Red Star Mining Q2 2014 Financial Statement


Table of Contents

Table of Contents

Executive Summary

Balance Sheet

Assets

Cash Assets

Alt Coins

Bitcoin

Equipment

Other Assets

Accounts Receivable

Liabilities

Shareholder Equity

Quarter 1 2014 Performance

Financial Performance

Mining Performance

BTCH 1-5 Status

Historical Performance

Costs

Future Projections

Revenue

Appendix

Costs

Bitcoin Assets


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.