Quote
ASSET PURCHASE AGREEMENT
BitFury Group – Additional Equipment
In March 2014, Digital CC Management (DCC Management) agreed to enter into four Purchase Orders (POs) with BitFury Group Limited (BitFury) for the purchase of US$4 million of bitcoin mining hardware.
As part of the purchase of the US$4 million of bitcoin mining hardware, the POs contain special terms and conditions (Purchase agreement) in relation to the provision of an additional 566TH (Terahash) (Additional Equipment) of Bitcoin mining equipment, binding DCC Management to contingent profit sharing obligations. The Additional Equipment was provided from BitFury to Digital CC for $0 upfront cost.
On 30 June 2015 a termination agreement was entered into by the two parties releasing each other of all the obligations as stipulated in the purchase agreement. As part of the termination agreement BitFury waived the June 2015 power and hosting fee payable of US$107,629 and DCC Management transferred all the mining hardware acquired under the purchase agreement to Bitfury for nil consideration. The written down value of the equipment on 30 June 2015 was nil. The gain on sale of the equipment of $107,629 has been recorded as other income (refer Note 7) in the statement of profit or loss and other comprehensive income.
BitFury Group – Additional Equipment
In March 2014, Digital CC Management (DCC Management) agreed to enter into four Purchase Orders (POs) with BitFury Group Limited (BitFury) for the purchase of US$4 million of bitcoin mining hardware.
As part of the purchase of the US$4 million of bitcoin mining hardware, the POs contain special terms and conditions (Purchase agreement) in relation to the provision of an additional 566TH (Terahash) (Additional Equipment) of Bitcoin mining equipment, binding DCC Management to contingent profit sharing obligations. The Additional Equipment was provided from BitFury to Digital CC for $0 upfront cost.
On 30 June 2015 a termination agreement was entered into by the two parties releasing each other of all the obligations as stipulated in the purchase agreement. As part of the termination agreement BitFury waived the June 2015 power and hosting fee payable of US$107,629 and DCC Management transferred all the mining hardware acquired under the purchase agreement to Bitfury for nil consideration. The written down value of the equipment on 30 June 2015 was nil. The gain on sale of the equipment of $107,629 has been recorded as other income (refer Note 7) in the statement of profit or loss and other comprehensive income.
