XTRA Bitcoin Inc (CBTC)

[surfkast]

The short answer is no. From the last Q.

BTC Inventory $2,295.66

Balance 2020 and 2021 Ending Balance 2,296 2,198

There are no changes in Bitcoin balances during the quarter ended June 30, 2022.

Net Income -64,512.74

Insiders are getting rich. Paul is even leasing his properties to himself and of course is getting compensated.

NOTE 12. RELATED PARTIES
The Company receives all of its funding to sustain operations from related parties. Its principal source of funding
comes from advances made by the Chief Executive Officer (“CEO”) and other affiliate companies owned or controlled
by this officer. Amounts owed for such under these conditions are non-interest bearing. Total amounts owed to the
CEO and affiliate entities owned or controlled by the CEO for payments made on the Company’s behalf for
operational costs and purchases totaled $284,872 as of June 30, 2022.
For additional details on loans owed by a company owned or controlled by the CEO see, Note. 10 “Note payable”.
The note payable outstanding is interest bearing and the Company believes the transaction is at arm’s length. For
additional information on non-interest-bearing advances made by the CEO or companies controlled by him, see
Note. 8 “Accounts Payable and Accrued Liabilities”. The consulting fee accrual included in this amount is owed to a
shareholder.

And from the 1 A/A that was originally filed in 2021

Currently, we have one employee, our Chief Executive Officer, Paul Knudson.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS



On March 6, 2020, Company entered contract to purchase 37 Antminer T17+ 55 TH/s bitcoin miners, electrical infrastructure, and installation at the RINK facility in Canada. This purchase was funded by Xtra Crypto Mining Inc, a solely owned corporation by CEO Paul Knudson.



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 from Protocall Technologies Incorporated. The Pines Townhomes LLC is a real estate investment company owned by CEO Paul Knudson.



On July 1, 2019, the Company negotiated an increase to 2.5MW for $58,471.34 to increase ROU to $582,600 and operating lease liabilities of $349,560 and the option to lease up to an additional 7.5MW on the same terms. The lease liabilities will commence upon installation of the electrical infrastructure and will continue for a period of 5 years. The Company pays a nominal storage unit rental rate to reserve leasehold until electrical is distributed to unit. The Company leases from The Pines Townhomes LLC which is a real estate investment company owned by CEO Paul Knudson.



On October 16, 2019, the Company obligated itself to issue 1,000,000 shares of Preferred Series E stock in exchange for the conversion of $1,000,000 of outstanding debts into 1,000,000 shares of Preferred Series E stock. $100,000 of the converted debt consisted of “Assumed Payables – XTRA merger” of $32,208.11 that were assumed by Paul Knudson personally and accrued compensation liability of $67,791.89 that was converted into 100,000 shares of “restricted securities” Series E Preferred stock to be issued to CEO Paul Knudson. Subsequently, the Company issued the 1,000,000 shares of Preferred Series E stock on January 23, 2020.

https://www.otcmarkets.com/filing/html?id=15614110&guid=_Fz-keuR5l-FJth