What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2024-05-14 compared with 2023-11-09 · 217 added, 169 removed, 101 unchanged (79% of the section changed)

9 unchanged sentences

When we refer to the “2024 Quarter” and the “2023 Quarter” we are referring to

the three months ended September 30, 2023 and September 30, 2022, respectively.

When we refer to the “2023 Period” and the

“2022 Period” we are referring to the nine months ended September 30, 2023 and September 30, 2022, respectively.

is an early entrant in the crypto asset market and a publicly-traded U.S.

company focused on blockchain infrastructure and staking.

The Company specializes in operating validator nodes on various Delegated proof-of-stake (“DPoS”) and proof-of-stake (“PoS”)

based blockchain networks and stakes the native crypto assets on the validator nodes it operates to earn rewards in connection with the

validation of transactions occurring on those blockchain networks.

Subject to available capital and the restrictions of certain blockchains

BTCS plans to expand its PoS operations to secure other disruptive blockchain protocols that allow for delegating, which presents a significant

growth opportunity for the Company.

We evaluate blockchain networks through various due diligence procedures, including consideration

of blockchain quality, reward potential, and technical difficulty of running a validator node.

Considerations of the quality of a blockchain

include inspection of i) market and on-chain statistics, ii) liquidity, iii) potential blockchain utility, iv) history and milestones,

v) growth and development roadmap, vi) use cases, vii) community interest, vii) quality of documentation, viii) decentralization, and

ix) any other publicly available information.

business model is focused on Staking-as-a-Service (“StaaS”), allowing crypto asset holders to earn rewards by participating

in network consensus mechanisms through staking and delegating their crypto assets to Company operated validator nodes.

As a non-custodial

validator operator, the Company receives a percentage of token holders’ staking rewards generated as a validator node fee, for

our ministerial role in hosting the validator node.

This creates an opportunity for scalable revenue and business growth with limited

additional costs.

The Company’s StaaS strategy provides a more accessible and cost-effective alternative for crypto asset holders

to participate in blockchain networks’ consensus mechanisms, promoting the growth and adoption of blockchain technology.

The Company’s

internally-developed dashboard, StakeSeeker, is a non-custodial platform that allows users to learn how to earn staking rewards through

direct participation in blockchain consensus algorithms and analyze their crypto portfolios across exchanges and wallets through a comprehensive

crypto dashboard and education center.

table below describes BTCS’s quarterly crypto asset holdings as of the 2022 Quarter through the 2023 Quarter.

the three months ended March 31, 2024 and March 31, 2023, respectively.

is a Nasdaq listed company operating in the blockchain technology sector since 2014 and is one of the only U.S.

publicly traded

companies with a primary focus on proof-of-stake blockchain infrastructure.

Our core focus is on driving scalable growth through a diverse

range of business streams leveraging and built on top of our core and proven blockchain infrastructure operations.

Infrastructure

Company operates validator nodes on various delegated proof-of-stake and proof-of-stake based blockchain networks, with

an emphasis on Ethereum.

We earn native token rewards by validating transactions across various blockchain networks by staking our crypto

assets on validator nodes operated by BTCS and third parties.

evaluation of blockchain networks involves comprehensive due diligence procedures, including assessments of blockchain quality, reward

potential, and the technical challenges associated with running validator nodes.

Criteria for assessing blockchain quality encompass

factors such as i) market and on-chain statistics, ii) liquidity, iii) potential blockchain utility, iv) history and milestones, v) growth

and development roadmap, vi) use cases, vii) community interest, vii) quality of documentation, viii) decentralization, and ix) any other

publicly available information.

– Staking-as-a-Service

Staking-as-a-Service (“StaaS”) business model allows for crypto asset holders to earn token rewards by participating in network

consensus mechanisms through staking and delegating their crypto assets to Company operated validator nodes.

As a non-custodial validator

operator, the Company receives a percentage of a crypto asset holders’ staking rewards generated as a validator node fee, for our

ministerial role in hosting the validator node.

This creates an opportunity for scalable revenue and business growth with limited additional

The Company’s StaaS strategy provides a more accessible and cost-effective alternative for crypto asset holders to participate

in blockchain networks’ consensus mechanisms, promoting the growth and adoption of blockchain technology.

