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August 2023 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 = $0.55 USD
- 1.Launch of Witches' Eve Season
- 2.Announcement of Sunflower Land's very NFT drop - Buds
- 3.Crypto.com Partnership
- 4.Crypto Unicorns x Sunflower Land Cross-Play event
- 5.Ability to trade resources in Pumpkin Plaza
- 6.Introduction of the Potion House
In August 2023, Thought Farm accumulated roughly $ 42,000 USD net revenue. To account for income tax easier, all revenue streams were converted into FIAT on a 2-3 day basis.
We successfully achieved startup credits for our infrastructure services which cuts down the technical expenses significantly. In August 2023, expenses accumulated roughly $ 59,400 USD expenses:
- Technical infrastructure + services - $2.0K USD
- Legal & Accounting - $0.9K USD
- Salaries - $45.4K USD
- Contractors - $8.0K USD (PR, Communications, Art Design, Support Team)
- Advertising & Marketing- $1.8k
- General Expenses - $1.3k
Sunflower Land has sufficient capital and runway to fund our future business plans.
The recent announcement of the Digital Games Tax Offset in Australia means Sunflower Land will receive a 30% refundable tax offset on all onshore gaming expenditure, including all game development related salaries from 1 July 22. Sunflower Land has been given provisional approval for the NSW 10% Digital Games Rebate for the period February 23 to September 23 (approx. $34k USD).
Both incentives will provide a significant cash flow boost from previous expenditure, and ongoing into the future.
The highly anticipated Buds NFT drop will also provide a significant cash flow boost for the project. The capital will be invested into the growth of the project.