October 2018 Accounts

Website Cryptocurrency Mining

October 2018 Accounts

November 10, 2018 Accounts News 0

October was the final month of the ICO and we closed at 551 ETH received at a valuation at close ($193.96) of $106,871.96

The remainder of these funds is being held in the multi-signature wallet here: https://etherscan.io/address/0xc880f4143950bfb27ed021793991f35466b99201

Currently holding 389.1 ETH valued at $82,343 (difference is due to ETH costs, exchange listing fees). We will hold funds in Ethereum until as and when we require them at which point they will be added to the accounts as sale of cryptocurrency.

A welcome decline in costs this month which we should continue to see moving forwards. A lot of the marketing costs and ICO costs should now be out of the way. Travel expenses was high again this month due to some of the costs for the Lisbon trip going through because we booked early.

Budgeting wise we should be looking to control costs to keep the “burn” below $5,000 USD / month which will give us over a year runway even if the price of ETH doesn’t recover. The entire team believes in cryptocurrency long-term and I expect our runway could be extended by a market recovery. For planning purposes we should target generating revenues to break even or doing a funding round by the end of 2019. If either of these things happen sooner it could potentially accelerate development and growth of the project.

One additional cost we might have in the future is support costs. It’s becoming difficult to manage all the support queries from the users and as soon as we fall behind we are playing catch up and not offering the level of service that our user base has come to expect. Also this takes time out of the core teams day and puts us in reactive rather than proactive mode. If we could hire a support assistant or leverage chat bots or something like that it could potentially free up resources internally which would benefit the project. This is a problem that we need to focus on in the medium term as we scale up.

Token Price @ 31st October 2018 $0.002967
Market Cap @ 31st October 2018 $1,316,000

Reference: https://coinmarketcap.com/currencies/jsecoin/historical-data/

 

 

Income Report

Year to date
$ $
Income
Sale of cryptocurrency 15,051
Direct income expenses
Purchases 218
Domain names 0
218
Gross Income 14,832
Less Overheads
Office Rent 0
Salaries 9,350
Advertising 24,588
Press Releases 3,121
Mileage Expenses 0
Repairs and renewals 0
Telephone Charges 0
Stationery, Printing & Postage 779
Server costs 4,424
Email provider 141
Insurance 0
Travel & Business Entertainment 1,711
Paypal and Bank Charges 27
Currency Exchange variation 753
Legal and accountancy fees 799
Depreciation 211
Total Overheads 45,904
Net Income (31,072)

 

Balance Sheet

$ $
Fixed Assets
Plant & Machinery $0
Motor Vehicles $0
Office Equipment $1,713
$1,713
Current Assets
Sundry Debtors $0
Bank Account 1 $6,871
Bank Account 2 -$9,602
Bitcoin/Ethereum $0
Paypal account -$234
-$2,965
Creditors
Trade Creditors $2,159
Sundry Creditors $0
Loan Account $0
Taxation $8,493
$10,652
Net Current Assets -$11,904
Creditors after one year
Long Term Loan $0
Net Assets -$11,904
Capital & Reserves
Share Capital $1,316
Dividends Paid $0
Profit & Loss $17,852
Income Report -$31,072
-$13,220
-$11,904