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June 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 = $0.68 USD
- 1.Introduction of Ambassador Program
- 2.Introduction of Auctioneer Feature
- 3.Bumpkin Deposit System
- 4.Ability to purchase Block Bucks with cash
- 5.Monthly Task Board for public viewing
- 6.Dawn Breaker Fan Art Competition
In June 2023, Thought Farm accumulated roughly $ 46,000 USD net revenue. To account for income tax easier, all revenue streams were converted into FIAT on a 2-3 day basis.
The net revenue includes a $12,000 USD grant as part of Austrade's Export Market Development Grants (EMDG) program.
We successfully achieved startup credits for our infrastructure services which cuts down the technical expenses significantly. In June 2023, expenses accumulated roughly $ 66,700 USD expenses:
- Technical infrastructure + services - $8.7K USD
- Legal & Accounting - $1.8K USD
- Salaries - $46.7K USD
- Jigger - $1K USD
- Contractors - $7.2K USD (PR, Communications, Art Design, Support Team)
- Travel Costs - $0.8k
- Advertising - $0.5k
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 is also eligible for an additional 10% Digital Games Rebate on expenditure dating back to February 23 and into the future.
Both incentives will provide a significant cash flow boost from previous expenditure, and ongoing into the future.