Jun 2022 Report
We are changing the way crypto gaming operates. We have full transparency with our community around the roadmap for the game and the underlying treasury.We are a proudly Sydney based team. This means we pay Australian taxes and must always liquidate and reserve at least 30% for corporate taxes🇦🇺
The following is used for educational purposes only and is no indication for accounting, valuations and/or taxation purposes. The numbers below reflect rough estimates or reflections of on-chain activity and are prone to mistakes.
Values are in $USD As of writing, 1 MATIC = $0.48 USD
- 1.Set up dynamic fees that adjust with MATIC price
- 2.Account for all revenues for EOFY in Australia
- 3.Apply for grants
In June 2022, Thought Farm accumulated roughly $70,500 USD net revenue. To account for income tax easier, all revenue streams were converted into FIAT on a 2-3 day basis.
One of our biggest challenges with the project has been adjusting to market conditions to ensure long term development and fair prices. This month we launched the new dynamic fee structure for sync and farm mint fees. When the price of MATIC is high, the MATIC sync fee lessens. When the price of MATIC is low the MATIC sync fee rises.
This has been beneficial as it lets us forecast for upcoming hires and key initiatives.
It is that time of the year in Australia! End of Financial Year and time to pay taxes.
Our new Finance Director Harry, has been busy getting our books in order and preparing ourselves to pay taxes and apply for grants. We partnered with FullStack accounting, which focusses on crypto and start ups.
This month we sought significant legal and tax written advice. Whilst the upfront cost was high, this was necessary to ensure we were doing everything within the Australian regulations and wouldn't face any issues in the future.
This month's expensive include the salary of our new Finance Director and also the one off costs for written advice + bumpkin designs.
Expenses include but are not limited to:
- Technical infrastructure + services - $7K USD
- Legal & Accounting - $9K USD
- Salaries - $50K USD
- Contractors - $12.5K USD (PR, Communications, Bumpkin Contractor, Art Design, Support Team)
- Advertising + Merchandise - $200 USD