First Bitcoin Capital Corp (BITCF)

[srm4u]

http://www.nasdaq.com/author/bitcoin-magazine
https://bitcoinmagazine.com/

NOTE 3. GOING CONCERN
The accompanying financial statements have been prepared assuming that the Company will continue as a
going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course
of business. However, at September 30, 2016 the Company has an accumulated loss of $3,272,359 of which
$2,740,000 result from the purchase of mineral properties with the issuance of common stock and subsequent
impairment for the lack of extraction activities. This raises substantial doubt about the Company’s ability to
continue as a going concern. The financial statements do not include any adjustments that might result from
this uncertainty.

Management’s Plan
The Company has recently entered into the digital crypto currency business and plans to expand efforts to
include mining bitcoins, the development of new types of crypto currency and the launching of an online digital
currency exchange with an intention of consolidating this emerging industry under its corporate umbrella. During
the year ended December 31, 2014 the Company organized three subsidiaries as listed below to further its
business objectives.
Bit Coin ATM Franchise Corp’s principal activity is to provide a workable format for individuals or businesses to
enter the crypto currency business. BITMINER CC LTD’s principal activity is to provide a platform for mining
cyber currency. CoinQX Exchange Limited’s principal activity is the control and exchange of bitcoin into other
crypto currencies. Each of these Companies is expected to be brought into full activity during 2016. Additionally,
the Company is working to organize a variety of business that will facilitate the exchange of cyber currencies
for product and services.
Management continues to seek funding from its shareholders and other qualified investors to pursue its
business plan. These funds may be raised through equity financing, debt financing, or other sources, which
may result in further dilution in the equity ownership of our shares. There is still no assurance that the Company
will be able to maintain operations at a level sufficient for an investor to obtain a return on his investment.
Further, the Company may continue to be unprofitable. The Company needs to raise additional funds in the
immediate future in order to proceed with its exploration program.

NOTE 9. PRE MINED SHARES
The company allows its shares to be mined on its own blockchain and rewards miners with those shares mined
based on Proof of Work (POW) similar to Bitcoin and identical to Emercoin mining from whom we obtained a
license. We pre-mined nearly all total mineable shares (20,697,000,000) based on authorized capital and total
mineable of 21,000,000,000 shares. Pre-mined shares are held by the company in wallets for future issuance
and we treat same as our authorized capital, similar to treasury shares. Public miners or owners of shares on
the blockchain also earn shares through Proof of Stake (POS) and since the company holds in its own wallets
nearly all mineable shares, it earns most of this proof of stake. During the second quarter of 2016 when mining
was launched miners were rewarded a total of 1,000,000 shares of the company through both POW and POS.
During the second quarter of 2016 when mining was launched miners were rewarded a total of 1,000,000
shares of the company through both POW and POS and during the third quarter 1,567,956 shares. The balance
of mined shares came into the possession of the company through both POS and POW. The mined shares by
the public may trade on crypto currency exchanges outside of the United States of America and may be used
as a new crypto currency in commerce should such develop over time.
The company has issued number of units of various altcoins on the Bitcoin blockchain using the Omni protocol.
These altcoins are now listed on at least one foreign cryptocurrency exchange. Also known as crypto assets or
cryptocurrencies, these coins are comprised of the following symbols: $HILL $PRES, $GARY, $OTX and
$TESLA which are trading sporadically with nominal volume and since the company owns from 19.9% (TESLA)
to nearly 100% (OTX) of these five symbols, the company books these assets at their nominal cost basis. The
company intends to utilize these altcoins for credit/equity enhancement and as deal enhancers on potential
mergers/acquisitions.
Nov 16, 2016 Quarterly Report - Q3 2016 report
http://syndicate.pinksheets.com/stock/BITCF/filings