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Cryptologic Releases 2020 Second Quarter Financial Results Canadian Stock


TORONTO, Aug. 28, 2020 (GLOBE NEWSWIRE) — Cryptologic Inc. (“Cryptologic” or the “Company”) (CSE:CRY) today announces its financial results for the quarter ended June 30, 2020.  Selected financial information of the Company for the three and six months ended June 30, 2020 and 2019 and the year ended December 31, 2019 is set forth below:

    Three Months Ended June 30,   Six Months Ended June 30,   Year Ended December 31, 
    2020   2019   2020   2019   2019
Net loss and comprehensive
   loss from continuing operations
  $         (3,238,571 )   $         (1,567,595 )   $         (5,974,756 )   $         (4,585,412 )   $                   (16,962,291 )
Net income (loss) and comprehensive
   income (loss)
  (1,364,755 )   2,850,926     (3,555,609 )   (273,432 )   (11,722,599 )
Total assets   10,837,605     24,686,641     10,837,605     24,686,641     15,581,954  
Total liabilities   1,732,942     36,947,189     1,732,942     36,947,189     38,847,679  
Basic and diluted net loss and
   comprehensive loss per common
   share from continuing operations
  $                  (0.25 )   $                  (0.12 )   $                  (0.47 )   $                  (0.36 )   $                              (1.33 )
Basic and diluted net income (loss)
   and comprehensive income (loss)
   per common share
  $                  (0.25 )   $                   0.22     $                  (0.42 )   $                  (0.02 )   $                              (0.92 )
                               

The Company reported a net loss of $1.4 million for the quarter ended June 30, 2020 as compared to net income of $2.9 million for the same quarter in the previous year. The Company reported a net loss of $3.6 million for the six months ended June 30, 2020 as compared to a net loss of $0.3 million for the same period in the previous year.

On April 8, 2020, the Company announced that it sold the shares of its wholly-owned subsidiary 9376-9974 Quebec Inc. to HIVE Blockchain Technologies Ltd. (“Hive”). As consideration, Hive issued 15,000,000 of its common shares (“Hive Shares”) and paid $1,956,231 in cash. In addition, Hive has agreed to invest $3,000,000 in 9376-9974 Quebec Inc. Thirty days after closing of the transaction, the Company settled $221,916 in working capital adjustment to Hive for net cash proceeds of $1,734,315.

As at June 30, 2020, the value of Hive Shares was $4,800,000 and reflected on the Company’s balance sheet under marketable securities.

On August 7, 2020, the Company announced that, in order to conserve its cash while it considers acquisition opportunities or other strategic transactions, the Company (i) terminated the lease of its wholly-owned subsidiary, Crypto 205 Inc., at its cryptocurrency mining facility in Pointe-Claire, Quebec, effective July 31, 2020, and (ii) terminated the employment contracts of all of its employees, including Chief Executive Officer, John Kennedy FitzGerald, Chief Financial Officer, Joshua Lebovic and Chief Operating Officer, Paul Leggett, effective July 31, 2020.

Mr. Fitzgerald and Mr. Lebovic will provide ongoing services to the Company, as Chief Executive Officer and Chief Financial Officer respectively, pursuant to part-time consulting arrangements.

As of end of day August 27, 2020, the company had cash and marketable securities of approx. $8.4 million and payables of $0.5 million.

The financial statements for the three and six months ended June 30, 2020 and the related management’s discussion and analysis (“MD&A”) are available on Cryptologic’s SEDAR profile at www.sedar.com.

For information or interview please contact:

Joshua Lebovic
Chief Financial Officer
(647) 715-3707

About Cryptologic Inc.

Cryptologic Corp. is currently a cryptocurrency mining company that is focused on divesting its crypto mining assets and exploring acquisition opportunities in sectors outside of cryptocurrency mining.

Cautionary Note Regarding Forward-Looking Information

Certain statements in this press release, including statements with respect to the Company’s position to enter other aspects of cryptocurrency mining, contain forward-looking information which can be identified by the use of forward looking terminology such as “believes”, “expects”, “may”, “desires”, “will”, “should”, “projects”, “estimates”, “contemplates”, “anticipates”, “intends”, or any negative such as “does not believe” or other variations thereof or comparable terminology. No assurance can be given that potential future results or circumstances described in the forward-looking statements will be achieved or will occur. By…



Read More: Cryptologic Releases 2020 Second Quarter Financial Results Canadian Stock

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