RE:Financials OK, with new pricing likely nothing due on minersNine Months Ended June 30, 2022 Revenue for the nine months ended June 30, 2022, was $36,795,637, an increase of $30,594,288 as compared to the nine months ended June 30, 2021. Digital currency mining increased by $30,825,555 and mining equipment hosting decreased by $1,371,770.
The Company recorded $1,233,115 of software revenue related mainly to its Blockseer Mining Pool licensing (2021 - $501,955).
Operating and maintenance costs for the nine months ended June 30, 2022 was $9,563,621 as compared to $5,005,277 for the nine months ended June 30, 2021. The increase is a result of increases in utilities costs of $4,768,846 which is related to the increase in digital currency mining activity and the net increase in miners throughout the period.
General and administrative costs for nine months ended June 30, 2022 was $2,603,587. These consisted mostly of consulting, wages, and professional fees. This compares to $3,034,842 during the nine months ended June 30, 2021. The increase is mostly attributable to an increase in professional fees of $400,674, offset by a decrease in salaries and wages of $300,670. Professional fees have increased due to legal fees relating to the settlement of legal claims in the period, increased audit and accounting fees related to the Company’s previous year-end filings. Wages have decreased due to a decrease in overall headcount due to a competitive hiring market. Stock-based compensation for the nine months ended June 30, 2022 was $2,527,079 and was comparable to the prior period ended June 30, 2021 of $2,494,142.
Research for nine months ended June 30, 2022 was $1,892,067, compared to $163,162 from the same period in 2021. These costs include salaries and wages for work on software of $834,315, and subscription costs for servers used for software of $1,020,344.
Research in fiscal 2022 focused on software and relates to work on Blockseer Mining Pools and Blockseer Petra.