Mon, Jun 2, 9:30 PM (21 days ago)
**Summary of The Crypto Company (CRCW) 10-K/A Filing** **Company Overview:** The Crypto Company (CRCW) is engaged in providing consulting services and education for blockchain technology. The company generates revenue through consulting and education operations. **Financial Performance (2023):** - **Revenue:** $197,459 (down from $619,538 in 2022) - **Net Income:** $(7,231,317) (loss increased from $(5,662,918) in 2022) - **Operating Expenses:** $4,018,395 (down from $4,099,223 in 2022) - **Earnings per Share:** $(0.05) (improved from $(0.24) in 2022) **Key Adjustments and Restatements:** - Additional interest expense of $526,903 related to convertible notes. - Write-off of goodwill and intangible assets of $1,271,306 related to the BTA acquisition. - Reclassification of $207,938 from revenue to other liabilities. - Additional officer’s compensation of $270,000. **Financial Condition:** - **Cash on Hand:** $72,970 - **Working Capital:** Negative $6,126,104 - **Total Liabilities:** $6,337,407 - **Stockholders' Deficit:** $(6,264,437) **Market Position and Outlook:** - The company has incurred significant losses and experienced negative cash flows since inception. - The ability to continue as a going concern is dependent on generating profitable operations and obtaining necessary financing. - The company is evaluating strategies to obtain financing to fund expenses and achieve adequate revenue. **Risk Factors:** - Ability to execute business plan and achieve profitability. - Levels of indebtedness. - Rapidly advancing technology and competitive services. - Government regulations on blockchain technology. - Exposure to third-party claims and intellectual property rights. - Ability to obtain adequate financing. **Strategic Overview:** - The company is focused on consulting services and education for blockchain technology. - Future strategies may include private placements of capital stock, debt borrowings, partnerships, and collaborations. **Future Outlook:** - The company aims to generate profitable operations and secure financing to support its current cost structure. - The ability to continue as a going concern is dependent on successful future-funding efforts. **Changes Due to Amendment:** - The amendment replaces the Report of Independent Registered Public Accounting Firm from B.F. Borgers CPA PC with Bush and Associates CPA. - Adjustments were made to financial statements due to a cease-and-desist order against the former auditor. - The company's disclosure controls and procedures were deemed ineffective as of December 31, 2023. **Ticker:** CRCW