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Neptune Digital Assets Corp(NDA-X)
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Neptune Digital Assets Announces the Release of Q1 Financial Statements For the Period Ended November 30, 2022

Newsfile - Wed Mar 29, 2023

Vancouver, 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 forward to positive growth ahead," stated Cale Moodie, Neptune CEO.

Given the Company has now filed its unaudited interim financial statements, management discussion and analysis and certifications for the three months ended November 30, 2022 the Company expects the cease trade order issued by the British Columbia Securities Commission will be revoked shortly.

Operating and Financial Overview
($CAD)
For the year endedNovember 30, 2022November 30, 2021
Mining revenue 580,343 293,794
DeFi revenue 10,977 416,890
Direct Mining expenses (not incl depreciation) (402,812) -
Other income* 510,705 996,362
Total earnings 699,213 1,707,046
Depreciation** 129,636 159,818
Stock based compensation** 443,069 184,214
General expenses 1,014,330 (150,724)
Impairments ***** (183,168) -
Realized gain (loss) on settlements and sales 945,221 (67,005)
Revaluation of digital currencies*** (693,503) 2,351,271
Unrealized gain (loss) related to lending activities and investments (232,718) 4,935,551
Comprehensive income (loss) for the year (1,051,990) 8,733,555
Financial Position
($CAD)
As atNovember 30, 2022August 31, 2022
Cash and receivables 19,066,908 22,591,137
Total digital assets 8,155,654 4,196,888
Total other assets 7,731,565 9,254,319
Total liabilities 411,491 890,787
Total shareholders equity 34,542,636 35,151,557
Working capital**** 22,128,799 25,746,557
* All non-Bitcoin mining and non-DeFi revenue generating activities
** Non-cash items, including depreciation of mining rigs
*** Revaluation is calculated as the change in value (gain or loss) on the coin inventory. When coins are sold, the net difference between the proceeds and the carrying value of the digital currency (including the revaluation), is recorded as a gain (loss) on the sale of digital currencies
**** Current assets less current liabilities

 


About Neptune Digital Assets Corp.

Neptune Digital Assets Corp. is one of the first publicly traded blockchain companies in Canada and is a cryptocurrency and blockchain infrastructure leader with operations across the digital asset ecosystem including Bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (DeFi), and other associated blockchain technologies.

ON BEHALF OF THE BOARD

Cale Moodie, President and CEO
Neptune Digital Assets Corp.
1-800-545-0941
www.neptunedigitalassets.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX ‎Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎

Forward-Looking Statements

This release contains certain "forward-looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", "proposes" or similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the auditors completing the remining auditing items with respect to the Annual Filings; the inherent risks involved in the cryptocurrency and general securities markets; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company's operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties.

The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/160393