Business
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
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.
About this update from Grand Gallery Inc.
[{"type":"text","content":"\n\n\n\nNet 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\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nNet 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\nPR Newswire\nSINGAPORE, Nov. 1, 2022\n\n\n\nThe 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. \nSINGAPORE, 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.\nSome of the financial highlights are:\nAs 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 in...