Was going through the financials of Squire Mining Ltd and found some fishy stuff.
Squire Mining is the supposed mining supplier of BSV and @nChainGlobal.
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First, Squire Mining is hemorrhaging money. The latest financial statement dated October, 2018 states an operating loss of $2.8M, with the only income being the sale of equity shares. So the first thing we can conclude is that this buzz is an effective fundraising exercise.pic.twitter.com/U5D6MYgFLh
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Second, Squire Mining seems to have used a boiler plate financial statement as portions seem to relate to the mining of actual minerals. Clearly the company in its state filings does not operate mineral mines, but cryptocurrency mines. Where did that text come from?pic.twitter.com/saLCo6tC1v
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But what the hell is Note 7, which goes into EXTENSIVE detail about mineral rights on something called the "Star Property".pic.twitter.com/t347cJfT1V
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To further add to the confusion, Note 8 discusses an expenditure investment in 18% of a company which is creating mesh networks for "the mining resource industry worldwide" ... okay, *which* mining industry, as clearly there's many things going on here?pic.twitter.com/7rZPJYXII7
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Now while we do see a JV to build ASICs in Note 6, there's no mention of with whom... however it is being posted as a $533k asset on the balance sheet. There's no capital expenditure in building factories. In fact, the biggest expenditure was corporate bonuses.pic.twitter.com/vPdSWafA8o
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Note 14 is when we get to the good stuff. Apparently Squire Mining was a mineral miner UNTIL August of 2018, when they raised $25M from APMS Investment Fund Ltd to pivot to ASIC production.pic.twitter.com/sUzlQqKZ1y
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Problems: * The mineral mining hasn't ceased. In fact, it's increased and is shown to continue to increase through 2020 (Note 7). * APMS didn't file their position in Squire in their Sept 2018 reporting so Squire could be lying https://trendlyne.com/portfolio/superstar-shareholders/53827/Q3-2018/apms-investment-fund-ltd/ …
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Squire Mining's corporate filings would seem to be only skin deep, and when one starts to scratch the surface it doesn't seem to be more than pieces of paper and press releases.
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Here's the link to the document I was screenshotting of Squire's Oct 2018 financial report to the Canadian Stock Exchange. https://webfiles.thecse.com/investorx/SQR/1810010923152474.pdf?jM.muwdB6TAzqDq2Eb6SQ5wUoQOLOJi6 …
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More weird stuff. In December of 2017, Samsung announced it was entering into a deal w/ a Russian company, Baikal, to supply 14nm mining chips.http://www.theinvestor.co.kr/view.php?ud=20171222000839 …
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In February CoinDesk reported Samsung was quoted as going whole hog on 11nm and 8nm chips, with 7nm chips being in the "risk production" phase.https://www.coindesk.com/samsung-confirms-its-now-making-cryptocurrency-mining-chips …
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And then
@bsmith12251960 contribute this from September 2018. Don't see anything about 7nm mentioned in there, but folks sure do seem to be trying hard to make all the dots connect. Squire isn't working w/ Samsung. "Gaonchips" is.https://globenewswire.com/news-release/2018/09/25/1575424/0/en/Squire-Announces-Samsung-Electronics-as-Foundry-Partner-to-Manufacture-ASIC-Chips.html …Show this thread -
Soooooo now we can tie it all together and we can see that Squire Mining is really just a mineral mining company who is BUYING pre-fab ASICs constructed by Gaonchips and is pretending like somehow that production line can compete with
@BITMAINtech. lol? http://gaonchips.com/eng/Show this thread -
Note 3 from Squire's financial docs indicates a $225k "license" for eight years to do ... something. I'm starting to wonder if
@JihanWu sold them the rights to manufacture S9s for use in Canada, and they are being produced by Gaonchips in South Korea, then being imported.pic.twitter.com/Wys1TBoAZM
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End of conversation
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This was an RTO transaction and the previous business of the company was mining (actual minerals) hence the note disclosure on prior activity (the B/S reported is for prior periods as well). It's quite standard in the industry.
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... keep reading. I was making a point. They haven't nor do they plan to actually ever stop mineral mining.
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You're misunderstanding the statements. The information presented in the FS is as of 7/31 with the sub-event RTO (8/10) disclosed in note 14. If you want more up to date info review the company on sedar until next quarterly statements. See material change reports.
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I’m not misunderstanding that the reporting indicates there’s no way they can compete with Bitmain right now when it counts.
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Classic Craig
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