For the Company, the immediate priority was the location of a new permanent site for its bitcoin operations. The earlier site,
The Company also took the opportunity of a depressed market in 2022 to place an advance order for six units of supercomputing servers S19 XP for
The financial analysis of the results of operations for the six months to
As far as costs were concerned, the current year’s total includes operational US-based staff which did not exist in the corresponding period last year. The net result was a loss for the six months to
In the Balance Sheet comparison, cash and cash equivalents saw a slight dip of just under a million, a large part of which was in payment of invoices for the construction work-in-progress which amount to
As of the date of this report, the new mining facility at Duff near La Follette, based on a new generation of hydro power, is virtually completed and the Company expects results going forward to be increasingly better.
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 | $ | 1,538,831 | $ | 2,505,286 | ||||||
Prepayments and other receivables | 3 | 3,486,623 | 2,384,976 | |||||||
Total current assets | 5,025,454 | 4,890,262 | ||||||||
Digital assets | 4 | 4,716,979 | 7,087,747 | |||||||
Property, equipment and vehicles | 5 | 9,736,152 | 12,553,408 | |||||||
Construction-in-progress | 6 | 1,522,949 | - | |||||||
TOTAL ASSETS | 21,001,534 | 24,531,417 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||
Other payables and accruals | $ | 541,356 | $ | 613,455 | ||||||
Stockholders’ Equity | ||||||||||
Preferred stock, | $ | 5,050 | $ | 5,050 | ||||||
Common stock, | 35,554 | 35,554 | ||||||||
Additional paid-in capital | 89,290,193 | 89,290,193 | ||||||||
Accumulated deficit | (68,811,550 | ) | (65,308,474 | ) | ||||||
Accumulated other comprehensive income | (59,069 | ) | (104,361 | ) | ||||||
Total Shareholders’ Equity | 20,460,178 | 23,917,962 | ||||||||
Total Liabilities and Shareholders’ Equity | $ | 21,001,534 | $ | 24,531,417 |
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Six Months Ended | Six Months Ended | |||||||
Revenue | $ | 7,272 | $ | 40,422 | ||||
Direct costs of revenue | (14,666 | ) | (15,377 | ) | ||||
Other operating costs | (2,802,735 | ) | (161,540 | ) | ||||
Loss from operations | (2,810,129 | ) | (136,495 | ) | ||||
General and administrative expenses | (692,947 | ) | (785,579 | ) | ||||
Other income | ||||||||
Loss before tax | (3,503,076 | ) | (922,074 | ) | ||||
Income tax | - | - | ||||||
Loss after tax | (3,503,076 | ) | (922,074 | ) | ||||
Foreign exchange adjustment | 45,292 | - | ||||||
Comprehensive loss for the period | $ | (3,457,784 | ) | $ | (922,074 | ) | ||
Basic and diluted loss per ordinary share | $ | (0.097 | ) | $ | (0.026 | ) | ||
Basic and diluted average number of ordinary shares outstanding | 35,554,677 | 35,554,677 |
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, | 5,000,000 | 5,050 | 35,554,677 | 35,554 | 82,290,193 | (44,710,434 | ) | $ | 613,734 | 45,234,097 | ||||||||||||||||||||||
Net loss for the period | - | - | - | - | - | (20,598,040 | ) | (718,095 | ) | (21,316,135 | ) | |||||||||||||||||||||
Balance, | 5,000,000 | 5,050 | 35,554,677 | 35,554 | 82,290,193 | (65,308,474 | ) | (104,361 | ) | 23,917,962 | ||||||||||||||||||||||
Net loss for the period | - | - | - | - | - | (3,503,076 | ) | 45,292 | (3,457,784 | ) | ||||||||||||||||||||||
Balance, | 5,000,000 | 5,050 | 35,554,677 | 35,554 | 82,290,193 | (68,811,550 | ) | (59,069 | ) | 20,460,178 |
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended | For the Six Months Ended | |||||||
Net loss for the period | $ | (3,503,076 | ) | $ | (922,074 | ) | ||
Adjustment to reconcile cash used in operating activities: | ||||||||
Depreciation of property, and equipment | 2,817,256 | |||||||
(685,820 | ) | (922,074 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 53 | (419,621 | ) | |||||
Prepayments and other deposits | (1,101,604 | ) | (531,200 | ) | ||||
Other payables and accruals | (71,974 | ) | (1,049,573 | ) | ||||
USDC | 2,370,769 | (3,440,422 | ) | |||||
Fixed assets | (1,522,949 | ) | (29,933,308 | ) | ||||
Cash used in operating activities | (1,011,525 | ) | (36,296,198 | ) | ||||
Cash raised in financing activities: | ||||||||
Proceeds from issue of new ordinary shares | - | 40,000,000 | ||||||
(1,011,525 | ) | 3,703,802 | ||||||
Effect of exchange rates on cash and cash equivalents | 45,070 | (410,845 | ) | |||||
Net increase in cash and cash equivalents | (966,455 | ) | 3,292,957 | |||||
Cash and cash equivalents, beginning of period | 2,505,286 | 2,507,404 | ||||||
Cash and cash equivalents, end of period | $ | 1,538,831 | $ | 5,800,361 |
Source:
2023 GlobeNewswire, Inc., source