Majic Reports First Consolidated Financials with Revenues of 6.28 Million in Revenues & 173 Million in Assets
Majic Wheels Corp. (MJWL) has announced its first consolidated financial statements post-acquisition of CGCX. For Q3 2021, revenues reached USD 6,277,704, with an EBITDA of USD 2,002,819 and net income of USD 1,674,225. The company's total assets stand at USD 173,354,165 against liabilities of USD 5,429,213. The management expresses pride in the CGCX team's performance, believing that growth momentum will continue into future quarters.
- Q3 2021 revenues of USD 6,277,704, a significant increase.
- EBITDA of USD 2,002,819 indicating strong operational performance.
- Net income of USD 1,674,225, reflecting profitability.
- Total assets of USD 173,354,165, providing financial stability.
- None.
Houston, Texas, Nov. 19, 2021 (GLOBE NEWSWIRE) -- Majic Wheels, Corp. (OTC Pink: MJWL) ("Majic" or the "Company"), a Delaware corporation, that is positioning itself as a player in the disruptive industries of fintech and software development. Majic’s CGCX subsidiary has a Digital Asset Platform that brings value from the diversified business model and security to the clients through insurance and infrastructure offering services such as Crypto Exchange, Digital Custody Services and Token Listing Platform under one-fold and developing various software solutions for the broad blockchain industry.
The Company is happy to report that it has posted its first consolidated financial statements since the acquisition of CGCX.
Key Highlights:
- Revenues for the 3rd quarter of 2021: USD 6,277,704
- EBITDA for the 3rd quarter of 2021: USD 2,002,819
- Net Income for the 3rd quarter of 2021: USD 1,674,225
- USD 173,354,165 in total assets and USD 5,429,213 in total liabilities.
Total revenue for the third quarter (2021-Q3) and the combined previous two quarters (2021-Q2 and 2021-Q1): USD 6,277,704 and USD 5,117,136 respectively.
“We are proud of the results of the CGCX team. The growth and results both met and exceeded our expectations and projections. said David Chong, Chief Executive Officer of Majic Wheels, Corp.
Dr. Vin Menon, Co-Founder and Strategic Advisor of CGCX added: “We continue to have momentum in our growth and our path remains clear. We believe this growth will continue into the coming quarter and next year. We are proud of the accomplishments of CGCX and the value we are creating for the shareholders”.
About Majic Wheels Corp.
Majic Wheels Corp., a Delaware corporation, that is positioning itself as a player in the disruptive industries of fintech and software development. Majic’s CGCX subsidiary has a Digital Asset Platform that brings value from the diversified business model and security to the clients through insurance and infrastructure offering services such as Crypto Exchange, Digital Custody Services and Token Listing Platform under one-fold and developing various software solutions for the broad blockchain industry. Majic Wheels Corp. is listed and traded on the OTC Markets under the trading symbol "MJWL".
For more information about the Company visit:
Our OTC Markets Profile: https://www.otcmarkets.com/stock/mjwl/overview
Our website is: https://majiccorp.co/
Our Twitter account is: https://twitter.com/MajicCorp
Our Discord: https://discord.gg/apolloassets
About CGCX Ltd.
Founded in 2018, Calfin Global Crypto Exchange CGCX set out to offer a highly sophisticated cryptocurrency exchange for a seamless & secure crypto trading experience. Unlike most exchanges that offer only cryptocurrency trading, CGCX caters to the larger blockchain community by providing four services under a single platform.
CGCX Website: https://www.cgcx.io
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.
SOURCE: Majic Wheels Corp.
FOR MORE INFORMATION, PLEASE CONTACT:
David Chong
Email: info@majiccorp.co
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