Crypto wannabe Byte Power has just $73k left in the bank
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Cryptocurrency exchange wannabe Byte Power Group had just $73,000 left in the bank at the end of FY18 as it continues to try to launch its Byte Power X Loyalty Token.
Byte Power (ASX:BPG), which is yet to trade this year after its stock was suspended just before Christmas last year, released a bleak annual report on Monday morning, showing a $10.4 million loss — nearly 1,600 per cent worse than the year before.
Revenue also fell by 71 per cent, down to $1.1m.
It caps off a tough financial year for the group, with headaches including but not limited to, having $6.7m worth of cryptocurrency stolen by a Singaporean developer, being investigated by ASIC about its precarious financial state and failing to pay its listing fees.
The stolen crypto case was solved when Byte Power chief Alvin Phua reached a settlement with Soar Labs, but Mr Phua said the group incurred an impairment expense on the settlement of $4.7m.
He admitted “revenues across all business segments fell” but was bullish about the company’s forthcoming cryptocurrency plans, saying it had made “significant progress” on its crypto exchange.
“Discussions with banking institutions are still ongoing in relation to the provision of pairing facilities,” Mr Phua said. “The group is expecting to launch its cryptocurrency exchange in Q4 2018.
“BPG is committed to continued investment in the exchange and is confident this will enable Byte Power X to establish itself as a major cryptocurrency player in Australia and the Asia Pacific region.”