VANCOUVER, British Columbia – August 3, 2022 – Neptune Digital Assets Corp. (TSX-V:NDA) (OTC:NPPTF) (FSE:1NW) (“Neptune” or the “Company“), a blockchain technology and cryptocurrency leader in Canada, is pleased to announce that it has released its quarterly consolidated financial statements and management, discussion and analysis for the three and nine months ended May 31, 2022.
Below are a number of financial highlights pertaining to the third quarter ended May 31, 2022 and for the period subsequent to quarter end up to the date of this news release.
- Neptune earned $6,616,479 through Bitcoin mining and other income-generating activities during the nine-month period ended May 31, 2022. This represents an increase of 755% over the same period of the prior year.
- Neptune ended the quarter on May 31, 2022 with $47 million in assets and no debt. This equates to a $7 million decrease from the year-ended August 31, 2021 due to cryptocurrency values decreasing over the period. Neptune did not convert any cryptocurrency tokens into fiat currency.
- Total expenses for the nine-month period were $2,362,684, including non-cash values of $684,000 in depreciation and $56,000 in foreign exchange loss.
- Neptune’s two largest digital asset holdings as of the date of this release are 241 Bitcoin and 160,500 ATOM.
- The Company also holds positions in a number of tokens totaling $11.5million, as well as an investment in the Protocol Crypto Quant Fund valued at $638,162 and a current cash/USD-loans balance of $23million for strategic acquisitions, Bitcoin mining rig purchases and operations.
“We are seeing a tough bear market impacting cryptocurrency operations for all digital asset companies across the board and equal struggles in the general worldwide equity and asset markets. We believe we have positioned Neptune to do well in these types of environments where cash can be used to acquire assets at a discount. When markets eventually recover, we expect this strategy to greatly benefit our shareholders,” stated Cale Moodie, Neptune CEO.
Certain information provided in this news release is extracted from auditor reviewed financial statements and management, discussion and analysis for the third quarter ended May 31, 2022 that are filed under the Company’s profile on SEDAR and should be read in conjunction with them. It is only in the context of the information and disclosures contained therein that an investor can properly analyze this information.
About Neptune Digital Assets Corp.
Neptune Digital Assets (TSX-V:NDA) 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.
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.
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 include, but are not limited to, Company’s operations and sustainable future profitability; potential further improvements to the profitability and efficiency across operations by optimizing cryptocurrency mining output, continuing to lower direct mining operations cost structure, and maximizing existing electrical and infrastructure capacity including with new mining equipment; continued adoption of cryptocurrency. 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 inherent risks involved in the cryptocurrency and general securities markets; the Company’s ability to successfully mine digital currency; revenue of the Company may not increase as currently anticipated, or at all; 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.