November 2017 Accounts

Website Cryptocurrency Mining

November 2017 Accounts

December 6, 2017 Accounts Investors 0

Most people viewing this post will want to find out how the funding round went. This finished on December 4th so some of the data isn’t in the November accounts. Therefore before we get in to the main accounts for November we have produced an estimated position for the end of the year which includes all funding to the 4th December 2017.

+ $41,142 E/O November Balance (from balance sheet below)
+ $495 BTC transfer
+ $4,716 ETH transfer
+ $15,250 Paypal transfer
– $708 Paypal fees
– $429 Advertising costs December (estimated)
– $1,207 Server costs December (estimated)
= $59,259 USD estimated balance at end of 2017

Moving on to the accounts for November, some key points are:

  • Scaled advertising to $1340 for Pre-ICO close
  • Nearly doubled investment income from October
  • Server and data transfer costs halved

Management Accounts (all figures USD)

 

 

Income Report

  Year to date
  $ $
     
Income    
Token Crowdsale    
USD   38,573
Ethereum   5,042
Bitcoin   6,301
Adsense for Search   35.64
     
Direct income expenses    
Purchases 20  
Domain names 0  
     
  20  
Gross Income   49,932
     
Less Overheads    
     
Office Rent 0  
Salaries 0  
Advertising 2,685  
Mileage Expenses 0  
Repairs and renewals 0  
Telephone Charges 0  
Stationery, Printing & Postage 0  
Server costs 5,473  
Insurance 0  
Paypal and Bank Charges 1,711  
Currency Exchange variation 116  
Legal and accountancy fees 120  
Depreciation 0  
   
Total Overheads 10,106  
     
     
Net Income   39,826

 

Balance Sheet

  $ $
Fixed Assets    
     
Plant & Machinery 0  
Motor Vehicles 0  
Office Equipment 0  
    0
Current Assets    
     
Stock & WIP 0  
Trade Debtors 0  
Sundry Debtors 0  
Bank Current Account 9,788  
Bitcoin/Ethereum 11,343  
Paypal account 20,011  
    41,142
Creditors    
Trade Creditors 0  
Sundry Creditors 0  
Loan Account 0  
Taxation 0  
     
    0
Net Current Assets   41,142
     
Creditors after one year    
Long Term Loan   0
     
Net Assets   41,142
     
     
Capital & Reserves    
     
Share Capital   1,316
Dividends Paid 0  
Profit & Loss 0  
  39,826  
    39,826
    41,142

 

The Pre-ICO funding round has now closed. Thank you to all our investors who have given us the opportunity to build this project out. The final day of the funding round was incredible we had just under $12,000 USD invested in one day. The buzz and excitement really gave us a feel for what the ICO will be like. Our plan now is to continue working on the next major update V1.6 and focus our efforts on improving the platform and developing the exchange/wallet integration technology.

Something that hasn’t been mentioned on the blog yet is that we now have a bug bounty scheme. This is to encourage responsible disclosure of security vulnerabilities. We have had a few submitted already but nothing critical that would affect user funds or unauthorized access. Part of our value proposition hinges on making cryptocurrencies safe for every day non-technical users and this is something that helps protect the system and our user base. Thank you to all the security consultants that are taking part in this program.