https://ceo.ca/@newsfile/...tal-assets-announces-q3-financial-summary
Vancouver, British Columbia--(Newsfile Corp. - July 28, 2021) - Neptune Digital Assets Corp. (TSXV: NDA) (OTC Pink: NPPTF) (FSE: 1NW) ("Neptune" or the "Company"), a cryptocurrency leader in Canada, is pleased to provide an update on the current financial position of the Company in advance of filing its Q3 consolidated interim financial statements for the nine-month period ended May 31, 2021.
"We are quite pleased with our revenue growth over the period and subsequent to period end. Neptune continues to operate on a very lean cash budget and earnings continue to grow as we expand our mining operations. We were very fortunate to be able to take advantage of the substantial market pullback with our newly raised capital to purchase mining rigs and crypto at a 50% discount from the top of the market", stated Cale Moodie, Neptune CEO.
Below are a number of financial highlights pertaining to the period ended May 31, 2021 and subsequent to the period end:
The Company finished the nine months ended May 31, 2021 with $47.5M in total assets, an increase of 1,250% from the beginning of the year. The Company had $48.2M in assets as of the date of this release.
In the three months ended May 31, 2021, the Company had realized gains and other income related to staking, Bitcoin mining and other operations of $1,652,551.
Subsequent to May 31, 2021, the Company earned $158,000 USD from exercising Bitcoin put options at the Bitcoin low of roughly $29,000 USD.
The Company's largest digital asset holdings as of the date of this release are 110 BTC, 143,100 ATOM, 1.44 million FTM, 290 ETH, and 2,075 DASH. The Company also holds positions in DOT, BCH, Litecoin, Stellar, NEO, OMG, QTUM as well as the investment in the Protocol Fund.
Neptune's $250,000 USD investment in the Protocol Fund was valued at $1,737,959 as of May 31, 2021.
Neptune is currently earning $480,000 per month or $5.8M annualized as of the date of this release. This is expected to increase into the end of summer as an additional 22 PH/s of Bitcoin miners come online.
Neptune aims to have at least 75 PH/s of Bitcoin mining online by the end of the calendar year.
Neptune is continually purchasing Bitcoin and ETH in order to dollar cost average.
Neptune's cash operating costs were approximately $652,000 for the nine months ended May 31, 2021 or approximately $72,000 per month.
Losses which occurred during the quarter ended May 31, 2021 relate to unrealized and non-cash amounts due to the pullback in cryptocurrency prices. These losses are required to flow through the income statement under International Financial Reporting Standards.
All financial information in this press release is prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. The Company will file its consolidated interim financial statements for the nine-month period ended May 31, 2021 and associated management discussion and analysis under the Company's profile on SEDAR at www.sedar.com on July 29, 2021.
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