Neptune Digital Assets Provides Corporate Update and Financial Highlights
VANCOUVER, British Columbia, Dec. 22, 2020 (GLOBE NEWSWIRE) -- Neptune Digital Assets Corp. (TSX-V:DASH) (OTC:NPPTF) (FSE:1NW) (“Neptune” or the "Company") is
pleased to announce that it has released its August 31, 2020 audited financial statements and management, discussion and analysis.
Below are a number of financial highlights pertaining to the August 31, 2020 year end and for the period subsequent to year end and up to the date of this News Release.
- Over the last two years the Company has been aggressively cutting costs and as such has achieved an annual positive net comprehensive income for its first time being $657,249 or $0.01 per share for the 12 months ended August 31, 2020.
- Assuming crypto prices stay constant or climb higher, we expect these earnings to improve significantly into 2021 and beyond with operating costs remaining relatively constant.
- Neptune had a 35% growth in total assets as of August 31, 2020 over the prior fiscal year and expects this to continue into Q1 and Q2 of the 2021 fiscal year given the rise in crypto prices since August 31, 2020.
- The Company’s cost cutting measures lowered cash costs for operations for the year by 34% from prior year to $368,559.
- The Company has zero debt at the year end and as of the date of this News Release.
- The Company commenced a diversification strategy during the year which resulted in over 8,000 DASH tokens liquidated and proceeds being directed into the Protocol Fund (USD$250,000) which was worth $392,088 as at August 31, 2020 and to purchase an additional 46 BTC with an average cost base of approximately $11,784 ($9,065 USD) per BTC.
- The Company had 50 BTC loaned to Genesis Trading as at August 31, 2020 earning 6.5% interest per annum paid in BTC monthly, providing a consistent income stream of BTC for re-investment.
- Subsequent to August 31, 2020, the Company acquired another 20 BTC in exchange for 3,118 DASH tokens, effectively averaging USD$10,510 per BTC. This BTC was also loaned out to Genesis Trading generating further BTC interest revenue for the Company.
- The Company’s three largest digital asset holdings as of the date of this release are 75 BTC, 138,500 ATOM and 6,070 DASH. The Company also holds positions in ETH, Litecoin, Stellar, NEO, OMG, QTUM, FTM as well as the investment in the Protocol Crypto Fund and cash for strategic crypto currency purchases and operations.
- The Company continues to purchase crypto monthly in order to dollar cost average and is always optimizing its crypto portfolio in order to maximize growth for shareholders.
- Neptune has been building a position in ETH subsequent to year end and is planning to join the Ethereum network with its move to a
proof-of-stake consensus algorithm. Neptune will operate Ethereum validators that verify transactions on the network and receive revenue for the staking process. We plan to use the revenue to
compound our growth of validators.