VANCOUVER, BC, July 10, 2023 /CNW/ -- GameOn (CSE: GET) (OTCQB: GMETF), a next generation fantasy sports platform partnered with the world's best sports leagues to launch, operate, and monetize web3 games, today announces that it has filed its interim unaudited financial statements for Q1 2023.
Q1 '23 was our best quarter yet. During the bear of 2022 we've become lean, optimized resources, & focused on cash flow.
Q1 financial highlights include:
Revenue of $472,188 compared to $207,151 in 2022 (148% increase year-on-year).
Net loss and comprehensive loss of $389,669 compared to $1,089,694 in 2022 (64% decrease year-on-year).
Net cash outflows from operations of $101,393 compared to $819,475 in 2022 (87% decrease year-on-year).
"We've kicked off 2023 with our best quarter yet," said GameOn CEO Matt Bailey. "During the bear trend of 2022 we've become lean, optimized resources, and focused on cash flow. We're now bearing the fruits of that labor with our fundamentals clearly headed in the right direction."
Q1 business highlights include:
Karateka, in partnership with Karate Combat, has sold out three consecutive sales windows, minting 5,000+ collectibles (Karatekas and gear packs). 1,000+ Dojo accounts with wallets (or 'lockers') have been created, with a following of 8,000+ across social media, email, and Discord.
Secured non-dilutive grant funding from prominent blockchain Hedera.
Secured $1.81 million in funding led by Lightning Capital and Flow, the blockchain platform started by NBA Top Shot maker Dapper Labs. The funds will be used to accelerate GameOn's PLAYN3XT platform and acquisition of major league IP partners.
Filed and announced 2022 audited financial statements, recording record numbers.
"We're doubling down on our PLAYN3XT focus and major league strategy," said Bailey. "We expect continued forward progression in the months and quarters to come."
See SEDAR for full copies of the Company's consolidated financial statements and MD&A.