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.
"In spite of much of 2023 being a rather quiet consolidation year, we are satisfied with our financial results in the context of the greater digital currency market. We have preserved our cash balances, increased our BTC revenues over prior year, increased proof-of-stake operations, and invested in some very profitable new tokens and businesses. We continue to grow the business into what looks like a promising 2024. We appreciate all our shareholders' support over the years, and we look forward to a profitable first quarter and beyond," stated Cale Moodie, Neptune CEO.
| Operating and Financial Overview |
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For the year ended |
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August 31, 2023 |
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August 31, 2022 |
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Mining revenue |
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2,289,376 |
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1,468,243 |
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DeFi revenue |
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30,577 |
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2,725,607 |
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Direct Mining expenses (not incl. depreciation) |
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(1,928,490 |
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(484,272 |
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Other income* |
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1,237,975 |
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3,211,679 |
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Total earnings |
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1,629,438 |
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6,921,257 |
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Depreciation** |
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518,922 |
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975,525 |
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Stock based compensation** |
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443,069 |
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184,214 |
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General expenses |
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2,592,813 |
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1,566,773 |
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Impairments |
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- |
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(8,922,668 |
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Realized loss on settlements and sales |
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(3,264,802 |
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(214,563 |
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Revaluation gain (loss) on digital currencies*** |
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1,478,568 |
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(11,052,436 |
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Unrealized gain (loss) related to lending activities and investments |
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316,772 |
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(2,944,332 |
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Comprehensive loss for the period |
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(3,394,828 |
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(18,939,254 |
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| Financial Position |
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As at |
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August 31, 2023 |
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August 31, 2022 |
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Cash and receivables |
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12,118,891 |
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18,970,896 |
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Total digital assets |
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12,946,322 |
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9,128,229 |
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Total other assets |
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7,870,310 |
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7,943,219 |
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Total liabilities |
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654,475 |
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890,787 |
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Total shareholders equity |
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32,281,048 |
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35,151,557 |
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Working capital**** |
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14,538,573 |
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25,746,557 |
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* All non-Bitcoin mining and non-DeFi revenue generating activities
** Non-cash items, including depreciation of mining rigs
*** Revaluation is calculated as the change in value (gain or loss) on digital currencies. When digital currencies are sold, the net difference between the proceeds received and the cost of the digital currencies determined on a First-in, First-out basis, is recorded as a gain (loss) on the sale of digital currencies
**** Current assets less current liabilities |
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About Neptune Digital Assets Corp.
Neptune Digital Assets Corp. is one of the first publicly traded blockchain companies in Canada and is a cryptocurrency and blockchain infrastructure leader with operations across the digital asset ecosystem including Bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (DeFi), and other associated blockchain technologies.
ON BEHALF OF THE BOARD
Cale Moodie, President and CEO
Neptune Digital Assets Corp.
1-800-545-0941
www.neptunedigitalassets.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", "proposes" or similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the auditors completing the remining auditing items with respect to the Annual Filings; the inherent risks involved in the cryptocurrency and general securities markets; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company's operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties.
The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/192541
