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GGTOOR Balance Sheet Improves 48,344%, Revenues up 582%, Year End Financials Posted
GGTOOR Balance Sheet Improves 48,344%, Revenues up 582%, Year End Financials Posted.
About this update from Ggtoor Inc.
[{"type":"text","content":"\n THOMASVILLE, GA, June 21, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – GGTOOR, Inc., (OTCMKTS:GTOR) (“GGTOOR, Inc.,”, “GTOR”, or the “Company”), an emerging leader in the eSports markets, announces the Company has posted its annual financial disclosure on OTCMarkets.com for the period ended May 31, 2022. To access the report please hit the following link: https://www.otcmarkets.com/otcapi/company/financial-report/337802/content The Company experienced tremendous growth for the period ended May 31, 2022, from May 31, 2021. During that period, the Company improved its balance sheet 48,344% or $103,191,919 at May 31, 2022, increased from $213,012 at May 31, 2021. Revenues increased 582% to $92,399 from $13,557 for the period. Equity compensation decreased from $1,966,500 to just $232,316 while employee cost slightly increased 31% from $424,914 to $554,872. General and administrative costs decreased by 8% going from $533,066 to $492,068. Loss from operations improved from ($3,052,766) period ended May 31, 2021, to ($1,352,998) for the period ended May 31, 2022, or a 56% improvement. Other income which is income from sponsorships and advisory fees grew 736% to $80,887 from just $9,670. Basic and diluted income (loss) per share improved from ($0.05) per share to just ($0.01) per share. Interest expense was down 83% to $95,654 for the year ended May 31, 2022, from $555,838 for the year ended May 31, 2021. John V Whitman Jr., GGToor Inc., CEO/President had this to say about year end financial results, “Overall I am pleased with the numbers. The transaction that caused the balance sheet to vastly improve will provide the Company with inventory that is immediately available for sale. If all inventory is sold at the initial offering price this fiscal year, corporate revenue would grow to over $300,000,000. Revenue has been an elusive creature during our developmental stage, but with the recent purchase of 4,144 parcels in TCG World that make up GGTOORCITY, the Company finally has a leg up on achieving substantial revenues. I was incredibly pleased with the improvement on the loss per share but keep in mind that dilution assisted in improving this number. Dilution is a double edged sword, it is absolutely necessary to grow the shareholder base, improve trading volume and absorb losses, but i...