VANCOUVER, BC, June 20, 2023 /CNW/ -- Hello Pal International
Inc. ("Hello Pal" or the "Company") (CSE: HP) (Frankfurt: 27H) (OTC: HLLPF), a provider of
international live-streaming, language learning and
social-crypto platform, is pleased to announce that it
has filed its audited annual financial statements and management
discussion and analysis for the period ended February 28, 2022 on SEDAR at www.sedar.com.
Highlights:
- Total revenue increased to $38,395,840 in 2022 (comprised of $36,471,718 for livestreaming and net revenue of
$1,924,122 for
cryptocurrency) being an 80% increase from
$21,290,903 in 2021.
- Gross profit increased to $4,124,692 in 2022 (comprised of $1,924,122 for crypto currency
mining and $2,200,570 for
livestreaming) being a 77.5% increase from $2,323,184 in 2021.
- Transitioned all cryptocurrency mining operations
to Tier 1 jurisdictions (United
States and Australia).
- Strong registered user base of 7 million.
"We thank our shareholders and other
stakeholders for their patience in the finalization and filing of
our audited financial statements for fiscal 2022. Our 80%
increase in revenues over 2021 is a testament to the extensive use
of the Hello Pal ecosystem across Asia and the Middle East. We are
diligently working on our outstanding management prepared interim
financial statements and are targeting to file them as soon as
possible."
Live Streaming Operations
In fiscal 2022, the Company's livestreaming services generated
revenues of $36,471,718 or 95% of
total revenue of the Company. Although all revenues were
generated from livestreaming, the Company's ecosystem that features
Hello Pal moments, user matching and 1 on 1 video chats has led to
a continual stream of users.
Crypto Mining Operations
The Company's cryptocurrency mining operations
generated 2022 revenues of $1,924,122, which included downtime for moving
operations from China to
United States and Australia.
Currently, the cryptocurrency mining rigs are
operating at an average of 75% capacity, and averaging an
efficiency of 100.25% as well as mining Dogecoin and
Litecoin.
Restatement on Financial Information for 2021 Year
End
The Company announces that it has restated its audited annual
financial statements for the year ended 2021 (the "Restated
Financial Information"). The Company determined that there were
deficiencies in historical financial information in relation to the
Company's live streaming business, where the revenue and direct
costs were understated. These adjustments also resulted in an
increase in accounts receivable and accounts payable and accrued
liabilities. This was mainly due to the deficiencies in the records
of international revenue in China,
Middle East and Southeast Asia. The key adjustments to the
previously filed financial information includes:
- Increase in revenue from $15,962,345 to $21,290,903.
- Increase in gross profit from $1,558,616 to $2,323,184.
- Increase in net loss from $3,599,916 to $4,910,205.
Further details of the restatement are set forth in amended and
restated audited financial statements and amended management
discussion and analysis for the year ended February 28, 2021 filed on www.sedar.com.
To download Hello Pal, Language Pal, Travel Pal or the
proprietary Phrasebooks please visit the IOS or Android store. For
information with respect to the Company or the contents of this
news release, please contact the Company, KL Wong, CEO, at (604)
683-0911 or visit the website at hellopal.com. Email inquiries can
be directed to: investors@hellopal.com.
About the Hello Pal Platform
The Hello Pal Platform is a proprietary suite of mobile
applications built on a user-friendly messaging interface that
focus on social interaction, language learning and travel. Hello
Pal, has been designed from the ground up to be easy to use and
enables users' the freedom to speak in their own language
regardless of the other person's language they are speaking to.
Hello Pal's overriding mission is to bring the world closer
together through social interaction, language learning and travel.
By creating a platform where it is easy to instantly interact with
others around the world and giving them the tools to communicate
with each other in a joyful and fun way, we hope to do our part
(however small) in fostering understanding and tolerance between
all citizens of the world.
Information set forth in this news release contains
forward-looking statements. These statements reflect management's
current estimates, beliefs, intentions, and expectations; they are
not guarantees of future performance. Hello Pal cautions that all
forward-looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond Hello Pal's control. Such risks and
uncertainties are described in Hello Pal's annual and interim
financial statements available on www.sedar.com. Although Hello Pal
is currently generating revenues, Hello Pal remains in the growth
stage and such revenues are yet to be profitable.
Accordingly, actual, and future events, conditions and results may
differ materially from the estimates, beliefs, intentions, and
expectations expressed or implied in the forward-looking
information. Except as required under applicable securities
legislation, Hello Pal undertakes no obligation to publicly update
or revise forward-looking information.
THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION
CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE
Hello Pal International Inc.
Telephone: 604-683-0911
Email: investors@hellopal.com
Website: www.hellopal.com
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SOURCE Hello Pal International Inc.