

Investments in cryptocurrency - Investments are comprised primarily of two types of cryptocurrency investments. The Company owns several cryptocurrencies, of which a majority is Bitcoin, which are actively traded on exchanges and are reported at fair value as determined by digital asset markets with realized gains and losses calculated on a trade date basis as the difference between the fair value and cost of cryptocurrencies transferred. Management believes that measuring cryptocurrencies at fair value, consistent with the accounting for trading investments in commodities and securities with changes in fair value recognized on both the balance sheet and profit and loss statements, best reflects the Company’s financial position and the economics and characteristics of its cryptocurrency investments. The Company recognizes the fair value changes in unrealized gains and losses on investment through the accompanying Statement of Operations. For the six-month period ended June 30, 2018, the Company had a consolidated balance of $2,200,449 in investments in cryptocurrencies. The Company believes that it would be able to liquidate a majority of its portfolio into cash within one to seven days, if needed. As of June 30, 2018, the Company’s holdings represent on average 1.3% of the daily volume of total trades on the specific exchanges where it would be able to convert its holdings to cash. The primary exchanges and principal markets the Company utilizes for its trading are Kraken, Bittrex, Poloniex and Bitstamp. These exchanges, in the aggregate, account for approximately $168,000,000 in Bitcoin/USD trades per day globally.

 

In addition, the Company’s cryptocurrency investments include Initial Coin Offerings (“ICOs”), which primarily consist of tokens that are not currently traded on an exchange. The Company records these investments at cost, as there is no active market. As of June 30, 2018, ICOs represent $367,639 of the Company’s investments in cryptocurrencies. For the six-month period ended June 30, 2018, the Company recognized no impairment losses on investments in ICOs.

 

Investments – non-cryptocurrency - During the six months ended June 30, 2018, the Company invested $250,000 as part of a financing in accordance with a simple agreement for future equity (“SAFE”), representing 4% interest, at the time of the investment, in a private enterprise. The Company’s investment may take the form of equity in the future, relating to a potential equity financing or initial public offering and a token grant in the event of a successful ICO by the enterprise. The Company has evaluated the guidance in Accounting Standards Codification (“ASC”) No. 325-20 Investments – Other, in determining to account for the investment using the cost method since the equity securities are not marketable and do not give the Company significant influence. The Company has determined that there is no impairment to date due to the recent nature of the investment and the early stage development of the platform and has included such asset as a level 3 investment.

Equipment

Equipment - Equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life ranging from three to five years. Normal repairs and maintenance are expensed as incurred. Expenditures that materially adapt, improve, or alter the nature of the underlying assets are capitalized. When equipment are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and the resulting gain or loss is credited or charged to income.

Impairment of Long Lived Assets

Impairment of long lived assets - The Company analyzes its long-lived assets for potential impairment. Impairment losses are recorded on long-lived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the net carrying amount of the assets. In such cases, the carrying values of assets to be held and used are adjusted to their estimated fair value, less estimated selling expenses. For the six-month period ended June 30, 2018, the Company recognized no impairment losses on its long-lived assets.

Business Combination

Business combination - The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values with the residual of the purchase price recorded as goodwill. The results of operations of acquired businesses are included in our operating results from the dates of acquisition.

Goodwill and Intangible Assets

Goodwill and Intangible Assets - The Company records the excess of purchase price over the fair value of the tangible and identifiable intangible assets acquired as goodwill. Goodwill and intangible assets with indefinite lives are tested for impairment at least annually on December 31, and whenever events or circumstances occur indicating that a possible impairment may have been incurred. Intangible assets with finite lives are amortized over their useful lives.

 

The Company assesses whether goodwill impairment exists using both qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed to determine whether a goodwill impairment exists at the reporting unit.

 

Based on its analysis, the Company’s management believes that no impairment of the carrying value of its goodwill existed at June 30, 2018. There can be no assurance however, that market conditions will not change or demand for the Company’s products and services will continue which could result in impairment of goodwill in the future.

 

In addition, we capitalize certain costs incurred with developing our CoinTracking SaaS platform in accordance with ASC 985-20, Software — Costs of Software to be Sold, Leased, or Marketed once technological feasibility has been established. Capitalized software costs primarily include i) external direct costs of services utilized in software development and ii) compensation and related benefits for employees who are directly associated with software development. We amortize our capitalized software costs over a three-year period, reflecting the estimated useful lives of the assets.

Foreign Currency Translation

Foreign Currency Translation - Results of foreign operations are translated into U.S. dollars using average rates prevailing throughout the period, while assets and liabilities are translated in U.S. dollars at period end foreign exchange rates. Transactions gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency of the applicable subsidiary are included in the consolidated statements of operations, within other income, in the year in which the change occurs. The Company’s functional currency is U.S. dollars while the functional currency for CoinTracking GmbH is in euros.

Income Taxes

Income taxes - Deferred tax assets and liabilities are recognized for expected future consequences of events that have been included in the financial statements or tax returns. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. The provision for income taxes represents the tax payable for the period and the change during the period in deferred tax assets and liabilities. For the six-month period ended June 30, 2018, the income tax payable of $800 reflects the minimum franchise tax for the State of California.

 

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

 

We are subject to taxation in the U.S., as well as state and German taxes. The Company has not been audited by the U.S. Internal Revenue Service, nor has the Company been audited by any states or in Germany.

Fair Value Measurements

Fair value measurements - The Company recognizes and discloses the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). Each level of input has different levels of subjectivity and difficulty involved in determining fair value.

 

  Level 1 Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurable date.
     
  Level 2 Inputs, other than quoted prices included in Level 1, which are observable for the asset or liability through corroboration with market data at the measurement date.
     
  Level 3 Unobservable inputs that reflect management’s best estimate of what participants would use in pricing the asset or liability at the measurement date.

 

The carrying amounts of the Company’s financial assets and liabilities, including cash, accounts payable and accrued expenses approximate fair value because of the short maturity of these instruments.

Revenue Recognition

Revenue recognition – The Company has two streams of principal revenue segments as of June 30, 2018, software subscription and cryptocurrency investments. The Company records the realized gain or loss on the investments on a trade date basis. In addition, the changes in unrealized gains or losses on the investments are marked to market on the last day of every month at 11:59 p.m., Pacific Time, based on publicly available cryptocurrency exchanges. The Company classifies investments in cryptocurrency as trading investments. Trading generally reflects active and frequent buying and selling and is generally used with the dual objective of generating profits on short-term difference in price and gaining hands on experience in the cryptocurrency marketplace to aid in the development of our proprietary software.

