Hong Kong, Dec. 30, 2022 (GLOBE NEWSWIRE) — Moxian (BVI) Inc (“Moxian” or the “Company”) (NASDAQ: MOXC), an organization engaged in bitcoin mining and associated providers in the United States, immediately reported its unaudited monetary outcomes for the six months ended June 30, 2022.
In March 2022, we started progressively our bitcoin mining operations in the State of Georgia and Buffalo, New York. Our digital asset mining operations, hosted by third occasion suppliers, use specialised computer systems, generally known as miners, to generate bitcoin, a digital asset. The Company works with third occasion internet hosting companions who function specialised mining information centres and supply IT consulting, upkeep, and restore work on-site for us.
The main intent behind working our mining enterprise is the accumulation of bitcoins, which we could promote for fiat forex every now and then relying on market situations and administration’s dedication of our money movement wants. Given bitcoins finite provide, our goal is to mine as many bitcoins as rapidly as doable. Unfortunately, as a result of of the fall of the worth of bitcoins throughout this era, our fleet remained largely offline because it was unprofitable to mine given the excessive electrical energy prices.
The Company is in a comparatively sound monetary base as the recurrent overheads are effectively inside management. Once bitcoin mining resumes as a result of of increased market costs, the Company is hopeful that its outlook shall be regular.
About Moxian (BVI) Inc
Moxian (BVI) Inc, an organization organized in the British Virgin Islands in May 2021, is the surviving firm 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 incorporates forward-looking statements as outlined in Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements are based mostly on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and could also be ruled by phrases comparable to “will,” “count on,” “anticipate,” “future,” “intend,” “plan,” Believe, “estimate”, “potential”, “proceed”, “in progress”, “objective”, “steering expectations” and comparable statements are recognized. The firm may embrace in its periodic studies to the US Securities and Exchange Commission (“SEC”), annual studies to shareholders, press releases and different written supplies, in addition to oral statements from third events to the firm’s administration, administrators or workers. Any statements that aren’t historic details, together with statements about the firm’s philosophy and expectations, are forward-looking statements that contain components, dangers, and uncertainties that would trigger precise outcomes to vary materially from these in the forward-looking statements. These components and dangers embrace, however are not restricted to, the following: firm’s targets and methods; future enterprise growth; monetary standing and working outcomes; anticipated progress of bitcoin mining business and Internet media advertising and marketing business; demand and acceptance of the firm’s products and providers; the relationship between the firm and strategic companions; business competitors; and insurance policies and rules associated to the firm’s construction, enterprise and business. More detailed details about these and different dangers and uncertainties is included in the firm’s filings with the Securities and Exchange Commission. All info supplied in the firm’s introduction is the newest info as of the date of publication of the firm. Except as supplied by relevant regulation, the firm will not be obligated to replace such info.
For additional info, please contact:
Wanhong Tan
Chief Financial Officer
+852 9855 6575
[email protected]
MOXIAN (BVI) INC.
CONSOLIDATED BALANCE SHEETS
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As of |
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Note |
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June 30, 2022 |
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December 31, 2021 |
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ASSETS |
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Current Assets |
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Cash and money equivalents |
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$ |
5,800,361 |
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$ |
2,507,404 |
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Accounts receivable |
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649,329 |
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229,708 |
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Prepayments and different receivables |
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3 |
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531,200 |
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– |
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Total present belongings |
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6,980,890 |
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2,737,112 |
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Digital belongings |
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4 |
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8,440,422 |
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5,000,000 |
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Vehicles |
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133,308 |
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– |
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Miners |
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5 |
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29,800,000 |
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– |
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TOTAL ASSETS |
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45,354,620 |
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7,737,112 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Other payables and accruals |
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$ |
120,523 |
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$ |
1,170,096 |
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Stockholders’ Equity |
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Preferred inventory, $0.001010 par worth, approved; 50,000,000 shares, 5,000.000 shares issued and excellent as of June 30, 2022 and December 31, 2021 |
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$ |
5,050 |
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$ |
5,050 |
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Common inventory, $0.001 par worth, approved: 50,000,000 shares. Issued and excellent: 35,554,667 shares as of June 30, 2022; 19,554,567 shares as of December 31, 2021. |
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35,554 |
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19,554 |
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Additional paid-in capital |
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89,290,193 |
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49,306,193 |
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Accumulated deficit |
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(44,710,434 |
) |
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(43,788,360 |
) |
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Accumulated different complete revenue |
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613,734 |
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1,024,579 |
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Total Shareholders’ Equity |
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45,234,097 |
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6,567,016 |
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Total Liabilities and Shareholders’ Equity |
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$ |
45,354,620 |
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$ |
7,737,112 |
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MOXIAN (BVI) INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
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Six Months Ended |
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Six Months Ended |
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June 30, 2022 |
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June 30, 2021 |
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Revenue |
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$ |
40,422 |
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$ |
216,979 |
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Direct prices of income |
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(15,377 |
) |
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– |
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Other working prices |
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(161,540 |
) |
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– |
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(Loss)/revenue from operations |
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(136,495 |
) |
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216,979 |
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General and administrative bills |
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(785,579 |
) |
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(2,074,528 |
) |
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Other revenue |
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– |
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291,923 |
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(Loss)/revenue earlier than tax |
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(922,074 |
) |
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(1,626,898 |
) |
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Income tax |
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– |
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– |
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Loss after tax |
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(922,074 |
) |
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(1,626,898 |
) |
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Foreign change adjustment |
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(19,245 |
) |
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Comprehensive loss for the interval |
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$ |
(922,074 |
) |
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$ |
(1,646,143 |
) |
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Basic and diluted loss per peculiar share |
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$ |