Company’s internally-developed “StakeSeeker” platform is a personal finance software and education center with a comprehensive

crypto dashboard for crypto asset holders to connect, monitor, track, and analyze their crypto portfolios across exchanges and wallets

in a single analytics platform.

The StakeSeeker dashboard reads user data from digital wallets and utilizes application programming interfaces

(APIs) to read data from crypto exchanges and does not allow for the trading or custody of crypto assets.

StakeSeeker’s Stake Hub

functions as an educational center, offering users guidance on the delegation of their crypto assets to our non-custodial validator nodes,

along with the ability to monitor such delegation activities through data analysis.

StakeSeeker does not provide or facilitate direct,

crypto asset delegation or transaction execution on our platform.

The Stake Hub’s primary role is to offer instructional support

and tracking capabilities.

There is no active process for crypto asset delegation through the Stake Hub dashboard;

it is primarily a

monitoring tool.

Crypto asset holders are able to delegate to our validator nodes without signing up for our StakeSeeker platform;

crypto asset holders can delegate to validator nodes not operated by the Company and sign up for StakeSeeker to utilize our software

and data analytics.

The StakeSeeker platform is currently free-to-use for registered users and is not currently generating revenue.

Company is not a broker-dealer or an investment advisor and does not provide any such related services.

StaaS provider maintains a ministerial role in validating transactions on a given dPoS network on behalf of its Delegators by (1)

using open-source software to stake the relevant crypto assets;

(2) monitoring and maintaining the nodes it is operating to ensure

the computers remain online to validate transactions;

and (3) verifying transactions on the network when required.

a non-custodial StaaS provider, we do not hold or take possession of any Delegator funds, crypto assets, or crypto asset rewards at

any point during the staking or delegation process.

Delegation does not involve the transfer of crypto asset ownership to a

During the process of staking, delegated crypto assets remain in the Delegator’s digital wallets.

The blockchain

network calculates rewards earned, which are then distributed directly to the Delegator’s wallet (not BTCS).

At no point does the

Validator gain access, control, or custody of the original staked crypto assets or the earned crypto rewards through staking to its

Therefore, the Company does not have any exposure to the custodial risks that a crypto exchange would have related to

excessive redemptions or withdrawals of crypto assets, suspension of redemptions, or withdrawals.

Further, we do not issue or hold

crypto assets on behalf of third parties and have no exposure to the risks an exchange would have with respect to loans,

rehypothecation, or margin.

following table details the blockchain networks on which BTCS operates nodes that support third-party delegations as part of our staking-as-a-service

operations, including the amount of third-party crypto assets delegated to our non-custodial validator nodes, as of March 31, 2024:

Delegated Crypto Assets

Crypto Assets

Blockchain Network

(Native Tokens)

1,937,000 ROSE

indicates the minimum required by the blockchain network.

– Ethereum Block Building

January 2024, we introduced “Builder+”, an Ethereum block builder.

Builder+ utilizes algorithms to construct optimized blocks

for on-chain validation.

While we anticipate scalable revenue from Builder+, it may not materialize in the near future under current

interpretations of ASC 606, “ Revenue from Contracts with Customers ,” as described in Note 3 to our financial statements.

For the Three Months Ending

March 31, 2024

Gas fees earned from blocks proposed

Validator payments for block space

Revenue earned from Ethereum block building through Builder+

Company aims to maximize the value of gas fees earned by increasing block production while minimizing Validator Payments required for

purchasing block space from validators to propose blocks to the Ethereum network.

– AI Analytics

is an AI-powered blockchain data and analytics platform, designed to allow users to query real-time and historical on-chain

blockchain data.

Through comprehensive indexing of public blockchain data from our Blockchain Infrastructure operations, ChainQ is intended

to provide an intuitive and straightforward platform for users to access on-chain data.

ChainQ is currently under development with target beta release in 2024.

tables below detail BTCS’s quarterly crypto asset holdings as of the 2023 Quarter through the 2024 Quarter.