 

The Company also has subscription revenues through its majority-owned subsidiary CoinTracking GmbH and minimal amounts of consulting revenue. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. ASU No. 2014-09 supersedes nearly all existing revenue recognition guidance under US GAAP. The Company adopted ASU No. 2014-09 as of January 1, 2018 using the modified retrospective transition method for contracts as of the date of initial application. There is no cumulative impact to the Company’s retained earnings at January 1, 2018. See “Note 5 - Revenue Recognition” for additional information on the impact to the Company.

 

Currently, in the US GAAP accounting framework, there is no authoritative guidance specifically related to the accounting treatment of cryptocurrencies, and management has exercised significant judgement in determining appropriate accounting treatment. Management believes that measuring cryptocurrencies at fair value, consistent with the accounting for trading investments in commodities and securities with changes in fair value recognized on both the balance sheet and profit and loss statements, best reflects the Company’s financial position and the economics and characteristics of our cryptocurrency investments. Realized gains and losses for the Company’s cryptocurrency segment are included in revenues.

Stock-based Compensation

Stock-based compensation - In accordance with ASC No. 718, Compensation – Stock Compensation (“ASC 718”), the Company measures the compensation costs of stock-based compensation arrangements based on the grant date fair value of granted instruments and recognizes the costs in financial statements over the period during which employees are required to provide services. Stock-based compensation arrangements include stock options.

 

Equity instruments (“instruments”) issued to non-employees are recorded on the basis of the fair value of the instruments, as required by ASC 718. ASC No. 505, Equity Based Payments to Non-Employees (“ASC 505”), defines the measurement date and recognition period for such instruments. In general, the measurement date is (a) when a performance commitment, as defined, is reached or (b) when the earlier of (i) the non-employee performance is complete and (ii) the instruments are vested. The compensation cost is remeasured at fair value at each reporting period when the award vests. As a result, stock option-based payments to non-employees can result in significant volatility in compensation expense.

 

The Company accounts for its stock-based compensation using the Black-Scholes model to estimate the fair value of stock option awards. Using this model, fair value is calculated based on assumptions with respect to the (i) expected volatility of the Company’s common stock price, (ii) expected life of the award, which for options is the period of time over which employees and non-employees are expected to hold their options prior to exercise, and (iii) risk-free interest rate.

Risks and Uncertainties

Risks and uncertainties - The Company is subject to various risks including market risk, liquidity risk, and other risks related to its investments in cryptocurrency. Investing in cryptocurrency is currently unregulated, highly speculative, and volatile.

 

The prices of cryptocurrency could materially and adversely affect an investment in the shares of the Company. The prices of the cryptocurrencies have a limited history. During such history, the cryptocurrencies’ prices have been volatile and subject to influence by many factors including the levels of liquidity. If the cryptocurrency’s markets continue to experience significant price fluctuations, the Company may experience losses. Several factors may affect the prices of the cryptocurrencies, including, but not limited to, global cryptocurrency supply and demand, and competition from other forms of digital currency or payments services.

 

There is currently no clearing house for cryptocurrency, nor is there a central or major depository for the custody of cryptocurrency. There is a risk that some or all of the Company’s cryptocurrencies could be lost or stolen. The Company does not have insurance protection on its cryptocurrency which exposes the Company and its shareholders to the risk of loss of the Company’s cryptocurrency. Further, cryptocurrency transactions are irrevocable. Stolen or incorrectly transferred of cryptocurrency may be irretrievable. As a result, any incorrectly executed cryptocurrency transactions could adversely affect an investment in the Company.

 

To the extent private keys for the cryptocurrency’s addresses are lost, destroyed or otherwise compromised and no backup of the private keys are accessible, the Company may be unable to access the cryptocurrency held in the associated address and the private key will not be capable of being restored by the cryptocurrency network.

 

The processes by which cryptocurrency transactions are settled are dependent on the cryptocurrency peer-to-peer network, and as such, the Company is subject to operational risk. A risk also exists with respect to previously unknown technical vulnerabilities, which may adversely affect the value of the cryptocurrencies.

Net Loss Per Common Share

Net loss per common share - The Company reports earnings per share (“EPS”) with a dual presentation of basic EPS and diluted EPS. Basic EPS is computed as net income divided by the weighted average of common shares for the period. Diluted EPS reflects the potential dilution that could occur from common shares issued through stock options, or warrants. For the three and six month periods ended June 30, 2018, the Company had no potentially dilutive common stock equivalents. Therefore, the basic EPS and the diluted EPS are the same.

Marketing Expense

Marketing expense - Marketing expenses are charged to operations, under general and administrative expenses. The Company incurred $85,570 and $134,269 of marketing expenses for the three and six months ended June 30, 2018, respectively, compared to $13,500 for the three months ended June 30, 2017 and for the period from Inception through June 30, 2017.

XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisition (Tables)
6 Months Ended
Jun. 30, 2018
Business Combinations [Abstract]  
Schedule of Fair Value of Assets Acquired and Liabilities Assumed

The table below summarizes the fair values of the assets acquired and liabilities assumed, translated from euros to U.S. dollars, at the date of acquisition:

 

    CoinTracking GmbH  
Cash and cash equivalents   $ 1,547,097  
Investment in cryptocurrency     1,115,345  
Loan receivable – related party     194,380  
Other current assets     284,677  
Goodwill     10,014,881  
Other assets     144,566  
Total assets   $ 13,300,946  
         
Current liabilities   $ 211,422  
Contract liabilities, short term     2,686,858  
Contract liabilities, long term     929,866  
Total liabilities     3,828,146  
Net assets acquired   $ 9,472,800  

Schedule of Unaudited Pro Forma Financial Information

For the three and six months ended June 30, 2018:

 

    Three-months     Six Months  
Revenue   $ 586,747     $ 2,232,007  
Net loss   $ (7,145,543 )     (10,374,966 )
Basic and diluted loss per share:                
Basic and diluted   $ (0.34 )   $ (0.49 )

XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Information (Tables)
6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Schedule of Operating Income (Loss) by Segment

The following table summarizes the Company’s operating income by segment for the three months ended June 30:

 

    2018  
    Cryptocurrency Investment     Software Subscription     Total  
Revenue, net   $ (299,086 )   $ 885,833     $ 586,747  
Costs and expenses     (7,397,216 )     (654,662 )     (8,051,878 )
Operating income/(loss)   $ (7,696,302 )   $ 231,171     $ (7,465,131 )

 

