Business
FansUnite Reports Fourth Quarter and Full Year 2021 Financial Results and Announces Intention to Commence Normal Course Issuer Bid
FansUnite Reports Fourth Quarter and Full Year 2021 Financial Results and Announces Intention to Commence Normal Course Issuer Bid.
About this update from Fansunite Entertainment Inc.
[{"type":"text","content":"Full year 2021 revenue of C$5.60 million (2020: C$1.55 million), an increase of 260% over full year 2020Fourth quarter 2021 revenue of C$2.98 million (2020: C$0.76 million), an increase of 294% over fourth quarter 2020Full year 2021 unaudited consolidated revenue of C$22.3 million, inclusive of full year revenue generated from the recently acquired American AffiliateContinued growth into Q1 2022 with over $9.0 million of unaudited revenueVancouver, British Columbia--(Newsfile Corp. - May 2, 2022) - FansUnite Entertainment Inc. (CSE: FANS) (OTCQX: FUNFF) (\"FansUnite\" or the \"Company\") reported financial results for the fourth quarter and full year ended December 31, 2021. Full Year and Fourth Quarter 2021 Financial Highlights:Total revenue of C$5.60 million in full year 2021, as compared to C$1.56 million in full year 2020, an increase of 260%;Total revenue of C$2.98 million in the fourth quarter of 2021, as compared to C$0.76 million in the fourth quarter of 2020, an increase of 294%;Net loss for the year of C$17.0 million which includes non-cash expenses of C$7.59 million, as compared to C$13.5 million in full year 2020, which included non-cash expenses of C$9.10 million; The Company ended the quarter with cash and cash equivalents of C$13.97 million, as compared to C$4.43 million in 2020, an increase of 215% from the same period last year.Full Year 2021 Operational Highlights:Completed two oversubscribed brokered financings for approximately $38.0 million in order to expand operations and pursue M&A opportunities;Signed new white-label partner Money Line Sports Inc. for the Chameleon gaming platform;The Company listed on the OTCQX, the highest-tier of OTC markets;Received both B2C and B2B licenses from the UK Gambling Commission, enabling the Company to operate as a technology provider and an operator in the UK online gambling market;Continued to expand the leadership team with the appointment of industry veterans Anna Smith as Head of Compliance, Michael Lee as VP of Gaming, Chris Grove as CEO of American Affiliate, Sean Hurley as VP of Strategy of American Affiliate, Pearl Gallagher as CLO of American Affiliate, Denis Williams as Head of Payments, Jai Maw as President of Betting Hero, and Jeremy Jakary as SVP of Strategy of Betting Hero;Signed multiple data provider partnerships for the Chameleon iGaming Platform inc...