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Neptune Digital has $1.65M in Q3 realized gains

2021-07-28 11:02 ET - News Release

Mr. Cale Moodie reports


Neptune Digital Assets Corp. has provided 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-per-cent discount from the top of the market," stated Cale Moodie, Neptune chief executive officer.

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 $47.5-million in total assets, an increase of 1,250 per cent from the beginning of the year. The company had $48.2-million 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 (U.S.) from exercising bitcoin put options at the bitcoin low of roughly $29,000 (U.S.).
  • The company's largest digital asset holdings as of the date of this release are 110 BTC (bitcoin), 143,100 ATOM, 1.44 million FTM, 290 ETH (ether) and 2,075 DASH. The company also holds positions in DOT, BCH, Litecoin, Stellar, NEO, OMG and QTUM, as well as the investment in the Protocol Fund.
  • Neptune's $250,000 (U.S.) 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 $5.8-million annualized, as of the date of this release. This is expected to increase into the end of summer as an additional 22 petahashes per second (PH/s) of bitcoin miners come on-line.
  • Neptune aims to have at least 75 PH/s of bitcoin mining on line 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 on July 29, 2021.

About Neptune Digital Assets Corp.

Neptune Digital Assets is one of the first publicly traded blockchain companies in Canada and is a cryptocurrency leader with diversified assets and cryptocurrency operations across the digital asset ecosystem, including bitcoin mining, tokens, proof-of-stake cryptocurrencies, decentralized finance (Defi) and associated blockchain technologies.

We seek Safe Harbor.

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