    2017  
    Cryptocurrency Investment     Software
Subscription
    Total  
Revenue, net   $ 82,640     $ -     $ 82,640  
Costs and expenses     (1,391,465 )     -       (1,391,465 )
Operating loss   $ (1,308,825 )   $ -     $ (1,308,825 )

 

The following table summarizes the Company’s operating income by segment for the six months ended June 30:

 

    2018  
    Cryptocurrency Investment     Software
Subscription
    Total  
Revenue, net   $ 773,512     $ 1,342,825     $ 2,116,337  
Costs and expenses     (8,836,235 )     (1,271,374 )     (10,107,592 )
Operating income/(loss)   $ (8,062,723 )     71,468       (7,991,255 )

 

The following table summarizes the Company’s operating income by segment for the period from Inception to June 30, 2017:

 

    2017  
    Cryptocurrency Investment     Software
Subscription
    Total  
Revenue, net   $ 82,640     $ -     $ 82,640  
Costs and expenses     (1,672,565 )     -       (1,672,565 )
Operating loss   $ (1,589,925 )   $ -     $ (1,589,925 )

XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments (Tables)
6 Months Ended
Jun. 30, 2018
Investments [Abstract]  
Schedule of Fair Value of Investments in Cryptocurrency

The following table summarizes the Company’s investments at fair value as of June 30, 2018:

 

    Level 1     Level 2     Level 3  
Investment in cryptocurrency   $ -     $ 1,832,810     $ 617,639  

 

The following table sets forth a summary of changes in the fair value of the Company’s Level 3 investments for the six months ended June 30, 2018:

 

    Level 3  
    Cryptocurrency  
       
Balance at December 31, 2017   $ 167,818  
Transfers to Level 2 investments     (50,179 )
Purchases, sales, issuances, and settlement, net     500,000  
Balance, June 30, 2018   $ 367,639  

Summary of Cryptocurrencies Held

The following table summarizes the fair value of cryptocurrencies, other than ICOs, held as of June 30, 2018:

 

Bitcoin   $ 1,223,488  
Ethereum     105,432  
Bitcoin Cash     70,028  
Litecoin     42,316  
Cardano     25,822  
EOS     24,525  
Stellar Lumens     24,369  
BlockVee     23,445  
Ether Classis     23,037  
Binance Coin     21,108  
NEO     20,882  
Dash     20,271  
Monero     17,619  
Polymath     16,281  
OmiseGO     15,143  
Enigma     14,096  
Ontology     13,761  
Vechain     13,457  
Qtum     13,122  
Steem     10,473  
Zcash     9,893  
Siacoin     9,466  
Basic Attention Token     8,665  
0x     8,429  
ICON     8,387  
Nano     8,298  
Lisk     8,272  
Aeternity     7,946  
Zilliqa     7,827  
Metal     6,342  
Aragon     4,757  
Bitcoin Private     1,948  
Ripple     1,384  
DigiByte     752  
Decred     435  
NavCoin     234  
Startis     215  
Dogecoin     188  
Gas     170  
NEM     157  
Horizen     122  
Waves     100  
CloakCoin     45  
Decentraland     37  
PIVX     32  
Bytom     20  
Nebulas     14  
    $ 1,832,810  

XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equipment (Tables)
6 Months Ended
Jun. 30, 2018
Property, Plant and Equipment [Abstract]  
Schedule of Equipment

Equipment consists of the following:

 

    June 30, 2018     December 31, 2017  
Computer equipment   $ 107,850     $ 69,241  
Furniture equipment     15,322       3,754  
      123,172       72,995  
Less accumulated depreciation     (15,013 )     (4,675 )
    $ 108,159     $ 68,320  

XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Goodwill and Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Intangible Assets

The carrying amount of goodwill and intangible assets for the six months ended June 30, 2018 were as follows:

 

    Balance as of December 31, 2017(net of amortization)     Additions     Amortization    

Balance as of

June 30, 2018

 
Goodwill   $             -     $ 9,392,685       -     $ 9,392,685 (1)
Capitalized Software   $ -     $ 217,632     $ (40,644 )   $ 176,988  
    $ -     $ 9,610,317     $ (40,644 )   $ 9,569,673  

 

(1) Goodwill is recorded in euros and translated to U.S. dollars, in accordance with ASC 830, Foreign Currency Matters, and therefore, is subject to fluctuations.

Schedule of Estimated Future Amortization Expense Related to Intangible Assets

The following table provides estimated future amortization expense related to intangible assets as of June 30, 2018:

 

Year ending December 31,   Future Amortization  
2018 (remaining)   $ 37,564  
2019     75,129  
2020     51,611  
2021     12,684  
2022     -  
    $ 176,988  

XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Warrants for Common Stock (Tables)
6 Months Ended
Jun. 30, 2018
Warrants For Common Stock  
Schedule of Outstanding Warrants to Purchase Shares of Common Stock

As of June 30, 2018, outstanding warrants to purchase shares of the Company’s common stock were as follows:

 

                  Number of Shares  
Issuance Date   Exercisable
for
  Expiration
Date
  Exercise
Price
    Outstanding
Under Warrants
 
                         
September 2017   Common Shares   September 25, 2020   $ 2.00       168,125  

XML 40 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Stock Options (Tables)
6 Months Ended
Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock Options Activity

                Weighted        
                Average        
          Weighted     Remaining        
          Average     Contractual     Aggregate  
    Number     Exercise     Term     Intrinsic  
    of Shares     Price     (years)     Value  
                         
Options outstanding, at December 31, 2017     644,531     $ 2.32                  
Options granted     2,807,062     $ 7.37                  
Options cancelled     (250,000 )   $ 7.00                  
Options exercised     (37,858 )   $ 1.63                  
Options outstanding, at June 30, 2018     3,163,735     $ 6.44       9.44     $ 128,764,882  
Exercisable     637,117     $ 5.73       9.66     $ 25,762,945  
Vested and exercisable and expected to vest, end of period     3,163,735     $ 6.44       9.44     $ 128,764,882  

Schedule of Stock Option Assumptions Used

The range of assumptions used for the six-month period ended June 30, 2018 are as follows:

 

    June 30, 2018  
      Ranges  
Weighted-average volatility     36 - 75 %
Expected dividends     0 %
Expected term (in years)     5.00 - 10 years  
Risk-free rate     1.91 - 2.95 %

XML 41 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basic and Diluted Loss Per Share (Tables)
6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Basic and Diluted

The following is a reconciliation of the basic and diluted loss per share computations:

 

    For the three months
ended June 30, 2018
    For the six months
ended June 30, 2018
 
Numerator for basic and diluted income per share:                
Net loss attributable to the Company   $ (7,272,309 )   $ (10,431,256 )
                 
