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 -- November 1, 2022 -- InvestorsHub NewsWire --
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.
For media queries, please contact:
Media@Coinllectibles.Art
About Cosmos Group Holdings Inc
Cosmos is a business group that operates in two business
segments:
- Arts and Collectibles
- Financing
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.
Website: www.coinllectibles.art
Facebook: https://www.facebook.com/Coinllectibles
Instagram: https://www.instagram.com/coinllectibles/
Twitter: https://twitter.com/coinllectibles
LinkedIn: https://www.linkedin.com/company/coinllectibles
Telegram: https://t.me/Coinllectibles
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™.
Cosmos (PK) (USOTC:COSG)
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