In the quarter ended March 31, 2021, the company has net income of $537,152 compared to a net loss of $1,046,008 in the comparative period in 2020.
With the acquisition of Prego International Group AS in the quarter, the total assets of the Company increased to $14,516,214 compared to the December 31, 2020 total assets of $16,944.
Significant amounts of digital assets have been received and will remained valued at $NIL until monetized.
On March 31, 2021, the Company repaid $500,000 in principle and $661,834 of interest of its convertible debenture utilizing 3,336,564 Kamari coins and has recognized a gain of $1,099,818 on the debt settlement.
The Company continues to hold 20,633,436 Kamari coins which are currently recorded with $Nil value as well as a small amount of other digital tokens like BTC, ETH, EOS and 250,000 Hodlc tokens, all recorded at $Nil value.
Future accounting treatment of digital assets not trading on a market recognized by Canadian Regulators, like a future Digital Exchange, will all be treated as such and will be valued at liquidation when a fiat Canadian cash counterpart is received and secured in the Company bank accounts.
Management is expecting to implement major changes to its accounting and auditing processes to avoid a repeat of similar delays in filing in the future. The Company will communicate these proposed changes in an upcoming release.
ON BEHALF OF THE BOARD OF DIRECTORS
" Frank Dumas"
FRANK DUMAS
President & CEO
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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