GEMXX CORPORATION POSTS POSITIVE QUARTERLY RESULTS OF OPERATIONS

Rhea-AI Summary

GEMXX Corporation (OTC: GEMZ) reported positive quarterly revenues, highlighting significant growth and a robust foundation for future expansion. The company's net income surged to $416,536, up from $184,225 in the same quarter last year, while accounts receivable rose to $509,171. Current liabilities increased to $894,505, but long-term liabilities decreased to $0. GEMXX is witnessing increased sales as global markets reopen, and the management anticipates continued revenue growth moving forward.

Positive

• Net income increased to $416,536 from $184,225 year-over-year.
• Accounts receivable rose to $509,171 compared to $422,668 last year.
• Total assets increased by $1,396,979 to $19,235,638.
• Long-term liabilities reduced to $0 from $237,867.

Negative

• Current liabilities increased significantly to $894,505 from $232,823.

Las Vegas, NV, Aug. 16, 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.

“We are very pleased with the performance of Company.” 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 teams 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 are 100,884,372. The Quarter’s Account Receivables have increased to $509,171.00 compared to the same Quarter last year which was $422,668.00.  Net Income increased to $416,536.00 compared to $184,225.00 in the same Quarter the previous year. Current liabilities have increased to $894,505.00 as compared to $232,823 from the same quarter last year. Total Long-Term liabilities have been reduced to $0.00 as compared to $237,867.00 last year. The Total Assets of the Company have increased year over year by $1,396,979 to $19,235,638.00.

“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 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's quarterly revenues for the reported period?

GEMXX Corporation reported positive quarterly revenues with a net income of $416,536.

How much did GEMXX's accounts receivable increase?

GEMXX's accounts receivable increased to $509,171, up from $422,668 in the previous year.

What is the status of GEMXX's long-term liabilities?

GEMXX has reduced its long-term liabilities to $0, down from $237,867 last year.

How have GEMXX's total assets changed?

GEMXX's total assets increased by $1,396,979 to a total of $19,235,638.

What does GEMXX expect regarding future revenues?

GEMXX expects continued revenue growth as global markets reopen and sales orders increase.