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Calyx Ventures Inc V.CYX.H

Calyx Ventures Inc. is a Canada-based company that offers solution to variety of online business sectors. The Company operates through subsidiaries, including Leafhub Technologies, Cannigistics and AutoMotoCast. Leafhub Technologies offers LeafHub, a software as a service (SaaS) application designed to aggregate participants of the cannabis and hemp industries onto a single platform to conduct business and trade. LeafHub consists of two main categories: Marketplace and Wholesale. The Marketplace offers consumers the ability to source and locate local cannabis products and learn more about cannabis in general. The wholesale Exchange is an online Exchange where growers, processors, wholesalers and distributors can conduct business. Cannigistics offers a custom marketplace software that merges a retail and wholesale e-commerce marketplace with an integrated messaging platform. AutoMotoCast is a network of users that anyone interested in buying, selling or trading a vehicle can join.


TSXV:CYX.H - Post by User

Post by Earlyone_1on Jun 04, 2019 9:43am
177 Views
Post# 29796639

Crypto no more....

Crypto no more....On December 31, 2018, the Company reassessed the profitability of its cryptocurrency mining operations. It was determined due to the costs of mining cryptocurrency; the operations are unprofitable and the Company ceased all mining of cryptocurrency. In December of 2018, management initiated a plan to dispose of the mining assets. As a result of this decision, CBHs results for the year ended December 31, 2018 have been classified as loss from discontinued operations in the consolidated statement of income and comprehensive income. The assets and liabilities have been classified as assets held for sale and liabilities of assets held for sale, respectively, in the consolidated statement of financial position as of December 31, 2018. In accordance with IFRS, management has estimated the fair value less costs to sell. During the month of December, management actively searched for a buyer to purchase the net assets of CBH. As at December 31, 2018, this resulted in an impairment on the equipment held for sale of $45,325. Assets and liabilities related to the Companys mining operations have been reclassed as assets held for sale and liabilities associated with assets held for sale: As at March 31, 2019 Investment in cryptocurrency $ 120 Equipment 480,850 Accounts payable (209,358) Provision (363,513) Net assets held for sale $ (91,901) $ $ December 31, 2018 24,821 480,850 (235,314) (363,513) (93,156) Subsequent to the period end, the Companys equipment was transferred in a settlement agreement and the remaining cryptocurrency was applied against an outstanding accounts payable balance. The Companys focus has been on the development of its IndustryCast Platform and the development of applications based on its software, including the LeafHub platform. The LeafHub platform is expected to launch in April of 2019.
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