Business Context and Reporting Period
Company: AgriForce Growing Systems, Ltd. (Note: Metadata listed "AVAX ONE TECHNOLOGY LTD." but the filing text identifies AgriForce Growing Systems, Ltd.)
Reporting Date: April 25, 2025
Form Type: 8-K (Current Report)
Subject: Item 8.01 Other Information regarding Bitcoin mining operations data disclosed in Amendment No. 1 to Form S-1.
Key Financial Metrics and Operational Data
Bitcoin Mining Costs (Preliminary/Unaudited as of March 31, 2025):
- Weighted Average Cost per BTC: Approximately $41,000.
- Alberta Site Cost: Approximately $58,000 per BTC (1 BTC takes 112.4 days; operating cost $518.40/day).
- Ohio Site Cost: Approximately $36,000 per BTC (1 BTC takes 26 days; operating cost $1,350/day).
Operational Statistics:
- Miner Age: Average 3 years (Range: 2.5 to 3.75 years).
- Efficiency: Median 99.86%; Mean 99.58% (Range: 99.26% – 99.9%).
- Downtime: Average 24 hours per month (scheduled and unscheduled).
Financial Status: The filing does not provide revenue, profit, cash flow, debt, or liquidity figures. It explicitly states that closing procedures for the 1st Quarter of 2025 are not yet complete.
Material Changes and Comparisons
The filing does not provide comparative data against prior periods. The company notes that operations at these sites have only commenced within the last few months, making historical comparison difficult.
Guidance, Risks, and Management Commentary
Management Commentary:
- Data is preliminary, unaudited, and based on management estimates.
- Actual results may differ materially due to final closing procedures, adjustments, and unforeseen developments.
- Costs may vary due to weather conditions and maintenance issues (e.g., glycol buildup in generators).
Risks and Contingencies:
- Forward-Looking Statements: Subject to risks, uncertainties, and assumptions; actual results may differ significantly.
- Operational Risks: Weather conditions, power unit optimization, and major maintenance issues.
- Accounting Status: Independent auditors (Marcum LLP) have not audited or reviewed this preliminary data.
Investor Verification Checklist
- Verify the final audited financial results for Q1 2025 once closing procedures are complete.
- Confirm the actual cost per Bitcoin mined versus the preliminary $41,000 estimate.
- Monitor operational uptime and efficiency rates against the reported 99.58% mean efficiency.
- Review the full Amendment No. 1 to Form S-1 for comprehensive operational details.
- Assess the impact of weather and maintenance on the Ohio and Alberta site costs.