Assets Held at Period End

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Avalanche (AVAX)

Algorand (ALGO)

Axie Infinity (AXS)

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Evmos (EVMOS)

Value of Crypto Assets at Period End

Market Value of Crypto Assets at Period End

Ethereum (ETH)

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Avalanche (AVAX)

Algorand (ALGO)

Axie Infinity (AXS)

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of Crypto Assets at Period End*

Infinity (AXS)

Protocol (BAND)

Network (ROSE)

Protocol (NEAR)

The prices have been rounded to the nearest whole dollar for prices above $100

following table presents the Fair Value of Crypto Assets held compared to the GAAP Book Value reported on the Company’s balance

September 30, 2023

December 31, 2022

Ethereum (ETH)

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Avalanche (AVAX)

Algorand (ALGO)

Axie Infinity (AXS)

3 unchanged sentences

Evmos (EVMOS)

of Operations for the Three and Nine Months Ended September 30, 2023 and 2022

following tables reflect our operating results for the three and nine months ended September 30, 2023 and 2022:

The prices have been rounded to the nearest whole dollar for prices above $100

Asset Rewards

tables below detail BTCS’s quarterly crypto assets earned during the 2023 Quarter through the 2024 Quarter.

assets earned from BTCS validator nodes

Ethereum (ETH)

Cosmos (ATOM)

NEAR Protocol (NEAR)

Oasis Network (ROSE)

Avalanche (AVAX)

Evmos (EVMOS)

Crypto assets earned from Ethereum block building through Builder+

Ethereum (ETH)

assets earned from staking to third-party validator nodes

Axie Infinity (AXS)

Polygon (MATIC)

Polkadot (DOT)

Evmos (EVMOS)

Cardano (ADA)

Market Value of Crypto Asset Rewards Earned Recognized as Revenue

tables below detail the fair market value of BTCS’s quarterly crypto assets earned as revenue during the 2023 Quarter through the

2024 Quarter.

earned from BTCS validator nodes

Ethereum (ETH)

Cosmos (ATOM)

NEAR Protocol (NEAR)

Oasis Network (ROSE)

Avalanche (AVAX)

Evmos (EVMOS)

Total revenue earned from BTCS validator nodes

earned from Ethereum block building through Builder+

Ethereum (ETH)

Total revenue earned from Ethereum block building through Builder+

Revenue earned from staking to third-party validator nodes

Axie Infinity (AXS)

Polygon (MATIC)

Polkadot (DOT)

Evmos (EVMOS)

Cardano (ADA)

Total revenue earned from staking to third-party validator nodes

Total revenue earned

of Operations for the Three Months Ended March 31, 2024 and 2023

following tables reflect our operating results for the three months ended March 31, 2024 and 2023:

For the Three Months Ended

September 30,

Validator revenue

Total revenues

Cost of revenues

Validator expense

Operating expenses:

General and administrative

Research and development

Compensation and related expenses

Impairment loss on digital assets

Realized gains on digital asset transactions

Total operating expenses

Other income (expenses):

Change in fair value of warrant liabilities

Total other income (expenses)

$ (1,030,248 )

For the Nine Months Ended

September 30,

Validator revenue

Blockchain infrastructure revenues (net of fees)

Total revenues

Cost of revenues

Validator expense

Blockchain infrastructure costs

Operating expenses:

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Compensation and related expenses

Impairment loss on crypto assets

(11,095,522 )

Realized gains on crypto asset transactions

Realized (gains) losses on crypto asset transactions

Total operating expenses

(12,758,457 )

Other income (expenses):

Change in unrealized appreciation (depreciation) on crypto assets

Change in fair value of warrant liabilities

Distributions to warrant holders

Total other income (expenses)

$ (3,071,893 )

$ (14,495,664 )

decrease in revenue during the 2023 Period as compared to the 2022 Period is primarily due to a drop in the fair value of our crypto

assets earned as rewards for staking since the market’s highs in the first quarter of 2022.

Although we believe the number of tokens

we earn from staking and revenue recognized will increase as we continue to expand our blockchain infrastructure efforts, we recognize

that volatility in the crypto asset markets may impact the market prices of the crypto assets we earn from staking.

decrease in cost of revenues during the 2023 Period as compared to the 2022 Period is due to efficiencies realized in our blockchain

infrastructure validating operating costs, including streamlining of web service hosting fees and reduction of services provided by vendors.

We believe our cost of revenues will increase as we continue to ramp up our business.

However, we believe gross margin will improve as

we add scale to our blockchain infrastructure operations and reduce costs as a result of increased operational efficiencies, leading

to improved gross profits.

increase in revenue during the 2024 Quarter as compared to the 2023 Quarter is primarily due to the increase in fair value of our crypto

assets earned as rewards for staking as the market prices of crypto assets continued to rise throughout the 2024 Quarter.

