Red Star Mining Q2 2014 Financial Statement
Table of Contents
Executive Summary
Red Star Mining's (RSM) financial position is strong. This document contains the financial position and history of The Company for the second quarter of 2014. Recent delivers have brought RSM back strongly into the mining markets and our strong cash assets and future scheduled delivers make her future outlook positive.
Balance Sheet
RSM’s balance sheet looks similar to last quarter. Most of the balance sheet is based bitcoins. Altogether RSM has 175 BTC in assets and 42 BTC in liabilities. Leading to a total of 132.83 BTC of shareholder equity or 0.1063 mBTC per share.
Assets | Ƀ | |
Cash | ฿130.38 | |
Account Recievable | ฿23.88 | |
Inventories | ฿0.00 | |
Land | ฿0.00 | |
Building | ฿0.00 | |
Equipment | ฿18.69 | |
Other Assets | ฿2.34 | |
Total | ฿175.30 | |
Liabilities | Ƀ | |
Accounts Payable | ฿42.47 | |
Loans Payable | ฿0.00 | |
Total | ฿42.47 | |
Stockholder Equity | ||
Stockholder Equity | ฿132.83 | |
Shares | 132,000 | |
Equity Per Share | m฿1.0063 |
Assets
Cash Assets
Alt Coins
RSM has approximately 0.3 BTC worth of alt coins in it’s wallets. Most of the company’s alt-coin holdings are SHA-256 merge mined alt coins. There are a couple that have been merge minded with scrypt via testing RSM’s P2Pool Server. And the Reddcoin we have recieved on twitter as a tip for our tweets. Since not all coins are on every market, the values of the coins were drawn from various markets.
Type | Addresses | Amount | Approx Equiv |
burbucoin | BoG17rcE4EBkLghUsNMxhLsxNTXmerMcuU | 0 | 0 |
Canadaecoin | CHWW44CJ5FXc7CV96F71XFLDt2FFnGJBo4 | 0 | 0 |
Canadaecoin | CdGGPVAKcZqJqVja39CdzTJtcDa5KYYS9o | 5.01 | 0.0000004 |
Canadaecoin | CU7oJ2bWJHdB8g63V55qeWS1FDhvqMdD7p | 100 | 0.000008 |
Canadaecoin | CHczRAwsLk3S5SLpAg6pxrRR2ZuJTf6Zsj | 100 | 0.000008 |
Canadaecoin | CKZYydf2JmbPXdBpfa7Y9gAWmKi27uqi9m | 100 | 0.000008 |
DVC | 1LHcd3WJNjZ5T9BPjoNqn7m8MUQgvbhHgX | 3363.759907 | 0.00043728 |
DVC | <OFF CHAIN> MMPOOL | 979.9551595 | 0.00012739 |
DVC | off chain vcx | 504.0882176 | 0.00006553 |
fuscioncoin | FXb79Whdz8AcXLKf5m9KcJx6EhQwiLEE2g | 1000 | 0.00001 |
fuscioncoin | Fd8pokNoXwFK53MgHMh2uAQY1CzELaDjBg | 0 | 0 |
fuscioncoin | FmEoiZcjb7Q7pdj9otkZiSP21CDnuDDZA4 | 0 | 0 |
fuscioncoin | FkQwEJo2URtphWjQvV4WkYVCYYxHee4TKX | 0 | 0 |
fuscioncoin | FgDFmN1EmeRuS9zSUALzAQDQ89vStgYAFZ | 1000 | 0.00001 |
fuscioncoin | FeigtWYNQuiXPwZxwdaNbWQStQ55YjNwrM | 1000 | 0.00001 |
fusioncoin | Fgvfu2SNeZzxtsb7DYJG3heAA3jvp1cgrr | 0 | 0 |
fusioncoin | FbNqg4wfWfCELnLpXwNZjLnaGe8FhzgVx4 | 1000 | 0.00001 |
fusioncoin | Fem2br9HyBAuK74r6SWeiUbHFLrPF7s93m | 1000 | 0.00001 |
fusioncoin | FYTHsd6ihthQZPrVnZRNG3J25k8qa9C1pT | 0 | 0 |
fusioncoin | FZgDmrck6HxF1xKxvPfRLzFGsd5K5nX1y9 | 1000 | 0.00001 |
