Net Revenue Spikes 1534% to $8 Million and Total Revenue Rises 233% to $12 Million for Cosmos Group’s 2022 Q3 as Compared to Prior Year
The arts and collectibles technology segment of the Group is showing strong growth with the first nine months revenue for 2022 at US$8,051,436. It is a 1,534% increase as compared to 2021’s figures of just US$524,868.
SINGAPORE, Nov. 1, 2022 /PRNewswire/ — Metaverse Blockchain company Coinllectibles™️, a fully owned subsidiary of Cosmos Group Holdings Inc. (OTC: COSG), is pleased to announce that the Group has released the latest financial results for 2022 Q3.
Some of the financial highlights are:
- As at end 2022 Q3, Cosmos Group made a total revenue of US$12,884,869 and had about US$1.97million cash on hand. The comprehensive loss for the first nine months was US$90.26million, US$86.4million of which consisted of a one-time share based compensation payment in 2022 Q1.
- Total assets of the Group was at US$43.97million, which included approximately US$18.45million of loans receivables and US$15.58million of intangible assets, while the total liability was only at US$29.15million.
- The lending segment accounted for US$4,833,433 of net revenues during the nine months ended September 30, 2022, as compared to US$4,985,476 for the same period in 2021. This represents a marginal decrease of about US$152,043, or 3%, and demonstrates the stability of our lending segment. For the same period, total operating expense was approximately US$2.81million – which translates to a lending segment income of US$1.03million.
- The arts and collectibles technology was responsible for over a majority of the revenue growth of the Company, with US$8,051,436 of net revenues during the nine months ended September 30, 2022, as compared to US$524,868 for the same period in 2021, representing a significant increase of approximately 1,534%. For the same period, the total operating expense was approximatley US$97.76million – which translates to a segment loss of US$90.85million.
Commenting on the 2022 Q3 results, Toby O’Connor, CEO for Coinllectibles, said, “I would say that this is a very encouraging result. We have seen very strong growth in our arts and collectibles segment, with more than US$8million in revenues in the last 9 months. Making these results more significant, is that this growth is amidst a backdrop of an overall ‘market winter’.”
“I would also like to share my thoughts on the expense side of things. In 2022 Q3, our Group’s operating expense was about US$10.63million. In my view, this is the kind of expense level that we aim to maintain at. By maintaining our cost while supercharging our arts and collectibles revenue growth, we really want to reach a sustainable point – which will help us ride through any unforeseen market uncertainties,” Toby added.
For more information on Coinllectibles as well as the latest 10Q results, please visit www.coinllectibles.art.
Forward Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions. These forward-looking statements may include, but are not limited to, statements regarding future business activities including the expansion into the decentralized financing space. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated with operating a business in Singapore and Hong Kong, risk of interference by the PRC government, ability to compete, that financial resources do not last for as long as anticipated, and that COSG is a holding company that may not realize the expected benefits of DOT’s offered by Coinllectibles™️. A further list and description of these risks, uncertainties and other risks can be found in COSG’s regulatory filings with the U.S. Securities and Exchange Commission, including in its annual report on Form 10-K filed on April 15, 2022. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. COSG undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.
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About Cosmos Group Holdings Inc
Cosmos is a business group that operates in two business segments:
- Arts and Collectibles
Through Coinllectibles™, the group provides authentication, valuation and certification (AVC) service, sale and purchase, hire purchase, financing, custody, security and exhibition (CSE) services to art buyers through traditional channels, as well as through leveraging blockchain technology through the creation of digital ownership tokens (DOTs).
With subsidiaries licensed under Hong Kong’s Money Lenders Ordinance, the group currently primarily provides unsecured personal loan to private individuals, with a small portfolio of mortgage loans. The group is integrating the two business segments by offering secured financing services to prospective art and collectibles purchasers to provide a one-stop arts and collectibles purchasing and financing experience.
About the Company – Coinllectibles™️
Coinllectibles™️ is a technology company supporting the collectibles industry with a focus on rare memorabilia and artworks that exist and have intrinsic value in the real world, whether tangible or intangible in nature.
Coinllectibles™️ applies blockchain, marketplace, metaverse and DOT technologies as tools to disrupt and enhance the real world collectibles industry. The technology underpinning DOTs (digital ownership tokens) has multiple functional use cases that Coinllectibles™️ is applying to areas including art, sports, watches, numismatics, limited edition toys, limited edition fashion wear and sneakers. DOTs have the power to transform our societies and some areas may be subject to regulations. Coinllectibles™️ uses DOT technology solely to provide a legally-binding digital ownership token (DOT) to a tangible or intangible collectible.
About Coinllectibles™️ Fusion DOT
Coinllectibles™️ prides the Fusion DOT as the industry “Gold Standard”. Being a Gold Standard, a Fusion DOT contains the following on Arweave – (1) a sale and purchase agreement reflecting the purchase, by the person minting the Fusion DOT™️, of the underlying asset at a fair value with all rights and restrictions clearly detailed, (2) bailment terms governing the rights to possession whilst the underlying asset remains with Coinllectibles™️, (3) a transfer deed reflecting the transfer of the ownership of the underlying asset (together with all rights and restrictions) by the transferor to the holder of the Fusion DOT™️, (4) ownership title deed written into the description of the Fusion DOT™️ and (5) the unequivocal identification file of the underlying asset, whose ownership is reflected in the title deed represented by the Fusion DOT™️.
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SOURCE Cosmos Group Holdings Inc.