Neptune Digital Assets Announces the Release of Audited Financial Statements with a 1069% Increase in Total Revenues Over Prior Year

VANCOUVER, British Columbia – March 25, 2023 – Neptune Digital Assets Corp. (TSX-V:NDA) (OTC: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 August 31, 2022 annual audited consolidated financial statements and management, discussion and analysis.

Below are a number of financial highlights pertaining to the August 31, 2022 year-end and for the period subsequent to year-end and up to the date of this news release.

  • Neptune ended the year on August 31, 2022 with $36.0 million in assets and no debt.
  • Neptune earned total revenues and other income of $7,405,529 through Bitcoin mining, staking, DeFi and other income-generating activities during the year.
  • Of the $18.9 million dollar net comprehensive loss for the year ended August 31, 2022, $16.3 million is related to a decrease in the fair values and impairments of underlying cryptocurrency assets and investments held and another $7.17 million related to a write-down in the value of mining rigs to fair market value.
  • Neptune mined $1,468,243 worth of Bitcoin up to August 31, 2022. As of the date of this release, Neptune had a total balance of 235 Bitcoin in cold storage and an additional 64 Bitcoin under chapter 11 claims with Genesis and Celsius, the outcome of those claims is 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 235 BTC and 174,000 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.
  • Neptune has also started to slowly increase its holdings of artificial intelligence (AI) cryptocurrency assets, namely Graph (GRT) and OCEAN tokens.
  • Current cash balance is $12 million held with a tier 1 Canadian bank and another $4 million USD under Chapter 11 claim with Genesis Lending with the outcome currently unknown

“In spite of much of 2022 being a devastating year for most companies in the Bitcoin mining and crypto currency space, Neptune managed to grow our income substantially over the prior year. Much of our loss on the income statement relates to unrealized losses and changes in fair value of the underlying assets,  fortunately when times are good those values will rise again” stated Cale Moodie, Neptune CEO. “We were very disappointed by the late filing of the financial statements, however industry changes and late-stage adjustments made the delays unavoidable. We hope to avoid this in the future and appreciate our shareholders patience through the last few months of financial reporting struggles. We are optimistic about 2023 and our focus in this volatile market will be to continue to grow cryptocurrency revenues and enhance our balance sheet. Even though the past year has been difficult for cryptocurrency, in addition to most asset classes and the overall global economy, we are more optimistic than ever of the long-term value of the cryptocurrency industry and Neptune.”

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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.


 

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Disclaimer
All transactions are carried out by The SiLLC Assembly, a private portfolio management assembly. This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to provide general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions, and beliefs of SiLLC and/or its members. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to SiLLC’s advisory activities relate to The SiLLC Assembly International.

HIVE Blockchain Announces Late Filing of Interim Financial Statements

VANCOUVER, British Columbia, Feb. 15, 2023 — HIVE Blockchain Technologies Ltd. (TSXV:HIVE) (Nasdaq: HIVE) (FSE: HBFA) (the “Company” or “HIVE”) announces that as a result of an unforeseen tax notice received this morning in relation to one of our European subsidiaries, the Company will be unable to file its interim financial statements and accompanying management’s discussion and analysis for the three and nine months ended December 31, 2022 (collectively, the “Interim Filings”) by February 14, 2023, being the date that such filings are due under applicable Canadian securities law requirements. The late filing is the result of providing the Company adequate time to assess the potential impact, if any, of this notice on the Interim Filings. HIVE anticipates filing the Interim Filings on or before February 28, 2023.

Maintaining operations in so many different jurisdictions allows us to diversify our holdings, and access low-cost green power in stable areas. However, it also brings reporting complications, as each country is subject to its own unique filing and reporting requirements and procedures. Notably, HIVE has numerous subsidiaries in each country where it has operations, and the Company requires local accounting firms and advisors, to provide an independent review while complying with local policies. To address these, HIVE continues to seek opportunities to streamline its financial processes to facilitate faster reviewing, auditing, and reporting.

In response to the reporting delay, the Company has applied to the British Columbia Securities Commission for a management cease trade order (the “MCTO”), restricting the Company’s chief executive officer and chief financial officer from trading the Company’s shares until the Interim Filings are filed and the MCTO is revoked. The Company currently expects to file the Interim Filings on or before February 21, 2023 and will issue a press release announcing completion of these filings at such time. Until the Company files the Interim Filings, it will comply with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Order. The guidelines, among other things, require the Company to issue biweekly default status reports by way of a news release for as long as the Interim Filings have not been filed. If the MCTO is granted, the general investing public will continue to be able to trade in the Company’s shares through the duration of the MCTO.

We will keep investors updated as we move through this process.

About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy.

HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we endeavour to source green energy to mine digital assets such as Bitcoin on the cloud. Since the beginning of 2021, HIVE has held in secure storage the majority of its treasury of ETH and BTC derived from mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of Bitcoin. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.

We encourage you to visit HIVE’s YouTube channel here to learn more about HIVE.

For more information and to register to HIVE’s mailing list, please visit www.HIVEblockchain.com.
Follow @HIVEblockchain on Twitter and subscribe to HIVE’s YouTube channel.

On Behalf of HIVE Blockchain Technologies Ltd.
Frank Holmes
Executive Chairman

For further information please contact:
Frank Holmes
Tel: (604) 664-1078

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

Forward-Looking Information

Except for the statements of historical fact, this news release contains “forward-looking information” within the meaning of the applicable Canadian and U.S. securities legislation that is based on expectations, estimates and projections as at the date of this news release. “Forward-looking information” in this news release includes, but is not limited to, statements regarding the timing, review, completion and filing of the Interim Filings; application and grant of an MCTO; business goals and objectives of the Company, and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.

Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the Company may not complete its audit and file the Interim Filings as currently anticipated, or at all; and other related risks as more fully set out in the registration statement of the Company and other documents disclosed under the Company’s filings at www.sec.gov/EDGAR and www.sedar.com.

The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company’s ability to complete and file the Interim Filings. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

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Disclaimer
All transaction are carrying out by SiLLC, a private portfolio management assembly. This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of SiLLC and/or its members. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to SiLLC’s advisory activities relates to SiLLC Assembly International.


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