fusioncoin | FciehMgwphYTsp3zxZchSE6eEfT3q3EqVr | 0 | 0 |
fusioncoin | FZkVzW6XHQKzz9CCp53VLaiNQVbqUXWoev | 1000 | 0.00001 |
fusioncoin | FZDWNGP4DsjgnSGT6k7jiMwdCDTaHxRdPj | 1000 | 0.00001 |
fusioncoin | Fch1gdT8geQ4NJ7K5RmgMmfJBYs2BAyRBt | 1000 | 0.00001 |
fusioncoin | FnhcXBMMdAeupUiw79VnMmU8zTd56TFbms | 0 | 0 |
fusioncoin | FVVoj6o94A2gmdY3PrrkxaddrDrrUckT8f | 1000 | 0.00001 |
fusioncoin | Fa1JvcbrbDvYj39skQhpApsmwXcxsh1jzc | 1000 | 0.00001 |
groupcoin | <OFF CHAIN> MMPOOL | 138.5282913 | 0 |
huntercoin | H7NeWkTrRuLLqLELVrxUAhx93wRZKrbJvt | 0 | 0 |
I0Coin | jHAwenSYiEE5xgGoPLbBGAZuyE2MJyhXgX | 72.60548096 | 0.00095113 |
i0coin | <OFF CHAIN> MMPOOL | 9.3660296 | 0.00012269 |
i0coin | <OFF CHAIN> Vicurex | 19.8936171 | 0.0002606 |
IXCoin | xhHnrsRT19pnLVftAyQjtMvEvLf4TFnEgv | 85.9948544 | 0.00601963 |
ixcoin | <OFF CHAIN> Vicurex | 117.0674201 | 0.01756011302 |
karpelescoin | 1BUi8mFW2jzPUs4ZqVJWMiFbj4WE21j7UL | 0 | 0 |
karpelescoin | 13r7jEb18qjjikjWEcpfXZLQucjw7EHDfA | 2.5 | 0.000003 |
leafcoin | fT4j4TUeySBMXaZ8uUYTNVQF9Ev72ismJM | 0 | 0 |
litecoin | LeXfaDbSojv7qtSgyh33XcviRAwWKM5gki | 0 | 0 |
namecoin | Mwgx2yvEXY7ULvjrdMtncUpCPombfwdnoQ | 0 | 0 |
namecoin | N5jHvciaA61eBxvLwwz1rh4hmTEJRTcCf7 | 33.66 | 0.08919933 |
namecoin | MxXNBrXrdaAaVH6UP1DbN7Esu9BgJXY5ct | 9.09 | 0.02408859 |
namecoin | N6nQtYD1WaFTUYab7hdAXem1dEt37mz7wn | 0 | 0 |
namecoin | Mw5BobYxVDff9GnrjNvwiaEQbkhSM5cJcp | 0 | 0 |
namecoin | <OFF CHAIN> Bitminter | 0.45547396 | 0.00120701 |
namecoin | <OFF CHAIN> Vicurex | 61.22354767 | 0.16224301 |
namecoin | <OFF CHAIN> MMPOOL | 1.51330759 | 0.00401028 |
pesetacoin | LEX2euoevqQfJUjpnW6nZF3GMQgXNsTVae | 0 | 0 |
razor | RLEbDtHPDpCRPxKYUsREzdJZEmhoFQhcSM | 0 | 0 |
reddcoin | <OFF CHAIN> Twitter Tip Bot | 500 | 0.00005 |
sapphire | Sg7zi8g8uyzRz4Z4RLqMpGppYPA7AbV9ry | 0 | 0 |
sapphire | SR8e6EVtQVjfRsCPotT4zsfoWiyrCVLddJ | 25.001 | 0.0000002 |
tacocoin | LRDD5b8ptMVEiw21BbNGbdYSviqZsfYnC4 | 0 | 0 |
tacocoin | LhFQBK94BfGt4gLnFUSooEWrvx6ZUvYo5N | 125 | 0.00000125 |
tacocoin | LQDb9d3BX1F4kv6cXbkdCX9uA2DkyQujHW | 125 | 0.00000125 |
tacocoin | LdxHVdcLgcX5RXziUJMow1gnx7nArLuavU | 0 | 0 |
tacocoin | LfZG44BKR5xzdQ97Hw2CBV9AsVKB1JTAi2 | 125 | 0.00000125 |
tacocoin | Li9YTuj2Zz4RR4NEQPFRc7Y8zp8xUChdqd | 125 | 0.00000125 |
tacocoin | LTSwyswbrYWXFt9bn4Mqa6mk9ZiFuWeNyg | 0 | 0 |
tacocoin | LULJojK3nnECXYyCh1MStai3cdP8MfXQtx | 125 | 0.00000125 |
tacocoin | LXSwQYBkTtAzhkfUxKg5oSNvTbNU2o6riT | 125 | 0.00000125 |
unitedscryptcoin | UUFSCSYgsCnDicm9bhtoP956tfnhK5BhBr | 0 | 0 |
Total | 0.306487683 |
Bitcoin
Below is RSM’s bitcoin holdings and public addresses. Altogether we have 130 BTC in our wallets. Expect these addresses to change in the future as we add hardware and implement better cold storage procedures.
