๐Ÿ“…Q1 2024 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 taxes๐Ÿ‡ฆ๐Ÿ‡บโ€‹ 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

Quarterly Updates

We are moving towards a quarterly update system. We've been focussing on growing the game and as many players noticed we fell behind on the Finance reports (4 months without updates!). The goal of these reports is to help people understand what goes into building a Web3 game - we feel quarterly break downs still achieve this goal.

Q1 Net Revenue

In Q1 2024, Thought Farm accumulated roughly $ 173,160 USD net revenue. To account for income tax easier, all revenue streams were converted into FIAT on a 2-3 day basis.

Q1 Expenses

Our startup infrastructure credits have expired, hence the increase in Technical infrastructure + services. There have been more experiments with advertising, specifically on Web3 Ad agencies ($5K USD campaign). Results were mediocre and we will wait until onboarding process is more profitable to pump more money into paid conversions. Expenses accumulated roughly $ 163,700 USD expenses:

  • Technical infrastructure + services - $7K USD

  • Legal & Accounting - $2.7K USD

  • Salaries & Contracting - $138.6K USD

  • Advertising & Marketing- $6k

  • General Expenses - $9.4k

Sunflower Land Treasury

Sunflower Land has sufficient capital and runway to fund our future business plans.

Additionally, the project is eligible for tax rebates NSW (10%) and Federal (30%) for qualifying expenditure in Australia.

Both incentives will provide a significant cash flow boost from previous expenditure, and ongoing into the future.

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