SMC/Genesis Posts Second Quarter 2022 Financial Statements Six Months 2022 Revenues of $10.7 Million and Gross Profit of $2.2 Million

Rhea-AI Summary

SMC Entertainment (OTC: SMCE) released its financial results for the first half of 2022, reporting revenues of $10,706,514 and a gross profit of $2,213,888. The company incurred a cost of revenues of $8,492,626. As of June 30, 2022, SMC had cash on hand amounting to $518,631 and accounts receivable of $628,821. President Erik Blum emphasized the company’s focus on organic growth and upcoming acquisitions in both Australia and the U.S., with plans to file audited financial statements to achieve SEC reporting issuer status.

Positive

• Total revenues for the six-month period reached $10,706,514.
• Gross profit for the six months was reported at $2,213,888.
• Plans for future acquisitions in Australia and the U.S. indicate potential growth.

Negative

• Cost of revenues was high at $8,492,626, impacting overall profit margins.

Charleston, SC, Aug. 23, 2022 (GLOBE NEWSWIRE) -- SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) and its majority-owned subsidiary, Genesis Financial, Inc. (“Genesis”) – a rapidly growing integrated financial technology company (“Fintech”) with a full suite of digital financial services solutions, are pleased to announce the filing of second quarter ending June 30, 2022 financial statements. Highlights of the Company’s consolidate unaudited six months of 2022 financial performance:

• Revenues for 6-month period $10,706,514
• Cost of revenues for 6-month period $8,492,626
• Gross profit for 6-month period $2,213,888
• Cash on hand as at June 30, 2022 was $518,631
• Accounts receivable as at June 30, 2022 was $628,821
  
  

Erik Blum, the Company’s President, expounded: “Our first half of 2022 financial performance reflect our relentless efforts to grow the business organically. We continue to execute our business plan on a number of fronts that will include acquisitions in Australia and the United States. We look forward to the second half of 2022.”

“The Company is working diligently to complete its audited financial statements for fiscal years 2020 and 2021. Upon completion, we will file required documentation with the SEC to attain reporting issuer status. In tandem, the Company will initiate corporate actions to change its name and trading symbol to reflect its Fintech-based business plan.”

About Genesis Financial, Inc.
Genesis, with 23 employees under its purview along with 120 financial consultants, advisors, and representatives, is a rapidly growing integrated financial technology company with a full suite of digital financial services solutions. Genesis, focusing on fintech-powered wealth management services, operates its business through two Australian regulated entities in wealth management, tax and accounting advisory services. The two operating subsidiaries are the Ballast Group and The Financial Link Group. For more information, visit www.ballast.com.au and www.tflg.com.au. The Australian Wealth Management industry has over 25,000 financial advisors managing 2.2 million investors. The annual fees generated by the Wealth Management industry is close to $3.9 billion. According to AITE (2020) at least 10 million adults are underserved or not served at all by the Australian Financial Advisors. Genesis has firmly positioned itself to acquire and consolidate to expand in Australia's fragmented Independent Dealer Group business sector.

About SMC Entertainment, Inc.
SMC is a versatile holding company focused on acquisition and support of proven commercialized financial services and technology (fintech) companies. SMC's multi-discipline growth by acquisition approach is to enhance revenues and shareholder equity. For more information on SMC, visit www.smceinc.com.

Press Release Contact:
Erik Blum
Managing Member
J W Price LLC
561-699-9790

Safe Harbor Statement
This press release contains statements, which may constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company, members of its management, and assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.

FAQ

What were SMC Entertainment's revenues for the second quarter of 2022?

SMC Entertainment reported revenues of $10,706,514 for the six months ending June 30, 2022.

What is the gross profit reported by SMC Entertainment for 2022?

The gross profit for SMC Entertainment for the first half of 2022 was $2,213,888.

What is SMC Entertainment's plan for achieving SEC reporting status?

SMC Entertainment plans to complete its audited financial statements for 2020 and 2021 to attain SEC reporting issuer status.

How much cash did SMC Entertainment have on hand as of June 30, 2022?

As of June 30, 2022, SMC Entertainment reported cash on hand of $518,631.

What future acquisitions is SMC Entertainment planning?

SMC Entertainment is looking to pursue acquisitions in Australia and the United States as part of its growth strategy.