GGTOOR Balance Sheet Improves 48,344%, Revenues up 582%, Year End Financials Posted

Rhea-AI Summary

GGTOOR, Inc. (OTCMKTS:GTOR) has released its annual financial report for the period ending May 31, 2022, showing significant growth. The company improved its balance sheet by 48,344%, reaching $103,191,919, up from $213,012 in the previous year. Revenues surged by 582%, totaling $92,399, and other income increased by 736% to $80,887. While operational losses decreased by 56%, equity compensation fell substantially, and interest expenses dropped 83%. CEO John Whitman highlighted expectations of over $300 million in revenue from new inventory sales.

Positive

• Balance sheet improved by 48,344% to $103,191,919.
• Revenues increased 582% to $92,399.
• Operational losses decreased by 56% to ($1,352,998).
• Other income rose 736% to $80,887.
• Interest expenses declined 83% to $95,654.

Negative

• Loss per share improved to ($0.01) due to dilution.
• Low registration numbers caused cancellation of several tournaments.

THOMASVILLE, GA, June 21, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – GGTOOR, Inc., (OTCMKTS:GTOR) (“GGTOOR, Inc.,”, “GTOR”, or the “Company”), an emerging leader in the eSports markets, announces the Company has posted its annual financial disclosure on OTCMarkets.com for the period ended May 31, 2022. To access the report please hit the following link: https://www.otcmarkets.com/otcapi/company/financial-report/337802/content

The Company experienced tremendous growth for the period ended May 31, 2022, from May 31, 2021. During that period, the Company improved its balance sheet 48,344% or $103,191,919 at May 31, 2022, increased from $213,012 at May 31, 2021. Revenues increased 582% to $92,399 from $13,557 for the period. Equity compensation decreased from $1,966,500 to just $232,316 while employee cost slightly increased 31% from $424,914 to $554,872. General and administrative costs decreased by 8% going from $533,066 to $492,068. Loss from operations improved from ($3,052,766) period ended May 31, 2021, to ($1,352,998) for the period ended May 31, 2022, or a 56% improvement. Other income which is income from sponsorships and advisory fees grew 736% to $80,887 from just $9,670. Basic and diluted income (loss) per share improved from ($0.05) per share to just ($0.01) per share. Interest expense was down 83% to $95,654 for the year ended May 31, 2022, from $555,838 for the year ended May 31, 2021.

John V Whitman Jr., GGToor Inc., CEO/President had this to say about year end financial results, “Overall I am pleased with the numbers. The transaction that caused the balance sheet to vastly improve will provide the Company with inventory that is immediately available for sale. If all inventory is sold at the initial offering price this fiscal year, corporate revenue would grow to over $300,000,000. Revenue has been an elusive creature during our developmental stage, but with the recent purchase of 4,144 parcels in TCG World that make up GGTOORCITY, the Company finally has a leg up on achieving substantial revenues. I was incredibly pleased with the improvement on the loss per share but keep in mind that dilution assisted in improving this number. Dilution is a double edged sword, it is absolutely necessary to grow the shareholder base, improve trading volume and absorb losses, but it makes maintaining a higher stock price challenging at best. Given GGToor has such a small team of professionals, the year ended May 31, 2022, financial performance over the year ended May 31, 2021, has been nothing short of fantastic. The Company has gone from holding just ten tournaments in 2020 to holding over 120 tournaments so far in 2022. Since inception the Company has held over 220 tournaments in total and has given away over $100,000 in cash and prizes.

The Company is currently trading at a market cap of around $8,500,000. With the improved financial condition of the Company and the 48,344% increase of the balance sheet to $103,191,919, it is my hope shareholders and potential shareholders will reward the Company with a considerably higher price per share. Whatever the share price or market cap is of GGToor, management will continue its relentless pace of growing the business and building shareholder value.”

The Company normally provides details on each tournament that took place during the week however due to low registration numbers Pokémon TCG and Smash Brothers events were rescheduled and League of Legends tournament, was canceled. The Company did hold YGO Master Dual #B tournament, but the numbers are not worthy of mentioning. This is the first week since the Company began holding tournaments the registration numbers were not sufficient to hold the events. One high point of the week is that our player base continues to show steady growth and our discord server grew to over 23,000 members this week!

Want to participate? Find the plan that best suits you! You can choose between the Bronze Plan, Gold Plan, and Diamond Plan: https://GGToor.com/join.php .  If you want to bring your team or friends to GGToor.com, or be a Tournament Organizer, we can support you and help you grow; you can reach a worldwide audience of similar-minded individuals that like to compete and have fun! You can be sure that GGToor.com is here to grow with you. Just follow the link to sign up as an organizer https://GGToor.com/organizerlogin.php If you have any questions about our events visit our socials; Discord https://discord.gg/GUhyZxFH8Q, twitter https://twitter.com/GGToor/, twitch https://www.twitch.tv/GGToor, and Facebook https://www.facebook.com/eShadowGaming

If your organization would like to be part of this growth and work with Shadow Gaming, contact us at luis@shadowgamingtv.com

About GTOR

GGTOOR, Inc., is engaged in the business of eSports. The Company is aggressively entering the Metaverse by having purchased enough virtual land, 2,144 parcels,  to form its own virtual city that will be called GGTOORCITY. The Company has held over two hundred twenty video game tournaments and has given away over $100,000 in cash and prizes. GGToor.com is continually being customized and upgraded, with the goal of becoming one of the most comprehensive gaming portals in the world. The Company is now accepting subscriptions from players, gamers, and tournament organizers. To register logon to https://GGToor.com/home.php .

Forward-Looking Statements. This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “likely,” “seek,” “project,” “model,” “ongoing,” “will,” “should,” “forecast,” “outlook” or similar terminology. These statements are based on and reflect our current expectations, estimates, assumptions and/ or projections as well as our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. There can be no assurance that our expectations, estimates, assumptions and/or projections, including with respect to the future earnings and performance or capital structure of GGTOOR, Inc.

For Additional Information Contact:
John V Whitman Jr.,
John@GGToorcorp.com
https://GGToorcorp.com/
https://GGToor.com/home.php

FAQ

What were the financial results of GGTOOR for the fiscal year ending May 31, 2022?

GGTOOR reported a balance sheet increase of 48,344%, revenues grew by 582%, and operational losses improved by 56%.

How much did GGTOOR's revenue increase?

GGTOOR's revenue increased by 582%, reaching $92,399.

What was the impact of dilution on GGTOOR's loss per share?

Dilution helped improve GGTOOR's loss per share from ($0.05) to ($0.01).

What are the future revenue expectations for GGTOOR?

GGTOOR expects revenue to exceed $300 million if all new inventory is sold at initial prices.

What caused the cancellation of GGTOOR's tournaments?

The tournaments were canceled due to low registration numbers.