Denominator for basic and diluted income per share:                
Weighted average shares (basic)     21,131,457       21,003,328  
Common stock equivalents     -       -  
Weighted average shares (diluted)     21,131,457       21,003,328  
                 
Basic and diluted income (loss) per share:                
Basic and diluted   $ (0.34 )   $ (0.50 )

XML 42 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
The Company (Details Narrative)
Jun. 30, 2018
Jan. 26, 2018
Equity interests, percentage 4.00%  
CoinTracking GmbH [Member]    
Equity interests, percentage 50.10% 50.10%
Kachel Holding GmbH [Member]    
Equity interests, percentage   49.90%
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
3 Months Ended 4 Months Ended 6 Months Ended
Jan. 26, 2018
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2017
Jun. 30, 2018
Dec. 31, 2017
Mar. 08, 2017
Common stock ownership percentage   4.00%     4.00%    
Cash balance   $ 1,154,996 $ 1,389,531 $ 1,389,531 $ 1,154,996 $ 8,950,244
Cash declined   7,795,248     7,795,248    
Cash paid for acquisition, net of cash acquired       3,189,303    
Working capital   264,484     264,484    
Contract liability   2,800,248     2,800,248  
Investment in cryptocurrency at fair value   1,022,099     1,022,099 2,917,627  
Accumulated deficit   18,198,814     18,198,814 7,767,559  
Consolidated investments   $ 2,200,449     $ 2,200,449    
Percentage of volume of trades on exchanges   13.00%     13.00%    
Investment in trading exchange on Bitcoin/USD per day         $ 168,000,000    
Investment in a private enterprise   $ 250,000     $ 250,000    
Equity interests, percentage   4.00%     4.00%    
Income tax payable   $ 800     $ 800 $ 800  
Marketing expenses   $ 85,570 $ 13,500 $ 13,500 $ 134,269    
Minimum [Member]              
Estimated useful life of equipment         3 years    
Maximum [Member]              
Estimated useful life of equipment         5 years    
CoinTracking GmbH [Member]              
Common stock ownership percentage 50.10% 50.10%     50.10%    
Cash paid for acquisition, net of cash acquired $ 9,472,800            
Equity interests, percentage 50.10% 50.10%     50.10%    
Initial Coin Offerings [Member]              
Investment in cryptocurrency at fair value   $ 367,639     $ 367,639    
Impairment losses            
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisition (Details Narrative) - USD ($)
4 Months Ended 6 Months Ended
Jan. 26, 2018
Jun. 30, 2017
Jun. 30, 2018
Dec. 31, 2017
Dec. 12, 2017
Equity interests, percentage     4.00%    
Purchase price   $ 3,189,303    
Goodwill on acquisition     $ 9,392,685 [1]  
CoinTracking GmbH [Member]          
Equity interests, percentage 50.10%   50.10%    
Payments to acquire businesses in cash $ 4,736,400        
Number of common stock shares purchased 473,640        
Business combination, purchase price per share $ 10        
Purchase price $ 9,472,800        
Adjustment to current liabilities assumed 211,422   $ 250,000    
Goodwill on acquisition $ 10,014,881        
CoinTracking GmbH [Member] | Accredited Investors [Member]          
Business combination, purchase price per share         $ 7
[1] Goodwill is recorded in euros and translated to U.S. dollars, in accordance with ASC 830, Foreign Currency Matters, and therefore, is subject to fluctuations.
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisition - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($)
Jun. 30, 2018
Jan. 26, 2018
Dec. 31, 2017
Goodwill $ 9,392,685 [1]  
CoinTracking GmbH [Member]      
Cash and cash equivalents   $ 1,547,097  
Investment in cryptocurrency   1,115,345  
Loan receivable - related party   194,380  
Other current assets   284,677  
Goodwill   10,014,881  
Other assets   144,566  
Total assets   13,300,946  
Current liabilities $ 250,000 211,422  
Contract liabilities, short term   2,686,858  
Contract liabilities, long term   929,866  
Total liabilities   3,828,146  
Net assets acquired   $ 9,472,800  
[1] Goodwill is recorded in euros and translated to U.S. dollars, in accordance with ASC 830, Foreign Currency Matters, and therefore, is subject to fluctuations.
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Acquisition - Schedule of Unaudited Pro Forma Financial Information (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2018
Business Combinations [Abstract]    
Revenue $ 586,747 $ 2,232,007
Net loss $ (7,145,543) $ (10,374,966)
Basic and diluted loss per share: Basic and diluted $ (0.34) $ (0.49)
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subscription Revenue Recognition (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2018
Jan. 26, 2018
Dec. 31, 2017
Subscriptions of revenue, description   Revenue collected in advance for subscriptions ranging from annual to perpetual packages are deferred and recognized as revenue on a straight-line basis over the terms of the applicable subscription period or performance obligation period. For "lifetime" revenue packages, where the customer has access to the website for unlimited length of time, the Company has elected to recognize revenue on a straight-line basis over three years.    
Potential credit withheld by paypal   $ 49,856    
Subscription revenue $ 884,587 1,341,284    
Contract liabilities, current 2,800,248 2,800,248  
Contract liabilities, noncurrent 1,408,208 1,408,208  
Amortization of sales incentive programs cost 32,100 62,754    
Aggregate contract asset $ 158,360 $ 158,360    
CoinTracking LLC [Member]        
Contract liabilities     $ 3,616,724  
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Information (Details Narrative)
6 Months Ended
Jun. 30, 2018
Segments
Segment Reporting [Abstract]  
Number of operating segments 2
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Information - Schedule of Operating Income (Loss) by Segment (Details) - USD ($)
3 Months Ended 4 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2017
Jun. 30, 2018
Revenue, net $ 586,747 $ 82,640 $ 82,640 $ 2,116,337
Cost and expenses (8,051,878) (1,391,465) (1,672,565) (10,107,592)
Operating income/(loss) (7,465,131) (1,308,825) (1,589,925) (7,991,255)
Cryptocurrency Investment [Member]        
Revenue, net (299,086) 82,640 82,640 773,512
Cost and expenses (7,397,216) (1,391,465) (1,672,565) (8,836,235)
Operating income/(loss) (7,696,302) (1,308,825) (1,589,925) (8,062,723)
Software Subscription [Member]        
Revenue, net 885,833 1,342,825
Cost and expenses (654,662) (1,271,374)
Operating income/(loss) $ 231,171 $ 71,468