This is partially

offset by the negative revenue we recognized related to our Ethereum block building activities during the 2024 Quarter.

Although we believe

the number of tokens we earn from staking and revenue recognized will increase as we continue to expand our blockchain infrastructure

efforts, we recognize that volatility in the crypto asset markets may impact the market prices of the crypto assets we earn from staking.

increase in the cost of revenues during the 2024 Quarter as compared to the 2023 Quarter is due to new costs associated with our launch

of our Ethereum block building activities during the 2024 Quarter as part of Builder+.

We believe our cost of revenues will increase

as we continue to ramp up our business.

and administrative expenses consist of director compensation, legal and professional fees and other personnel and related costs.

decrease in the 2023 Period was primarily due to a decrease of $0.3 million in investor relation related costs compared to the 2022 Period

as the Company focused on cost management and transitioning related efforts in-house from third-party engagements.

These decreases were

partially offset by a $0.2 million increases in legal service costs during the 2023 Period compared to the 2022 Period, driven primarily by

services surrounding the Series V Preferred Distribution and related listing on Upstream Exchange.

and development expenses increased during the 2023 Period as the Company focused on the beta release of our proprietary StakeSeeker platform

in the first quarter 2023, including responding to user feedback and continued planned feature development and incorporation onto the

decrease in the 2024 Quarter was primarily due to a decrease of approximately $110,000 in legal service and related administrative costs

from the 2023 Quarter, driven primarily by services surrounding the Series V Preferred Distribution and related listing on Upstream Exchange

incurred during the 2023 Quarter.

We recently announced that the Company is being investigated by the SEC.

To date, our legal and other expenses related

to this investigation have not been material.

We are uncertain as to whether our future investigation expenses will have a material impact

on our operating expenses during the balance of 2024 or thereafter.

and development expenses decreased during the 2024 Quarter from the 2023 Quarter as the Company focused on the beta release of our proprietary

StakeSeeker platform in the first quarter 2023, including responding to user feedback and continued planned feature development and incorporation

onto the platform.

Research and development in the 2024 Quarter focused on the launch of Builder+ operations as well as the further development

We anticipate research and development costs to remain consistent as we continue to expand on technological solutions in the

blockchain sector with a focus on cost management of our third-party development team.

and related expenses decreased during the 2023 Period primarily due non-cash $2.2 million equity-based contingent bonuses granted to

employees and our non-employee directors during the 2022 Period for the achievement of performance milestones compared to only $0.7 million

equity-based compensation during the 2023 Period.

We believe our compensation expenses will increase slightly from those reported in

the 2023 Period as the Company continues to utilize equity-based compensation incentives as a core part of our compensation strategy.

costs decreased during the 2023 Period as the Company focused on cost reduction efforts.

decrease in operating expenses in the 2023 Period is primarily due to the impairment loss on crypto assets (which we refer to as a “Crypto

Asset Impairment”) of $12.3 million during the 2022 Period, compared to only a $1.3 million Crypto Asset Impairment during the

Impairment charges are based on volatility in the crypto asset market and cannot be accurately predicted, but may subject

the Company to the possibility of additional impairment charges on its crypto asset holdings.

realized gain on crypto transactions increased during the 2023 Period as the Company sold approximately 968 ETH earned as rewards from

our staking operations after liquidity was unlocked in April 2023 as part of Ethereum’s Shanghai upgrade.

and related expenses remained consistent during the 2024 Quarter.

We believe our compensation expenses will increase from those reported

in the 2024 Quarter as the Company continues to utilize equity-based compensation incentives as a core part of our compensation strategy

and anticipates accruals for 2024 performance-based bonus incentives in future reporting periods.

costs increased during the 2024 Quarter as the Company incurred costs associated with the purchase of transaction traffic to bolster

Ethereum block production as part of the ramp up of Builder+ operations.

The Company anticipates additional expenditures for transaction

traffic in order to further increase Ethereum block building activities.

Income (Expenses)

changes in other income for the periods reported were primarily due to the decrease in the fair value of warrant liabilities.

This non-cash

expense is driven by the value of our stock price at the end of each quarter, which we cannot predict.

decrease in our net loss for the 2023 Period was primarily due to the decrease in operating expenses and changes in other income (expenses)

as discussed above.

