{"id":389991,"date":"2020-11-30T16:33:37","date_gmt":"2020-11-30T21:33:37","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=389991"},"modified":"2020-11-30T16:33:37","modified_gmt":"2020-11-30T21:33:37","slug":"cryptostar-corp-announces-second-quarter-2020-financial-results-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cryptostar-corp-announces-second-quarter-2020-financial-results-2\/","title":{"rendered":"Cryptostar Corp. Announces Second Quarter 2020 Financial Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">Canada NewsWire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>TSXV: CSTR<\/p>\n<p>\n        <span class=\"xn-location\">TORONTO<\/span>, <span class=\"xn-chron\">Nov. 30, 2020<\/span> \/CNW\/ &#8211; CryptoStar Corp. (TSXV: CSTR) (&#8220;<b>CryptoStar<\/b>&#8221; or the &#8220;<b>Company<\/b>&#8220;), a cryptocurrency mining and data centre operator, today announced its financial results for the third quarter ended September, 2020. For the full condensed consolidated interim financial statements and management discussion and analysis for the third quarter ended <span class=\"xn-chron\">September 30, 2020<\/span>, please visit SEDAR at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2996228-1&amp;h=2911400166&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>. All values in this news release are in <span class=\"xn-location\">United States<\/span> Dollars unless otherwise specified. <\/p>\n<p>&#8220;CryptoStar&#8217;s prudent decision to restructure operations has continued to strengthen the Company. Our long term expansion plans into low cost energy regions in <span class=\"xn-location\">North America<\/span> continued throughout the second quarter, solidifying CryptoStar&#8217;s objective to become one of the lowest cost Bitcoin producers in <span class=\"xn-location\">North America<\/span>.&#8221; said <span class=\"xn-person\">David Jellins<\/span>, Chief Executive Officer of CryptoStar.<\/p>\n<p>&#8220;The Company has continued its transition from a self-mining, Bitcoin only, company to a one-stop shop for cryptocurrency mining customers and the inherent risks and exposure associated with self-mining Bitcoin only have been significantly reduced. Future growth will be driven through mining Bitcoin and other cryptocurrencies in addition to offering high quality GPU and ASIC miners, logistics and shipping and hosting solutions for customers worldwide at low power rate data centres in <span class=\"xn-location\">China<\/span>, <span class=\"xn-location\">Canada<\/span> and other data centres around the world through our soon to be launched Mining Hardware &amp; Hosting Package ecommerce platform.&#8221; added Mr. Jellins.<\/p>\n<p>\n        <b>Q3 2020 Highlights<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>On <span class=\"xn-chron\">July 8, 2020<\/span>, the Company announced that it had received subscriptions for a total of 5,000,000 units (&#8220;Units&#8221;) of the Company to raise <span class=\"xn-money\">$250,000<\/span> at a price of <span class=\"xn-money\">$0.05<\/span> per Unit by way of a non-brokered private placement (the &#8220;Offering&#8221;). Each Unit will consist of one common share of the Company (a &#8220;Common Share&#8221;) and one half of a common share purchase warrant of the Company (each whole warrant, a &#8220;Warrant&#8221;). Each Warrant will entitle the holder to acquire one Common Share at a price of CAD <span class=\"xn-money\">$0.075<\/span> per Common Share for a period of 12 months following the closing date of the Offering.\n<\/li>\n<li>On <span class=\"xn-chron\">July 16, 2020<\/span>, the Company announced that it had closed the private placement announced on <span class=\"xn-chron\">July 8, 2020<\/span>, consisting of the issuance of 5,000,000 units (&#8220;Units&#8221;) of the Company at a price of <span class=\"xn-money\">$0.05<\/span> per Unit by way of a non-brokered private placement.\n<\/li>\n<li>On <span class=\"xn-chron\">August 14, 2020<\/span>, the Company announced the appointment of Messrs. <span class=\"xn-person\">Warren Lorenz<\/span> and <span class=\"xn-person\">Aly Madhavji<\/span> to the Company&#8217;s Board of Directors. The Company also announced the resignation from the Board of <span class=\"xn-person\">Brendan Cahill<\/span>, <span class=\"xn-person\">Adam Kline<\/span> and <span class=\"xn-person\">James Merkur<\/span>. Concurrent with the appointments of Messrs. Lorenz and Madhavji, the Company granted each 600,000 incentive stock options. Each stock option will allow the holder thereof to purchase a common share of CryptoStar at a price of <span class=\"xn-money\">$0.05<\/span>, with an expiry of ten years.\n<\/li>\n<li>On <span class=\"xn-chron\">August 17, 2020<\/span>, the Company announced it had signed an agreement with a large Bitcoin mining customer based in <span class=\"xn-location\">China<\/span>.