📅July 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 = $0.67 USD
July Goals
Preparation of Witches' Eve Season
Introduction of Free Account Creation
OKX Partnership
Onboarding of 2 new Community Managers
Introduction of Merchandise Wearable SFTs
July Net Revenue
In July 2023, Thought Farm accumulated roughly $ 40,000 USD net revenue. To account for income tax easier, all revenue streams were converted into FIAT on a 2-3 day basis.
July Expenses
We successfully achieved startup credits for our infrastructure services which cuts down the technical expenses significantly. In July 2023, expenses accumulated roughly $ 71,400 USD expenses:
Technical infrastructure + services - $4.7K USD
Legal & Accounting - $5.6K USD
Salaries - $47.3K USD
Contractors - $8.1K USD (PR, Communications, Art Design, Support Team)
Proof of Humanity - $1.5k
Travel Costs - $0.5k
Advertising - $0.8k
Tax Services - $2.9k
Sunflower Land Treasury
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.
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