Abits Group Inc Reports Unaudited Financial Results for the First Half of 2024
16 Agosto 2024 - 4:00PM
Abits Group Inc (NASDAQ: ABTS) is pleased to announce its half-year
results for the period ended June 30, 2024.
In a period when production is sustained
throughout the six months, revenue grew to $3.67 million comprising
61.5 bitcoins, compared to the previous period when construction of
the mining center in Tennessee was in progress and there was no
production.. After accounting for direct costs of revenue amounting
to $2.68 million, primarily electricity costs of $1.1 million and
depreciation of $1.27 million, the gross profit from the mining
operation was $0.75 million.
The loss before tax of the group was $0.14
million after accounting for administrative and general
overheads.his result compares favorably with the previous period
when the loss was $3.5 million. Administrative and general
overheads during the period almost doubled to 1.11 million compared
to $0.7 million as new staff were added to support production on a
24/7 basis as well as an increase on maintenance and insurance
costs now that the data center was fully operational.
In April, the Company further improved its water
supply and since then, all production lines have been kept running.
During the peak construction periods, a 100,000-gallon reservoir
helps to subsidize any shortages from the water company during the
day and is replenished at night when consumption is much lower. The
hydro cooling method introduced with the new batch of machines
helps to reduce noise and dust instead of the traditional air
cooling by fans.
There is no substantial change in the Balance
Sheet of the Group except that more Ant-miner machines were
purchased for $0.86 million and a piece of property in Wisconsin
acquired for $0.65 million in the period to June. Cash and cash
balances dwindled to $0.4 million as of June 30, 2024.
With the halving of mining rewards in late in
April, production output will be much lower for the rest of 2024.
However, the Company will maintain a strict control of its costs
and hopes to secure more hosting contracts to improve on its
revenue.
For more information, please visit
www.abitsgroup.com or email ir@abitgrp.com.
ABITS GROUP INCCONSOLIDATED BALANCE SHEETS
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As of |
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Note |
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June 30, 2024(Unaudited) |
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December 31, 2023 |
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ASSETS |
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Current
Assets |
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Cash and cash equivalents |
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|
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$ |
396,583 |
|
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$ |
884,199 |
|
Other receivables and
prepayments |
|
3 |
|
|
370,801 |
|
|
|
774,345 |
|
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|
|
|
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Total current assets |
|
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|
|
767,384 |
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|
|
1,658,544 |
|
Digital assets |
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4 |
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1,546,184 |
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1,194,157 |
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Property, equipment and
vehicles |
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5 |
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9,888,446 |
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9,465,567 |
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Construction-in-progress |
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|
|
- |
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|
|
- |
|
TOTAL ASSETS |
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|
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12,202,014 |
|
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|
12,318,268 |
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LIABILITIES AND
SHAREHOLDERS’ EQUITY |
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Other payables and
accruals |
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$ |
920,700 |
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$ |
1,005,608 |
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Stockholders’
Equity |
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Preferred stock, $0.001010 par
value, authorized; 50,000,000 shares, 5,000,000 shares issued and
outstanding as of June 30, 2024 and December,31 2023 |
|
|
|
$ |
5,050 |
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$ |
5,050 |
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Common stock, $0.001 par
value, authorized: 50,000,000 shares. Issued and outstanding:
35,554,677 shares as of June 30, 2024 and December,31, 2023 |
|
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35,554 |
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|
35,554 |
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Additional paid-in
capital |
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89,290,193 |
