Written by 9:00 pm Bitcoin

Moxian (BVI) Inc Reports Unaudited Financial Results for the First Half of 2022

Hong Kong, Dec. 30, 2022 (GLOBE NEWSWIRE) — Moxian (BVI) Inc (“Moxian” or the “Company”) (NASDAQ: MOXC), a company engaged in bitcoin mining and related services in the United States, today reported its unaudited financial results for the six months ended June 30, 2022.

In March 2022, we began progressively our bitcoin mining operations in the State of Georgia and Buffalo, New York. Our digital asset mining operations, hosted by third party providers, use specialized computers, known as miners, to generate bitcoin, a digital asset. The Company works with third party hosting partners who operate specialized mining data centres and provide IT consulting, maintenance, and repair work on-site for us.

The primary intent behind operating our mining business is the accumulation of 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 bitcoins finite supply, our target is to mine as many bitcoins as quickly as possible. Unfortunately, because of the fall of the value of bitcoins during this period, our fleet remained largely offline as it was unprofitable to mine given the high electricity costs.

The Company is in a relatively sound financial base as the recurrent overheads are well within control. Once bitcoin mining resumes because of higher market prices, the Company is hopeful that its outlook will be steady.

About Moxian (BVI) Inc

Moxian (BVI) Inc, a company organized in the British Virgin Islands in May 2021, is the surviving company following its merger with Moxian, Inc. in August 2021. Moxian (BVI) Inc operates in the States of New York and Georgia in the U.S.

Forward-Looking Statements

This announcement contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements are based on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and may be governed by terms such as “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” Believe, “estimate”, “potential”, “continue”, “in progress”, “goal”, “guidance expectations” and similar statements are identified. The company may also include in its periodic reports to the US Securities and Exchange Commission (“SEC”), annual reports to shareholders, press releases and other written materials, as well as oral statements from third parties to the company’s 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 not limited to, the following: company’s goals and strategies; future business development; financial status and operating results; expected growth of bitcoin mining industry and Internet media marketing industry; demand and acceptance of the company’s products and services; the relationship between the company and strategic partners; industry competition; and policies and regulations related to the company’s structure, business and industry. More detailed information about these and other risks and uncertainties is included in the company’s filings with the Securities and Exchange Commission. All information provided in the company’s introduction is the latest information as of the date of publication of the company. Except as provided by applicable law, the company is not obligated to update such information.

For further information, please contact:

Wanhong Tan
Chief Financial Officer
+852 9855 6575
yf@abitgrp.com

MOXIAN (BVI) INC.
CONSOLIDATED BALANCE SHEETS

 

 

 

 

As of

 

 

 

Note

 

June 30, 2022
(Unaudited)

 

 

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

 

Vehicles

 

 

 

 

133,308

 

 

 

 

Miners

 

5

 

 

29,800,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

 

 

 

45,354,620

 

 

 

7,737,112

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ 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

 

 

 

$

5,050

 

 

$

5,050

 

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 comprehensive income

 

 

 

 

613,734

 

 

 

1,024,579

 

Total Shareholders’ Equity

 

 

 

 

45,234,097

 

 

 

6,567,016

 

Total Liabilities and Shareholders’ Equity

 

 

 

$

45,354,620

 

 

$

7,737,112

 

MOXIAN (BVI) INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2022

 

 

June 30, 2021

 

Revenue

 

$

40,422

 

 

$

216,979

 

Direct costs of revenue

 

 

(15,377

)

 

 

 

Other operating costs

 

 

(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 adjustment

 

 

 

 

 

 

(19,245

)

Comprehensive loss for the period

 

$

(922,074

)

 

$

(1,646,143

)

 

 

 

 

 

 

 

 

 

Basic and diluted loss per ordinary share

 

$

(0.026

)

 

$

(0.085

)

Basic and diluted average number of ordinary shares outstanding

 

$

35,554,667

 

 

 

19,341,529

 

MOXIAN (BVI) INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES TO STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

Preferred Shares

 

 

Ordinary Shares

 

 

Additional
paid-in

 

 

Accumulated

 

 

Accumulated
other
comprehensive

 

 

 

 

 

 

Number

 

 

Amount

 

 

Number

 

 

Amount

 

 

capital

 

 

deficit

 

 

income

 

 

Total

 

Balance, June 30, 2021

 

 

 

 

 

 

 

 

16,191,529

 

 

$

16,191

 

 

$

40,114,606

 

 

$

(40,739,748

)

 

$

756,950

 

 

 

147,999

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

267,629

 

 

 

267,629

 

Issuance of new ordinary shares for proceeds

 

 

 

 

 

 

 

 

3,150,000

 

 

 

3,150

 

 

 

3,934,350

 

 

 

 

 

 

 

 

 

3,937,500

 

Issuance of new ordinary shares for services

 

 

 

 

 

 

 

 

213,148

 

 

 

213

 

 

 

262,287

 

 

 

 

 

 

 

 

 

262,500

 

Issuance of new preferred shares

 

 

5,000,000

 

 

 

5,050

 

 

 

 

 

 

 

 

 

4,994,950

 

 

 

 

 

 

 

 

 

5,000,000

 

Net loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,048,612

)

 

 

 

 

 

(3,048,612

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2021

 

 

5,000,000

 

 

 

5,050

 

 

 

19,554,677

 

 

 

19,554

 

 

 

49,306,193

 

 

 

(43,788,360

)

 

 

1,024,579

 

 

 

6,567,016

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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, June 30, 2022

 

 

5,000,000

 

 

 

5,050

 

 

 

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 the Six Months

 

 

For the Six Months

 

 

 

Ended

 

 

Ended

 

 

 

June 30, 2022

 

 

June 30, 2021

 

Net loss for the period

 

 

922,074

 

 

 

1,626,898

 

Adjustment to reconcile 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

 

Prepayments 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

 

Cash raised in financing activities:

 

 

 

 

 

 

 

 

Proceeds from issue 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

 

Source link

Close