ABQQ Announces Financial and Operating Results for Fiscal 2022

Rhea-AI Summary

AB International Group Corp. (OTC: ABQQ) reported significant financial growth for the year ending August 31, 2022, with revenues soaring by 2446% to $2,928,000, compared to $115,091 in 2021. The gross loss decreased by 79%, totaling $293,789. Although the net loss reduced to $2,173,971 or $0.01 per share, the company holds total assets of $5,839,217 against current liabilities of $1,817,269. The CEO anticipates operational profitability by the end of 2024, driven by successful revenue increases and a new video streaming service, ABQQ.tv.

Positive

• Revenues increased by 2446% to $2,928,000 compared to $115,091 in 2021.
• Gross loss decreased by 79% to $293,789 from $1,379,237 in 2021.
• Net loss reduced to $2,173,971 or $0.01 per share from $3,582,262 or $0.02 per share in 2021.
• Total assets amount to $5,839,217 against current liabilities of $1,817,269.
• CEO expresses confidence in reaching operational profitability by the end of 2024.

Negative

• Total shareholders’ equity decreased to $4,021,948 from $4,649,776 in 2021.

NEW YORK, Dec. 12, 2022 (GLOBE NEWSWIRE) -- AB International Group Corp. (OTC: ABQQ), an intellectual property (IP) and movie investment and licensing firm, announces financial and operating results for the year ended August 31, 2022.

Chiyuan Deng, AB International Group CEO, stated, “I am pleased to announce we have executed the business plan we implemented in movie broadcast rights sales to achieve our sales increase. Our sales and marketing strategy had allowed us to expand movie broadcasting throughout the world. We are looking for our business to continue to expand throughout global since our movie contents are being broadcasted by online platform and cinemas.”

Key Financial Highlights:

Revenues for the year ended August 31, 2022 increased 2446% to $2,928,000, as compared to $115,091 for Fiscal 2021.

Gross loss for the year decreasing 79% to $293,789 as compared to $1,379,237 in Fiscal 2021.

Net loss for the year was $2,173,971 or $0.01 per share, as compared to $3,582,262 or $0.02 per share in Fiscal 2021.

As of August 31, 2022, ABQQ had $ 5,839,217 in total assets, has total current liabilities as of August 31, 2022 were $ 1,817,269. Total shareholders’ equity is $ 4,021,948, as compared to $ 4,649,776 in Fiscal 2021.

“We were successful in increasing revenues while lowering expenses and decreasing the net loss for the year when comparing 2022 to 2021. I believe our revenues will continue to increase in fiscal 2023 and we can reach operational profitability by the end of 2024.”

About AB International Group Corp.
AB International Group Corp. is an intellectual property (IP) and movie investment and licensing firm, focused on acquisitions and development of various intellectual properties. We are engaged to the acquisition and distribution of movies and operation of movie theaters into nationwide. The Company engages highly anticipated video streaming service targeting global multi-billion dollar and growing video streaming industry. The online service will be marketed and distributed in the world under the brand name ABQQ.tv. ABQQ.tv is expected to generate a new and profitable revenue stream immediately following its launch derived from its hybrid subscription and advertising business model. The company owns the IP of the NFT movie and music marketplace (NFT MMM) as the unique entertainment industry Non-Fungible Token.

For additional information visit www.abqqs.com; www.abcinemasny.com and www.ABQQ.tv .

Forward-Looking Statements
This press release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements relating to changes to the Company's management team and statements relating to the Company's transformation, financial and operational performance including the acceleration of revenue and margins, and the Company's overall strategy. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the possibility of business disruption, competitive uncertainties, and general economic and business conditions in AB International Group markets as well as the other risks detailed in company filings with the Securities and Exchange Commission. AB International Group undertakes no obligation to update any statements in this press release for changes that happen after the date of this release.

Investor Relations Contact:
Fred Deng
(212) 918-4519
corp@abqqs.com 

FAQ

What were the financial results for ABQQ for the fiscal year ended August 31, 2022?

ABQQ reported revenues of $2,928,000, a 2446% increase from the previous year.

How did AB International Group Corp. reduce its net loss for 2022?

The net loss decreased to $2,173,971, compared to $3,582,262 in 2021.

What is the future outlook for AB International Group Corp. (ABQQ)?

The CEO anticipates reaching operational profitability by the end of 2024.

What are ABQQ's total assets and liabilities as of August 31, 2022?

Total assets are $5,839,217, and total current liabilities are $1,817,269.