Projected Balance Sheet
Finance
March 28, 2026
Projected balance sheet as of Dec 31, 2029: Total assets $42.4M, liabilities $1.7M, equity $40.7M, 100% equity-funded, accounting equation balanced.
Total Assets
$42.4M
End of Year 1
Total Liabilities
$1.7M
4.1% of assets
Equity
$40.7M
95.9% of assets
Debt
$0
100% equity-funded
Assets
Asset Composition
| Line Item | Amount ($) |
|---|---|
| CURRENT ASSETS | |
| Cash & Cash Equivalents | 8,450,000 |
| Accounts Receivable | 535,000 |
| Prepaid Expenses | 120,000 |
| Total Current Assets | 9,105,000 |
| NON-CURRENT ASSETS | |
| GPU & Compute Hardware | 26,500,000 |
| Networking & Storage | 6,900,000 |
| Power & Cooling Infrastructure | 2,660,000 |
| Civil Works & Facility | 1,600,000 |
| Software & Integration | 2,000,000 |
| Total PP&E (gross) | 39,660,000 |
| Less: Accumulated Depreciation | (6,400,000) |
| Total PP&E (net) | 33,260,000 |
| Security Deposits | 50,000 |
| Total Non-Current Assets | 33,310,000 |
| TOTAL ASSETS | 42,415,000 |
Current Assets
Cash & Equivalents8,450,000
Accounts Receivable535,000
Prepaid Expenses120,000
Total Current9,105,000
Non-Current Assets
GPU & Compute26,500,000
Network & Storage6,900,000
Power & Cooling2,660,000
Civil Works1,600,000
Software & Integ.2,000,000
PP&E (gross)39,660,000
Accum. Depreciation(6,400,000)
PP&E (net)33,260,000
Security Deposits50,000
Total Non-Current33,310,000
TOTAL ASSETS42,415,000
Liabilities
Liability Structure
| Line Item | Amount ($) |
|---|---|
| CURRENT LIABILITIES | |
| Accounts Payable | 85,000 |
| Deferred Revenue | 1,500,000 |
| Accrued Expenses | 150,000 |
| Tax Liabilities (Virtual Zone) | 0 |
| Total Current Liabilities | 1,735,000 |
| NON-CURRENT LIABILITIES | |
| Long-term Debt | 0 |
| Total Non-Current Liabilities | 0 |
| TOTAL LIABILITIES | 1,735,000 |
Current Liabilities
Accounts Payable85,000
Deferred Revenue1,500,000
Accrued Expenses150,000
Tax (Virtual Zone)0
Total Current1,735,000
Non-Current Liabilities
Long-term Debt0
Total Non-Current0
TOTAL LIABILITIES1,735,000
Shareholders' Equity
Equity Components
| Line Item | Amount ($) |
|---|---|
| Paid-in Capital (Series A) | 45,000,000 |
| Retained Earnings (Accumulated) | (4,320,000) |
| TOTAL EQUITY | 40,680,000 |
Paid-in Capital (Series A)45,000,000
Retained Earnings(4,320,000)
TOTAL EQUITY40,680,000
Accounting Equation Balanced
Assets $42,415,000 = Liabilities $1,735,000 + Equity $40,680,000
Δ = $0
Asset Composition
$42.4M
total assets
Non-Current 78.5% ($33.3M)
Current 21.5% ($9.1M)
Funding Structure
95.9%
equity ratio
Equity 95.9% ($40.7M)
Liabilities 4.1% ($1.7M)
PP&E Breakdown (Gross $39.7M)
$26.5M
GPU &
Compute
Compute
$6.9M
Network
& Storage
& Storage
$2.7M
Power &
Cooling
Cooling
$2.0M
Software &
Integration
Integration
$1.6M
Civil
Works
Works
-$6.4M
Accum.
Deprec.
Deprec.
$33.3M
Net
PP&E
PP&E
Key Assumptions
- Projection date: Dec 31, 2029 — end of first full commercial year (Year 1)
- Cash = $45M raise − $39.7M PP&E − $5.3M contingency + Year 1 operating CF (~$11.1M) − pre-rev OPEX (~$2.5M)
- Depreciation: 7-year straight-line; full year 2029 = $6.4M
- Retained earnings negative ($4.32M): Year 0 construction losses partially offset by Year 1 net income (~$4.6M)
- Virtual Zone LLC: 0% tax on qualifying export IT revenue
- 100% equity-funded; zero debt instruments
- AR minimal (~0.5 months) due to prepayment-heavy contract structure (Track 2 & 3)
