CurrencyWorks Announces Record Third Quarter Results
CurrencyWorks reported its Q3 financial results for 2021, highlighting significant growth in revenues. The total operating revenue, other income, and interest revenue reached $325,446, compared to $41,500 in Q3 2020. Despite this revenue growth, the company faced a net loss of $2,658,720, largely due to increased operational costs associated with its NFT platforms. CurrencyWorks also invested $850,000 into its Zer00 crypto mining technology. The company plans a shareholder update on November 15, 2021.
- Total revenues increased to $325,446 in Q3 2021 from $41,500 in Q3 2020.
- Successful launch of the VUELE NFT platform with sales exceeding $90,000.
- Motoclub's NFT offerings sold out within an hour of release.
- No outstanding convertible notes following equity raise.
- Net loss from operations increased to $2,658,720 in Q3 2021, up from $99,376 in Q3 2020.
- General and administrative expenses surged to $1,247,389, up from $122,854 the previous year.
Los Angeles CA, Nov. 15, 2021 (GLOBE NEWSWIRE) -- CurrencyWorks Inc. (“CurrencyWorks'' or the “Company”), (CSE: CWRK and OTCQB: CWRK), an award-winning, full service blockchain platform provider, is pleased to announce its third quarter financial results.
Key Financial and Operational Highlights for the period ended September 30, 2021:
- Operating revenue, other income, and interest revenue for three months ended September 30, 2021 totaled
$325,446 , which is comprised of$168,870 of operating revenue,$127,906 of other income from the deconsolidation of sBetOne, and$28,670 of interest revenue. Comparatively, revenues for three months ended September 30, 2020 were$41,500 , comprising$25,000 of operating revenue and$16,500 of interest revenue. Operating revenue in in Q3 2021 consisted of ZERO CONTACT and Motoclub NFT sales as well as a development consulting agreement that started in April 2021. - CurrencyWorks incurred general and administrative expenses of
$1,247,389 for the three months ended September 30, 2021, up from$122,854 for the same quarter last year. These increases in 2021 compared to 2020 are as a result of more operational activities relating to the launch of the Vuele and Motoclub businesses. - Net loss from operations for three months ended September 30, 2021 was
$2,658,720 compared to a net loss of$99,376 for the same quarter last year. The increased loss is primarily attributable to stock-based compensation expense of$828,010 and project costs of$1,580,201. - With the equity raise on July 13, 2021, CurrencyWorks paid off the balance of outstanding convertible notes and as a result there are no outstanding convertible notes.
- VUELE™ (www.vuele.io), CurrencyWorks’ NFT platform for feature films, successfully sold the first 11 NFTs of ZERO CONTACT, starring Academy Award®-winner Anthony Hopkins, for more than
$90,000 in September 2021. The NFTs include the feature-length film that the purchaser can watch on VUELE™ as well as highly sought-after content such as crypto art and behind-the-scenes footage. CurrencyWorks receives an ongoing fee every time these NFTs are bought and sold on the secondary market. - Motoclub (www.motoclub.io), CurrencyWorks’ NFT platform for exclusive automotive collectibles, successfully sold its first drop of Barrett-Jackson Las Vegas 2021 Collector Series SparkNFTs less than an hour after release in September. The Rare Edition NFT packs featured a 1963 Chevrolet Corvette, 1975 Chevrolet K5 Blazer, 1995 Mercedes Benz G350D Custom SUV, 2016 Nissan Nismo GT-R as well as a 1977 Ford Bronco Custom, which was formerly owned by comedian and actor Kevin Hart. CurrencyWorks receives an ongoing fee every time these NFTs are bought and sold on the secondary market.
- During Q3 2021, CurrencyWorks invested an additional
$850,000 in its revolutionary Zer00™ crypto mining platform in the form of a services and loan agreement with Fogdog Energy Solutions Inc. (“Fogdog”). Zer00™ is a fully scalable system that uses the thermal treatment (non-burning) of Industrial and Municipal Solid Waste (IMSW) as well as Oilfield Waste to power cryptocurrency mining operations in an environmentally friendly and sustainable way. It will also benefit communities and the environment by reducing Green House Gasses (“GHG”) and the demand for landfills. - Cameron Chell, Executive Chairman of CurrencyWorks, said: “Our growing revenue is representative of the company moving to a phase of revenue growth from a state of almost pure technology development. The amount of customer demand and opportunities at hand is encouraging and we are poised to capitalized on the incredible potential ahead in our NFT, Crypto Currency and Mining Infrastructure verticles.”
CurrencyWorks will hold a shareholder update and earnings call on November 15, 2021 at 4:30PM EST.
Registration for the call can be done here.
About CurrencyWorks
CurrencyWorks Inc. (CSE: CWRK and OTCQB: CWRK) is an award-winning, publicly traded company that builds and operates a full service blockchain platform.
For more information on CurrencyWorks, please visit us at www.currencyworks.io. For additional investor info visit www.currencyworks.io or www.sedar.com and www.sec.gov searching CWRK.
Media Contact:
Arian Hopkins
arian@currencyworks.io
Company Contact:
Bruce Elliott, President
Phone: 424-570-9446
Bruce.elliott@currencyworks.io
Disclaimer for Forward-Looking Statements
This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things: that Zer00™ will benefit communities and the environment by reducing GHG and the demand for landfills; that the Company’s growing revenue is representative of the company moving to a phase of revenue growth from a state of almost pure technology development; and that the Company is poised to capitalized on the incredible potential ahead in its NFT, Crypto Currency and Mining Infrastructure verticles
The material assumptions supporting these forward-looking statements include, among others, there will be no material variations in current regulatory environments in which the Company operates; the perceived benefits from the Company’s blockchain solutions will be as expected; and the Company will be able to obtain any necessary financing on acceptable terms. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company will be unable to efficiently build the blockchain solutions; the risk that there may be negative changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not enough capital to complete the blockchain solutions; the risk that the Company may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs as a result of working on the blockchain solutions; the risk that the blockchain solutions may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make the blockchain solutions obsolete; risks relating to regulatory changes or actions which may impede the development or operation of the blockchain solutions; the risk that other competitors may release similar blockchain solutions; and other general risks involved in the blockchain solutions. Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure materials, including its reports filed with the SEC and the Canadian securities regulators and which can be obtained from either at www.sec.gov or www.sedar.com.
Any of these risks may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. The Company does not assume any liability for disclosure relating to any other company mentioned herein.
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