August 2018 Accounts

Website Cryptocurrency Mining

August 2018 Accounts

September 9, 2018 Accounts News 0

It’s  been a tough month in the cryptocurrency markets and we’ve seen our holdings in ETH drop as the price reaches a low below $200 today. We have cut back on Marketing and PR expenses as investor sentiment is making it hard to find traffic that converts providing good ROI on ad spend.

Contributions for the ICO have dropped as well, 62 ETH contributed in August and 328 ETH in total at the end of the month. In hindsight our timing for the token sale wasn’t good but this is beyond our control and we still have ample budget to continue with the project and pay for exchange listing. So far this month things have picked up a bit (currently 372 ETH, live stats available at, possibly due to the low ETH price making it attractive to investors looking to trade from fiat (USD/EUR) holdings. As we push on towards the final month of the ICO we will continue to test and monitor advertising and PR on a smaller budget and be ready to scale if/when the markets start to correct. In the long term we believe in the technology and as adoption grows market valuations will return and continue growing. Our holdings could have a very different fiat valuation this time next week, next month and next year.

From a tax perspective we are looking into if we can qualify for research and development tax credit in the UK. Further details here:

To get R&D relief you need to explain how a project:

  • looked for an advance in science and technology
  • had to overcome uncertainty
  • tried to overcome this uncertainty
  • couldn’t be easily worked out by a professional in the field

The entire company is focused on development of cutting edge technology so we are confident that the project can benefit.



Income Report

Year to date
$ $
Sale of cryptocurrency 15,051
Direct income expenses
Purchases 172
Domain names 0
Gross Income 14,879
Less Overheads
Office Rent 0
Salaries 4,018
Advertising 16,886
Press Releases 3,121
Mileage Expenses 0
Repairs and renewals 0
Telephone Charges 0
Stationery, Printing & Postage 498
Server costs 2,410
Email provider 37
Insurance 0
Travel & Business Entertainment 0
Paypal and Bank Charges 25
Currency Exchange variation 567
Legal and accountancy fees 329
Depreciation 14
Total Overheads 27,906
Net Income (13,027)


Balance Sheet

$ $
Fixed Assets
Plant & Machinery $0
Motor Vehicles $0
Office Equipment $671
Current Assets
Sundry Debtors $0
Bank Account 1 $17,801
Bank Account 2 -$3,440
Bitcoin/Ethereum $0
Paypal account -$2,685
Trade Creditors $1,829
Sundry Creditors $0
Loan Account $0
Taxation $4,376
Net Current Assets $6,141
Creditors after one year
Long Term Loan $0
Net Assets $6,141
Capital & Reserves
Share Capital $1,316
Dividends Paid $0
Profit & Loss $17,852
Income Report -$13,027