Tokens.com Reports Operating and Financial Results for Q2 2022
Tokens.com Corp. (OTCQB: SMURF) reported a Q2 2022 revenue of $251k, up from $201k in Q2 2021. Despite the revenue growth, the company faced significant challenges, including a non-cash revaluation loss of digital assets amounting to $12.5 million and a realized loss of $1.7 million from digital asset disposition. The net loss for the quarter was $11.5 million, with a net loss per share of $0.12. Management remains focused on expanding its business segments amid adverse market conditions.
- Revenue increased to $251k, up from $201k in Q2 2021.
- Acquired Decentraland's Music District and hosted Miami Fashion Week in Decentraland.
- Non-cash revaluation loss of $12.5 million due to cryptocurrency price declines.
- Net loss of $11.5 million, compared to $8.5 million in Q2 2021.
- Realized loss on disposition of digital assets reached $1.7 million.
All dollar figures are in
Q2 2022 Highlights:
-
Revenue increased to
$251 k$201 kJune 30, 2021 (“Q2-2021”). -
Non-cash revaluation loss of digital assets of
$12.5 million $6.7 million -
Realized loss on disposition of digital assets of
$1.7 million $0.3 million -
Net loss, attributable to
Tokens.com , of$11.5 million $8.5 million $0.12 $0.13 -
Acquired Decentraland’s
Music District -
Hosted Miami Fashion Week in Decentraland’s
Fashion District -
Entered an exclusive partnership with the
Democratic Republic of Congo to identify and train a workforce of crypto gaming players - Integrated Fireblocks, MPC- based custody solution to improve security and reporting management
Through sharing resources and infrastructure across these three business segments,
As a result of our businesses owning cryptocurrency assets,
Q2 2022 was not a good quarter for cryptocurrencies or the digital assets owned by
“2022 has been a challenging year for capital markets and for crypto,” said
Since the end of Q2 2022, the crypto markets have improved. For example, the staking assets and tokens owned by the Company have increased by approximately
| For the periods ended |
Three Months Ended | Six Months Ended | ||||||||||||||
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|||||
| Revenue | $ |
250,714 |
|
$ |
203,990 |
|
$ |
577,034 |
|
$ |
305,599 |
|
||||
| Operating expenses | $ |
(752,780 |
) |
$ |
(2,154,114 |
) |
$ |
(1,689,017 |
) |
$ |
(2,417,092 |
) |
||||
| Loss on disposition of digital assets |
|
(1,692,878 |
) |
|
(287,659 |
) |
|
(1,959,421 |
) |
|
(264,349 |
) |
||||
| Loss on revaluation of digital assets |
|
(12,464,278 |
) |
|
(6,724,843 |
) |
|
(14,765,967 |
) |
|
(6,724,843 |
) |
||||
| Net loss | $ |
(11,885,782 |
) |
$ |
(8,537,342 |
) |
$ |
(4,119,889 |
) |
$ |
(8,674,514 |
) |
||||
| Net loss per share | $ |
(0.12 |
) |
$ |
(0.13 |
) |
$ |
(0.04 |
) |
$ |
(0.16 |
) |
||||
| As At | ||||||||||||||||
| (CAD thousands) | ||||||||||||||||
| Financial position | ||||||||||||||||
| Cash | $ |
5,738,505 |
|
$ |
9,741,810 |
|
||||||||||
| Total digital assets |
|
14,098,281 |
|
|
30,434,312 |
|
||||||||||
| Total assets |
|
22,809,995 |
|
|
43,548,227 |
|
||||||||||
| Total liabilities |
|
2,750,167 |
|
|
17,418,688 |
|
||||||||||
| Total shareholder's equity |
|
20,059,828 |
|
|
26,129,539 |
|
||||||||||
| Working Capital (i) |
|
18,959,349 |
|
|
38,669,789 |
|
||||||||||
| (i) Calculated as current assets less current liabilities. | ||||||||||||||||
Q2 2022 Financial Review
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 hosted by CEO
Date:
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PIN: 83349366#
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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/20220815005737/en/
Telephone: +1-647-578-7490
Email: contact@tokens.com
Email: contact@tokens.com
Media Contact:
Email: ali@talkshopmedia.com
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