GEMXX CORPORATION POSTS POSITIVE QUARTERLY RESULTS OF OPERATIONS

Rhea-AI Summary

GEMXX Corporation (OTC: GEMZ) reported significant financial improvements for the quarter ending November 17, 2022. Net income rose to $126,360, a turnaround from a loss of $613,173 in the previous year. Total long-term liabilities were eliminated, down to $0, while total assets increased to $18,068,909—a year-over-year rise of $1,281,484. The company is actively pursuing capital through a Tier 1 filing to raise up to $6 million. GEMXX aims to leverage strategic partnerships to enhance its growth trajectory in the coming year.

Positive

• Net income increased to $126,360 from a loss of $613,173 in the previous year.
• Total assets rose by $1,281,484 to $18,068,909.
• Total long-term liabilities reduced to $0 from $226,759.
• Accounts receivables increased to $688,480 from $323,670 year-over-year.
• The company is pursuing a Tier 1 filing to raise up to $6 million.

Negative

• None.

Las Vegas, NV, Nov. 17, 2022 (GLOBE NEWSWIRE) -- GEMXX Corporation (OTC: GEMZ) $GEMZ; (“the Company”), a leader in the Ammolite Gemstone Mine to Market Segment, Posts Positive Quarterly Revenues

The Company is highlighting significant achievements solidifying its strong foundation for aggressive growth in the coming year.

“The company has filed its Tier 1, Form 1A to raise up to $6,000,000 USD. Dealer-Broker and BlueSky compliance services have been procured from independent third-party experts to support the company’s capital raising efforts.” commented Jay Maull, CEO; “As the company awaits final approval for its Tier 1 filing from regulatory bodies, we are excited to work with these two partners to prepare GEMXX for its next growth phase.”

Shares issued and outstanding are 96,866,845. The Quarter’s Account Receivables have increased to $688,480.00 compared to the same Quarter last year which was $323,670.00.  Net Income increased to $126,360.00 compared to a loss of $613,173.00 in the same Quarter the previous year. Total Long-Term liabilities have been reduced to $0.00 as compared to $226,759.00 last year. The Total Assets of the Company have increased year over year by $1,281,484 to $18,068,909.00.

“The company continues to build a solid foundation for growth and expansion.” Stated Jay Maull, GEMXX Corporation, CEO. “We continue to focus on growth by working with strategic partners and customers alike to supply stores for the upcoming holiday season. This is done with hard-work and determination supplemented by the company’s ability to offer great Ammolite jewelry designs.”

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 is a leading producer of top-quality finished Ammolite and Ammolite jewelry. 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. Visit www.gemxx.com for more information.

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:  Jay Maull
ir@gemxx.com
www.gemxx.com

FAQ

What were GEMXX Corporation's latest financial results?

GEMXX Corporation reported a net income of $126,360 for the quarter, compared to a loss of $613,173 in the previous year.

How much has GEMXX Corporation's total assets increased?

Total assets increased by $1,281,484 to $18,068,909 year-over-year.

What is GEMXX Corporation's plan for capital raising?

GEMXX Corporation is filing a Tier 1 Form 1A to raise up to $6 million.

How has GEMXX Corporation's debt situation changed?

GEMXX Corporation has reduced its total long-term liabilities to $0 from $226,759 over the past year.

What are the accounts receivables for GEMXX Corporation?

Accounts receivable increased to $688,480 compared to $323,670 in the same quarter last year.