Annual accounts 2021 including updated presentation
The Harmonychain group consists of: 1. Harmonychain AS develops proprietary blockchain software, currently in closed Beta. 2. Lokotech AS has a Scrypt Application Specific Integrated Circuit (ASIC) in R&D. 3. Arctic Core AS develops data centers and associated solutions for stranded electricity, and has a limited income related to verification of transactions on blockchains ("mining"). 4. Harmonychain Development AS is a Special Purpose Vehicle for future collaborations and in 2021 had no activity of its own. The enclosed presentation in english will offer more information on status as of 15.03.2022. The group plans to offer services for customers who want to establish traditional data centers, HPC and blockchain verification in Europe and North America. The data center industry in Norway is experiencing increasing demand due to good infrastructure and environmentally friendly energy. We are also looking for more relevant properties for rent or purchase. Annual accounts 31. December 2021: - Solid equity situation - Current assets: 82 MNOK - Equity: 82 MNOK - R&D 2021 expensed - 1500+ shareholders Status per 15. March 2022: Hardware R&D projects: - Scrypt Application Specific Integrated Circuit Multi Project Wafer starts in July 2022 - Smart power supply - Helium R&D is to start in 2022 Software R&D projects: - Scrypt pool in closed beta - Other algorithms (Including Filecoin) R&D should start in 2022 Data center projects: - Halden/Southern Norway under development - Kautokeino/Northern Norway under development Harmonychain sees Blockchain-as-a-Service (BaaS) as a key part of our diversified blockchain strategy. We have now expanded our BaaS business area to include stranded energy services. Blockchain verification can be seen as a "battery" for power producers who can not get rid of their power production, often due to grid restrictions. The current differences in electricity prices within a country clearly show that electricity is stranded when national grid lines are full. In several countries, there is spare power capacity which in reality is stranded. Our subsidiary Arctic Core AS has acquired two property plots in Kautokeino. This is part of a previously announced strategy of searching for interesting locations for the development of a data center in Norway. This is expected to have a limited economic effect in 2022. It is expected that invitation to annual general meeting will be sent shortly. In order to retain employees and recruit world-leading capacities, the company must pay the market price of such personnel. The Compensation Committee will submit to the general meeting a proposal for an option package for senior executives, the board and the advisory board, which will be based on the average closing price in the period 21.3.-25.3.2022. + minimum 15% of the difference between the market price when declaring the options and the strike price. The Harmonychain Group has secured an exclusive negotiation right for a limited period of time to conduct due diligence on a 100 MW greenfield project in North America. If a PPA (power purchase agreement) is entered into, the economic effect for Harmonychain is correlated with power consumption. If we do not succeed in finalizing a PPA, or the PPA ends up with a low amount of energy, it will have very limited or little financial impact on Harmonychain. The Multi Project Wafer of the ASIC design is expected to begin in July 2022 with subsequent testing. The goal is to offer a product with a higher hash rate and lower power consumption at a lower price than what is available on the market today. For more information, contact: Bjørn Zachrisson, Chairman of the Board, Harmonychain AS, post@harmonychain.no www.harmonychain.com This information is subject of the disclosure requirements according to section 5-12 of the Securities Trading Act.
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