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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
- 1.Preparation of Witches' Eve Season
- 2.Introduction of Free Account Creation
- 3.OKX Partnership
- 4.Onboarding of 2 new Community Managers
- 5.Introduction of Merchandise Wearable SFTs
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.
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 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.