<\/li>\n<\/ul>\n<p id=\"indentid\" class=\"prnml40\">Highlights of the Agreement:<\/p>\n<ol type=\"1\">\n<li>CryptoStar to provide 2.5 MW of mining capacity at its first <span class=\"xn-location\">Alberta<\/span> site to the Customer and the Customer&#8217;s clients within 60 days. <\/li>\n<li>The Customer and the Customer&#8217;s clients will provide all of the latest generation Bitcoin miners under a mining profit share arrangement.<\/li>\n<\/ol>\n<p id=\"indentid\" class=\"prnml40\">The project has been delayed by restrictions relating to the outbreak of the COVID-19 pandemic (see COVID-19 note below). The Company anticipates that this will be the first of many projects in the future at our Alberta Location.<\/p>\n<ul type=\"disc\">\n<li>On <span class=\"xn-chron\">September 10, 2020<\/span>, the Company announced that it had received subscriptions for a total of 5,000,000 units (&#8220;Units&#8221;) of the Company to raise <span class=\"xn-money\">$250,000<\/span> at a price of <span class=\"xn-money\">$0.05<\/span> per Unit by way of a non-brokered private placement (the &#8220;Offering&#8221;). Each Unit will consist of one common share of CryptoStar (a &#8220;Common Share&#8221;) and one common share purchase warrant of CryptoStar (a &#8220;Warrant&#8221;). Each Warrant will entitle the holder to acquire one Common Share at a price of CAD <span class=\"xn-money\">$0.075<\/span> per Common Share for a period of 18 months following the closing date of the Offering.\n<\/li>\n<li>On <span class=\"xn-chron\">September 21, 2020<\/span>, the Company announced it had signed a consulting agreement (the &#8220;Agreement&#8221;) with a consultant (the &#8220;Consultant&#8221;) based in <span class=\"xn-location\">China<\/span> effective <span class=\"xn-chron\">September 18, 2020<\/span> and declared that the Company is currently dedicated to becoming one of the lowest cost cryptocurrency producers in <span class=\"xn-location\">North America<\/span> and a major supplier of GPU and ASIC miners worldwide.<\/li>\n<\/ul>\n<p id=\"indentid\" class=\"prnml40\">Highlights of the Agreement:<\/p>\n<ol type=\"1\">\n<li>The Consultant will provide services in the role of Cryptostar Corp. Business Development Manager (<span class=\"xn-location\">Asia<\/span>). <\/li>\n<li>The Consultant and the Consultant&#8217;s team will source and acquire high quality GPUs and miner components from manufacturers and will supervise quality control, logistics and delivery of turnkey GPU miners to customers under a new brand. <\/li>\n<li>The Consultant and the Consultant&#8217;s team will also source and acquire high quality ASIC miners from well-known manufacturers and other sources for resale and delivery to customers. <\/li>\n<li>It is anticipated that the Company will begin taking deposits for orders within 30 days with delivery to be scheduled within 90 days. <\/li>\n<li>The Consultant will be compensated under a profit share arrangement. <\/li>\n<li>The Consultant may elect to receive net profits either in cash or units of the Company subject to the approval of the TSX Venture Exchange.<\/li>\n<\/ol>\n<p id=\"indentid\" class=\"prnml40\">Benefits of the Agreement:<\/p>\n<ol type=\"1\">\n<li>The Company will accept deposits for both GPU and ASIC miners (in bulk orders only) for delivery worldwide. <\/li>\n<li>The Company&#8217;s award-winning data centre facilities in <span class=\"xn-location\">Utah, USA<\/span> will be used as a showcase for the new GPU miner business. <\/li>\n<li>The Company will be able to provide a one-stop shop for high quality GPU and ASIC miners, logistics and shipping and hosting solutions for customers worldwide at low power rate data centres in <span class=\"xn-location\">China<\/span>, <span class=\"xn-location\">Canada<\/span> and other data centres around the world. <\/li>\n<li>This partnership represents CryptoStar&#8217;s entry into a multi-billion dollar industry. GPU miners are capable of mining cryptocurrencies like Ethereum&#8217;s ether (ETH), Ethereum Classic (ETC), ZCash (ZEC), Monero (XMR) and many others. The demand for both GPU and ASIC miners is extremely high in the current market and the Company anticipates being able to provide high-quality, attractively priced GPU and ASIC miners together with comprehensive solutions to customers.<\/li>\n<\/ol>\n<ul type=\"disc\">\n<li>On <span class=\"xn-chron\">September 29, 2020<\/span>, the Company announced that Mr. <span class=\"xn-person\">Mason M. Darabi<\/span> had been appointed Chief Financial Officer of the Company, effective immediately. Mr. Darabi replaces <span class=\"xn-person\">Jing Peng<\/span> as Chief Financial Officer. In connection with Mr. Darabi&#8217;s appointment as Chief Financial Officer of the Company, the Company agreed to issue common shares to Tandem Innovation Group Inc. (&#8220;Tandem&#8221;) in partial satisfaction of its monthly consulting fee.