Moxian (BVI) Inc Reports Unaudited Financial Results for the First Half of 2022

December 30, 2022

Hong Kong, Dec. 30, 2022 (GLOBE NEWSWIRE) -- Moxian (BVI) Inc (“Moxian” or the “Company”) (NASDAQ: MOXC), a company engaged in bitcoin mining and related services in the United States, today reported its unaudited financial results for the six months ended June 30, 2022. In March 2022, we began progressively our bitcoin mining operations in the State of Georgia and Buffalo, New York. Our digital asset mining operations, hosted by third party providers, use specialized computers, known as miners, to generate bitcoin, a digital asset. The Company works with third party hosting partners who operate specialized mining data centres and provide IT consulting, maintenance, and repair work on-site for us. The primary intent behind operating our mining business is the accumulation of bitcoins, which we may sell for fiat currency from time to time depending on market conditions and management’s determination of our cash flow needs. Given bitcoins finite supply, our target is to mine as many bitcoins as quickly as possible. Unfortunately, because of the fall of the value of bitcoins during this period, our fleet remained largely offline as it was unprofitable to mine given the high electricity costs. The Company is in a relatively sound financial base as the recurrent overheads are well within control. Once bitcoin mining resumes because of higher market prices, the Company is hopeful that its outlook will be steady. About Moxian (BVI) Inc Moxian (BVI) Inc, a company organized in the British Virgin Islands in May 2021, is the surviving company following its merger with Moxian, Inc. in August 2021. Moxian (BVI) Inc operates in the States of New York and Georgia in the U.S. Forward-Looking Statements This announcement contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements are based on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and may be governed by terms such as “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” Believe, “estimate”, “potential”, “continue”, “in progress”, “goal”, “guidance expectations” and similar statements are identified. The company may also include in its periodic reports to the US Securities and Exchange Commission (“SEC”), annual reports to shareholders, press releases and other written materials, as well as oral statements from third parties to the company’s management, directors or employees. Any statements that are not historical facts, including statements about the company’s philosophy and expectations, are forward-looking statements that involve factors, risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These factors and risks include, but are not limited to, the following: company’s goals and strategies; future business development; financial status and operating results; expected growth of bitcoin mining industry and Internet media marketing industry; demand and acceptance of the company’s products and services; the relationship between the company and strategic partners; industry competition; and policies and regulations related to the company’s structure, business and industry. More detailed information about these and other risks and uncertainties is included in the company’s filings with the Securities and Exchange Commission. All information provided in the company’s introduction is the latest information as of the date of publication of the company. Except as provided by applicable law, the company is not obligated to update such information. For further information, please contact: Wanhong TanChief Financial Officer+852 9855 MOXIAN (BVI) INC.CONSOLIDATED BALANCE SHEETS     As of   Note June 30, 2022(Unaudited)  December 31, 2021 ASSETS          Current Assets          Cash and cash equivalents   $5,800,361  $2,507,404 Accounts receivable    649,329   229,708 Prepayments and other receivables 3  531,200   - Total current assets    6,980,890   2,737,112 Digital assets 4  8,440,422   5,000,000 Vehicles    133,308   - Miners 5  29,800,000   -            TOTAL ASSETS    45,354,620   7,737,112            LIABILITIES AND SHAREHOLDERS’ EQUITY                     Other payables and accruals   $120,523  $1,170,096            Stockholders’ Equity                     Preferred stock, $0.001010 par value, authorized; 50,000,000 shares, 5,000.000 shares issued and outstanding as of June 30, 2022 and December 31, 2021   $5,050  $5,050 Common stock, $0.001 par value, authorized: 50,000,000 shares. Issued and outstanding: 35,554,667 shares as of June 30, 2022; 19,554,567 shares as of December 31, 2021.    35,554   19,554 Additional paid-in capital    89,290,193   49,306,193 Accumulated deficit    (44,710,434)  (43,788,360)Accumulated other comprehensive income    613,734   1,024,579 Total Shareholders’ Equity    45,234,097   6,567,016 Total Liabilities and Shareholders’ Equity   $45,354,620  $7,737,112  MOXIAN (BVI) INC.UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS   Six Months Ended  Six Months Ended   June 30, 2022  June 30, 2021 Revenue $40,422  $216,979 Direct costs of revenue  (15,377)  - Other operating costs  (161,540)  -          (Loss)/profit from operations  (136,495)  216,979 General and administrative expenses  (785,579)  (2,074,528)Other income  -   291,923 (Loss)/income before tax  (922,074)  (1,626,898)Income tax  -   - Loss after tax  (922,074)  (1,626,898)Foreign exchange adjustment      (19,245)Comprehensive loss for the period $(922,074) $(1,646,143)         Basic and diluted loss per ordinary share $(0.026) $(0.085)Basic and diluted average number of ordinary shares outstanding $35,554,667   19,341,529  MOXIAN (BVI) INC.UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES TO STOCKHOLDERS’ EQUITY (DEFICIT)   Preferred Shares  Ordinary Shares  Additionalpaid-in  Accumulated  Accumulatedothercomprehensive      Number  Amount  Number  Amount  capital  deficit  income  Total Balance, June 30, 2021  -   -   16,191,529  $16,191  $40,114,606  $(40,739,748) $756,950   147,999 Foreign currency translation adjustment  -   -   -   -   -   -   267,629   267,629 Issuance of new ordinary shares for proceeds  -   -   3,150,000   3,150   3,934,350   -   -   3,937,500 Issuance of new ordinary shares for services  -   -   213,148   213   262,287   -   -   262,500 Issuance of new preferred shares  5,000,000   5,050   -   -   4,994,950   -   -   5,000,000 Net loss for the period  -   -   -   -   -   (3,048,612)  -   (3,048,612)                                 Balance, December 31, 2021  5,000,000   5,050   19,554,677   19,554   49,306,193   (43,788,360)  1,024,579   6,567,016 Foreign currency translation adjustment                          (410,845)   (410,845) Issuance of new ordinary shares for proceeds  -   -   16,000,000   16,000   39,984,000   -   -   40,000,000 Net loss for the period  -   -   -   -   -   (922,074)  -   (922,074)                                 Balance, June 30, 2022  5,000,000   5,050   35,554,677   35,554   89,290,193   (44,710,434)  613,734   45,234,097  MOXIAN (BVI) INC.UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS   For the Six Months  For the Six Months   Ended  Ended   June 30, 2022  June 30, 2021 Net loss for the period  922,074   1,626,898 Adjustment to reconcile cash used in operating activities:        Provision for bad debt  -   (1,459,892)    922,074   167,006 Changes in operating assets and liabilities:        Accounts receivable  419,621   2,172,790 Prepayments and other deposits  531,200   - Other payables and accruals  1,049,573   997,001 USDC  3,440,422   - Fixed assets  29,933,308   - Cash used in operating activities  36,296,198   3,336,797 Cash raised in financing activities:        Proceeds from issue of new ordinary shares  40,000,000   -    3,703,802   3,336,797 Effect of exchange rates on cash and cash equivalents  410,845   131,349 Net increase in cash and cash equivalents  3,292,957   3,468,146 Cash and cash equivalents, beginning of period  2,507,404   19,402 Cash and cash equivalents, end of period  5,800,361   3,487,548 

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