Cosmos Group Holdings Inc. Announced Third Quarter Financial Results, with New Coinllectibles™️ Business Performance Taking Off

Rhea-AI Summary

Cosmos Group Holding Inc. (OTC: COSG) reported a net revenue increase to $5,510,344 for the first nine months of 2021, up from $3,414,244 in 2020. In Q3 2021, revenues were $2,282,399. The group's financing loan receivables grew to $19,171,613 from $12,233,824 at the end of 2020. Additionally, the newly acquired Coinllectibles™️ contributed $524,868 in revenue for Q3, with the Fusion NFT sales generating $257,955. Total assets rose to $25,955,550 from $15,258,135.

Positive

• Net revenues increased by 61.5% year-over-year.
• Successful introduction of Coinllectibles™️ contributing significantly to revenue.
• Total assets grew significantly by over $10 million.

Negative

• None.

SINGAPORE, Nov. 19, 2021 /PRNewswire/ -- Cosmos Group Holding Inc. (OTC: COSG) announced its third quarter financial results, for the nine months ended 30 September, 2021.  The group has reported net revenues of $5,510,344 for the first nine months of 2021, increased from net revenues of $3,414,244 for the nine month of 2020.  In the last three months ended 30 September, 2021, the group's net revenues were $2,282,399.

The group financing loan receivables at 30 September 2021 reached $19,171,613, growing from $12,233,824 at 31 December 2020.  Whilst the new collectibles business brought into the group with the acquisition of Coinllectibles™️ has contributed $524,868 to the revenue for the third quarter of 2021. Group total assets value have grown from $15,258,135 for the fiscal period ended 31 December, 2020 to $25,955,550 for the nine month period ended 30 September, 2021.

"Our numbers show that our strategy for this year has been spot on," said Dr Chan Man Chung, Director of COSG.  "We are also seeing our new Fusion NFT enabled collectibles business under Coinllectibles™️ take off, with the successful sale of our first three Fusion NFT-minted collectibles to the market in third quarter 2021, contributing to a sales revenue of $257,955.  We are very confident that our Fusion NFT-enabled collectibles business will continue to grow strongly with further contribution in the near term," said Mr Toby O'Connor, CEO of Coinllectibles™️.

Forward Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. These forward-looking statements may include, but are not limited to, statements regarding future business activities including the expansion into the decentralized financing space. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated with operating a business in Singapore and Hong Kong, risk of interference by the PRC government, ability to compete, that financial resources do not last for as long as anticipated, and that COSG is a holding company that may not realize the expected benefits of NFT's offered by Coinllectibles™️. A further list and description of these risks, uncertainties and other risks can be found in COSG's regulatory filings with the U.S. Securities and Exchange Commission, including in its current report on Form 8-K filed on September 17, 2021. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. COSG undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

For media queries, please contact: 

Ms Rachel Lim 
Marketing & PR 
Rachel.Lim@Coinllectibles.Art

About Cosmos Group Holdings Inc

Cosmos is a business group that operates in two business segments:

• Arts and Collectibles
• Financing

Through Coinllectibles™, the group provides authentication, valuation and certification (AVC) service, sale and purchase, hire purchase, financing, custody, security and exhibition (CSE) services to art buyers through traditional channels, as well as through leveraging blockchain technology through the creation of non-fungible tokens (NFTs).

With subsidiaries licensed under Hong Kong's Money Lenders Ordinance, the group currently primarily provides unsecured personal loan to private individuals, with a small portfolio of mortgage loans.

The group is integrating the two business segments by offering secured financing services to prospective art and collectibles purchasers to provide a one-stop arts and collectibles purchasing and financing experience.

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SOURCE Cosmos Group Holdings Inc.

FAQ

What are the third quarter financial results for Cosmos Group Holding Inc. (COSG)?

Cosmos Group reported net revenues of $2,282,399 for Q3 2021, contributing to a total of $5,510,344 for the first nine months.

How much did Coinllectibles™️ contribute to Cosmos Group's revenue in Q3 2021?

Coinllectibles™️ contributed $524,868 to the revenue for Q3 2021.

What is the total asset value of Cosmos Group as of September 30, 2021?

The total asset value of Cosmos Group increased to $25,955,550 as of September 30, 2021.

How much did Cosmos Group's financing loan receivables grow by in 2021?

Financing loan receivables reached $19,171,613, up from $12,233,824 at the end of 2020.