Coin Address | Address Description | Final Balance |
15FkSEzWTik41nStbw3jUjxMt448iPReQC | BTCH 1-5 Address | 3.26207602 |
176wiHdao3y8C2gJdhiQx2Ab8ngoj1YSR4 | Pyramining Recieving Address | 1.4449584 |
1JnJs4uX9uZhEpebcsgDgqRq3s22MyvHL8 | BFL Sale | 0 |
1KMLjhgjGLxZTJT5TSWxV2HCZHBqpDEpa1 | Main Mining Address | 3.43387465 |
1LHubfDAdvPjJudPuH9P435MT8w5NhRf7Y | Nasty Payout Address | 0.00036011 |
18MCCtPenKBtbZkkU2dn9U3SZdLAF9yF7D | Jupiter #1 | 1.93858432 |
1BMWqH7Gy1hopMKpuxdReNA7GBfQABmNvE | Jupiter #2 Part 1 | 0.75833655 |
196rwu9SYRtpCqExeFxA9a4CojEjs5S9yY | Jupiter #2 Part 2 | 5.123 |
1C4r9AzdZDchLQey8N12mbbpaHg1rSycdL | Jupiter #3 Part 1 | 0.5313273 |
1RsRSss66dbgpNmgSaF68YvaT35ev54S8 | Pyramining Payout Addy | 0 |
1Q5453tXhPc1kZRHGybPN7y7dDEoXGqas3 | Jupiter #3 Part 2 | 6.94819877 |
16QuagYMUDNRqnwroeZ2B6QYGCAZA6BzS4 | KNCrefund | 102.26714 |
<Off Chain> | 796 Low Bids | 3 |
<Off Chain> | MMPool PPS | 0.06 |
<Off Chain> | MMPool DGM | 0.60410331 |
<Off Chain> | Eligius | 0.38758436 |
<Off Chain> | Bitminter | 0.31864461 |
Total | - | 130.0781884 |
Equipment
Currently our main equipment is our BTCH1-5 and our P2Pool Server. We estimate (based off depreciation only) that our hardware is worth ฿18.296 BTC. The market value for these assets may be lower or higher.
Item | Initial | Initial Cost in BTC | Acquisition Date | Expected Obsolecsense | Value Left | Current Value | Notes |
Pool0 | ฿ 3.17 | ฿ 3.17 | 4/1/2014 | 4/1/2017 | 90.00% | ฿ 2.86 | |
BTCH 1 | 3.19773913 | 3.19773913 | 6/1/2014 | 6/1/2017 | 95.56% | ฿ 3.06 | |
BTCH 2 | 3.19773913 | 3.19773913 | 6/1/2014 | 6/1/2017 | 95.56% | ฿ 3.06 | |
BTCH 3 | 3.19773913 | 3.19773913 | 6/1/2014 | 6/1/2017 | 95.56% | ฿ 3.06 | |
BTCH 4 | 3.19773913 | 3.19773913 | 6/1/2014 | 6/1/2017 | 95.56% | ฿ 3.06 | |
BTCH 5 | 3.19773913 | 3.19773913 | 6/1/2014 | 6/1/2017 | 95.56% | ฿ 3.06 | |
Server Shelves | 0.26236345 | 0.26236345 | 6/1/2014 | 6/1/2017 | 95.56% | ฿ 0.25 | |
RAM Non ECC Ram | 0.33246446 | 0.33246446 | 5/1/2014 | 5/1/2017 | 92.78% | ฿ 0.31 | |
Total | ฿ 18.69 |
Other Assets
RSM has two other assets, a domain name and a Nasty Seat. Again the value of these item has been based off depreciation. RSM is looking at picking up redstarmining.bit (the namecoin address) sometime in Q3 of this year.