\n<\/li>\n<li>The Company&#8217;s first facility in <span class=\"xn-location\">Newfoundland<\/span> and <span class=\"xn-location\">Labrador, Canada<\/span> continued to mine Bitcoin with the first new generation miners commissioned on <span class=\"xn-chron\">March 30, 2020<\/span>. Tier 1 has applied for NL Hydro power permits in excess of 20 MW to facilitate CryptoStar&#8217;s long term expansion plans in <span class=\"xn-location\">Newfoundland<\/span> and <span class=\"xn-location\">Labrador<\/span> under the Agreement and is awaiting approvals of these permits. The approval of these permit applications has been delayed by restrictions relating to the outbreak of the COVID-19 pandemic (see COVID-19 note below). Tier 1 is actively pursuing the finalization and allocation of a 16.7MW\/20MW power permit. Tier 1 is also searching for additional sites with allocated power that could be rented and used by the Company. The Company has not yet received the power permit at the date of issuance of the consolidated financial statements.\n<\/li>\n<li>During the Company&#8217;s relocation to new lower power cost locations in <span class=\"xn-location\">Canada<\/span>, the Company&#8217;s corporate overhead during Q3, 2020 was reduced by 63% compared to Q3, 2019. Direct operating and maintenance costs during Q3, 2020 were reduced by 97% compared to Q2, 2019.<\/li>\n<\/ul>\n<p><\/p>\n<p>\n        <b>Selected Q3\u00a0Information<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr8\">\n              \n            <\/td>\n<td class=\"prnsbt1 prnsbr1 prnsbbs prntar prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For the <br \/>Three <br \/>Months <br \/>Ended Sept <br \/>30, 2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For the<br \/>Three <br \/>Months <br \/>Ended Sept <br \/>30, 2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For the <br \/>Nine <br \/>Months <br \/>Ended Sept<br \/>30, 2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For the <br \/>Nine<br \/>Months<br \/>Ended Sept<br \/>30, 2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>INCOME FROM MINING OF DIGITAL <br \/>CURRENCY<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income from mining of digital currency<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,113<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,209,122<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">412,254<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,518,695<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other Income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46,650<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Realized gain (loss) of digital currency<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(450)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">150,535<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6,770)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(11,699)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Direct operating and maintenance costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(73,074)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,339,066)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(589,449)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6,721,326)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Mining profit\/loss<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(39,411)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,020,591<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(137,315)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,785,670<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other Operating Expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(142,888)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(397,846)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(760,169)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,207,841)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Gross profit\/loss<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnsbbs prntac prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(182,299)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">622,745<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbs prntac prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(897,484)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">577,829<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Depreciation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,266,009)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(107,119)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,749,073)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Foreign exchange (gain)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,939)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(17)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(798)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(9,963)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization &#8211; intangible<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(72,487)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(154,016)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">IFRS 16 Right-of-Use Interest\/Depreciation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(71,740)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(137,117)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(349,595)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(414,239)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Reversal (Impairment) of equipment and digital currency<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(422,341)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,906,833<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gain (Loss) from disposal from miners<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(304,913)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(144,133)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Share based compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(45,280)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(45,280)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income (loss) before income taxes<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(678,658)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,202,739)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,698,425)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(688,613)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income taxes <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income (loss) and comprehensive income <br \/>(loss)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(678,658)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,202,739)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,698,425)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(688,613)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Adjusted EBITDA<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(182,299)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">622,745<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(897,484)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">577,829<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(Loss) earnings per share, basic and diluted<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.003)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.006)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.008)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.003)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Weighted average shares, basic and diluted<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">210,156,016<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">208,752,800<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">210,156,016<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">208,752,800<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Bitcoin mined*<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">474<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">50<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">990<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Average Bitcoin price when exchanged (sold) <br \/>during the period<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,627<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,684<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,152<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,120<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>*\u00a0The Company has continued its transition from a self-mining, Bitcoin only, company to a one-stop shop for cryptocurrency mining customers and the inherent risks and exposure associated with self-mining Bitcoin only have been significantly reduced. Future growth will be driven through mining Bitcoin and other cryptocurrencies in addition to offering high quality GPU and ASIC miners, logistics and shipping and hosting solutions for customers worldwide at low power rate data centres in <span class=\"xn-location\">China<\/span>, <span class=\"xn-location\">Canada<\/span> and other data centres around the world through our soon-to-be launched GPU and ASIC Mining Hardware &amp; Hosting Package ecommerce platform.<\/p>\n<p>\n        <b>About CryptoStar Corp.: <\/b>\n      <\/p>\n<p>CryptoStar has cryptocurrency mining operations with data centres located in the <span class=\"xn-location\">U.S.A.<\/span> and <span class=\"xn-location\">Canada<\/span>. CryptoStar is currently dedicated to becoming one of the lowest cost cryptocurrency producers in <span class=\"xn-location\">North America<\/span> and a major supplier of GPU and ASIC miners and mining hardware &amp; hosting packages worldwide. <\/p>\n<p>Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.<\/p>\n<p>\n        <b>Non-GAAP Measures<\/b>\n      <\/p>\n<p>This press release presents certain non-GAAP (&#8220;GAAP&#8221; refers to Generally Accepted Accounting Principles) financial measures to assist readers in understanding the Company&#8217;s performance. These non-GAAP measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.<\/p>\n<p>Management uses these non-GAAP measures to supplement the analysis and evaluation of operating performance.<\/p>\n<p>The following terms are used, which are not found in the Chartered Professional Accountants of Canada Handbook and do not have a standardized meaning under GAAP.