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Organization and nature of operations

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and nature of operations

1. Organization and nature of operations

The Company was incorporated in the British Virgin Islands (BVI) on May 18, 2021. On August 17, 2021, the Company completed a redomicile merger with its predecessor company, Moxian, Inc, wherein it acquired all the assets, liabilities, rights, obligations and operations of the latter and its subsidiaries, through an exchange of an identical number of shares.

On December 28, 2021 in a Special Meeting of shareholders, the Company approved the issue of up to 20 million new ordinary shares of the Company, at a price of $2.50 per share to certain non-US based accredited investors. On February 11, 2022 the Company completed this private placement and issued 16 million new shares, raising $40 million, which it will use in bitcoin mining in order to diversify its business operations. Of the issue proceeds, $29.8 million was used to purchase relevant equipment and the balance will be used as working capital.

On March 5, 2022 a number of machines were installed and operational at a site near Buffalo in New York State, USA and progressively, other sites will be identified and the purchased equipment put into operation.

The accompanying consolidated financial statements reflect the activities of the Company and each of the following entities:

Schedule of Company’s Activities 

Name of entity		Background		Ownership
Moxian CN Group Limited		Investment holding company		100% owned by Moxian (BVI) Inc
Moxian Group Limited		Investment holding company		100% owned by Moxian CN Group Limited
Moxian (Hong Kong) Limited		Investment holding company		100% owned by Moxian Group Limited
Moxian Technology Services (Shenzhen) Co. Ltd*		Technology Services		100% owned by Moxian (Hong Kong) Limited
Moxian Technology Services (Beijing) Co. Ltd.		Digital Advertising		100% owned by Moxian Technology Services (Shenzhen) Limited
Moxian Malaysia Sdn.Bhd*.		Technology Services		100% owned by Moxian (Hong Kong) Ltd.
Moxian Technology Services (Shanghai) Co. Ltd*.		Technology Services		100% owned by Moxian Technology Services (Shenzhen) Co. Ltd
Woodland Corporation Limited		Investment Holding		100% owned by Moxian (BVI) Inc
Beijing BitMarix Co. Ltd.		Technology Services		100% owned by Woodland Corporation Limited

* Ceased operation by September 30,2018; dormant as of December 31, 2021

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- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-URI https://asc.fasb.org/topic&trid=2122149

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI https://asc.fasb.org/topic&trid=2197479

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