MEGA MATRIX CORP. Reports Fiscal Year 2022 Financial Results
31 Março 2023 - 5:45PM
Mega Matrix Corp. ("MPU" or the "Company") (NYSE American: MPU),
today announced financial results for its fiscal year ended
December 31, 2022.
Financial Highlights
- The Company had cash and cash
equivalents of $7.3 million, and total liquidity (defined as cash
equivalents and restricted cash, stable coins and digital assets)
of approximately $10.7 million, as of December 31, 2022. Total
assets were $12.6 million as of December 31, 2022. Equity
attributable to MPU’s shareholders amounted to $8.0 million as of
December 31, 2022.
- The Company closed two private
placements during October 2022 through February 2023, pursuant to
which the Company raised gross proceeds of $11 million by issuance
of 9,479,999 shares of common stock.
Operational Highlights
- Treasury holdings of Ethereum
(“ETH”) were 334.2, with a fair market value of approximately $0.4
million as of December 31, 2022.
- The Company explored Solo-Staking
by staking 160 ETH to become five (5) validators to Ethereum to
earn ETH rewards and yield.
- On March 3, 2023, Mega Matrix’s
Singapore subsidiary, Saving Digital Pte. Ltd., and Bit Digital
Singapore Pte. Ltd., the Singapore subsidiary of Bit Digital Inc.
(Nasdaq: BTBT), entered into a shareholders’ agreement with
Marsprotocol Technologies Pte. Ltd. to provide staking technology
tools in digital assets through the staking platform
“MarsProtocol,” an individual and institutional grade designed
staking platform ("Joint Venture”). For more information, please
visit http://www.marsprotocol.com.
Management Commentary
“I am delighted to announce that our company has
successfully explored Ethereum related business in 2022, through
continuous purchase and solo-staking of Ethereum, strengthening our
investment and support for Ethereum ecosystem. This is an important
attempt for our company in the field of digital currency. We look
forward to the development of the Ethereum ecosystem, and will
actively explore the expansion and innovation of related
businesses,” said Mr. Yucheng Hu, CEO of Mega Matrix Corp. “The
company has also completed the development of ETH node staking
platform, MarsProtocol, and entered into a Joint Venture with BTBT
to jointly provide proof-of-stake technology tools for digital
assets staking through the MarsProtocol platform which will enable
users to earn ETH rewards through an easy-to-use and non-custodial
staking platform.”
About Mega Matrix: Mega Matrix
Corp. (the “Company”) is a holding company located in Palo Alto,
California with fivie subsidiaries: Saving Digital Pte. Ltd., a
Singapore corporation (“Saving”), MarsProtocol Technologies Pte.
Ltd. (“Joint Venture”), MarsProtocol Inc., an exempted company
incorporated under the laws of the Cayman Islands, Mega Metaverse
Corp., a California corporation (“Mega”) and JetFleet Management
Corp. a California corporation (“JetFleet”). The Company focuses on
crypto-related business and will continue to focus on third-party
management service contracts for aircraft operations through its
majority owned subsidiary JetFleet, which was part of the Company’s
legacy business. For more information, please contact
info@mtmtgroup.com or visit: http://www.megamatrix.io.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
All statements in this press release other than statements that are
purely historical are forward-looking statements. When used in this
press release, the words "estimates," "projected," "expects,"
"anticipates," "forecasts," "plans," "intends," "believes,"
"seeks," "may," "will," "should," "future," "propose," and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees for future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company's control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements. Important factors, among others, are: the ability to
manage growth; ability to identify and integrate other future
acquisitions; ability to obtain additional financing in the future
to fund capital expenditures; fluctuations in general economic and
business conditions; costs or other factors adversely affecting the
Company's profitability; litigation involving patents, intellectual
property, and other matters; potential changes in the legislative
and regulatory environment; a pandemic or epidemic; the occurrence
of any event, change or other circumstances that could affect the
Company's ability to continue successful development of its digital
assets staking business model; the possibility that the Company may
not succeed in developing its new lines of businesses due to, among
other things, changes in the business environment, competition,
changes in regulation, or other economic and policy factors; the
possibility that the Company's new lines of business may be
adversely affected by other economic, business, and/or competitive
factors; and the possibility that the Joint Venture does not
perform or operate as anticipated. The forward-looking statements
in this press release and the Company's future results of
operations are subject to additional risks and uncertainties set
forth under the heading "Risk Factors" in documents filed by the
Company with the Securities and Exchange Commission, including the
Company's latest annual report on Form 10-K, and are based on
information available to the Company on the date hereof. In
addition, such risks and uncertainties include the Company's
inability to predict or control bankruptcy proceedings and the
uncertainties surrounding the ability to generate cash proceeds
through the sale or other monetization of the Company's assets. The
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date of this
press release.
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