Replies to post #468 on Everything Blockchain Inc (EBZT)

[Perfectson]

that is incorrect.

I again quote from there own financial statements

During the three months ended October 31, 2020 the Company expended the following cryptocurrency. We recognized revenue for the amount of the transaction above the cost basis in which we had a definitive agreement. Additionally, in accordance with IRS policies and standards for transacting with cryptocurrencies, we allocated the price of the cryptocurrency on the date the transaction occurred. Where the transferred amount exceeded the cost basis, we recognized revenue and when the cost basis was below the cost basis we recorded a reduction to revenue.

Nevermind the accounting as this technically should go into FX gains and losses (if this was a regular currency based on transaction dates that's where it would wind up).

They are basically saying that if the had an agreement for 10,000 HEX and it was 1 to 1 with the USD on said agreement date and then when the transaction occurred and HEX was now 4 to 1, they would book $40,000 USD.


That's my interpretation based on everything read and the fact that HEX has gone up exponentially since last year, makes sense where the revenue came from.

I wait for the $1-$2m HEX project that no one in the community knows about. Meanwhile the creator of HEX is creating his own blockchain called Pulse, which HEX will be copied on that network. Meaning the likelihood that there's an ongoing HEX project very slim...of course OBITX could clear this up but as usual they are keeping all cards close to chest because there's nothing there and they are trying to pump price.