Item | Initial | Initial Cost in BTC | Acquisition Date | Expected Obsolecsense | Value Left | Current Value | Notes |
Domain Name | ฿ 0.00 | ฿ 0.09 | 9/14/2013 | 9/14/2014 | 15.28% | ฿ 0.01 | |
Nasty Seat | ฿ 0.00 | ฿ 0.15 | 10/17/2013 | 10/17/2063 | 98.49% | ฿ 0.15 | |
Q2 14 RSM Shares | 4364 | ฿ 2.18 | 7/1/2014 | 7/1/2064 | 99.90% | ฿ 2.18 |
Accounts Receivable
RSM has approximately 23 BTC worth of receivables. Except for the Pyramining expectables; all receivables are Alpha Vipers.
Item | Amount Invested | Total Interest Rate | Expected Date | Annual Interest | Current Recieved | Lifetime Interest + Recievable | Break Even Recievable | Note |
Pyramining | ฿11.30805953 | 31.20% | 3/11/2038 | 1.32% | ฿ 0.53 | ฿ 14.84 | ฿ 10.78 | |
Alpha Viper #1 | ฿ 3.28 | 0.00% | 9/1/2014 | 0.00% | ฿ 0.00 | ฿ 3.28 | ฿ 3.28 | |
Alpha Viper #2 | ฿ 3.28 | 0.00% | 9/1/2014 | 0.00% | ฿ 0.00 | ฿ 3.28 | ฿ 3.28 | |
Alpha Viper #3 | ฿ 3.28 | 0.00% | 9/1/2014 | 0.00% | ฿ 0.00 | ฿ 3.28 | ฿ 3.28 | |
Alpha Viper #4 | ฿ 3.28 | 0.00% | 9/1/2014 | 0.00% | ฿ 0.00 | ฿ 3.28 | ฿ 3.28 | |
Total | ฿23.88121157676 |
Liabilities
RSM expects to payout to 42.47 BTC in total. We have 3 months of salaries to pay out and have to pay the remainder of the LTC Viper payment.
Liability | Amount | Amount BTC | Expected Pay Date | Note |
LTC Vipers | £15,399.96 | ฿42.47 | 8/1/2014 | Converted on 7/14/2014 |
Staff Salaries | ฿0.70 | ฿0.70 | 8/1/2014 | |
Total | - | ฿42.47 |
Shareholder Equity
Given current Assets and Liabilities; RSM has approximately 130 BTC in shareholder equity. With 132,000 total shares there is a shareholder equity of 0.9858 mBTC per share. Please remember that shareholder equity is not a valuation. Please consult a professional for valuation services.
Quarter 1 2014 Performance
Financial Performance
RSM dividends continued to fall as dividends were paid from our existing salaries and dividends funds. There was some manual calculations done on the funds for these dividends and slight errors were made. This issue has been corrected this problem by deploying a spreadsheet to track the changes month to month. Without an extra reserves coming in RSM will have dividend payments of approximately 0.44, 0.40 & 0.36 BTC scheduled over the next quarter. Below is the performance for the last quarter expressed in table and graph form.
MAY 1 (April) | JUN 1 (MAY) | JUL 1 (JUN) | |
Salaries | 0.25 | 0.25 | 0.19855708 |
BuyBack | 0.00353788 | 0 | 0 |
Dividends | 0.5 | 0.475 | 0.41976 |
Shares | 132,000 | 132,000 | 132,000 |
Divs Per Share | 0.00000378 | 0.00000359 | 0.00000318 |
Mining Performance
BTCH 1-5 Status
RSM has 5 machines each with a performance of approximately 1TH/s (some over some under). Since acquiring them they’ve mined 4 BTC. In totoal RSM has spent approximately 17.6 BTC on these miners and their hosting costs. Below is the current profitability calculations as of July 4th expressed in both table and graphical form[1].
