Tokens.com Announces Q3 2021 Financial Results
Tokens.com Corp. reports strong Q3 2021 results with a 65% growth in digital asset inventory. The company achieved a net income of
- 65% growth in digital asset inventory during Q3.
- Net income of $4.1 million or $0.05 per share.
- Comprehensive income of $6.3 million or $0.08 per share.
- Earned staking rewards valued at $719,051 for Q3.
- Purchase agreement for a 50% stake in Metaverse Group.
- Operating expenses for Q3 amounted to $600,613, while operating losses were reported for the nine months at $3,003,112.
- A one-time expense of $1,108,883 was incurred for the Q2 listing.
All dollar figures are in
Q3 2021 Highlights:
-
65% growth of digital asset inventory during Q3. -
Net income of
or$4.1 million per share ($0.05 CAD or$5.2 million CAD per share).$0.06 -
Comprehensive income of
or$6.3 million ($0.08 CAD or$7.9 million CAD per share).$0.10 -
Earned staking rewards valued at
($719,051 CAD ) and$913,194 ($1,532,741 CAD ) for the three and nine months ended$1,946,581 September 30th , respectively. - Purchase of additional tokens during Q3 - Axie Infinity Shards, Ethereum, Polkadot and Smooth Love Potion.
-
Commencement of trading in
the United States on the OTCQB venture market under ticker symbol “SMURF”. -
Appointment of
Ian Fodie as Chief Financial Officer. - Introduction of new brand identity and redesigned website.
-
Announced agreement to purchase a
50% stake inMetaverse Group , one of the world’s first virtual real estate companies (closedOctober 15, 2021 ).
Tokens.com’s philosophy is to bring the fastest growing areas of crypto and blockchain to public market investors. Management has identified crypto staking and the metaverse as the two most exciting and fastest growing areas in blockchain. Our strategy is to continue to buy assets in these sectors and use technology to earn revenue from those assets.
During Q3, there was a pronounced recovery in cryptocurrency markets from the correction experienced during Q2. In addition, the one-time expenses incurred during Q2 related to the legal and administrative costs of going public were behind us. Management was also successful in keeping operating and overhead costs low.
During Q3,
As a result of the increased demand for our common shares, the Company announced a private placement financing on
Q3 was our second quarter as a public company and our first full quarter with the proceeds from our
Price at |
||||||||
Token |
|
|
|
|||||
Bitcoin |
$ |
35,040.84 |
$ |
43,790.90 |
$ |
61,888.83 |
||
Ethereum |
$ |
2,274.55 |
$ |
3,001.68 |
$ |
4,325.65 |
||
Polkadot |
$ |
16.40 |
$ |
28.58 |
$ |
42.75 |
||
Binance |
$ |
303.30 |
$ |
387.06 |
$ |
527.92 |
||
|
$ |
0.06 |
$ |
0.16 |
$ |
0.19 |
||
Management is confident that the digital assets it owns are linked to the macro growth in DeFi and NFTs. Consequently, we view the potential for ongoing appreciation of these assets to be high.
Q3 2021 Financial Review |
||||||
|
Three months ended
|
Nine months ended
|
||||
Revenue |
$ |
448,976 |
$ |
754,575 |
||
Gross profit |
|
433,282 |
|
724,288 |
||
Operating expenses |
|
600,613 |
|
3,003,112 |
||
Revaluation of digital assets |
|
6,309,963 |
|
(324,335) |
||
Net income (loss) |
|
4,112,756 |
|
(4,561,758) |
||
Comprehensive income (loss) |
|
6,250,431 |
|
(2,333,538) |
||
Net income (loss) per share |
0.05/ |
|
||||
Comprehensive income (loss) per share |
0.08/ |
|
||||
Included in operating expenses for the nine months ended
“Tokens.com continues to compound its revenue by re-staking the tokens it receives as revenue to create higher returns on capital. We believe this strategy will allow us to grow our digital asset inventory and position it for positive and compounding appreciation as the market continues to grow,” said
A complete financial reporting package, including the Condensed Interim Consolidated Financial Statements and Management’s Discussion & Analysis, is available on our corporate website (www.tokens.com), and the SEDAR website (www.sedar.com).
An investor call has been scheduled to discuss the Company’s Q3 2021 financial results, hosted by CEO
Date:
Time:
Dial-In: 1 (800) 697-5978
Passcode: 7469627#
Financing
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About
Further information can be found on the Company’s website:
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This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of cryptocurrencies, as described in more detail in our securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211105005181/en/
Telephone: +1-647-578-7490
Email: contact@tokens.com
Email: contact@tokens.com
Media Contact:
Email: megan@talkshopmedia.com
Source:
FAQ
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