BlockQuarry Announces 2022 Annual Financial Report with a 520% YOY Increase in Revenues
HOUSTON, April 26, 2023 (GLOBE NEWSWIRE) — via InvestorWire — BlockQuarry Corp. (OTC: BLQC) (“BlockQuarry” or the “Company”), a Texas-based company with commercial-stage operations in cryptocurrency mine hosting and self-mining in the Southeast United States, is pleased to provide its financial and operational highlights for the 2022 calendar year.
Alonzo Pierce, president and chair of BlockQuarry, stated, “I am extremely grateful for what we were able to accomplish as a Company in 2022. It was a year of growth and learning for all, and we were able to take a lot from the good and the bad. Our strongest line item by far in the financials was our 520% increase in YOY revenue compared to 2021. That is something that we are extremely proud of as we continue to diversify our business operations to try to increase that number in the coming years.”
Unaudited Financial Highlights for the 12 Months Ended Dec. 31, 2022:
- Total revenues for the 12 months ended Dec. 31 of $5.96 million, representing a 520% increase in YOY revenues (versus $960,000 during the 12 months ended in 2021).
- As of Dec. 31, 2022, the Company’s total assets reported on the balance sheet were $8.64 million (versus $10.79 million reported on the balance sheet as of Dec. 31, 2021). This includes a $3.56 million write-off in accumulated depreciation of property and equipment.
- As of Dec. 31, 2022, the Company reported total current liabilities of $15.4 million vs. $16.1 million as of Dec. 31, 2021, representing a 4.3% decrease.
Operational Highlights for the 12 Months Ended Dec. 31, 2022:
- The Company settled over $5 million in debt and liabilities with various lenders, which will be reflected in the upcoming audit.
- The Company submitted an application to uplist its common stock to the NASDAQ Capital Market.
- The Company is nearing the completion of its financial presentation for prospective investors and current shareholders.
- The company secured an additional $1,250,000 in nondilutive funding.
Pierce added, “2022 was a tremendous year for our team and the Company. I am very proud of what we were able to do in 2022 and only see a brighter future ahead. As the cryptocurrency and overall markets continue to improve, we are in a great position to capitalize. Our focus continues to be increasing our portfolio of land and clean energy contracts. We are on a great trajectory to deliver on that growth strategy in the coming months, and we look forward to sharing some exciting future announcements.”
Pierce concluded, “A majority of the moves we have made both financially and operationally will be reflected in the coming quarters, and we are excited for those to show up on our Company’s balance sheet.”
All Company updates, material and nonmaterial, will only be made public via press releases, Twitter and/or via the Company’s website: www.BlockQuarry.io.
About BlockQuarry Corp.
BlockQuarry Corp. is an energy and infrastructure company focused on cryptocurrency hosting and self-mining operations, with leased properties located within the Southeast United States. BlockQuarry Corp. also maintains a fleet of digital/cryptocurrency mining equipment and infrastructure.
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or the Company’s future financial performance. In some cases, forward-looking statements may be identified by terminology including “could,” “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the Company’s current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Investors should refer to the risks disclosed in the Company’s reports filed from time to time with OTC Markets (www.otcmarkets.com).
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