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Long Blockchain will delay filing its quarterly report

The company, which is transitioning to blockchain techology from iced tea, said its auditors are still working on the report for the quarter ended March 31.

The stock of Long Island Iced Tea skyrocketed

The stock of Long Island Iced Tea skyrocketed in December after the company adopted the Long Blockchain name Photo Credit: Long Block Chain Corp.

Long Blockchain Corp., the Long Island company seeking to transition from an iced tea company to a provider of blockchain technology, will be late in filing its quarterly financial report, the company said Wednesday.

In a government filing, the Farmingdale company said auditors are still working on the report for the quarter ended March 31.

The company said it expects to report a quarterly net loss of about $1.9 million compared to a net loss of about $3.5 million in the previous year's period.

Shares of Long Blockchain fell 7.3 percent Wednesday to close at 51 cents. The stock hit an intraday peak of $9.49 immediately after the December announcement that the company was dropping the Long Island Iced Tea Corp. name and entering the cryptocurrency business.

In February the company said it planned to spin off its ready-to-drink iced tea business to shareholders.

A blockchain is a decentralized digital ledger whose transactions are verified by multiple participants. The system, which is used in transactions involving cryptocurrency such as bitcoin, also is being adopted for logistics, stock trading and other uses.

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