GEMXX CORPORATION POSTS POSITIVE QUARTERLY RESULTS OF OPERATIONS

Rhea-AI Summary

GEMXX Corporation (OTC Pink: GEMZ) reported positive quarterly results, highlighting significant growth in revenues and net income. For the quarter, net income rose to $276,939 from $36,460 year-over-year. The company also saw a notable increase in accounts receivable, climbing to $458,172 from $20,290. Current liabilities decreased by 82.6%, from $1,500,224 to $260,304, enhancing the company's financial stability. CEO Jay Maull emphasized ongoing sales growth as markets reopen, driven by new supply agreements and multi-order deals, paving the way for continued success.

Positive

• Net income increased significantly to $276,939 from $36,460 year-over-year.
• Accounts receivable rose to $458,172 compared to $20,290 in the same quarter last year.
• Current liabilities decreased by 82.6%, from $1,500,224 to $260,304.
• Ongoing discussions with significant long-term clients suggest potential for continued revenue growth.

Negative

• None.

Las Vegas, NV, Nov. 04, 2021 (GLOBE NEWSWIRE) -- GEMXX Corporation (OTC Pink: GEMZ) (“GEMXX”) ($GEMZ) (“the Company”), a leader in the Ammolite Gemstone Mine to Market Segment, posts positive quarterly revenues and highlighting significant achievements solidifying its strong foundation for growth in the coming year.   

“We are very pleased with the performance of Company through this pandemic.” Stated Jay Maull, GEMXX Corporation, CEO. “We continue to build a solid base of reoccurring revenue by signing supply agreements and multi order deals. This is due to the team's hard-work and determination and the company’s ability to offer the best quality Ammolite Gems and Jewelry in this sector.”

Shares issued and outstanding remain the same at 97,466,757. The Quarter’s Account Receivables have increased to $458,172.00 compared to June 2020 of the same Quarter last year which was $20,290.00.  The Company’s Payables have decreased this quarter down to $177,628.00 as compared to last quarters $328,466.00 this is a notable decrease. Net Income of $276,939.00 compared to $36,460.00 in the same Quarter the previous year.  Total Current liabilities are down to $260,304.00 as compared to $1,500,224.00 from the same quarter last year representing a decrease of 82.6%. The Total Assets of the Company equal $18,409,188.00.

“With the world continuing to reopen, GEMXX is seeing an increase in sales orders from a number of sectors that were shut down as a result of the pandemic.” commented Jay Maull, CEO; the Company and management team are in ongoing discussions with a number of significant long-term clients and expect the revenues of the company to continue to increase quarter over quarter as tourism continues to reopen in key markets.

ABOUT GEMXX CORPORATION

GEMXX Corporation is a publicly traded, mine to market gemstone and jewelry producer with global reach that owns mining resources, production facilities, and operating assets. GEMXX controls each stage of its production including gemstone production, jewelry manufacturing and global distribution. GEMXX produces more top quality finished Ammolite than any Ammolite producer. The company’s world class gemstone cutters and jewelry designers are continuously leading the Ammolite industry in new and exciting directions. Our management team is made up of the industry's leading experts with a combined total of 160 years of Ammolite gemstone and jewelry business experience.

SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

For more information, press only:

GEMXX Corporation
PR CONTACT:  Kim Halvorson
IR@gemxx.com
www.gemxx.com

FAQ

What were GEMXX Corporation's recent quarterly revenues for GEMZ?

GEMXX Corporation reported a net income of $276,939 for the recent quarter.

How much did accounts receivable increase for GEMXX Corporation in the last quarter?

Accounts receivable increased to $458,172 from $20,290 in the same quarter last year.

What is the current status of GEMXX Corporation's liabilities?

Current liabilities for GEMXX Corporation decreased to $260,304, down 82.6% from $1,500,224 in the previous year.

What is the outlook for GEMXX Corporation's revenues?

The company expects continued revenue growth as tourism resumes and new supply agreements progress.