Member Info for Hexam

Fair enough Zesty.

Are you suggesting that the IP works and they are just ironing out the wrinkles so that they can employ it on many thousands of rigs? If you are then that is highly misleading in my view and clearly a view not shared by the market given the sp - but perhaps I've misinterpreted you?

"So what return do you think QBT could be getting a day being part of a large mining Bitcoin pool, makes no odds who mined it the spoils are divided equally amongst rigs connected."

Nil - given their comments in the PRN.

No, they are TRYING to prove their IP has value. Whether they succeed or not is what is at the heart of this investment and the likelihood of that the source of much of the disagreement here.

"what was actually said is this, it allows for NO court monies due, NONE, so is purely based on cash in Bank"

And I agree with that but to state it is 'funded for 12 without court money' is misleading as they have said quite clearly that this may not be the case.

Not sure what the point is about the price of BTC as I think we are agreeing they are not currently getting any revenue from any mining so it could be $600k and it will still be nothing.

"You can't live testing proprietary mining tech without mining."

Yes that would be my understanding but since they are clearly not generating any revenue from it I find their statements odd. At least we know now that are not at the 'commercial' phase even under your doubtful definition of what that is as you now seem to agree that they are earning no revenue at all?

"Under what scenario could this be true Hex?"

Beats me as they've not detailed what exactly the 'live testing' is that they are doing.

"Notwithstanding the above, the Directors believe that due to the little headroom existing within our budget at 30 June 2025"

I think the little headroom existing equates to the 'tight' wording that I used but if you want to stick with 'little headroom' instead then that's fine. Point is to say that they are funded for 12 months is very misleading.

"So we agree there must be a partnership?"

Or they are not mining at all as part of the 'live testing'.

"All looking good for QBT moving Forwards with sufficient funds for 12 months not allowing for court monies"

They have not said this at all. They have said they think will be funded but that it is very tight and given the uncertainties there is a chance they might not be. So what you have said is very misleading.

If they are mining bitcoin in a pool then they are earning revenue. Are you suggesting that they are not receiving any of that revenue? The only way I can see this to be the case is that somebody else is actually doing the mining (not QBT) so the live testing means that someone else is using their software and are not being charged for it AND are retaining all the BTC earned from that mining. I can't think of any other explanation - can you?

"Let's not forget that QBT has been mining bitcoin in two large pools for at least 4 months now..."

If that's the case how come they are making the prudent assumption that they will be non-revenue generating for the next 12 months? If what you say is true then they would already be revenue generating and that assumption (prudent or otherwise) makes no sense.

And no complaining about the quick 25 tick-ups that you got? All genuine of course :-)

Yes everybody calls him out but nobody explains why or how (i.e. in what way is he being misleading exactly - any examples)? Whilst all those calling him out are themselves being misleading on a regular basis (like your posts suggesting they have moved into a ‘commercial’ phase or mrhanji’s laughable statement, without any context or evidence, that they’ve probably exceeded 2.6x now and are just focusing on getting everything spot so it can run 24/7. ‘Everybody’ that is calling him out is that same everybody that can’t look beyond their own self-interest and countenance anything that dare suggests all isn’t going well. So they attack the ball not the man and that is why I’m defending him - not for any misleading, dreamt up reason you come up with.

Not that he needs my defending as he seems quite able to do it himself.

I just get tired of the mob mentality on here attacking others that don’t agree with them but offering up no substance for those attacks. Give yourselves a good congratulatory slap on the back.

“Given the progress they were making probably surpassed the 2.6x now.. but focus is on testing to making sure it's operational live 24/7.”

And this post isn’t misleading at all?

“Admin were happy to remove a few posts this morning. I reported a few of Brew's posts for being misleading, but none removed. Like you say it's probably no coincidence”

Just guessing but perhaps it was simply because the posts that were removed were personal attacks and the ones that you reported weren’t misleading at all?

Personally no - I think they will be ok for up to six months but I could easily be wrong as we do not know the level of spend over the last 12 months. I’m just going by the last known cash in hand and the run rate before that. The run rate should have increased but we don’t know to what extent.

“I disagree the £700k is in limbo. They already have it regardless of the 'void ruling'”

They may have it but it is obviously not theirs to spend so of no use compared to ‘normal’ cash. I don’t think the cash will be that much of a problem anyway though hopefully the cash burn has increased as presumably they are accelerating spend as they move closer to goals (legal costs, staff/researchers if not still paid by options etc.) - but not enough to create an issue? The results will be six months out of date already though, so unless they make some post balance sheet comments we may still be pretty much in the dark regarding current cash position.

“Looking back at a few previous RNSs, I can see Final Results should be out this week”

They have to be out. All AIM companies must release results within six months of their financial year end which means for QBT they need to release theirs by the end of this week.

Alll that previous RNS show is that they always leave it to the last minute or close to it. So probably Friday but maybe a day or two earlier.