Total Costs | 17.64550232 |
Total Revenues | 4.72877947 |
Amount Left | 12.91672285 |
Done% | 26.80% |
Historical Performance
Additionally one can examine RSM hash rate as compared to the network hashrate. Currently RSM controls 0.0042% of the network hashrate. You can view her BTC performance in relation to the Network in chart and graphical forms below.
Month | Network Difficulty (GH/s) | Network Difficulty (TH/s) | Network Monthly Change | RSM Hashrate | RSM Hashrate (TH/s) | RSM Monthly Change | RSM of Network | Notes |
9/1/2013 | 470,657 | 470.657 | 0.00% | 180 | 0.18 | 0.00% | 0.04% | |
10/1/2013 | 1,065,289 | 1065.289 | 126.34% | 550 | 0.55 | 205.56% | 0.05% | |
11/1/2013 | 2,798,377 | 2798.377 | 162.69% | 1100 | 1.1 | 100.00% | 0.04% | |
12/1/2013 | 5,063,826 | 5063.826 | 80.96% | 1750 | 1.75 | 59.09% | 0.03% | |
1/1/2014 | 8,453,378 | 8453.378 | 66.94% | 1750 | 1.75 | 0.00% | 0.02% | |
2/1/2014 | 15,704,175 | 15704.175 | 85.77% | 1750 | 1.75 | 0.00% | 0.01% | |
3/1/2014 | 27,314,015 | 27314.015 | 73.93% | 1750 | 1.75 | 0.00% | 0.01% | |
4/1/2014 | 35,840,504 | 35840.504 | 31.22% | 0 | 0 | -100.00% | 0.00% | |
5/1/2014 | 57,272,474 | 57272.474 | 59.80% | 0 | 0 | 0.00% | 0.00% | |
6/1/2014 | 74,844,960 | 74844.96 | 30.68% | 0 | 0 | 0.00% | 0.00% | |
7/1/2014 | 120,391,236 | 120391.236 | 60.85% | 5050 | 5.05 | 0.00% | 0.00% | |
8/1/2014 | 156508606.8 | 156508.6068 | 30.00% | 5050 | 5.05 | 0.00% | 0.00% | Projected 30% Increase |
9/1/2014 | 203461188.8 | 203461.1888 | 30.00% | 5050 | 5.05 | 0.00% | 0.00% | Projected 30% Increase |
Costs
This quarter RSM has spent approximately 10 BTC. Most notable is a 3 BTC loan from the reinvestment fund to the buyback fund. With the share price being as low as it is this seemed like a good way to add value to the share price and add value to shareholders who wish to remain shareholders.
Cost | In | Out | Amount |
Internal Loan | 0 | 3 | -3 |
Cold Storage | 0 | 0.2826 | -0.2826 |
Dividends & Buybacks | 0 | 4.80462102 | -4.80462102 |
Operational | 0 | 0.7949022 | -0.7949022 |
BTCH 1-5 | 0 | 1.68986309 | -1.68986309 |
Total | 0 | 10.57198631 | -10.57198631 |
Future Projections
Revenue
RSM has taken deliver and is currently hashing with it’s bitmine.ch hardware. It is expecting 4 Alpha-T Vipers in the next quarter. The Company still expects both of these to turn a profit. Additionally RSM may be able to purchase new hardware with her current cash assets. Exchange
RSM is still interested in Colored Coins and other Distributed Stock Exchange systems. The Company is still satisfied with the performance of 796.com. 796’s proof of cold storage is still a major factor in our satisfaction. RSM still recieves regular reports from 796.com making a move at any time possible. Red Star Mining believes that Distributed Stock Exchange schemes are the future but desires to wait for the technology to continue to develop before moving themselves to any particular platform or implementation.
Appendix
Costs
This linked document contains a read only public GDoc with the costs for the quarter.
BTCH 1-5 Revenues & Costs
This linked document contains a read only public GDoc with the figures for BTCH 1-5’s profitability
Bitcoin Assets
This linked document contains a read only public GDoc with the Bitcoin assets for the quarter.
[1] Our performance as of 7/19/2014 has improved. Total Revenues are at 6.91 BTC and 39.18% completion.