We believe that our net loss may increase as the Company incurs increased costs related to the development of its

StakeSeeker platform and incurs additional Crypto Asset Impairment losses due to volatility in the crypto asset markets.

changes in other income for the 2024 Quarter were primarily attributed to the recognition of the change in unrealized appreciation on

crypto assets resulting from the increase in the fair market value of the Company’s crypto assets.

Changes in the unrealized appreciation

or depreciation of crypto assets are directly influenced by the volatility in crypto markets, which can be challenging for management

the changes in other income for the 2023 Quarter were primarily driven by the decrease in the fair value of warrant liabilities throughout

This non-cash expense is influenced by the value of our stock price at the end of each quarter, a factor that we cannot predict.

increase in net income for the 2024 Quarter compared to the 2023 Quarter is primarily attributable to larger

increases in fair value of our crypto assets during the 2024 Quarter compared to the 2023 Quarter.

We acknowledge that our net

income (loss) may exhibit significant fluctuations due to the volatility in the crypto asset markets, impacting changes in the fair

value of crypto assets during future reporting periods.

and Capital Resources

4 unchanged sentences

From the period

September 14, 2021 through November 7, 2023, the Company sold a total of 3,442,181 shares of Common Stock under the ATM Agreement

for aggregate total gross proceeds of approximately $15,626,000 at an average selling price of $4.54 per share, resulting in net

proceeds of approximately $15,122,000 after deducting commissions and other transaction costs.

September 14, 2021 through May 10, 2024, the Company sold a total of 4,346,748 shares of Common Stock under the ATM Agreement for

aggregate total gross proceeds of approximately $17,256,000 at an average selling price of $3.97 per share, resulting in net proceeds

of approximately $16,696,000 after deducting commissions and other transaction costs.

Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity

2 unchanged sentences

on an ongoing basis.

As of September 30, 2023, the Company had approximately $0.8 million of cash and working capital of approximately $8.4 million.

view our crypto assets as long-term holdings and we do not plan to engage in regular trading of crypto assets other than for meeting

operational cash needs.

Further certain of our staked crypto assets may be locked up depending on the specific blockchain protocol and

we may be unable to unstake them in a timely manner in order to liquidate to the extended desired.

During times of instability in the

market of crypto assets, we may not be able to sell our crypto assets at reasonable prices or at all.

As a result, our crypto assets

may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.

of November 7, 2023, the Company had approximately $0.6 million of cash and cash equivalents and the fair value of the

Company’s liquid crypto assets was approximately $19.3 million.

As of March 31, 2024, the Company had approximately $671,000 of cash and working capital of approximately $39,263,000.

of May 10, 2024, the Company had approximately $431,000 of cash and cash equivalents and the fair market value of the Company’s

liquid crypto assets was approximately $30,301,000.

The Company has no outstanding debt.

As of November 7,

2023, the Company also has approximately $5.8 million available under the ATM Agreement over the next twelve months under the Form

S-3 baby shelf rules, although, the amount that we may raise under the Form S-3 may increase or decrease based upon our stock price.

The Company believes that the existing cash and liquid crypto assets held by us, in addition to the funds available to the Company

from the issuance of additional stock through the ATM Agreement, provide sufficient liquidity to meet working capital requirements,

anticipated capital expenditures and contractual obligations for at least the next 12 months.

used in operating activities was approximately $2.6 million during the 2023 Period compared to approximately $129,000 for the 2022

The sale of our remaining bitcoin holdings by the end of 2022 was the primary contributor to the $2.6 million operating cash

inflows from the sale of non-productive crypto assets during the 2022 Period compared to $0 in the 2023 Period.

We do not anticipate

any future material cash inflows from the sale of non-productive assets, as our blockchain infrastructure strategy focuses primarily

on acquiring and staking productive proof-of-stake blockchain networks.

Additional non-cash adjustments to our operating cash flows

consisted of approximately $1.3 million impairment loss on crypto assets (“Crypto Asset Impairment”) during the 2023

Period compared to approximately $12.3 million Crypto Asset Impairment during the 2022 Period.

Impairment charges are based on

volatility in the crypto asset market and cannot be accurately predicted.

