Neptune Digital Assets Announces the Release of Q1 Financial Statements For the Period Ended November 30, 2022

Vancouver, British Columbia–(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
($CAD)
For the year endedNovember 30, 2022November 30, 2021
Mining revenue580,343293,794
DeFi revenue10,977416,890
Direct Mining expenses (not incl depreciation)(402,812)
Other income*510,705996,362
Total earnings 699,213 1,707,046
Depreciation**129,636159,818
Stock based compensation**443,069184,214
General expenses1,014,330(150,724)
Impairments *****(183,168)
Realized gain (loss) on settlements and sales945,221(67,005)
Revaluation of digital currencies***(693,503)2,351,271
Unrealized gain (loss) related to lending activities and investments(232,718)4,935,551
Comprehensive income (loss) for the year (1,051,990) 8,733,555
Financial Position
($CAD)
As atNovember 30, 2022August 31, 2022
Cash and receivables19,066,90822,591,137
Total digital assets8,155,6544,196,888
Total other assets7,731,5659,254,319
Total liabilities411,491890,787
Total shareholders equity 34,542,636 35,151,557
Working capital****22,128,79925,746,557
* 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.


 

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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.

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.

Neptune Provides Corporate Update

VANCOUVER, British Columbia – November 16, 2022 – Neptune Digital Assets Corp. (TSX-V: NDA) (OTCQB: NPPTF) (FSE: 1NW) (“Neptune” or the “Company“) would like to provide an update with respect to its account held at Genesis Global Trading Inc. (“Genesis”), a crypto broker.

The Company has utilized Genesis for a variety of services since 2017, including the onboarding and offboarding of fiat currency and other digital assets that it uses in its general operations. Neptune mostly uses Genesis to generate returns on cash deposits when that cash is not in use. Neptune was informed this morning that Genesis has temporarily suspended redemptions and new loan originations in its lending business. As of market close on November 16, 2022, the Company confirms that it presently holds USD$3,999,980 and 40 BTC on Genesis’ platform which are locked in interest-generating term deposits. The Company is monitoring the situation as it develops and will continue to provide periodic updates.

“Although we were not directly exposed to FTX or any of its affiliates, the contagion through the crypto space has been unprecedented. We are very disappointed to hear the news from Genesis this morning and hope that next week we will have some clarity surrounding our long-term deposits with them. Neptune has moved all other cash and crypto assets to defensive positions within major Canadian banks and cold storage. Neptune’s proof-of-work and proof-of-stake operations continue unabated. Neptune remains in a very strong financial position with over $30 million in assets including $13 million in cash excluding Genesis deposits referenced above. The Company continues to generate revenues on a daily basis and we look forward to brighter days ahead,” stated Cale Moodie, Neptune’s President and CEO.

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 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: Genesis temporarily suspending redemptions and new loan originations in its lending business‎; the Company’s involvement with Genesis; the Company’s assets Genesis has custody over; 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.

 

************************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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