News
ORIGINAL: Neptune Digital Assets Corp. Announces the Release of Audited Financial Statements with a 56% Increase in Mining Revenues and 42% Increase in Digital Currency Balances over Prior Year
2023-12-28 07:01 ET - News Release
Vancouver, British Columbia--(Newsfile Corp. - December 28, 2023) - Neptune Digital Assets Corp. (TSXV: NDA) (OTCQB: NPPTF) (FSE: 1NW) ("Neptune" or the "Company"), one of the first publicly traded blockchain companies in Canada, is pleased to announce that it has released its August 31, 2023 annual audited consolidated financial statements and management, discussion and analysis.
Below are a number of financial highlights pertaining to the August 31, 2023 year-end and for the period subsequent to year-end and up to the date of this news release.
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Neptune ended the year on August 31, 2023 with $33.0 million in assets and no debt.
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Neptune earned total revenues and other income of $3.6 million through Bitcoin mining, staking, DeFi, and other income-generating activities during the year.
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Of the $3.4 million net comprehensive loss for the year ended August 31, 2023, the entirety is related to the one-time sale of the Genesis debt to a third party and the associated loss on the sale with some offsets related to gain in revaluations of digital currencies during the year.
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Neptune mined $2.3 million worth of Bitcoin up to August 31, 2023, a 56% increase over prior year. As of the date of this release, Neptune had a total balance of 321 Bitcoin in cold storage. Neptune currently does not sell its Bitcoin.
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Neptune's two largest digital asset holdings as of the date of this release are 321 BTC and 179,000 ATOM. The Company also holds positions in DOT, SOL, ETH, GRT, DASH, Lif3, Ocean, and a number of other tokens.
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During the year ended August 31, 2023, Neptune invested US$248,851 into a second US private entity whose sole purpose is to invest in SpaceX. Neptune now holds 26,721 SpaceX shares through two third parties valued at approximately $3.4 million as of the date of this release, an increase of 50% over August 31, 2022.
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Neptune's digital asset balances have increased 42% from August 31, 2022 to August 31, 2023.
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Neptune increased its proof-of-stake operations, this will be discussed in upcoming news releases.
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Current cash balance is $11.0 million held with a tier 1 Canadian bank.