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments - Schedule of Fair Value of Investments in Cryptocurrency (Details)
6 Months Ended
Jun. 30, 2018
USD ($)
Investment in cryptocurrency, ending balance $ 1,832,810
Level 1 [Member]  
Investment in cryptocurrency, ending balance
Level 2 [Member]  
Investment in cryptocurrency, ending balance 1,832,810
Level 3 [Member]  
Investment in cryptocurrency, beginning balance 167,818
Transfers to Level 2 investments (50,179)
Purchases, sales, issuances, and settlement, net 500,000
Investment in cryptocurrency, ending balance $ 617,639
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments - Summary of Cryptocurrencies Held (Details)
Jun. 30, 2018
USD ($)
Investments $ 1,832,810
Bitcoin [Member]  
Investments 1,223,488
Ethereum [Member]  
Investments 105,432
Bitcoin Cash [Member]  
Investments 70,028
Litecoin [Member]  
Investments 42,316
Cardano [Member]  
Investments 25,822
EOS [Member]  
Investments 24,525
Stellar Lumens [Member]  
Investments 24,369
BlockVee [Member]  
Investments 23,445
Ether Classis [Member]  
Investments 23,037
Binance Coin [Member]  
Investments 21,108
NEO [Member]  
Investments 20,882
Dash [Member]  
Investments 20,271
Monero [Member]  
Investments 17,619
Polymath [Member]  
Investments 16,281
OmiseGO [Member]  
Investments 15,143
Enigma [Member]  
Investments 14,096
Ontology [Member]  
Investments 13,761
Vechain [Member]  
Investments 13,457
Qtum [Member]  
Investments 13,122
Steem [Member]  
Investments 10,473
Zcash [Member]  
Investments 9,893
Siacoin [Member]  
Investments 9,466
Basic Attention Token [Member]  
Investments 8,665
0x [Member]  
Investments 8,429
ICON [Member]  
Investments 8,387
Nano [Member]  
Investments 8,298
Lisk [Member]  
Investments 8,272
Aeternity [Member]  
Investments 7,946
Zilliqa [Member]  
Investments 7,827
Metal [Member]  
Investments 6,342
Aragon [Member]  
Investments 4,757
Bitcoin Private [Member]  
Investments 1,948
Ripple [Member]  
Investments 1,384
DigiByte [Member]  
Investments 752
Decred [Member]  
Investments 435
NavCoin [Member]  
Investments 234
Startis [Member]  
Investments 215
Dogecoin [Member]  
Investments 188
Gas [Member]  
Investments 170
NEM [Member]  
Investments 157
Horizen [Member]  
Investments 122
Waves [Member]  
Investments 100
CloakCoin [Member]  
Investments 45
Decentraland [Member]  
Investments 37
PIVX [Member]  
Investments 32
Bytom [Member]  
Investments 20
Nebulas [Member]  
Investments $ 14
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equipment - Schedule of Equipment (Details) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Equipment, gross $ 123,172 $ 72,995
Less accumulated depreciation (15,013) (4,675)
Equipment, net 108,159 68,320
Computer Equipment [Member]    
Equipment, gross 107,850 69,241
Furniture Equipment [Member]    
Equipment, gross $ 15,322 $ 3,754
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
Goodwill and Intangible Assets (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]        
Impairment of goodwill      
Amortization expense related to intangible assets $ 9,060 $ 0 $ 9,060 $ 0
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details)
6 Months Ended
Jun. 30, 2018
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, beginning balance
Additions 9,392,685
Amortization
Goodwill, ending balance 9,392,685 [1]
Capitalized Software, beginning balance
Additions 217,632
Amortization (40,644)
Capitalized Software, ending balance 176,988
Goodwill and intangible assets beginning balance
Additions 9,610,317
Amortization (40,644)
Goodwill and intangible assets ending balance $ 9,569,673
[1] Goodwill is recorded in euros and translated to U.S. dollars, in accordance with ASC 830, Foreign Currency Matters, and therefore, is subject to fluctuations.
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense Related to Intangible Assets (Details)
Jun. 30, 2018
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2018 (remaining) $ 37,564
2019 75,129
2020 51,611
2021 12,684
2022
Total amortization expense $ 176,988
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Common Stock Transactions (Details Narrative) - USD ($)
6 Months Ended
Apr. 18, 2018
Mar. 20, 2018
Jan. 31, 2018
Jan. 26, 2018
Jan. 22, 2018
Jan. 16, 2018
Jun. 30, 2018
Number of common stock shares exercise of stock options             37,858
Stock option exercise price per share             $ 1.63
Equity interests, percentage             4.00%
Kachel Holding GmbH [Member]              
Equity interests, percentage       49.90%      
CoinTracking GmbH [Member]              
Number shares purchased       473,640      
Equity interests, percentage       50.10%     50.10%
Equity Purchase Agreement [Member] | Kachel Holding GmbH [Member]              
Number shares purchased           12,525  
Equity Purchase Agreement [Member] | CoinTracking GmbH [Member]              
Number shares purchased           473,640  
Equity interests, percentage           50.10%  
Employee [Member]              
Number of common stock shares exercise of stock options     14,667        
Consultant [Member]              
Number of common stock shares exercise of stock options         12,494    
Stock option exercise price per share         $ 2.00    
James Gilbert [Member]              
Common stock issued for services 202,512            
Common stock issued for services, price per share $ 7            
Common stock issued for services, value $ 1,417,584            
Consultant [Member]              
Number of common stock shares exercise of stock options   7,031          
Stock option exercise price per share   $ 0.01          
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
Warrants for Common Stock (Details Narrative)
Jun. 30, 2018
shares
Warrant [Member]  
Number of stock purchase warrants issued
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
Warrants for Common Stock - Schedule of Outstanding Warrants to Purchase Shares of Common Stock (Details) - Warrant [Member]
6 Months Ended
Jun. 30, 2018
$ / shares
shares
Issuance Date September 2017
Exercisable for Common Shares
Expiration Date Sep. 25, 2020
Exercise Price | $ / shares $ 2.00
Number of Shares Outstanding Under Warrants | shares 168,125
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Stock Options (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jul. 21, 2017
Jun. 30, 2018
Jun. 30, 2018
Dec. 31, 2017
Stock options granted     2,807,062  
Number of outstanding stock option awards   3,163,735 3,163,735 644,531
Share based compensation   $ 3,339,996 $ 2,631,857  
