Message from the CEO
To our dear Shareholders,
When I started this business of integrating cryptocurrency to Renewable Energy, it was purely coincidental. In 2016, the Company expanded to China where Go Solar Mining was providing electricity to medium-sized Crypto Mining companies. We were one of the few which provided these companies with renewable energy for its operation. I saw this as an opportunity to integrate cryptocurrency in our business model. By most renewable energy companies, it would seem as an insurmountable feat. But 2019 proved that this challenge has been remarkably surpassed, and we were able to successfully integrate crypto mining into our operations. Net income rose by 35% from July 2018 to July 2019 due to the transition of allocating our generated electricity from government and private service to our crypto mining facilities. Overall revenue increased 45% while net expense decreased by 7%. A testament to how we have successfully optimized our profit margins by minimizing the electricity cost of mining crypto currency utilizing our solar power plants.
I would like to thank you all. It is a great pleasure for me to be able to present to you the dynamic and successful development of Go Solar Mining. I am a firm believer that robust growth always goes hand-in-hand with increasing responsibility. Environmental sustainability continues to be our core objective. We are taking steps in ensuring that environmental initiatives are integrated into our business strategy, with zero emissions and waste in all our business ventures.
We intend to live up to this, and so our reporting to you on developments at our company will be even more transparent, timely, and comprehensive moving ahead.
Overall, we are clearly focusing on our major goal of establishing Go Solar Mining as the biggest crypto mining company that sources its electricity from renewable energy. We are happy to be taking on this challenge of continuing and even improving on the company’s success to date. We are finalizing our solar plant expansions to 2 new locations before 2025. Making our total land area for solar plants to more than 1,300 acres across 7 different countries.
I am also proud to announce, we have recently won the bidding process for developing and operating a PV solar plant in Huzhou, China, one of the main cities in the Zhejiang province expected to be operational by 2020.
In the imminent pipeline, GoSolar Mining is in the process of consolidating its businesses to strengthen the financial position of the company and gain advantage in the bidding process of concession opportunities. The newly incorporated company, Petros Global Solutions Corp., will be incorporated in Hong Kong. It will be the foothold of GoSolar Mining in China and the Asian markets, geographies where we believe the company will have its most growth for 2020.
For our all of our success, I would like to thank our employees for their dedication and loyalty over the past financial year. I would also like to thank you, dear shareholders, for the trust you have placed in us. Our goal is to maintain a dialog defined by trust and openness with our loyal shareholders. Your unwavering trust and support continue to motivate us to sustain our successes, and weather any challenges that may arise along the way. As we enter 2020, we are optimistic that we will unveil new opportunities to reaffirm our status as a renewable energy company.
Thank you again, to all our partners, employees and shareholders.