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Neptune Digital Assets Announces the Release of Q1 Financial Statements For the Period Ended November 30, 2022
Vancouver, British Columbia--(Newsfile Corp. - March 29, 2023) - Neptune Digital Assets Corp. (TS...
About this update from Neptune Digital Assets Corp
[{"type":"text","content":"Neptune Digital Assets Announces the Release of Q1 Financial Statements For the Period Ended November 30, 2022Vancouver, British Columbia--(Newsfile Corp. - March 29, 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 November 30, 2022 quarterly consolidated financial statements and management, discussion and analysis for the three months ending November 30, 2022.Below are a number of financial highlights pertaining to the first quarter ending November 30, 2022 and for the period subsequent to year end up to the date of this news release.Neptune ended the quarter on November 30, 2022 with $35 million in assets and no debt. Neptune earned total revenues and other income of $1.09 million through Bitcoin mining, staking, DeFi and other income-generating activities during the three-month period ended November 30, 2022.Neptune mined $580,343 worth of Bitcoin up to November 30, 2022. As of the date of this release, Neptune had a total balance of 237 Bitcoin in cold storage and an additional 64 Bitcoin under chapter 11 claims with Genesis and Celsius, with the outcome of those claims 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 237 BTC and 175,000 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.Current cash balance is $12 million CAD held with a tier 1 Canadian bank and another $4 million USD under Chapter 11 claim with Genesis Lending with the outcome currently unknown.Neptune has now filed all financial reporting requirements in order to be compliant and will apply immediately for the cease trade order to be lifted and for trading to resume. \"Neptune has now filed our three months ended November 30, 2022 Q1 financials and expects regular trading to resume in the coming days. We will update our shareholders as that date approaches and we thank everyone for their patience through this challenging regulatory environment. Business operations continued as usual during the downtime and we look for...