net one
7 월 전
The rest of it
41 years as the
Manager of construction related companies, with 26 years performing
bookkeeping and accounting services for these companies; and (iv) for
four and one-half years, he has served as CFO for two publicly-held
companies, and as CFO, represented these companies while they were
going through their auditing process in preparation of completing “Reg. A
Tier 2” offerings, where his duties included providing company
bookkeeping, coordinating with outside accountants, securities attorneys
and auditors of these companies
surfkast
11 월 전
All one has to do is read the financials. Bit coin mining is comical at best. Bitcoin held - intangible asset 1,492.64. Plus with only a small number of miners even at 100% they will produce about $15,000 per year based on the manufactures estimates. Paul paying himself is the issue as he owns all the properties. (Storage units!)
Leased facilities: Wonka #5 and Wonka #6. Each unit’s lease rate is $345/month as storage units to reserve the space
and allocation of electrical power capacity. Lease rate increases to $4,855/month NNN when the primary power is
extended to the unit by either party. As of January 1, 2020, Company obtained the right, but not the obligation, to lease
Wonka #3 and Wonka #4 by assuming each unit’s lease from The Pines Townhomes LLC at rate of $345/month as
storage units to reserve the space and allocation of electrical power capacity
OTC Markets Group Inc.
OTC Pink Basic Disclosure Guidelines (v4.0 January 1, 2023) Page 13 of 17
.
The Pines Townhomes LLC, a privately held company owned by XTRA’s CEO/Director Paul Knudson, is re-purposing a self-storage facility located in Ontario, OR, USA into a data center with 7MW of electrical capacity in phase one and an additional 8MW in phase 2. XTRA Bitcoin Inc. has acquired 5-year leases on building space known as Wonka #5 and Wonka #6. Each lease consists of six storage units combined into a 900 square foot unit and the right to access 1.25MW electricity primary on site. XTRA is obligated to pay all costs to install the high-voltage primary, transformers, metering and secondary distribution electrical systems from utility interconnect onsite to their equipment. XTRA also has a performance based option to acquire access to an additional 7.5MW electricity for expansion at this site. Facility is inside a security fenced property. XTRA is in the development process of raising capital to install the electrical system and to purchase energy-efficient ASIC miners. Development is on hold as XTRA has opportunity to acquire other facilities with a lower
electricity cost.
XTRA Bitcoin Inc. – CBTC acquired 70% of RINK facility, phase 1 electrical capacity lease located in Manitoba, Canada from Xtra Crypto Mining, Inc., a privately held corporation owned by XTRA’s CEO/Director Paul Knudson. RINK is capableof hosting 37 T17s miners. XTRA is obligated to pay 70% of NNN expenses and $490.00 monthly rent. XTRA, also,acquired option on 70% of an additional 1.5 MW future electrical capacity upgrade. RINK acquisition was financed by Xtra Crypto Mining, Inc.
XTRA Bitcoin Inc had previously arranged a 6-month hosting contract for their miners with a 3rd Party provider in
Manitoba, Canada to work around the Covid-19 travel and access restrictions that are delaying completion of RINK
facility. Mining began on December 20, 2020. Hosting continued thru October 1, 2021 when parties agreed to terminate
the contract due to the failure of 90% of the ASIC miners. XTRA’s remaining operable T17 miners have been received at the RINK facility but have not been reactivated due to deteriorating mining economics. All miners have been written off asa n impaired loss.
surfkast
12 월 전
Paul owns the storage units that allegedly hold the miners. The company address is his home. He pays himself monthly rent on the units and is also paying back "loans" he gave to the company.
Read the lease and loan sections of the filings Here is an excerpt.
.To guarantee the 5-year leases for Wonka #5 and #6 XTRA was obligated to prepay the first and last years’ lease in
the amount of $116,520 and a security deposit of $8,480 for each facility. $75,431 resulted from prepayments and
security deposits paid in cash. $87,285 of the lease prepayment for each lease was made by the transfer of minority
interests in an investment held in a related party. These investments were considered to be potentially impaired
F-14
though accepted as consideration for the lease prepayment and was therefore written off as a loss on asset
impairment. As a result, the Company had a total of $250,000 in lease deposits, incurred a loss of 174,569 and reports lease deposits as follows on September 30, 2023, and 2022:
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