VANCOUVER, May 01, 2018 (GLOBE NEWSWIRE) -- Neptune Dash Technologies Corp. (“Neptune Dash” or the “Company”) (TSX.V:DASH) (OTC:NPPTF) today announced its financial and operational results for the second quarter ended February 28, 2018. Neptune Dash builds and operates Dash Masternodes and invests in Dash blockchain related technologies. The Company commenced operations on October 30, 2017, completed an amalgamation transaction with Crossroad Ventures Inc. (“Crossroad”) and listed for trading on the TSX Venture Exchange (the “TSXV”) on January 22, 2018. As of February 28, 2018, the Company had one wholly-owned subsidiary, Neptune Stake Technologies Corp.
The Company’s total assets increased to $16,112,274 as at February 28, 2018 from $4,026,646 as at November 30, 2017. The Company’s significant assets consisted of $2,218,771 in cash and $13,788,723 in Dash digital currency tokens used to power the Company’s Masternode assets.
"Neptune Dash is happy to report that 18 Masternodes are fully operational at the end of February 28, 2018 and earning Dash revenues at full capacity. Although we have seen large scale fluctuations in the price of Dash, given that we are not liquidating Dash, these are unrealized changes on our balance sheet and income statement and are expected given the growth stage of the cryptocurrency markets. All Dash earned will continue to be used to build Masternodes and further grow our Dash revenues,” says Cale Moodie, CEO of Neptune Dash.
Quarterly Highlights
During the quarter, the Company:
- Completed a $20.7 million private placement financing.
- Acquired 14,327 additional Dash digital currency tokens to construct and operate 15 additional Dash Masternodes for a total of 18 Dash Masternodes under operations.
- Increased its cash position by $1,979,622 from $239,149 as at November 30, 2017 to $2,218,771 as at February 28, 2018.
- Achieved operating revenues of $156,535 from Dash Masternode rewards, compared to $4,338 for the previous period ended November 30, 2017.
- Completed a reverse takeover of Crossroad and listed on the TSXV under the ticker “DASH.”
Recent Developments
Subsequent to the quarter end, the Company commenced a staking network operation and acquired $200,000 in cryptocurrency assets through a wholly-owned subsidiary named Neptune Stake Technologies Corp. and commenced trading on the on the OTC under trading symbol “NPPTF” and FWB under the symbol “1NW”.
Financial Review
- The Company generated revenues of 170 Dash or $156,535 for the three months ended February 28, 2018. The Company did not sell any Dash earned from its Masternode operations.
- During the quarter, the fair market value of Dash declined below the average token purchase price resulting in an unrealized loss of $6,607,597 as at February 28, 2018. The unrealized loss reflects the decline in cryptocurrency prices as a whole from the December peak.
- During the quarter, the Company recognized a one-off expense relating to the reverse take-over transaction between Crossroad and the Company. The Company recorded a listing and filing fees expense of $3,512,337. This amount reflects the difference between the estimated fair value of the Company’s shares deemed to have been issued to Crossroad’s shareholders less the net fair value of Crossroad’s assets acquired.
The Company earned an additional 207 Dash tokens since February 28, 2018.
Financial Statements and MD&A
The Company’s Financial Statements and Management’s Discussion and Analysis (MD&A) for the three months ended February 28, 2018 will be accessible on SEDAR at www.sedar.com under the Company’s profile and on the Company’s website at https://www.neptunedash.com.
About Neptune Dash Technologies Corp.
Neptune Dash builds and operates Dash Masternodes and invests in Dash blockchain related technologies. Dash is a digital currency created to address Bitcoin's scaling challenges. Dash Masternodes facilitate the following functions on the Dash blockchain:
- facilitating private, peer-to-peer transactions directly between parties;
- serving as a governance function and voting on treasury disbursements of the Dash block-reward allocated to the Dash DAO (Decentralized Autonomous Organization); and
- facilitating transactions that are processed near instantly on the Dash blockchain (versus the target three minute block time for average Dash transactions).
For further information please contact:
Neptune Dash Technologies Corp.
Cale Moodie, President and CEO
620 – 1155 West Pender Street,
Vancouver, BC V6E 2P4
Phone: (604) 319-6955
Email: info@neptunedash.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements and information include, but are not limited to, expected revenue increases in the third quarter and in 2018; the value of the Company’s digital currency inventory; the business goals and objectives of the Company, and information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to: the inherent risks involved in the cryptocurrency and general securities markets; the Company’s ability to successfully mine digital currency; revenue of the Company may not increase as currently anticipated, or at all; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.