(0.026 |
) |
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$ |
(0.085 |
) |
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Basic and diluted common quantity of peculiar shares excellent |
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$ |
35,554,667 |
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19,341,529 |
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MOXIAN (BVI) INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES TO STOCKHOLDERS’ EQUITY (DEFICIT)
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Preferred Shares |
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Ordinary Shares |
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Additional |
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Accumulated |
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Accumulated |
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Number |
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Amount |
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Number |
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Amount |
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capital |
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deficit |
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revenue |
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Total |
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Balance, June 30, 2021 |
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– |
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– |
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16,191,529 |
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$ |
16,191 |
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$ |
40,114,606 |
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$ |
(40,739,748 |
) |
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$ |
756,950 |
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|
147,999 |
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Foreign forex translation adjustment |
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– |
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– |
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– |
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– |
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– |
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– |
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267,629 |
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267,629 |
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Issuance of new peculiar shares for proceeds |
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– |
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– |
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3,150,000 |
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3,150 |
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3,934,350 |
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– |
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– |
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3,937,500 |
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Issuance of new peculiar shares for providers |
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– |
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– |
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213,148 |
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213 |
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262,287 |
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– |
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– |
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262,500 |
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Issuance of new most popular shares |
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5,000,000 |
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5,050 |
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– |
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– |
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4,994,950 |
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– |
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– |
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5,000,000 |
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Net loss for the interval |
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– |
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– |
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– |
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– |
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– |
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(3,048,612 |
) |
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– |
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(3,048,612 |
) |
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Balance, December 31, 2021 |
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5,000,000 |
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5,050 |
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19,554,677 |
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19,554 |
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49,306,193 |
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(43,788,360 |
) |
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1,024,579 |
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|
6,567,016 |
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Foreign forex translation adjustment |
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|
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|
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|
|
|
|
|
|
|
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(410,845 |
) |
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(410,845 |
) |
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Issuance of new peculiar shares for proceeds |
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– |
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– |
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16,000,000 |
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16,000 |
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39,984,000 |
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– |
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– |
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40,000,000 |
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Net loss for the interval |
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– |
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– |
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– |
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– |
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– |
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(922,074 |
) |
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– |
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(922,074 |
) |
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Balance, June 30, 2022 |
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5,000,000 |
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5,050 |
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35,554,677 |
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35,554 |
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89,290,193 |
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(44,710,434 |
) |
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613,734 |
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45,234,097 |
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MOXIAN (BVI) INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
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For the Six Months |
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For the Six Months |
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||
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Ended |
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Ended |
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||
|
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|
June 30, 2022 |
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|
June 30, 2021 |
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Net loss for the interval |
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|
922,074 |
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1,626,898 |
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Adjustment to reconcile money utilized in working actions: |
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Provision for dangerous debt |
|
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– |
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(1,459,892 |
) |
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|
922,074 |
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|
167,006 |
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Changes in working belongings and liabilities: |
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Accounts receivable |
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419,621 |
|
|
|
2,172,790 |
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Prepayments and different deposits |
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|
531,200 |
|
|
|
– |
|
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Other payables and accruals |
|
|
1,049,573 |
|
|
|
997,001 |
|
|
USDC |
|
|
3,440,422 |
|
|
|
– |
|
|
Fixed belongings |
|
|
29,933,308 |
|
|
|
– |
|
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Cash utilized in working actions |
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|
36,296,198 |
|
|
|
3,336,797 |
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Cash raised in financing actions: |
|
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|
|
|
|
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Proceeds from problem of new peculiar shares |
|
|
40,000,000 |
|
|
|
– |
|
|
|
|
|
3,703,802 |
|
|
|
3,336,797 |
|
|
Effect of change charges on money and money equivalents |
|
|
410,845 |
|
|
|
131,349 |
|
|
Net improve in money and money equivalents |
|
|
3,292,957 |
|
|
|
3,468,146 |
|
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Cash and money equivalents, starting of interval |
|
|
2,507,404 |
|
|
|
19,402 |
|
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Cash and money equivalents, finish of interval |
|
|
5,800,361 |
|
|
|
3,487,548 |
|
https://information.google.com/__i/rss/rd/articles/CBMiTmh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy9tb3hpYW4tYnZpLWluYy1yZXBvcnRzLXVuYXVkaXRlZC0yMTAwMDA2MDIuaHRtbNIBVmh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vYW1waHRtbC9uZXdzL21veGlhbi1idmktaW5jLXJlcG9ydHMtdW5hdWRpdGVkLTIxMDAwMDYwMi5odG1s?oc=5
