Gryphon Resources, Inc.

The Group incurred net loss of US$976,989 (December 31, 2020: US$4,167,098; December 31, 2019: 2,710,348; December 31, 2018: US$6,218,885) and net cash used in operating activities of US$1,014,102,473(December 31, 2020: 998,856; December 31, 2019: US$63,402,201; December 31, 2018: US$12,909,118) during the year ended March 31, 2021. As of March 31, 2021, the Group had net current liability of US$666,313,506(December 31, 2020: 662,833,948; December 31, 2019: US$167,574,200; December 31, 2018: US$258,077,781) and equity of US$70,667,057,268 (December 31, 2020: 70,657,551,201; December 31, 2019: US$70,544,533,881; December 31, 2018: US$-139,214,523).

We generated revenues of $22,334,093 from sales of real estate during the six months ended March 31, 2021, compared to3,281,037 for the six months ended March 31, 2020. This is due to the fact that the sales of new real estate increased the sales revenue in 2021. For similar reasons, real estate rental income for the period ended March 31, 2021 was $2,271,349, while there was no real estate rental income for the corresponding period in 2020. Costs associated with real estate sales were $2,281,162 during the six months ended March 31, 2021, compared to 1,707,885 for the six months ended March 31, 2020.

General and administrative expenses for the six months ended March 31, 2021 were $1,963,283, compared to $1,893,143 during the corresponding period in 2020. This increase is due to significantly increased activity. Interest expense for the six months ended March 31, 2021 was $6,693,661, compared to $7,159,030 for the six months ended March 31, 2020. The reduced interest expense in 2021 is related to the repayment of loans in 2020.

At March 31, 2021, we had an accumulated deficit of $14,812,420 and cash and cash equivalents (other than restricted cash) of $8,743,735. At March 31, 2020 we had an accumulated deficit of $28,271,348 and cash and cash equivalents (other than restricted cash) of $ 1,217,845.