Total intrinsic value of options exercised   0 $ 2,978,095  
Restricted stock awards granted      
Stock option [Member]        
Unrecognized compensation costs   $ 5,522,520 $ 5,522,520  
Unrecognized compensation weighted average period     1 year 2 months 23 days  
Board of Directors [Member]        
Stock options granted     450,000  
Employees [Member]        
Stock options granted     1,957,062  
Non Employees [Member]        
Stock options granted     400,000  
2017 Equity Incentive Plan [Member]        
Number of stock option remain reserved for future issuance   1,836,265 1,836,265  
Number of outstanding stock option awards   3,163,735 3,163,735  
2017 Equity Incentive Plan [Member]        
Number of stock option remain reserved for future issuance 5,000,000      
2017 Equity Incentive Plan [Member] | Maximum [Member]        
Stock option award vesting period 10 years      
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Stock Options - Schedule of Stock Options Activity (Details)
6 Months Ended
Jun. 30, 2018
USD ($)
$ / shares
shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Number of Options Outstanding, Beginning Balance | shares 644,531
Number of Options Granted | shares 2,807,062
Number of Options Cancelled | shares (250,000)
Number of Options Exercised | shares (37,858)
Number of Options Outstanding, Ending Balance | shares 3,163,735
Number of Options Outstanding, Exercisable | shares 637,117
Number of Options Vested and Exercisable and Expected to Vest | shares 3,163,735
Weighted Average Exercise Price, Options Outstanding, Beginning Balance | $ / shares $ 2.32
Weighted Average Exercise Price, Options Granted | $ / shares 7.37
Weighted Average Exercise Price, Options Cancelled | $ / shares 7.00
Weighted Average Exercise Price, Options Exercised | $ / shares 1.63
Weighted Average Exercise Price, Options Outstanding, Ending Balance | $ / shares 6.44
Weighted Average Exercise Price, Options Exercisable | $ / shares 5.73
Weighted Average Exercise Price, Vested and Exercisable and Expected to Vest | $ / shares $ 6.44
Weighted Average Remaining Contractual Term, Options Outstanding 9 years 5 months 9 days
Weighted Average Remaining Contractual Term, Options Exercisable 9 years 7 months 28 days
Weighted Average Remaining Contractual Term, Vested and Exercisable and Expected to Vest 9 years 5 months 9 days
Aggregate Intrinsic Value, Options Outstanding | $ $ 128,764,882
Aggregate Intrinsic Value, Options Exercisable | $ 25,762,945
Aggregate Intrinsic Value, Vested and Exercisable and Expected to Vest | $ $ 128,764,882
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Stock Options - Schedule of Stock Option Assumptions Used (Details)
6 Months Ended
Jun. 30, 2018
Expected dividends 0.00%
Minimum [Member]  
Weighted-average volatility 36.00%
Expected term (in years) 5 years
Risk-free rate 1.91%
Maximum [Member]  
Weighted-average volatility 75.00%
Expected term (in years) 10 years
Risk-free rate 2.95%
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
May 17, 2018
Jun. 30, 2018
Jun. 30, 2018
Apr. 03, 2018
Dec. 31, 2017
Jun. 30, 2017
Related Party Transaction [Line Items]            
Loans receivable   $ 168,423 $ 168,423    
Separation and Consulting Agreement [Member] | Michael Poutre [Member]            
Related Party Transaction [Line Items]            
Consultant fee payable to CFO, per month $ 30,000          
Full Stack Finance [Member]            
Related Party Transaction [Line Items]            
Legal fees   255,833 394,092      
Legal fees payable   138,791 138,791      
CoinTracking GmbH [Member]            
Related Party Transaction [Line Items]            
Loans receivable   $ 168,423 $ 168,423      
Loan interest rate   2.00% 2.00%      
Accrued interest income   $ 1,246 $ 1,246     $ 0
CoinTracking GmbH [Member] | Loan Agreement [Member]            
Related Party Transaction [Line Items]            
Loan interest rate       3.00%    
Loan amount ot be advanced       $ 3,000,000    
Loan amount outstanding   1,500,000 1,500,000      
CoinTracking GmbH [Member] | Loan Agreement [Member] | Promissory Note One [Member]            
Related Party Transaction [Line Items]            
Promissory note, face amount   300,000 300,000      
CoinTracking GmbH [Member] | Loan Agreement [Member] | Promissory Note Two [Member]            
Related Party Transaction [Line Items]            
Promissory note, face amount   700,000 700,000      
CoinTracking GmbH [Member] | Loan Agreement [Member] | Promissory Note Three [Member]            
Related Party Transaction [Line Items]            
Promissory note, face amount   $ 500,000 $ 500,000      
XML 63 R52.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basic and Diluted Loss Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($)
3 Months Ended 4 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2017
Jun. 30, 2018
Earnings Per Share [Abstract]        
Numerator for basic and diluted income per share: Net loss attributable to the Company $ (7,272,309) $ (920,554) $ (1,201,654) $ (10,431,256)
Denominator for basic and diluted income per share: Weighted average shares (basic) 21,131,457     21,003,328
Denominator for basic and diluted income per share: Common stock equivalents    
Denominator for basic and diluted income per share: Weighted average shares (diluted) 21,131,457     21,003,328
Basic and diluted income (loss) per share: Basic and diluted $ (0.34) $ (0.07) $ (0.09) $ (0.50)
XML 64 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Details Narrative) - USD ($)
3 Months Ended 4 Months Ended 6 Months Ended
Jan. 18, 2018
May 15, 2017
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2017
Jun. 30, 2018
Facility rent expense     $ 10,478 $ 9,000 $ 9,000 $ 35,501
Lease Agreement [Member] | Soba Living, LLC [Member]            
Monthly rent   $ 6,000        
Lease expiration date   Sep. 30, 2018        
Short-Term Lease Agreement [Member] | Miramar Property Investment Co. [Member]            
Monthly rent $ 3,024          
Lease expiration date Sep. 30, 2018          
XML 65 R54.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events (Details Narrative) - USD ($)
Jul. 03, 2018
Aug. 31, 2018
Jun. 30, 2018
Liquidated investments     $ 2,200,449
Subsequent Event [Member]      
Number of common stock shares issued 3,571    
Shares issued price per share $ 7.00    
Liquidated investments   $ 1,022,099  
