December 2017 Accounts

Website Cryptocurrency Mining

December 2017 Accounts

January 11, 2018 Accounts Investors News 0

A couple of things to note with this months accounts. The total income from the previous pre-ICO funding round was slightly higher than we estimated in last months accounts. This was due to the increase in Bitcoin/Ethereum prices before the year end.

The prices have dropped back slightly again now and this will be reflected in next months accounts. While this volatility isn’t great from a business perspective a lot of our costs going forwards are going to be payable in cryptocurrency so I don’t think it is worth withdrawing it to fiat (GBP/USD) at this stage only to have to transfer it back again later possibly at a different price.

 

Management Accounts (all figures USD)

 

Income Report

  Year to date
  $ $
     
Income    
Token Crowdsale    
USD   54,023
Ethereum   17,839
Bitcoin   6,853
Adsense for Search   56
     
Direct income expenses    
Purchases 30  
Domain names 0  
     
  30  
Gross Income   78,740
     
Less Overheads    
     
Office Rent 0  
Salaries 0  
Advertising 3,154  
Mileage Expenses 0  
Repairs and renewals 0  
Telephone Charges 0  
Stationery, Printing & Postage 0  
Server costs 6,948  
Insurance 0  
Paypal and Bank Charges 2,420  
Currency Exchange variation (51)  
Legal and accountancy fees 120  
Depreciation 0  
   
Total Overheads 12,592  
     
     
Net Income   66,149

 

Balance Sheet

  $ $
Fixed Assets    
     
Plant & Machinery 0  
Motor Vehicles 0  
Office Equipment 0  
    0
Current Assets    
     
   
Sundry Debtors 3,052  
M1 Bank Account 35,842  
M2 Bank Account (2,653)  
Bitcoin/Ethereum 24,692  
Paypal account 6,531  
    67,465
Creditors    
Trade Creditors 0  
Sundry Creditors 0  
Loan Account 0  
Taxation 0  
     
    0
Net Current Assets   67,465
     
Creditors after one year    
Long Term Loan   0
     
Net Assets   67,465
     
     
Capital & Reserves    
     
Share Capital   1,316
Dividends Paid 0  
Profit & Loss 0  
Income Report 66,149  
    66,149
    67,465