<\/p>\n<ul type=\"disc\">\n<li>&#8220;EBITDA&#8221; (Earnings before Interest, Taxes, Depreciation, and Amortization) represents net income or loss excluding net finance income or expense, income tax or recovery, depreciation, and amortization. <\/li>\n<li>&#8220;Adjusted EBITDA&#8221; represents EBITDA adjusted to exclude share-based compensation, fair value loss or gain on remeasurement of digital assets, and costs associated with one-time transactions (such as listing fees). <\/li>\n<li>&#8220;Mining profit\/loss&#8221; represents gross profit (revenue less cost of revenue), excluding depreciation.<\/li>\n<\/ul>\n<p \/>\n<p>SOURCE  CryptoStar Corp.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C8223&amp;Transmission_Id=202011301630CANADANWWEB______C8223&amp;DateId=20201130\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada NewsWire TSXV: CSTR TORONTO, Nov. 30, 2020 \/CNW\/ &#8211; CryptoStar Corp. (TSXV: CSTR) (&#8220;CryptoStar&#8221; or the &#8220;Company&#8220;), a cryptocurrency mining and data centre operator, today announced its financial results for the third quarter ended September, 2020. For the full condensed consolidated interim financial statements and management discussion and analysis for the third quarter ended September 30, 2020, please visit SEDAR at www.sedar.com. All values in this news release are in United States Dollars unless otherwise specified. &#8220;CryptoStar&#8217;s prudent decision to restructure operations has continued to strengthen the Company. Our long term expansion plans into low cost energy regions in North America continued throughout the second quarter, solidifying CryptoStar&#8217;s objective to become one of the lowest cost Bitcoin producers in &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cryptostar-corp-announces-second-quarter-2020-financial-results-2\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Cryptostar Corp. Announces Second Quarter 2020 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-389991","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cryptostar Corp. Announces Second Quarter 2020 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cryptostar-corp-announces-second-quarter-2020-financial-results-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cryptostar Corp. Announces Second Quarter 2020 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Canada NewsWire TSXV: CSTR TORONTO, Nov. 30, 2020 \/CNW\/ &#8211; CryptoStar Corp. (TSXV: CSTR) (&#8220;CryptoStar&#8221; or the &#8220;Company&#8220;), a cryptocurrency mining and data centre operator, today announced its financial results for the third quarter ended September, 2020. For the full condensed consolidated interim financial statements and management discussion and analysis for the third quarter ended September 30, 2020, please visit SEDAR at www.sedar.com. All values in this news release are in United States Dollars unless otherwise specified. &#8220;CryptoStar&#8217;s prudent decision to restructure operations has continued to strengthen the Company. Our long term expansion plans into low cost energy regions in North America continued throughout the second quarter, solidifying CryptoStar&#8217;s objective to become one of the lowest cost Bitcoin producers in &hellip; Continue reading &quot;Cryptostar Corp. 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Announces Second Quarter 2020 Financial Results - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/cryptostar-corp-announces-second-quarter-2020-financial-results-2\/","og_locale":"en_US","og_type":"article","og_title":"Cryptostar Corp. Announces Second Quarter 2020 Financial Results - Market Newsdesk","og_description":"Canada NewsWire TSXV: CSTR TORONTO, Nov. 30, 2020 \/CNW\/ &#8211; CryptoStar Corp. (TSXV: CSTR) (&#8220;CryptoStar&#8221; or the &#8220;Company&#8220;), a cryptocurrency mining and data centre operator, today announced its financial results for the third quarter ended September, 2020. For the full condensed consolidated interim financial statements and management discussion and analysis for the third quarter ended September 30, 2020, please visit SEDAR at www.sedar.com. All values in this news release are in United States Dollars unless otherwise specified. &#8220;CryptoStar&#8217;s prudent decision to restructure operations has continued to strengthen the Company. Our long term expansion plans into low cost energy regions in North America continued throughout the second quarter, solidifying CryptoStar&#8217;s objective to become one of the lowest cost Bitcoin producers in &hellip; Continue reading \"Cryptostar Corp. Announces Second Quarter 2020 Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/cryptostar-corp-announces-second-quarter-2020-financial-results-2\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-30T21:33:37+00:00","og_image":[{"url":"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=C8223&amp;Transmission_Id=202011301630CANADANWWEB______C8223&amp;DateId=20201130","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cryptostar-corp-announces-second-quarter-2020-financial-results-2\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cryptostar-corp-announces-second-quarter-2020-financial-results-2\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Cryptostar Corp. 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