BTCS Inc. Files Q2 2024 10-Q

TL;DR

BTCS Inc. 10-Q filed for Q2 2024. Check financials.

AI Summary

BTCS Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as Bitcoin Shop, Inc., is incorporated in Nevada and operates in the finance services sector. Its principal executive offices are located in Silver Spring, Maryland. The filing covers the second quarter of 2024.

Why It Matters

This filing provides investors with an update on BTCS Inc.'s financial performance and operational status for the second quarter of 2024, crucial for understanding the company's current financial health.

Risk Assessment

Risk Level: medium — As a company in the finance services sector, particularly with a history related to cryptocurrency, BTCS Inc. is subject to market volatility and regulatory risks.

Key Numbers

• Q2 2024 — Reporting Period (Financials for the second quarter of 2024 are detailed.)
• 20240630 — Fiscal Year End (The company's fiscal year ends on December 31st.)

Key Players & Entities

• BTCS Inc. (company) — Filer of the 10-Q
• Bitcoin Shop, Inc. (company) — Former name of BTCS Inc.
• 20240630 (date) — End of reporting period
• 20240819 (date) — Filing date
• Silver Spring, Maryland (location) — Business address

FAQ

Key Financial Figures

• $0.001 B — ch registered Common Stock, par value $0.001 BTCS The Nasdaq Stock Market (The Nas

Filing Documents

• form10-q.htm (10-Q) — 1190KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 12KB
• 0001493152-24-033150.txt ( ) — 6138KB
• btcs-20240630.xsd (EX-101.SCH) — 40KB
• btcs-20240630_cal.xml (EX-101.CAL) — 44KB
• btcs-20240630_def.xml (EX-101.DEF) — 167KB
• btcs-20240630_lab.xml (EX-101.LAB) — 351KB
• btcs-20240630_pre.xml (EX-101.PRE) — 289KB
• form10-q_htm.xml (XML) — 1153KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1

Financial Statements

Financial Statements 4 Condensed Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 4 Condensed Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 5 Condensed Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 6 Condensed Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited) 7 Notes to the Unaudited Condensed Financial Statements 8-26 ITEM 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 ITEM 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 ITEM 4

Controls and Procedures

Controls and Procedures 36

- OTHER INFORMATION

PART II - OTHER INFORMATION ITEM 1

Legal Proceedings

Legal Proceedings 37 ITEM 1A

Risk Factors

Risk Factors 37 ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds 37 ITEM 3 Defaults Upon Senior Securities 37 ITEM 4 Mine Safety Disclosures 37 ITEM 5 Other Information 37 ITEM 6 Exhibits 37 Signature 38 2 BTCS INC. As used in this Quarterly Report on Form 10-Q, the terms "we," "us," "our," the "Company," the "Registrant," and "BTCS Inc.," mean BTCS Inc., unless otherwise indicated. 3 PART I - FINANCIAL INFORMATION ITEM 1 Financial Statements BTCS Inc. Balance Sheets June 30, December 31, 2024 2023 (Unaudited) Assets: Current assets: Cash and cash equivalents $ 536,682 $ 1,458,327 Stablecoins 14,797 21,044 Crypto assets 973,413 302,783 Staked crypto assets 32,010,175 24,900,146 Prepaid expenses 180,919 62,461 Receivable for capital shares sold - 291,440 Total current assets 33,715,986 27,036,201 Other assets: Investments, at value (Cost $ 100,000 ) 100,000 100,000 Property and equipment, net 7,500 10,490 Total other assets 107,500 110,490 Total Assets $ 33,823,486 $ 27,146,691 Liabilities and Stockholders' Equity: Accounts payable and accrued expenses $ 130,850 $ 55,058 Accrued compensation 508,489 712,092 Warrant liabilities 71,250 213,750 Total current liabilities 710,589 980,900 Stockholders' equity: Preferred stock: 20,000,000 shares authorized at $ 0.001 par value: - - Series V preferred stock: 14,567,829 and 14,567,829 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 2,563,938 2,563,938 Common stock, 975,000,000 shares authorized at $ 0.001 par value, 15,895,027 and 15,320,281 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 15,895 15,322 Additional paid in capital 163,681,450 162,263,634 Accumulated deficit ( 133,148,386 ) ( 138,677,103 ) Total stockholders' equity 33,112,897 26,165,791 Total Liabilities and Stockholders' Equity $ 3

View Full Filing

View this 10-Q filing on SEC EDGAR