VANCOUVER, British Columbia, Aug. 30, 2022 (GLOBE NEWSWIRE) — Liquid Media Group Ltd. (the “Company”, “Liquid Media” or “Liquid”) (Nasdaq: YVR) broadcasts monetary outcomes from its second quarter for fiscal 12 months 2022 ended May 31, 2022.
Financial highlights from the quarter and company highlights to this point embrace:
- Revenues for Q2 2022 have been $1,657,569, in comparison with $577,689 in Q1 2022, a rise of 187%. This additionally compares to $1,373 throughout the identical interval of 2021, a rise of 120,626%.
- Gross revenue was $496,618 as of May 31, 2022, in comparison with a gross lack of $130,306 for the 12 months in the past interval
- Operating bills have been $2.5 million for the quarter ended May 31, 2022.
- Total money as of May 31, 2022 was $1.5 million
- Joshua Jackson assumes function of Interim Chief Executive Officer
- Digital Cinema United (DCU) Expands Digital Cinema Production Delivery Platform
- Projektor, Liquid’s content material market platform, launched
- Tom Casey joins Board of Directors
- Liquid Media’s iGEMSpro launched “Distribution Revolution” course
- CORE IR engaged for investor relations and shareholder communications providers
- Second Annual Filmocracy Fest, with Liquid returning as key sponsor
- Sheri Rempel named Interim Chief Financial Officer
- Announced partnership with Vuulr, a world B2B digital content material market for the acquisition and distribution of movie and tv rights
- Expanded content material distribution partnership with Insight TV
CEO Joshua Jackson feedback, “Our goal to become the go-to resource to help independent creators navigate through the full lifecycle of intellectual property, from creation to monetization, providing resources from inception to development, financing, delivery, and monetization – allowing creators to continue telling their stories and reaching their audiences Our growth over this period serves to further strengthen our belief that we are stronger together, as each company in the group continues to excel individually and collaboratively. We are particularly pleased to have regained compliance with our financial reporting, which we expect will have a significant impact on the Company from an investor perspective. We are also ensuring that our corporate infrastructure meets our growing needs as a public company, and ultimately will position us as a leader in the industry.
“Meanwhile, we continue to expand our resources and improve our impact on the industry through key partnerships and acquisitions. Our partnerships with Vuulr and Insight TV will provide our customers with expanded access to a hungry-for-content market. We also brought our previously announced Projektor platform live, creating new opportunities for content providers to access distribution venues through our existing partners like Insight, Vuulr and dotstudioPRO. We look forward to continuing to develop new resources and report the successes of our subsidiaries, partners, and clients in the months to come,” concluded Mr. Jackson.
Q2 2022 Financial Results
For the quarter ended May 31, 2022, gross sales elevated by $1,656,097 to $1,657,470 from $1,373 for the comparative quarter because of the acquisitions of IndieFlix, iGEMS, and DCU.
Gross revenue elevated by $626,924 to $496,618 for the quarter ended May 31, 2022 from a lack of $130,306 for the comparative quarter. The improve in gross revenue is attributable to the Company buying IndieFlix and DCU which had, and proceed to have, constructive gross revenue previous to the acquisition and the Company writing off three license agreements throughout 2021 that not wanted to be amortized in the course of the present quarter.
Operating bills elevated by $1,097,014 to $2,508,889 for the quarter ended May 31, 2022 from $1,411,875 for the comparative quarter. Further data could be obtained from the Company’s filings on the SEC web site at www.sec.gov.
About Liquid Media Group Ltd.
Liquid Media Group Ltd. (Nasdaq: YVR) is an leisure firm empowering unbiased IP creators. Liquid’s end-to-end answer allows skilled video (movie/TV and streaming) creation, packaging, financing, supply, and monetization, empowering IP creators to take their skilled content material from inception by all the course of to monetization.
Additional data is offered at www.LiquidMediaGroup.co.
CONTACT:
Investors / Business
Justin Kulik
CORE IR
[email protected]
Industry
Jane Owen
Jane Owen PR
(323) 819-1122
[email protected]
Cautionary Note Regarding Forward-Looking Statements
This information launch contains statements containing sure “forward-looking information” throughout the which means of relevant securities regulation (“forward-looking statements”). Forward-looking statements are usually recognized by phrases corresponding to: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “potentially” and comparable expressions, or are these, which, by their nature, check with future occasions. These statements shouldn’t be learn as ensures of future efficiency or outcomes. Such statements contain recognized and unknown dangers, uncertainties and different elements that will trigger precise outcomes, efficiency or achievements to be materially completely different from these implied by such statements. Such elements embrace, however aren’t restricted to: developments associated to the COVID-19 pandemic, regulatory actions, market costs, continued availability of capital and financing, and common financial, market or business circumstances, in addition to further dangers disclosed in the Company’s annual and quarterly monetary reviews accessible at www.sedar.com. Investors are cautioned that any such statements aren’t ensures of future efficiency and precise outcomes or developments could differ materially from these projected in the forward-looking statements. Forward-looking statements are based mostly on the beliefs, estimates and opinions of the Company’s administration on the date the statements are made. The Company is underneath no obligation, and expressly disclaims any intention or obligation, to replace or revise any forward-looking statements, whether or not because of new data, future occasions or in any other case, besides as expressly required by relevant regulation.
