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Neptune Digital Assets Announces the Release of Audited Financial Statements with an 1069% Increase in Total Revenues over Prior Year
Vancouver, British Columbia--(Newsfile Corp. - March 25, 2023) - Neptune Digital Assets Corp. (TS...
About this update from Neptune Digital Assets Corp
[{"type":"text","content":"Neptune Digital Assets Announces the Release of Audited Financial Statements with an 1069% Increase in Total Revenues over Prior YearVancouver, British Columbia--(Newsfile Corp. - March 25, 2023) - Neptune Digital Assets Corp. (TSXV: NDA) (OTC Pink: 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, 2022 annual audited consolidated financial statements and management, discussion and analysis.Below are a number of financial highlights pertaining to the August 31, 2022 year-end and for the period subsequent to year-end and up to the date of this news release.Neptune ended the year on August 31, 2022 with $36.0 million in assets and no debt. Neptune earned total revenues and other income of $7,405,529 through Bitcoin mining, staking, DeFi and other income-generating activities during the year.Of the $18.9 million dollar net comprehensive loss for the year ended August 31, 2022, $16.3 million is related to a decrease in the fair values and impairments of underlying cryptocurrency assets and investments held and another $7.17 million related to a write-down in the value of mining rigs to fair market value. Neptune mined $1,468,243 worth of Bitcoin up to August 31, 2022. As of the date of this release, Neptune had a total balance of 235 Bitcoin in cold storage and an additional 64 Bitcoin under chapter 11 claims with Genesis and Celsius, the outcome of those claims is currently unknown. Neptune currently does not sell its Bitcoin and all Bitcoin is now stored in cold storage.Neptune's two largest digital asset holdings as of the date of this release are 235 BTC and 174,000 ATOM. The Company also holds positions in ETH, FTM, wMemo, DASH, Lif3, Tomb and a number of other tokens, as well as an investment in SpaceX valued at approximately $2 million USD.Neptune has also started to slowly increase its holdings of artificial intelligence (AI) cryptocurrency assets, namely Graph (GRT) and OCEAN tokens.Current cash balance is $12 million held with a tier 1 Canadian bank and another $4 million USD under Chapter 11 claim with Genesis Lending with the outcome currently unknown.\"In spite of much of 2022 being a devastating year for most companies in the Bitcoin mining and crypto currency space, Neptune managed to grow our ...