VANCOUVER, British Columbia, Oct. 18, 2022 (GLOBE NEWSWIRE) — Liquid Media Group Ltd. (the “Company”, “Liquid Media” or “Liquid”) (Nasdaq: YVR) pronounces monetary outcomes from its third quarter for fiscal yr 2022 ended August 31, 2022.
Financial highlights from the quarter and company highlights to this point embrace:
- Revenues of $1,533,893 for Q3 2022, in comparison with $5,365 in the identical interval within the prior yr (improve of 28,491%)
- Gross revenue for Q3 2022 elevated to $512,909, from $496,618 for the prior quarter (improve of three%) and gross lack of $46,562 for Q3 2021
- Operating bills for the three-month interval had been $2.1 million
- iGEMStv launches cell software for Android and iOS gadgets, highlighting the introduction of iGEMS+
- DCU enters into multi-year settlement with Screenvision Media, expands eDelivery platform to over 3,000 places globally
- Granted 180-day extension by Nasdaq to regain minimal bid worth requirement
CEO Joshua Jackson feedback, “We continue to execute on our ambitious business plan, leveraging success with our subsidiary companies as well as key partnerships,” commented Joshua Jackson, Liquid Media CEO. “Continued strong revenue from DCU and iNDIEFLIX along with new offerings from IgemsTV and Projektor continue to expand our ability to provide resources to our customers and help independent creators navigate through the full lifecycle of intellectual property. We expect to continue to create new avenues for our customers to share their creations alongside new opportunities to bring shareholder value through our multi-pronged approach, and we look forward to continuing to report on the successes of our subsidiaries, partners and clients.”
Q3 2022 Financial Results
For the quarter ended August 31, 2022, gross sales elevated by $1,528,528 to $1,533,893 from $5,365 for the comparative quarter as a result of continued growth of strategic acquisitions IndieFlix, iGEMS, and DCU.
Gross revenue elevated by $559,471 to $512,909 for the quarter ended August 31, 2022 from a lack of $46,562 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 through the present quarter.
Operating bills elevated by $1,088,196 to $2,095,841 for the quarter ended August 31, 2022 from $1,007,645 for the comparative quarter, principally as a result of compensation expense associated to the considerably elevated headcount ensuing from the acquisitions of IndieFlix and DCU. Further data may 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 resolution 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 your complete course of to monetization.
Additional data is accessible 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 that means of relevant securities regulation (“forward-looking statements”). Forward-looking statements are usually recognized by phrases reminiscent of: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “potentially” and related expressions, or are these, which, by their nature, confer with future occasions. These statements shouldn’t be learn as ensures of future efficiency or outcomes. Such statements contain identified and unknown dangers, uncertainties and different components which will trigger precise outcomes, efficiency or achievements to be materially totally different from these implied by such statements. Such components embrace, however usually are not restricted to: developments associated to the COVID-19 pandemic, regulatory actions, market costs, continued availability of capital and financing, and basic financial, market or business circumstances, in addition to extra dangers disclosed within the Company’s annual and quarterly monetary experiences obtainable at www.sedar.com. Investors are cautioned that any such statements usually are not ensures of future efficiency and precise outcomes or developments might differ materially from these projected within the forward-looking statements. Forward-looking statements are primarily based 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.