This is partially offset by the approximately $2.2 million

equity-based contingent bonuses granted to employees and our non-employee directors during the 2022 Period for the achievement of

performance milestones compared to only approximately $1.1 million equity-based compensation in the 2023 Period.

We anticipate

similar levels of equity-based compensation in future periods as reported in the 2023 Period.

used in investing activities was approximately $186,000 during the 2023 Period compared to approximately $8.8 million for the 2022

Net cash outflow for investing activities was used primarily for the purchase of crypto assets for our blockchain

infrastructure operations.

We anticipate purchase activity to remain lower and consistent with the levels reported during the 2023

Period as we focus our strategies on technical developments.

The 2022 Period included large purchases of productive crypto assets to

build on our blockchain infrastructure operations.

provided by financing activities was approximately $1.1 million during the 2023 Period compared to approximately $10.5 million for

the 2022 Period.

The cash inflows from financing activities were entirely from proceeds from the Common Stock sold pursuant to the

ATM Agreement during the 2023 Period.

The cash inflows from financing activities during the 2022 Period was partially offset by a

one-time return of capital distribution of approximately $631,000 made to record holders as of March 17, 2022.

The Company plans to

continue to raise proceeds from the sale of Common Stock to fund operations as needed.

The Company believes that the existing

cash and liquid crypto assets held by us provide sufficient liquidity to meet working capital requirements, anticipated capital expenditures and contractual

obligations for at least the next 12 months.

of our staked crypto assets may be locked up for varying durations, depending on the specific blockchain protocol, and we may be unable

to unstake them in a timely manner in order to liquidate to the extent desired.

Lock-up periods for our staked crypto assets range from

several hours to six months.

During times of instability in the market of crypto assets, we may not be able to sell our crypto assets

at reasonable prices or at all.

As a result, our crypto assets may not be able to serve as a source of liquidity for us to the same extent

as cash and cash equivalents.

used in operating activities was approximately $769,000 during the 2024 Quarter compared to approximately $1,126,000 for the 2023 Quarter.

The largest non-cash adjustment to our operating cash flows consisted of approximately $13,103,000 change in in unrealized appreciation

on crypto assets during the 2024 Quarter, which is based on volatility in the crypto asset market and cannot be accurately predicted.

used in investing activities was approximately $19,000 during the 2024 Quarter compared to approximately $86,000 for the 2023 Quarter.

Net cash outflow for investing activities was used primarily for the purchase of crypto assets for our blockchain infrastructure operations.

We anticipate purchase activity to remain lower and consistent with the levels reported during the 2024 Quarter as we focus our strategies

on technical developments.

provided by financing activities was approximately $0 during the 2024 Quarter compared to approximately $509,000 for the 2023 Quarter.

The cash inflows from financing activities were entirely from proceeds from the Common Stock sold pursuant to the ATM Agreement during

the 2023 Quarter.

The Company plans to continue to raise proceeds from the sale of Common Stock to fund operations as needed.

Balance Sheet Transactions

of September 30, 2023, there were no off-balance sheet arrangements and we were not a party to any off-balance sheet transactions.

have no guarantees or obligations other than those which arise out of normal business operations.

of March 31, 2024, there were no off-balance sheet arrangements and we were not a party to any off-balance sheet transactions.

no guarantees or obligations other than those which arise out of normal business operations.

Accounting Policies and Estimates

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report contains forward-looking statements, including our liquidity, our belief that our blockchain infrastructure efforts will form

the core growth for our StakeSeeker platform, our plans and development of our StakeSeeker platform and the integration of Staking-as-a-Service,

increase in the number of tokens we earn, plans to expand our PoS operations, growth opportunities for the Company, consistent purchase

activity, our belief regarding blockchain, expected increase in our revenues and gross margins and future business plans.

Forward-looking

statements can be identified by words such as “anticipates,” “intends,” “may,” “potential,”

“continues,” “plans,” “seeks,” “believes,” “estimates,” “expects”

and similar references to future periods.

the core growth for our business, including but not limited to Builder+, StakeSeeker, and Chain, plans to expand our PoS operations,

growth opportunities for the Company, our belief regarding blockchain, expected increase in our revenues and gross margins and future

business plans.

Forward-looking statements can be identified by words such as “anticipates,” “intends,” “may,”

“potential,” “continues,” “plans,” “seeks,” “believes,” “estimates,”

“expects” and similar references to future periods.

Forward-looking

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis