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Grom Social Enterprises, Inc. (OTCQB: GRMM) reported a strong first quarter for 2021, showing a 45% increase in revenues to $1.87 million compared to the same period in 2020. Gross profit rose 58% to $1.07 million, while the loss from operations improved to $710,849. Despite a net loss of $2.31 million, largely due to non-cash charges, the company announced a 24.8% increase in total stockholders' equity to $10.73 million. Grom is also focused on growth through its planned acquisition of Curiosity Ink Media.
Grom Social Enterprises, Inc. (OTCQB: GRMM) announced a binding letter of intent to acquire Curiosity Ink Media. Curiosity will launch Santa.com in Q4 2021, a unique online platform designed for holiday gifting, targeting the growing $1 trillion holiday retail market. The platform aims to enhance the holiday experience for children and simplify gift purchasing for parents. Curiosity also announced plans for an animated holiday special inspired by classic festive tales.
Grom Social's ambassador, 19-year-old Caroline Marks, will represent the US in the inaugural Olympic surfing competition at Tokyo 2020, scheduled for July 25, 2021. As she trains, she will share her journey and tips on the Grom app, aimed at children under 13. Marks, a victim of bullying, emphasizes safety online and inspires kids to pursue their dreams through hard work. Grom Social, created by Marks' family, provides a secure platform for kids and encourages fitness and healthy digital citizenship. Zach Marks, Grom's founder, anticipates increased user growth during this Olympic period.
Caroline Marks, a 19-year-old surfer from Melbourne Beach, will be the youngest competitor on the inaugural US Women’s Olympic Surfing Team in Tokyo this summer. As part of her preparation, she will share her journey, including training and surfing tips, with Grom Social's users, promoting safety and fitness among children online. Grom Social, an interactive app for kids under 13, has seen increased interest in Marks, who is a top search among new users. The Olympics are set for July 23 to August 1, 2021, with surfing events starting July 25.
Grom Social Enterprises, Inc. (OTCQB: GRMM) has signed a binding letter of intent to acquire Curiosity Ink Media, LLC, enhancing its portfolio in original content for children. The acquisition is aimed at strengthening Grom's capacity in animation, social media, and educational services. Two Nickelodeon veterans, Russell Hicks and Paul Ward, have been appointed to lead various divisions. The deal is expected to unlock opportunities for cross-platform synergies and original programming development.
Grom Social Enterprises (OTCQB: GRMM) announced that its subsidiary, Top Draw Animation, qualified for financial incentives under the Film Location Incentive Program (FLIP) in the Philippines for the animated series Bionic Max. The show, which follows a bionic guinea pig, is set to air at the end of 2021 and is being produced for Gaumont Animation. CEO Darren Marks expressed optimism about a strong Q4 and 2021 as delayed projects are being rescheduled, signaling recovery for major studios post-COVID-19.
Grom Social Enterprises (OTCQB: GRMM) reported significant user engagement growth for August 2020, with a 127% increase in new user growth and a 208.8% rise in 30-day engagement compared to the previous month. The company now boasts 20 million total users, including 11 million children and 9 million parents. The press release also addressed California's Bill AB 1138, requiring parental consent for children under 13 using social media. Grom emphasizes its compliance with COPPA, and aims to provide a safer alternative to mainstream platforms.
Grom Social Enterprises (OTCQB:GRMM) will present at the LD 500 investor conference on September 2 at 12:00 PM PDT. The company focuses on providing a safe social media platform for children under 13, supporting parental monitoring. Key highlights include:
- New app releases on iOS and Google Play
- 70% increase in user growth during the pandemic
- 20 million total users, including 11 million kids
- $8.3 million in reported sales as of December 31, 2019
For additional details, visit Grom's website.
