Olenox Industries, an energy company that acquired Bitcoin miner CS Digital Ventures in May, reported preliminary July production of 15.13 BTC worth approximately $1.16 million at August 21 spot prices. The company had only $3.40 million in current assets against $26.26 million in current liabilities as of June 30, resulting in a $22.9 million working capital deficit. The acquisition added fixed obligations including $16 million in seller notes carrying 10% annual interest, implying $1.6 million in annual interest payments. Olenox has expressed substantial doubt about its ability to continue as a going concern and had no committed sources of additional financing as of June 30, which could force the company to delay or curtail planned activities.
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