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

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), 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

 

 

 

 

As of

 

 

 

Note

 

June 30, 2022
(Unaudited)

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

Cash and money equivalents

 

 

 

$

5,800,361

 

 

$

2,507,404

 

Accounts receivable

 

 

 

 

649,329

 

 

 

229,708

 

Prepayments and different receivables

 

3

 

 

531,200

 

 

 

 

Total present belongings

 

 

 

 

6,980,890

 

 

 

2,737,112

 

Digital belongings

 

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 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

 

 

 

$

5,050

 

 

$

5,050

 

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.

 

 

 

 

35,554

 

 

 

19,554

 

Additional paid-in capital

 

 

 

 

89,290,193

 

 

 

49,306,193

 

Accumulated deficit

 

 

 

 

(44,710,434

)

 

 

(43,788,360

)

Accumulated different complete revenue

 

 

 

 

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 prices of income

 

 

(15,377

)

 

 

 

Other working prices

 

 

(161,540

)

 

 

 

 

 

 

 

 

 

 

 

 

(Loss)/revenue from operations

 

 

(136,495

)

 

 

216,979

 

General and administrative bills

 

 

(785,579

)

 

 

(2,074,528

)

Other revenue

 

 

 

 

 

291,923

 

(Loss)/revenue earlier than tax

 

 

(922,074

)

 

 

(1,626,898

)

Income tax

 

 

 

 

 

 

Loss after tax

 

 

(922,074

)

 

 

(1,626,898

)

Foreign change adjustment

 

 

 

 

 

 

(19,245

)

Comprehensive loss for the interval

 

$

(922,074

)

 

$

(1,646,143

)

 

 

 

 

 

 

 

 

 

Basic and diluted loss per peculiar share

 

$

(0.026

)

 

$

(0.085

)

Basic and diluted common quantity of peculiar shares excellent

 

$

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
different
complete

 

 

 

 

 

 

Number

 

 

Amount

 

 

Number

 

 

Amount

 

 

capital

 

 

deficit

 

 

revenue

 

 

Total

 

Balance, June 30, 2021

 

 

 

 

 

 

 

 

16,191,529

 

 

$

16,191

 

 

$

40,114,606

 

 

$

(40,739,748

)

 

$

756,950

 

 

 

147,999

 

Foreign forex translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

267,629

 

 

 

267,629

 

Issuance of new peculiar shares for proceeds

 

 

 

 

 

 

 

 

3,150,000

 

 

 

3,150

 

 

 

3,934,350

 

 

 

 

 

 

 

 

 

3,937,500

 

Issuance of new peculiar shares for providers

 

 

 

 

 

 

 

 

213,148

 

 

 

213

 

 

 

262,287

 

 

 

 

 

 

 

 

 

262,500

 

Issuance of new most popular shares

 

 

5,000,000

 

 

 

5,050

 

 

 

 

 

 

 

 

 

4,994,950

 

 

 

 

 

 

 

 

 

5,000,000

 

Net loss for the interval

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 forex translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(410,845

)

 

 

(410,845

)

Issuance of new peculiar shares for proceeds

 

 

 

 

 

 

 

 

16,000,000

 

 

 

16,000

 

 

 

39,984,000

 

 

 

 

 

 

 

 

 

40,000,000

 

Net loss for the interval

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 interval

 

 

922,074

 

 

 

1,626,898

 

Adjustment to reconcile money utilized in working actions:

 

 

 

 

 

 

 

 

Provision for dangerous debt

 

 

 

 

 

(1,459,892

)

 

 

 

922,074

 

 

 

167,006

 

Changes in working belongings and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

419,621

 

 

 

2,172,790

 

Prepayments and different deposits

 

 

531,200

 

 

 

 

Other payables and accruals

 

 

1,049,573

 

 

 

997,001

 

USDC

 

 

3,440,422

 

 

 

 

Fixed belongings

 

 

29,933,308

 

 

 

 

Cash utilized in working actions

 

 

36,296,198

 

 

 

3,336,797

 

Cash raised in financing actions:

 

 

 

 

 

 

 

 

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

 

Cash and money equivalents, starting of interval

 

 

2,507,404

 

 

 

19,402

 

Cash and money equivalents, finish of interval

 

 

5,800,361

 

 

 

3,487,548

 

https://information.google.com/__i/rss/rd/articles/CBMiTmh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy9tb3hpYW4tYnZpLWluYy1yZXBvcnRzLXVuYXVkaXRlZC0yMTAwMDA2MDIuaHRtbNIBVmh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vYW1waHRtbC9uZXdzL21veGlhbi1idmktaW5jLXJlcG9ydHMtdW5hdWRpdGVkLTIxMDAwMDYwMi5odG1s?oc=5

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