March 2018 Accounts

Website Cryptocurrency Mining

March 2018 Accounts

April 7, 2018 Accounts News 0

March accounts are live. It’s been a tough month as our holdings in ETH/BTC took a big hit from the market downturn. Although the price of Bitcoin is still above what it was this time last year, market sentiment is nothing like what it was in December and the value to USD has dropped significantly since then. One piece of good news is that we managed to significantly reduce our server costs due to the update that was rolled out at the start of March. This brings our server expenses down to $776 from $1242 the previous month. It is critical that we run the systems as efficiently as possible as this will become more valuable as we scale.

Management Accounts (all figures USD)

Income Report

  Year to date
  $ $
     
Income    
Token Crowdsale    
USD   54,023
Ethereum   514
Bitcoin   3,144
Adsense for Search   56
     
Direct income expenses    
Purchases 60  
Domain names 0  
     
  60  
Gross Income   57,677
     
Less Overheads    
     
Office Rent 0  
Salaries 4,256  
Advertising 3,154  
Mileage Expenses 0  
Repairs and renewals 0  
Telephone Charges 0  
Stationery, Printing & Postage 84  
Server costs 10,172  
Insurance 0  
Travel & Business Entertainment 204  
Paypal and Bank Charges 2,420  
Currency Exchange variation (1,568)  
Legal and accountancy fees 1,429  
Depreciation 0  
   
Total Overheads 20,152  
     
     
Net Income   37,525

Balance Sheet

  $ $
Fixed Assets    
     
Plant & Machinery 0  
Motor Vehicles 0  
Office Equipment 0  
    0
Current Assets    
     
   
Sundry Debtors 3,052  
Bank Account 1 34,568  
Bank Account 2 (2,316)  
Bitcoin/Ethereum 3,658  
Paypal account 1,531  
    40,494
Creditors    
Trade Creditors 1,309  
Sundry Creditors 0  
Loan Account 0  
Taxation 344  
     
    1,653
Net Current Assets   38,841
     
Creditors after one year    
Long Term Loan   0
     
Net Assets   38,841
     
     
Capital & Reserves    
     
Share Capital   1,316
Dividends Paid 0  
Profit & Loss 0  
Income Report 37,525  
    37,525
    38,841