Thanks LEP for downloading the 2022 report for Ipsilon Media. Several key items to note. It’s all in HRK (Croatian Kuna) which will be
easier to read next year when it will be in Euro. I’ll include the EUR amount in parentheses.
Ipsilon total revenue for 2022 – 618,790 HRK (€82,123)
Revenue for 2021 was 1,138,439 HRK (€151,088). This represents a drop of €68,965 in revenue
from last year.
Here’s where it gets strange – 2022 expenses are more than 2021,
despite the fact that Lloyd took the first two months off of 2022.
823,332 HRK (€109,274) total expenses for 2022. The 2021 total was 737,524 HRK (€97,885),
which represents an increase of €11,389 from 2021 in expenses.
Now look what how it gets broken down into categories:
Material – 90,167 HRK (€11,966)
Personnel – 603,281 HRK (€80,064)
Amortization – 46,181 HRK (€6,128)
Other costs – 65,730 HRK (€8.723) Litigation fees?
Fortunately personnel is broken down further:
Net Salaries and wages – 378,007 HRK (€50,178)
Cost of taxes and contributions from salary – 157,670 HRK (€20,929)
Contribution to salaries – 67,604 HRK (€8,974)
Materials is as well:
Costs of raw materials and materials – 7,640 HRK (€1,014)
Other external costs – 100,500 HRK (€13,343) Litigation???
With revenue being €82,123 and expenses being €109,274,
so he’s claiming a deficit of €27,151, or as he lists it on the
documents – negative 207,656 HRK. 2021 was a
surplus of 388,029 HRK (€52,498). (Sorry, getting
convention accounts report vibes here).
So – if you have a deficit of €27,151, you’ll need to reduce your
expenses. In other words, Lloyd took in €82,123
last year, but actually needs €109,274 per his accounting to break even. This is for what was effectively a YouTube
channel last year. Due to this
accounting trick, Ipsilon Media has a tax burden of 0. Salaries were actually bumped up from 329,474
HRK (€43,726)
to 378,007 HRK (€50,178), and over €11K in total expenses!