Hong Kong, Dec. 30, 2022 (GLOBE NEWSWIRE) — Moxian (BVI) Inc (“Moxian” or the “Company”) (NASDAQ: MOXC), a US-based bitcoin mining and related services company, today announced its unaudited financial results for the six months ended June 30, 2022. announced. .
In March 2022, we gradually started our bitcoin mining operations in Georgia and Buffalo, New York. Our digital asset mining operations, hosted by third-party providers, use specialized computers known as miners to create the digital asset bitcoin. The Company works with third-party hosting partners who operate specialized mining data centers and provide on-site IT consulting, maintenance and repair for us.
The primary purpose of our mining business is to accumulate 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 the limited supply of bitcoins, our goal is to mine as many bitcoins as quickly as possible. Unfortunately, due to the falling value of bitcoins during this time, our fleet was mostly offline, as it was not profitable to mine given the high electricity costs.
With recurring overheads under control, the Company is on a relatively sound financial footing. The Company expects its outlook to be stable once bitcoin production resumes due to higher market prices.
Moxian (BVI) Inc. about
Moxian (BVI) Inc., which was incorporated in the British Virgin Islands in May 2021, became Moxian, Inc. in August 2021. is the surviving company after the merger with Moxian (BVI) Inc. operates in New York and Georgia. USA
Forward-Looking Statements
This announcement contains forward-looking statements as defined in Section 21E As amended by the Securities Exchange Act of 1934. These forward-looking statements are based on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and may be qualified by words such as “will,” “expect,” “anticipate,” “future.”e,” “intend,” “plan,” “believe,” “estimate,” “potential,” “continue,” “continue,” “goal,” “management’s expectation” and similar expressions are defined. The company also filed with the US Securities and Exchange Commission (SEC”), annual reports to shareholders, press releases and other written materials, as well as oral statements of third parties to company management, directors or employees. Any statements that are not historical facts, including statements about the company’s philosophy and expectations are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These factors and risks include, but are is not limited to: company goals and strategies; future business development; financial condition and results of operations; the expected growth of the bitcoin mining industry and the Internet media marketing industry; company’s s. demand and acceptanceproducts and services; relations between the company and strategic partners; industry competition; and policies and regulations related to the company’s structure, business and industry. More information about these and other risks and uncerincluded in the company’s documents submitted to the Securities and Exchange Commission. All information presented in the company’s presentation is the latest information as of the date of the company’s publication. Except as provided by the current legislation, the company is under no obligation to update such information.
For more information, contact:
Wanhong Tan
Chief Financial Officer
+852 9855 6575
yf@abitgrp.com
MOXIAN (BVI) INC.
CONSOLIDATED BALANCE SHEETS
|
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whom |
|
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|
Note |
|
June 30, 2022 |
|
|
December 31, 2021 |
|
||||
|
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 |
|||||||
|
transport wehicles |
133,308 |
– |
||||||||
|
miners |
5 |
29,800,000 |
– |
|||||||
|
TOTAL ASSETS |
45,354,620 |
7,737,112 |
||||||||
|
Liabilities and stockholders’ equity |
||||||||||
|
Other payables and accruals |
$ |
120,523 |
$ |
1,170,096 |
||||||
|
Stockholders’ Equity |
||||||||||
|
Preferred stock, $0.001010 par value, authorized; 50,000,000 shares, 5,000,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021 |
$ |
5050 |
$ |
5050 |
||||||
|
Common stock, $0.001 par value, authorized: 50,000,000 shares. Issued and outstanding: 35,554,667 shares as of June 30, 2022; 19,554,567 shares as of December 31, 2021. |
35,554 |
19,554 |
||||||||
|
Additional paid-in capital |
89,290,193 |
49,306,193 |
||||||||
|
Accumulated deficit |
(44,710,434 |
) |
(43,788,360 |
) |
||||||
|
Accumulated other aggregate income |
613,734 |
1,024,579 |
||||||||
|
Common stockholders’ equity |
45,234,097 |
6,567,016 |
||||||||
|
General obligations and Stockholders’ Equity |
$ |
45,354,620 |
$ |
7,737,112 |
||||||
MOXIAN (BVI) INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND PROPOSED LOSS
|
|
Six months are over |
|
|
Six months are over |
|
|||
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|||
|
It comes |
$ |
40,422 |
$ |
216,979 |
||||
|
Direct revenue expenditure |
(15,377 |
) |
– |
|||||
|
Other operating expenses |
(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 regulation |
(19,245 |
) |
||||||
|
All round damage for the period |
$ |
(922,074 |
) |
$ |
(1,646,143 |
) |
||
|
Basic and diluted loss per common share |
$ |
(0.026 |
) |
$ |
(0.085 |
) |
||
|
Basic and diluted average number of common shares outstanding |
$ |
35,554,667 |
19,341,529 |
|||||
MOXIAN (BVI) INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Deficit)
|
|
Preference Shares |
|
|
Common Shares |
|
Additional |
|
Collected |
|
Collected |
||||||||||||||||||||||
|
|
Number |
|
|
Amount |
|
|
Number |
|
|
Amount |
|
|
capital |
|
|
cuts |
|
|
comes |
|
|
General |
|
|||||||||
|
Balance as of June 30, 2021 |
– |
– |
16,191,529 |
$ |
16,191 |
$ |
40,114,606 |
$ |
(40,739,748 |
) |
$ |
756,950 |
147,999 |
|||||||||||||||||||
|
Foreign currency translation correction |
– |
– |
– |
– |
– |
– |
267,629 |
267,629 |
||||||||||||||||||||||||
|
Issuance of new ordinary shares for proceeds |
– |
– |
3,150,000 |
3150 |
3,934,350 |
– |
– |
3,937,500 |
||||||||||||||||||||||||
|
Issuance of new ordinary shares for services |
– |
– |
213,148 |
213 |
262,287 |
– |
– |
262,500 |
||||||||||||||||||||||||
|
Issuance of new preference shares |
5,000,000 |
5050 |
– |
– |
4,994,950 |
– |
– |
5,000,000 |
||||||||||||||||||||||||
|
Net loss for the period |
– |
– |
– |
– |
– |
(3,048,612 |
) |
– |
(3,048,612 |
) |
||||||||||||||||||||||
|
Balance as of December 31, 2021 |
5,000,000 |
5050 |
19,554,677 |
19,554 |
49,306,193 |
(43,788,360 |
) |
1,024,579 |
6,567,016 |
|||||||||||||||||||||||
|
Foreign currency translation correction |
(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 as of June 30, 2022 |
|
|
5,000,000 |
|
|
|
5050 |
|
|
|
35,554,677 |
|
|
|
35,554 |
|
|
|
89,290,193 |
|
|
|
(44,710,434 |
) |
|
|
613,734 |
|
|
|
45,234,097 |
|
MOXIAN (BVI) INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
For six months |
|
|
For six months |
|
|||
|
|
It’s over |
|
|
It’s over |
|
|||
|
|
June 30, 2022 |
|
|
June 30, 2021 |
|
|||
|
Net loss for the period |
922,074 |
1,626,898 |
||||||
|
Adjustment for reconciliation of 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 |
||||||
|
Down payments 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 |
||||||
|
Funds raised in financing activities: |
||||||||
|
Proceeds from the issuance 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 |
||||||
