In
The primary intent behind operating our mining business is the accumulation of bitcoins, which we may sell for fiat currency from time to time depending on market conditions and management’s determination of our cash flow needs. Given bitcoins finite supply, our target is to mine as many bitcoins as quickly as possible. Unfortunately, because of the fall of the value of bitcoins during this period, our fleet remained largely offline as it was unprofitable to mine given the high electricity costs.
The Company is in a relatively sound financial base as the recurrent overheads are well within control. Once bitcoin mining resumes because of higher market prices, the Company is hopeful that its outlook will be steady.
About
Forward-Looking Statements
This announcement contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements are based on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and may be governed by terms such as “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” Believe, “estimate”, “potential”, “continue”, “in progress”, “goal”, “guidance expectations” and similar statements are identified. The company may also include in its periodic reports to the
For further information, please contact:
Chief Financial Officer
+852 9855 6575
yf@abitgrp.com
CONSOLIDATED BALANCE SHEETS
As of | ||||||||||
Note | (Unaudited) | |||||||||
ASSETS | ||||||||||
Current Assets | ||||||||||
Cash and cash equivalents | $ | 5,800,361 | $ | 2,507,404 | ||||||
Accounts receivable | 649,329 | 229,708 | ||||||||
Prepayments and other receivables | 3 | 531,200 | - | |||||||
Total current assets | 6,980,890 | 2,737,112 | ||||||||
Digital assets | 4 | 8,440,422 | 5,000,000 | |||||||
Vehicles | 133,308 | - | ||||||||
Miners | 5 | 29,800,000 | - | |||||||
TOTAL ASSETS | 45,354,620 | 7,737,112 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||
Other payables and accruals | $ | 120,523 | $ | 1,170,096 | ||||||
Stockholders’ Equity | ||||||||||
Preferred stock, | $ | 5,050 | $ | 5,050 | ||||||
Common stock, | 35,554 | 19,554 | ||||||||
Additional paid-in capital | 89,290,193 | 49,306,193 | ||||||||
Accumulated deficit | (44,710,434 | ) | (43,788,360 | ) | ||||||
Accumulated other comprehensive income | 613,734 | 1,024,579 | ||||||||
Total Shareholders’ Equity | 45,234,097 | 6,567,016 | ||||||||
Total Liabilities and Shareholders’ Equity | $ | 45,354,620 | $ | 7,737,112 |
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Six Months Ended | Six Months Ended | |||||||
Revenue | $ | 40,422 | $ | 216,979 | ||||
Direct costs of revenue | (15,377 | ) | - | |||||
Other operating costs | (161,540 | ) | - | |||||
(Loss)/profit from operations | (136,495 | ) | 216,979 | |||||
General and administrative expenses | (785,579 | ) | (2,074,528 | ) | ||||
Other income | - | 291,923 | ||||||
(Loss)/income before tax | (922,074 | ) | (1,626,898 | ) | ||||
Income tax | - | - | ||||||
Loss after tax | (922,074 | ) | (1,626,898 | ) | ||||
Foreign exchange adjustment | (19,245 | ) | ||||||
Comprehensive loss for the period | $ | (922,074 | ) | $ | (1,646,143 | ) | ||
Basic and diluted loss per ordinary share | $ | (0.026 | ) | $ | (0.085 | ) | ||
Basic and diluted average number of ordinary shares outstanding | $ | 35,554,667 | 19,341,529 |
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES TO STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred Shares | Ordinary Shares | Additional paid-in | Accumulated | Accumulated other comprehensive | ||||||||||||||||||||||||||||
Number | Amount | Number | Amount | capital | deficit | income | Total | |||||||||||||||||||||||||
Balance, | - | - | 16,191,529 | $ | 16,191 | $ | 40,114,606 | $ | (40,739,748 | ) | $ | 756,950 | 147,999 | |||||||||||||||||||
Foreign currency translation adjustment | - | - | - | - | - | - | 267,629 | 267,629 | ||||||||||||||||||||||||
Issuance of new ordinary shares for proceeds | - | - | 3,150,000 | 3,150 | 3,934,350 | - | - | 3,937,500 | ||||||||||||||||||||||||
Issuance of new ordinary shares for services | - | - | 213,148 | 213 | 262,287 | - | - | 262,500 | ||||||||||||||||||||||||
Issuance of new preferred shares | 5,000,000 | 5,050 | - | - | 4,994,950 | - | - | 5,000,000 | ||||||||||||||||||||||||
Net loss for the period | - | - | - | - | - | (3,048,612 | ) | - | (3,048,612 | ) | ||||||||||||||||||||||
Balance, | 5,000,000 | 5,050 | 19,554,677 | 19,554 | 49,306,193 | (43,788,360 | ) | 1,024,579 | 6,567,016 | |||||||||||||||||||||||
Foreign currency translation adjustment | (410,845 | ) | (410,845 | ) | ||||||||||||||||||||||||||||
Issuance of new ordinary shares for proceeds | - | - | 16,000,000 | 16,000 | 39,984,000 | - | - | 40,000,000 | ||||||||||||||||||||||||
Net loss for the period | - | - | - | - | - | (922,074 | ) | - | (922,074 | ) | ||||||||||||||||||||||
Balance, | 5,000,000 | 5,050 | 35,554,677 | 35,554 | 89,290,193 | (44,710,434 | ) | 613,734 | 45,234,097 |
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months | For the Six Months | |||||||
Ended | Ended | |||||||
Net loss for the period | 922,074 | 1,626,898 | ||||||
Adjustment to reconcile cash used in operating activities: | ||||||||
Provision for bad debt | - | (1,459,892 | ) | |||||
922,074 | 167,006 | |||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 419,621 | 2,172,790 | ||||||
Prepayments and other deposits | 531,200 | - | ||||||
Other payables and accruals | 1,049,573 | 997,001 | ||||||
USDC | 3,440,422 | - | ||||||
Fixed assets | 29,933,308 | - | ||||||
Cash used in operating activities | 36,296,198 | 3,336,797 | ||||||
Cash raised in financing activities: | ||||||||
Proceeds from issue of new ordinary shares | 40,000,000 | - | ||||||
3,703,802 | 3,336,797 | |||||||
Effect of exchange rates on cash and cash equivalents | 410,845 | 131,349 | ||||||
Net increase in cash and cash equivalents | 3,292,957 | 3,468,146 | ||||||
Cash and cash equivalents, beginning of period | 2,507,404 | 19,402 | ||||||
Cash and cash equivalents, end of period | 5,800,361 | 3,487,548 |
Source:
2022 GlobeNewswire, Inc., source