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OBITX, INC. (OTCQB: OBTX) reported its annual earnings, revealing key financial shifts for FY21. GAAP revenue rose by $927K year-over-year, but adjusted revenue decreased by $3.0 million. A significant loss of $(49.3) million was attributed to restructuring costs, including $49 million in stock-based compensation. However, on an adjusted basis, the company reported a profit of $1.1 million. Cash and cash equivalents increased dramatically from $35 to $214K when adjusted for current cryptocurrencies, indicating sufficient short-term operational financing.
OBITX, Inc. (OTCMKTS: OBTX) announced the acquisition of Render Payment, LLC, settling its $400,000 debt in exchange for $800,000 in intellectual property and assets. Render Payment has generated an average revenue of $1.6M with $600,000 in net profit over four years through cryptocurrency transactions. OBITX plans to utilize Render's proprietary software for a new blockchain-based rewards program, aiming to expedite its market introduction. CEO Eric Jaffe emphasized the positive impact of this settlement on future product development.
OBITX, Inc. (OTCMKTS: OBTX) announced a non-binding letter of intent to acquire Mercury, Inc. for $2.1 million. Mercury, which generates approximately $2.5 million in annual revenue with a 15% profit margin, will enhance OBITX's blockchain operations. The acquisition aligns with OBITX's strategic growth plan, and it plans to launch cryptocurrency mining operations in Idaho within 60 days, targeting Bitcoin, Ethereum, and other coins. The project is expected to create significant job opportunities in the region.
OBITX, Inc. (OTCMKTS: OBTX) has announced the conversion of 65% of its cryptocurrency assets into Bitcoin, marking a strategic shift managed by its wholly owned subsidiary, OBITX Ventures, Inc. This move aligns with the company's goal of maximizing growth and earnings for shareholders. The current portfolio includes Bitcoin (65%), Gemini Dollar (21%), HEX token (5%), and other Ethereum-based tokens (9%). CEO Eric Jaffe emphasized the focus on business development and monitoring asset appreciation to enhance market presence.
OBITX, Inc. (OTCMKTS: OBTX) announced a contract with Green Technology and Engineering, Inc. for the development of proprietary blockchain software. The agreement includes a $240,000 prepayment as the contract minimum. CEO Mr. Jaffe expressed confidence in future opportunities, while CTO Mr. Adams highlighted the growing applications of blockchain beyond finance. The OBITX team will begin work immediately, with the project expected to span the next 12 months.
OBITX, Inc. (OTCMKTS: OBTX) appointed Robert “Eddie” Adams as Chief Technology Officer, bringing a wealth of experience in blockchain and technology. Adams previously served as Technology Director at Blue Cross/Blue Shield of Florida, managing a $100 million budget and overseeing 45,000 employees. With extensive involvement in cryptocurrency since 2015 and membership in OBITX's Board of Directors since 2020, his focus will initially be on expanding the company's mining and staking operations. CEO Eric Jaffe emphasizes Adams' expertise as a key asset for OBITX's growth in the blockchain sector.
OBITX, Inc. (OTCMKTS: OBTX) has appointed Eric Jaffe as its new Chief Executive Officer, effective immediately. Jaffe will drive global expansion and oversee the company’s involvement with Everything Blockchain, a Special Purpose Acquisition Company (SPAC). With extensive experience in technology and business management, he aims to enhance OBITX's service offerings in blockchain technology. Chairman Michael Hawkins praised Jaffe’s leadership and merger expertise, highlighting his potential to strengthen strategic partnerships and expand sales nationally and internationally.
OBITX appoints Mark Patrick Gilroy to its Board of Directors, enhancing its leadership team as it embarks on a Special Purpose Acquisition Company (SPAC) initiative, Everything Blockchain. Mr. Gilroy, with 25 years of international experience, will focus on acquiring a significant blockchain company amidst a thriving market valued at over $1 trillion. CEO Michael Hawkins emphasized that this move supports the company's dual strategy of organic growth and strategic acquisitions to align with industry forecasts predicting 10% of global GDP on the blockchain by 2027.