Quarterly report pursuant to Section 13 or 15(d)

Consolidated Condensed Balance Sheets

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Consolidated Condensed Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 474,546 $ 692,963
Digital currencies 2,892 1,141
Accounts receivable - net of allowance for bad debt of $0 for March 31, 2020 117,811
Prepaid expenses and other current assets 908,348 800,024
Total current assets 1,503,597 1,494,128
Other assets:    
Property and equipment, net of accumulated depreciation and impairment charges of $6,220,792 and $6,157,786 for March 31, 2020 and December 31, 2019, respectively 2,835,563 3,754,969
Right-of-use assets 273,173 297,287
Intangible assets, net of accumulated amortization of $154,216 and $136,422 for March 31, 2020 and December 31, 2019, respectively 1,055,784 1,073,578
Total other assets 4,164,520 5,125,834
TOTAL ASSETS 5,668,117 6,619,962
Current liabilities:    
Accounts payable and accrued expenses 1,312,159 1,238,197
Mining servers payable 513,700
Current portion of lease liability 89,054 87,959
Warrant liability 3,062 12,849
Total current liabilities 1,404,275 1,852,705
Long-term liabilities    
Convertible notes payable 999,106 999,106
Lease liability 95,018 120,479
Total long-term liabilities 1,094,124 1,119,585
Total liabilities 2,498,399 2,972,290
Commitments and Contingencies  
Stockholders' Equity:    
Preferred stock, $0.0001 par value, 50,000,000 shares authorized, no shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively
Common stock, $0.0001 par value; 200,000,000 shares authorized; 9,212,106 and 8,458,781 issued and outstanding at March 31, 2020 and December 31, 2019, respectively 922 846
Additional paid-in capital 110,284,952 109,705,051
Accumulated other comprehensive loss (450,719) (450,719)
Accumulated deficit (106,665,437) (105,607,506)
Total stockholders' equity 3,169,718 3,647,672
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,668,117 $ 6,619,962