TEL AVIV, ISRAEL / ACCESSWIRE / September 12, 2019 / FIRST BITCOIN CAPITAL CORP (OTC PINK: BITCF) ('the Company') a prolific generator of more than 100 unique cryptocurrencies and developer of blockchain-powered technologies announced today that it has completed its audited financial statements for the fiscal year ending December 31, 2018. An independent auditor (which is a PCAOB registered accounting firm) completed the audits of the Company's financial statements within the guidelines of Canadian Generally Accepted Accounting Principles (GAAP) as well as our consolidated financial statements having been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
This is a significant step in additional transparency for the Company's shareholders and we are taking the necessary steps to file an application to become listed on the Canada Stock Exchange (CSE).
"We are excited to move forward with the completion of our audits covering 2016 through 2018," said Greg Rubin CEO of BITCF. "We anticipate that the completion of the latest audit will also accelerate our efforts towards the Company becoming a fully reporting company with the US and Canadian securities regulators."
Due to Canadian GAAP and IFRS standards, it was required that First Bitcoin write down its assets considerably as well as booking of certain assets at nil or zero value based on historic costs and lack of those assets generating cash revenues. However, the company's gross income increased substantially and losses decreased significantly from .008 to .001 per share from the years ending 2017 and 2018 respectively.
The financial results can be viewed at: https://firstbitcoin.io/wp-content/uploads/2019/09/2018-Audited-Annual-Report.pdf
Management's Discussion and Analysis can be read here: https://firstbitcoin.io/wp-content/uploads/2019/09/2018-Management-Discussion-and-Analysis.pdf
About First Bitcoin Capital Corp
First Bitcoin Capital Corp (OTC:BITCF) began developing digital currencies, proprietary blockchain technologies, and the digital currency exchange - www.CoinQX.com (in Beta) in early 2014. We saw this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex blockchain technologies and in developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company, we provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies.
The Company began developing its own blockchain and cryptocurrency called First Bitcoin (COIN:BIT) in 2016. Recently the Company updated the BIT wallet and added more functionality. Users are able to generate BIT through the processes of POW and POS mining. The First Bitcoin cryptocurrency has a current supply of 20,707,629,255 BIT. It is currently trading on LIVECOIN.net with its explorer at www.explorer.bitcf.net
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Certain statements contained in this press release may constitute 'forward-looking statements.' Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's website and filings.
SOURCE: First Bitcoin Capital Corp.
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