Olenox Industries reported preliminary, unaudited July production of 15.13 BTC after acquiring Bitcoin miner CS Digital Ventures in May. The output had a gross value of about $1.16 million at Bitcoin’s Aug. 21 spot price of $76,371.25, but it was not equivalent to disclosed revenue, sale proceeds or available cash. Olenox had $1.21 million of cash, $3.40 million of current assets and $26.26 million of current liabilities at June 30, implying a working-capital deficit of about $22.9 million. The company said losses, negative working capital and negative operating cash flow raised substantial doubt about its ability to continue as a going concern, while it had no committed additional financing. July average operational hashrate was 1.02 EH/s, or 64% of the fleet’s economic capacity. Seller notes from the CS Digital acquisition carry 10% annual interest and mature in May 2029, creating an implied $1.6 million of simple annual interest. Olenox also disclosed an Aug. 19 non-binding letter of intent for an approximately $20 million acquisition, primarily involving preferred stock plus common stock and cash.