From the Q3:
Results of Operation
During the quarter that ended September 30, 2022, we incurred a net profit of $51,121 compared to a net loss of $2,404,318 during the same period in 2021, an improvement of $2,455,439. For the nine months ending September 30, 2022, we generated a profit of $245,911 compared to a loss of $3,322,908 during the same period in 2021, an increase of $3,568,819.
Comparison of the Results of Operations for the quarter that ended September 30, 2022, and 2021.
During the quarter that ended September 30, 2022, we generated revenues of $378,519, an increase of $128,339 or 51% compared to the same period in 2021. During the nine months ending September 30, 2022, revenues amounted to $1,250,351, an increase of $807,671 or 182% compared to the same period in 2021. The increase in revenue is due to higher income from rental and licensing fees and the continued optimization of the management of our subsidiaries and affiliate companies ("Related Parties"), intellectual and real estate properties. We expect this trend to increase for Q4 of 2022 and even further during 2023.
Profit (Loss) from Operations.
For the quarter that ended September 30, 2022, our net profit was $51,121, compared to a loss of $2,404,318 for the quarter that ended September 30, 2022, an improvement of $2,455,439. The increase in net profit is based on an increase in licensing, rental, and management fees. It is compounded by decreased expenses for general, administrative, and professional fees. For the nine months ended September 30, 2022, net profit was $245,911 compared to a loss of $3,322,908 for the nine months ended June 30, 2021, an improvement of $3,568,819. General and administrative for the three months ended September 30, 2022, has decreased to $53,577 from $2,173,945 in the same period in 2021, a decrease of $2,120,368. General and administrative for the nine months that ended September 30, 2022, decreased to $207,741 from $2,253,546 during the same period in 2021, a decrease of $2,045,805. Stock-based compensation decreased to $35,927 for the nine months that ended September 30, 2022, compared to $ 2,167,200 in the same period of 2021, a decrease of $2,131,273. Net profit was offset by professional fees increasing to $230,460 in the third quarter ending September 30, 2022, compared to $147,425 for the same period in 2021, an increase of $83,035. For the nine months that ended September 30, 2022, professional fees increased to $ 731,592 from $478,817 in 2021, an increase of $252,775 for the same period in 2021. For the quarter ending September 30, 2022, the Company issued 12,500,000 shares of its Reg A common stock to fulfill commitments to investment partners.
Current assets and Liabilities.
At the end of September 30, 2022, assets increased to $5,672,255, an increase of $1,151,378 compared to December 30, 2021. Our assets exceeded our liabilities by $1,512,470.
