OTC DISCLOSURE & NEWS SERVICE
Total Revenue for the first nine months of 2022 spikes 3,681% to $6.5 Million as Compared to the Prior Year
Press Release | 11/10/2022
Total Revenue for the first nine months of 2022 spikes 3,681% to $6.5 Million as Compared to the Prior Year
PR Newswire
SINGAPORE, Nov. 10, 2022
The media and entertainment segment of the Group is showing strong growth for the first nine months. On a quarter-to-quarter basis, revenue jumped from US$13,677 in 2021 Q3 to US$5,421,280 in 2022 Q3 – resulting in a 39,638% increase
SINGAPORE, Nov. 10, 2022 /PRNewswire/ -- Metaverse Blockchain company Marvion, a fully owned subsidiary of Bonanza Goldfields Corp. (OTC:BONZ), is pleased to announce that the Group has released the latest financial results for 2022 Q3.
Some of the financial highlights are:
For the nine months ended September 30, 2022, BONZ generated revenue of US$6,515,287 and had about US$5.22million worth of media inventory and US$25,711 cash on hand. The comprehensive loss for the first nine months was US$9.62million with technology and development cost (of about US$8.73million) contributing to most of the expenses.
For the first 9 months, there were 3 revenue sources – sale of licensed IP right and media products, transaction fee income and consulting service income; with each source contributing approximately US$6.37million, US$117,843 and US$24,735, respectively. The sale of licensed IP right and media products as well as transaction fee income are new revenue engines while consulting service income dropped from US$177,017 in 2021 to US$24,735 for the corresponding period in 2022. This shows that the company is moving away from the non-scalable consulting service to a more scalable business model.
Commenting on the 2022 Q3 results, Raymond Chua, CEO for Marvion, said, "The team has worked hard for the last few months and I think the results speak for itself. We aim to build upon these results to keep Marvion growing to the next level. From the expense perspective, we have been investing quite heavily in technology development and we are confident that these investments will pay dividends in the long run."
"The company has planned a strong pipeline of products and we look forward to bringing them to market in due course. At the business development end, I have worked with the team to line up a strong pipeline of customers. All in all, I am really looking forward to rolling these products and services out, and I strongly believe that we will see our market share in the Web 3.0 grow in the coming months," Raymond added.
For more information on Marvion as well as the latest 10Q results, please visit www.marvion.media.
