Quarterly report pursuant to Section 13 or 15(d)

Investment in Tess (Tables)

v3.19.3
Investment in Tess (Tables)
9 Months Ended
Sep. 30, 2019
Investments, All Other Investments [Abstract]  
Schedule of Fair Value Shares

As of April 10, 2019, the fair value of the Tess shares owned by the Company is approximately $0.1 million, calculated based upon the April 10, 2019 funding price as follows:

 

    April 10, 2019
Tess shares held by Riot Blockchain, Inc.     2,708,333  
Per share fair value   $ 0.03  
Fair value of Tess shares held by Riot Blockchain, Inc.   $ 90,174  
Schedule of Calculation of Gain on Deconsolidation of Tess

The deconsolidation of Tess resulted in a gain of approximately $1.1 million calculated as follows:

 

Current assets   $ 130,432  
Less:        
Accounts payable     761,875  
Accrued expenses     273,935  
Convertible notes     1,696,083  
Net liabilities     (2,601,461 )
Non-controlling interest share     1,552,848  
Sub-total     (1,048,613 )
Less: fair value of shares owned by Riot Blockchain     90,174  
Gain on deconsolidation of Tess   $ (1,138,787 )