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SFLMaven Announces Financial and Operational Performance Highlights for the Three Months Ended March 31, 2022
SFLMaven Announces Financial and Operational Performance Highlights for the Three Months Ended March 31, 2022.
About this update from Sflmaven Corp.
[{"type":"text","content":"\n FORT LAUDERDALE, FL, May 11, 2022 (GLOBE NEWSWIRE) -- SFLMaven Corp. (OTC Pink: SFLM) (\"SFLMaven\" or the \"Company\") (www.sflmaven.com), a leading provider of high-end luxury goods, is pleased to provide a summary of financial and operational performance highlights for the three months ended March 31, 2022. “Our core jewelry business logged strong growth in Q1, with a steady flow of big auction results driving cash from operations, resulting in greater operational flexibility and the opportunity to establish strong growth in inventory,” commented Joseph Ladin, CEO of SFLMaven. “We were also able to make critical investments in future sales expansion as we move rapidly toward the launch of our Metaverse presence, where SFLMaven will become the world’s first native virtual dealership of high-end vintage digital jewelry NFT items for avatars.” Financial Performance Highlights for the Three Months Ended Mar 31 (unaudited) Total revenues of $2.93 million, up 7.5% year over yearTotal Assets of $2.4 million, up 140% year over yearTotal Gross Profit of $614k, up 4% year over yearTotal Cash on hand at close of period of $332k, up 3,814% year over yearInventory on hand at close of period valued at $1.27 million, up 194% year over year Operational Performance Highlights for the Three Months Ended Mar 31 Established new strategic vision with planned expansion into NFT digital jewelry marketplaceAcquired metaverse real estate in Decentraland for virtual digital jewelry NFT storeHired Chicago Digital Design Consultancy for Metaverse presenceSet multiple new company records for single auction and weekly sales performances SFLMaven saw performance in the core vintage jewelry business consistently at or near record levels during the first quarter. Overall, the Company continues to see marked growth in items sold, prices per item, and overall sales so far in Q2. The Company also accumulated a large cash position during the quarter as average weekly sales exceeded expectations. Management has decided to begin diversifying its cash position given steadily higher inflation levels that pose a risk to long-term purchasing power. Steps to address this risk include holding higher average inventory levels and establishing some exposure to Bitcoin through market transactions as well as expanding customer payment options...