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|
89,290,193 |
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Accumulated deficit |
|
|
|
|
(77,907,687 |
) |
|
|
(77,893,723 |
) |
Accumulated other
comprehensive income |
|
|
|
|
(141,796 |
) |
|
|
(124,414 |
) |
Total Shareholders’
Equity |
|
|
|
|
11,281,314 |
|
|
|
11,312,660 |
|
Total Liabilities and
Shareholders’ Equity |
|
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$ |
12,202,014 |
|
|
$ |
12,318,268 |
|
ABITS GROUP INCUNAUDITED CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE LOSS
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Six Months Ended |
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Six Months Ended |
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June 30, 2024 |
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|
June 30, 2023 |
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Revenue |
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$ |
3,669,627 |
|
|
$ |
7,272 |
|
Direct costs of revenue |
|
|
(2,680,658 |
) |
|
|
(14,666 |
) |
Other operating costs |
|
|
(241,103 |
) |
|
|
(2,802,735 |
) |
Profit/(Loss) from
operations |
|
|
747,866 |
|
|
|
(2,810,129 |
) |
General and administrative
expenses |
|
|
(1,104,234 |
) |
|
|
(692,947 |
) |
Finance expenses |
|
|
(14,903 |
) |
|
|
- |
|
Fair Value changes for 2024
digital assets |
|
|
357,308 |
|
|
|
|
|
Loss before tax |
|
|
(13,964 |
) |
|
|
(3,503,076 |
) |
Income tax |
|
|
- |
|
|
|
- |
|
Loss after tax |
|
|
(13,964 |
) |
|
|
(3,503,076 |
) |
Foreign exchange
adjustment |
|
|
(17,382 |
) |
|
|
45,292 |
|
Comprehensive loss for the
period |
|
$ |
(31,346 |
) |
|
$ |
(3,457,784 |
) |
|
|
|
|
|
|
|
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Basic and diluted loss per
ordinary share |
|
$ |
(0.001 |
) |
|
$ |
(0.097 |
) |
Basic and diluted average
number of ordinary shares outstanding |
|
|
35,554,677 |
|
|
|
35,554,677 |
|
ABITS GROUP INC.UNAUDITED CONSOLIDATED STATEMENTS
OF CHANGES TO STOCKHOLDERS’ EQUITY
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Preferred Shares |
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Ordinary Shares |
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Additionalpaid-in |
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Accumulated |
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Accumulatedothercomprehensive |
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Number |
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Amount |
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Number |
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Amount |
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|
capital |
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|
deficit |
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|
income |
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Total |
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Balance, December 31,
2022 |
|
|
5,000,000 |
|
|
|
5,050 |
|
|
|
35,554,677 |
|
|
|
35,554 |
|
|
|
89,290,193 |
|
|
|
(65,308,474 |
) |
|
|
(104,361 |
) |
|
|
23,917,962 |
|
Net loss for the year |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(12,585,249 |
) |
|
|
(20,053 |
) |
|
|
(12,605,302 |
) |
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Balance, December 31,
2023 |
|
|
5,000,000 |
|
|
|
5,050 |
|
|
|
35,554,677 |
|
|
|
35,554 |
|
|
|
89,290,193 |
|
|
|
(77,893,723 |
) |
|
|
(124,414 |
) |
|
|
11,312,660 |
|
Net loss for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,964 |
) |
|
|
(17,382 |
) |
|
|
(31,346 |
) |
Balance, June 30, 2024 |
|
|
5,000,000 |
|
|
|
5,050 |
|
|
|
35,554,677 |
|
|
|
35,554 |
|
|
|
89,290,193 |
|
|
|
(77,907,687 |
) |
|
|
(141,796 |
) |
|
|
11,281,314 |
|
ABITS GROUP INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
For the Six Months Ended |
|
|
For theSix Months Ended |
|
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|
June 30, 2024 |
|
|
June 30, 2023 |
|
Net loss for the period |
|
$ |
(13,964 |
) |
|
$ |
(3,503,076 |
) |
Adjustment to reconcile cash
used in operating activities: |
|
|
|
|
|
|
|
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Depreciation of property, and
equipment |
|
|
1,274,028 |
|
|
|
2,817,256 |
|
|
|
|
|
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Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
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Account receivables |
|
|
- |
|
|
|
53 |
|
Other receivables and
prepayments |
|
|
403,544 |
|
|
|
(1,101,604 |
) |
Other payables and
accruals |
|
|
(84,909 |
) |
|
|
(71,974 |
) |
Digital assets |
|
|
(352,026 |
) |
|
|
2,370,769 |
|
Fixed assets |
|
|
(1,696,907 |
) |
|
|
(1,522,949 |
) |
Cash used in operating
activities |
|
|
(470,234 |
) |
|
|
(1,011,525 |
) |
|
|
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Effect of exchange rates on
cash and cash equivalents |
|
|
(17,382 |
) |
|
|
45,070 |
|
Net decrease in cash and cash
equivalents |
|
|
(487,616 |
) |
|
|
(966,455 |
) |
Cash and cash equivalents,
beginning of period |
|
|
884,199 |
|
|
|
2,505,286 |
|
Cash and cash equivalents, end
of period |
|
$ |
396,583 |
|
|
$ |
1,538,831 |
|
Abits (NASDAQ:ABTS)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
Abits (NASDAQ:ABTS)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024