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READEN HOLDING CORPORATION (OTC PINK: RHCO) ANNOUNCES FILING OF MARCH 31, 2023 FINANCIAL STATEMENTS WITH OTC MARKETS, REVENUE UP 72%, EARNINGS UP 129%
READEN HOLDING CORPORATION (OTC PINK: RHCO) ANNOUNCES FILING OF MARCH 31, 2023 FINANCIAL STATEMENTS WITH OTC MARKETS, REVENUE UP 72%, EARNINGS UP 129%.
About this update from Readen Holding Corp.
[{"type":"text","content":"READEN HOLDING CORPORATION (OTC PINK: RHCO) ANNOUNCES FILING OF MARCH 31, 2023 FINANCIAL STATEMENTS WITH OTC MARKETS, REVENUE UP 72%, EARNINGS UP 129%READEN HOLDING CORPORATION (OTC PINK: RHCO), a Venture Capital Corporation which is active in the Fintech, Online Payment, and E-commerce industries, today announced the submission of its financial statements for the quarter ending March 2023 to OTC Markets Disclosure & News Service. The Company reported strong financial results, with a revenue increase of 72% as compared to the previous quarter, which reflects a remarkable year-over-year increase of 2,733%. In addition, RHCO achieved a profit of $1,886,501 for this period, representing a significant increase of 129% compared to the last quarter.The strong performance was primarily driven by the growing activities of Neckermann Direct (www.neckermanndirect.eu), RHCO’s B2C E-commerce Platform. The Company successfully relaunched Neckermann Direct last year, transforming one of the most well-known retail brands in Europe, with a 70-year legacy, into a global E-commerce front-runner. This platform offers a gateway for Asian merchants and products to enter the European markets, and with over 150,000 products available, the platform has experienced tremendous growth in sales. Furthermore, in 2Q 2023, Neckermann Direct started penetrating the American markets, and the Company anticipates further growth in the coming months.In addition to Neckermann Direct, another key contributor to RHCO in 1Q 2023 was Readies, the eVoucher payment system developed and operated by Ares Technology Limited, a subsidiary of RHCO. Since its initial launch in late 2021, Readies has gained popularity among online merchants across Europe, as it provides a secure and convenient payment platform that meets the needs of both merchants and customers. The Company has announced that a new version of Readies 3.0, which incorporates blockchain technologies, will be launched this month. With advanced security and enhanced features, the Company anticipates a significant increase in the number of merchants and customers utilizing Readies. It is projected that in 12 months, Readies will generate between 50M to 100M EUR in revenue per month, with an average profit margin of 1% to 2%.The Company also announced that, in accordance with new accounting standards, 10M USD of...