EXCEL 66 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 67 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 68 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 70 FilingSummary.xml IDEA: XBRL DOCUMENT 3.10.0.1 html 127 245 1 true 88 0 false 5 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://thecryptocompany.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Condensed Consolidated Balance Sheet Sheet http://thecryptocompany.com/role/BalanceSheet Condensed Consolidated Balance Sheet Statements 2 false false R3.htm 00000003 - Statement - Condensed Consolidated Balance Sheet (Parenthetical) Sheet http://thecryptocompany.com/role/BalanceSheetParenthetical Condensed Consolidated Balance Sheet (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) Sheet http://thecryptocompany.com/role/StatementsOfOperationsAndComprehensiveLoss Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://thecryptocompany.com/role/StatementsOfCashFlows Condensed Consolidated Statements of Cash Flows (Unaudited) Statements 5 false false R6.htm 00000006 - Disclosure - The Company Sheet http://thecryptocompany.com/role/Company The Company Notes 6 false false R7.htm 00000007 - Disclosure - Summary of Significant Accounting Policies Sheet http://thecryptocompany.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 7 false false R8.htm 00000008 - Disclosure - Recent Accounting Pronouncements Sheet http://thecryptocompany.com/role/RecentAccountingPronouncements Recent Accounting Pronouncements Notes 8 false false R9.htm 00000009 - Disclosure - Acquisition Sheet http://thecryptocompany.com/role/Acquisition Acquisition Notes 9 false false R10.htm 00000010 - Disclosure - Subscription Revenue Recognition Sheet http://thecryptocompany.com/role/SubscriptionRevenueRecognition Subscription Revenue Recognition Notes 10 false false R11.htm 00000011 - Disclosure - Segment Information Sheet http://thecryptocompany.com/role/SegmentInformation Segment Information Notes 11 false false R12.htm 00000012 - Disclosure - Investments Sheet http://thecryptocompany.com/role/Investments Investments Notes 12 false false R13.htm 00000013 - Disclosure - Equipment Sheet http://thecryptocompany.com/role/Equipment Equipment Notes 13 false false R14.htm 00000014 - Disclosure - Goodwill and Intangible Assets Sheet http://thecryptocompany.com/role/GoodwillAndIntangibleAssets Goodwill and Intangible Assets Notes 14 false false R15.htm 00000015 - Disclosure - Summary of Common Stock Transactions Sheet http://thecryptocompany.com/role/SummaryOfCommonStockTransactions Summary of Common Stock Transactions Notes 15 false false R16.htm 00000016 - Disclosure - Warrants for Common Stock Sheet http://thecryptocompany.com/role/WarrantsForCommonStock Warrants for Common Stock Notes 16 false false R17.htm 00000017 - Disclosure - Summary of Stock Options Sheet http://thecryptocompany.com/role/SummaryOfStockOptions Summary of Stock Options Notes 17 false false R18.htm 00000018 - Disclosure - Related Party Transactions Sheet http://thecryptocompany.com/role/RelatedPartyTransactions Related Party Transactions Notes 18 false false R19.htm 00000019 - Disclosure - Basic and Diluted Loss Per Share Sheet http://thecryptocompany.com/role/BasicAndDilutedLossPerShare Basic and Diluted Loss Per Share Notes 19 false false R20.htm 00000020 - Disclosure - Commitments and Contingencies Sheet http://thecryptocompany.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 20 false false R21.htm 00000021 - Disclosure - Subsequent Events Sheet http://thecryptocompany.com/role/SubsequentEvents Subsequent Events Notes 21 false false R22.htm 00000022 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://thecryptocompany.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://thecryptocompany.com/role/SummaryOfSignificantAccountingPolicies 22 false false R23.htm 00000023 - Disclosure - Acquisition (Tables) Sheet http://thecryptocompany.com/role/AcquisitionTables Acquisition (Tables) Tables http://thecryptocompany.com/role/Acquisition 23 false false R24.htm 00000024 - Disclosure - Segment Information (Tables) Sheet http://thecryptocompany.com/role/SegmentInformationTables Segment Information (Tables) Tables http://thecryptocompany.com/role/SegmentInformation 24 false false R25.htm 00000025 - Disclosure - Investments (Tables) Sheet http://thecryptocompany.com/role/InvestmentsTables Investments (Tables) Tables http://thecryptocompany.com/role/Investments 25 false false R26.htm 00000026 - Disclosure - Equipment (Tables) Sheet http://thecryptocompany.com/role/EquipmentTables Equipment (Tables) Tables http://thecryptocompany.com/role/Equipment 26 false false R27.htm 00000027 - Disclosure - Goodwill and Intangible Assets (Tables) Sheet http://thecryptocompany.com/role/GoodwillAndIntangibleAssetsTables Goodwill and Intangible Assets (Tables) Tables http://thecryptocompany.com/role/GoodwillAndIntangibleAssets 27 false false R28.htm 00000028 - Disclosure - Warrants for Common Stock (Tables) Sheet http://thecryptocompany.com/role/WarrantsForCommonStockTables Warrants for Common Stock (Tables) Tables http://thecryptocompany.com/role/WarrantsForCommonStock 28 false false R29.htm 00000029 - Disclosure - Summary of Stock Options (Tables) Sheet http://thecryptocompany.com/role/SummaryOfStockOptionsTables Summary of Stock Options (Tables) Tables http://thecryptocompany.com/role/SummaryOfStockOptions 29 false false R30.htm 00000030 - Disclosure - Basic and Diluted Loss Per Share (Tables) Sheet http://thecryptocompany.com/role/BasicAndDilutedLossPerShareTables Basic and Diluted Loss Per Share (Tables) Tables http://thecryptocompany.com/role/BasicAndDilutedLossPerShare 30 false false R31.htm 00000031 - Disclosure - The Company (Details Narrative) Sheet http://thecryptocompany.com/role/CompanyDetailsNarrative The Company (Details Narrative) Details http://thecryptocompany.com/role/Company 31 false false R32.htm 00000032 - Disclosure - Summary of Significant Accounting Policies (Details Narrative) Sheet http://thecryptocompany.com/role/SummaryOfSignificantAccountingPoliciesDetailsNarrative Summary of Significant Accounting Policies (Details Narrative) Details http://thecryptocompany.com/role/SummaryOfSignificantAccountingPoliciesPolicies 32 false false R33.htm 00000033 - Disclosure - Acquisition (Details Narrative) Sheet http://thecryptocompany.com/role/AcquisitionDetailsNarrative Acquisition (Details Narrative) Details http://thecryptocompany.com/role/AcquisitionTables 33 false false R34.htm 00000034 - Disclosure - Acquisition - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) Sheet http://thecryptocompany.com/role/Acquisition-ScheduleOfFairValueOfAssetsAcquiredAndLiabilitiesAssumedDetails Acquisition - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) Details 34 false false R35.htm 00000035 - Disclosure - Acquisition - Schedule of Unaudited Pro Forma Financial Information (Details) Sheet http://thecryptocompany.com/role/Acquisition-ScheduleOfUnauditedProFormaFinancialInformationDetails Acquisition - Schedule of Unaudited Pro Forma Financial Information (Details) Details 35 false false R36.htm 00000036 - Disclosure - Subscription Revenue Recognition (Details Narrative) Sheet http://thecryptocompany.com/role/SubscriptionRevenueRecognitionDetailsNarrative Subscription Revenue Recognition (Details Narrative) Details http://thecryptocompany.com/role/SubscriptionRevenueRecognition 36 false false R37.htm 00000037 - Disclosure - Segment Information (Details Narrative) Sheet http://thecryptocompany.com/role/SegmentInformationDetailsNarrative Segment Information (Details Narrative) Details http://thecryptocompany.com/role/SegmentInformationTables 37 false false R38.htm 00000038 - Disclosure - Segment Information - Schedule of Operating Income (Loss) by Segment (Details) Sheet http://thecryptocompany.com/role/SegmentInformation-ScheduleOfOperatingIncomeLossBySegmentDetails Segment Information - Schedule of Operating Income (Loss) by Segment (Details) Details 38 false false R39.htm 00000039 - Disclosure - Investments - Schedule of Fair Value of Investments in Cryptocurrency (Details) Sheet http://thecryptocompany.com/role/Investments-ScheduleOfFairValueOfInvestmentsInCryptocurrencyDetails Investments - Schedule of Fair Value of Investments in Cryptocurrency (Details) Details 39 false false R40.htm 00000040 - Disclosure - Investments - Summary of Cryptocurrencies Held (Details) Sheet http://thecryptocompany.com/role/Investments-SummaryOfCryptocurrenciesHeldDetails Investments - Summary of Cryptocurrencies Held (Details) Details 40 false false R41.htm 00000041 - Disclosure - Equipment - Schedule of Equipment (Details) Sheet http://thecryptocompany.com/role/Equipment-ScheduleOfEquipmentDetails Equipment - Schedule of Equipment (Details) Details 41 false false R42.htm 00000042 - Disclosure - Goodwill and Intangible Assets (Details Narrative) Sheet http://thecryptocompany.com/role/GoodwillAndIntangibleAssetsDetailsNarrative Goodwill and Intangible Assets (Details Narrative) Details http://thecryptocompany.com/role/GoodwillAndIntangibleAssetsTables 42 false false R43.htm 00000043 - Disclosure - Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) Sheet http://thecryptocompany.com/role/GoodwillAndIntangibleAssets-ScheduleOfGoodwillAndIntangibleAssetsDetails Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) Details 43 false false R44.htm 00000044 - Disclosure - Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense Related to Intangible Assets (Details) Sheet http://thecryptocompany.com/role/GoodwillAndIntangibleAssets-ScheduleOfEstimatedFutureAmortizationExpenseRelatedToIntangibleAssetsDetails Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense Related to Intangible Assets (Details) Details 44 false false R45.htm 00000045 - Disclosure - Summary of Common Stock Transactions (Details Narrative) Sheet http://thecryptocompany.com/role/SummaryOfCommonStockTransactionsDetailsNarrative Summary of Common Stock Transactions (Details Narrative) Details http://thecryptocompany.com/role/SummaryOfCommonStockTransactions 45 false false R46.htm 00000046 - Disclosure - Warrants for Common Stock (Details Narrative) Sheet http://thecryptocompany.com/role/WarrantsForCommonStockDetailsNarrative Warrants for Common Stock (Details Narrative) Details http://thecryptocompany.com/role/WarrantsForCommonStockTables 46 false false R47.htm 00000047 - Disclosure - Warrants for Common Stock - Schedule of Outstanding Warrants to Purchase Shares of Common Stock (Details) Sheet http://thecryptocompany.com/role/WarrantsForCommonStock-ScheduleOfOutstandingWarrantsToPurchaseSharesOfCommonStockDetails Warrants for Common Stock - Schedule of Outstanding Warrants to Purchase Shares of Common Stock (Details) Details 47 false false R48.htm 00000048 - Disclosure - Summary of Stock Options (Details Narrative) Sheet http://thecryptocompany.com/role/SummaryOfStockOptionsDetailsNarrative Summary of Stock Options (Details Narrative) Details http://thecryptocompany.com/role/SummaryOfStockOptionsTables 48 false false R49.htm 00000049 - Disclosure - Summary of Stock Options - Schedule of Stock Options Activity (Details) Sheet http://thecryptocompany.com/role/SummaryOfStockOptions-ScheduleOfStockOptionsActivityDetails Summary of Stock Options - Schedule of Stock Options Activity (Details) Details 49 false false R50.htm 00000050 - Disclosure - Summary of Stock Options - Schedule of Stock Option Assumptions Used (Details) Sheet http://thecryptocompany.com/role/SummaryOfStockOptions-ScheduleOfStockOptionAssumptionsUsedDetails Summary of Stock Options - Schedule of Stock Option Assumptions Used (Details) Details 50 false false R51.htm 00000051 - Disclosure - Related Party Transactions (Details Narrative) Sheet http://thecryptocompany.com/role/RelatedPartyTransactionsDetailsNarrative Related Party Transactions (Details Narrative) Details http://thecryptocompany.com/role/RelatedPartyTransactions 51 false false R52.htm 00000052 - Disclosure - Basic and Diluted Loss Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) Sheet http://thecryptocompany.com/role/BasicAndDilutedLossPerShare-ScheduleOfEarningsPerShareBasicAndDilutedDetails Basic and Diluted Loss Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) Details 52 false false R53.htm 00000053 - Disclosure - Commitments and Contingencies (Details Narrative) Sheet http://thecryptocompany.com/role/CommitmentsAndContingenciesDetailsNarrative Commitments and Contingencies (Details Narrative) Details http://thecryptocompany.com/role/CommitmentsAndContingencies 53 false false R54.htm 00000054 - Disclosure - Subsequent Events (Details Narrative) Sheet http://thecryptocompany.com/role/SubsequentEventsDetailsNarrative Subsequent Events (Details Narrative) Details http://thecryptocompany.com/role/SubsequentEvents 54 false false All Reports Book All Reports crcw-20180630.xml crcw-20180630.xsd crcw-20180630_cal.xml crcw-20180630_def.xml crcw-20180630_lab.xml crcw-20180630_pre.xml http://fasb.org/srt/2018-01-31 http://xbrl.sec.gov/invest/2013-01-31 http://xbrl.sec.gov/dei/2018-01-31 http://fasb.org/us-gaap/2018-01-31 true true ZIP 72 0001493152-18-013050-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001493152-18-013050-xbrl.zip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end