GameOn Entertainment Technologies Inc. (“GameOn”) (CSE: GET) (OTCQB: GMETF), a leading gaming technology company partnering with the world’s largest IPs to launch, operate and monetize Web3 games, filed today released its second quarter financial statements today and provided a mid-year update below.
An event subsequent to the Q2 financial statements, the company announcement a loan agreement with Proje Ventures Inc. for $550,000 – an intentional number that management believes is necessary to achieve profitability in 2023.
“The Proje deal is a partnership that not only allows us to survive current market conditions, but to thrive beyond them,” said GameOn’s CEO. Matt Bailey . “We are halfway through 2022, but also halfway through a three-year strategic plan, and this injection of cash keeps us on track.”
Three-year plan: build, sell, profit
2021 was the year of construction. The Company raised $5.8 million in the public registration process, and with that we have hired key personnel, acquired a fantastic company and positioned our B2B technology to be salable and scalable. The Company has favored a Platform never build from scratch. As such, GameOn can be up and running with new partners in weeks, not months or years, a key differentiator when selling to market. With a construction-centric 2021, expenses have naturally been higher.
2022 has been the year of sales and proof of demand for our product. Management is firmly convinced that this objective has been achieved. With the construction of the platform, the expenses are greatly reduced and the company is pounding the pavement for the customers. GameOn now has more than 10 live partners, in development or under contract. In the first and second quarter of 2022, GameOn announced $330,481 in turnover, up by $10,081 in the first half of 2021. Management believes that the Company is on track to achieve $1 million in turnover by the end of the year, with an expected gross profit of 80%.
2023 should be the year of profitability. The company’s goal is to increase customers and revenue without having to dramatically increase expenses. GameOn’s platform technology enables the company to achieve this. By continuing to focus on sales, management expects the company to at least double its revenue and be profitable in 2023.
“Although the market was influenced by factors beyond our control, we stayed the course on the three-year plan,” Bailey said. “We are committed to delivering sustained, long-term shareholder value, and management is confident that we are firmly on the right track.”
Such significant growth is due to the commissioning of recently announced partners and increased revenue. GameOn’s partners pay the company in three ways: one-time setup fee, monthly recurring license fee, and revenue share on revenue generated from our products.
This month GameOn spear our Game “Bet on women” for Gaming Society and the WNBA, featured in SportBusiness . This is our first major league licensed product to take advantage of league and team logos. With many more in the works, it won’t be the last.
In March GameOn spear March Madness support for just women DICK’S Sports and Sporting Goods. JWS and DICK’S donated $150,000 to the winner of the bracket, the greatest prize of all time for women’s college basketball.
In Q4, GameOn will launch our most ambitious product yet with Tetavi, announcement earlier this year. The proceeds allow fans to discover new music, invest in artists/songs, create their own “record label” and earn royalties based on streams and charts. The web3-based game will leverage the power of blockchain to facilitate royalty ownership and distribution.
GameOn last week announcement their new partner, RDB Car Club. RDB will license GameOn’s technology to optimize Web3 engagement, retention and revenue through games. RDB is an automotive customs shop with customers whose model Kendall Jenner NFL Super Bowl champion Jalen Ramsey eight-time NBA All-Star Dwight Howard and feelings of singer-songwriter Khalid and Billie Eilish .
GameOn of last year spear a cricket game for MX Player, india the biggest streaming app with more 1b downloads . The game has amassed more than 500,000 players and dozens of predictions made.
Bailey said: “So, what next? 2022 remains the year of selling. We’re laser-focused on closing the year the way we started it: with more partner deals. Expect let the news focus on new customers and our finances to reflect accordingly, while in 2023 we will focus on billing towards profitability.”
On behalf of the Board of Directors:
Matt Bailey director and CEO
GameOn Entertainment Technologies Inc.
ABOUT GAMEON ENTERTAINMENT TECHNOLOGIES INC.
GameOn (CSE: GET) (OTCQB: GMETF) partners with the world’s leading sports, media and entertainment IPs to launch revenue-generating and brand-building Web3 games. We turn fans into superfans – engaging, retaining and monetizing audiences, and profiting from the entire business cycle of Web3 games. With a diverse team of web3, gaming, sports and media veterans with experience at Take-Two Interactive, Twitch, EA, Dapper Labs and the Brooklyn Nets, GameOn works with broadcasters, TV networks, platforms streaming, leagues, tournaments and Web3 companies to launch best-in-class Web3 games. Clients include NBCUniversal, Bravo, MX Player, Gaming Society, RDB Car Club and Chibi Dinosaurs .
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is generally identifiable by the use of the words “believes”, “may”, “plans”, “will”, “anticipates”, “intends”, “could”, “estimates”, “s ‘expects’, ‘plans’, ‘projects’ and similar expressions, as well as the negative of these expressions. All statements other than statements of historical facts contained in this press release are forward-looking statements. The forward-looking information contained in this press release include, but are not limited to, statements regarding the Company’s future plans and objectives, execution of business strategy, future performance and future growth, business prospects, synergies and opportunities of the Company and its related subsidiaries, and other factors beyond the control of the Company.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information. Forward-looking information is based on management’s reasonable assumptions, estimates, analyzes and opinions in light of its experience and perception of trends, current conditions and expected developments, and other factors that management deems relevant and reasonable in the circumstances as of the date such statements are made, including, but not limited to, the ability of the Company to capitalize on the assets acquired, the ability of the assets acquired to maintain their value as currently contemplated, the synergies of the acquired assets with the Company’s operations, and any other assumptions disclosed in the Company’s information package. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained herein is qualified in its entirety by this cautionary statement, and GameOn disclaims any obligation to revise or update such forward-looking information or to publicly announce the outcome of any revision of any of forward-looking information contained in this document. to reflect future results, events or developments, except as required by law.
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SOURCEGameOn Entertainment Technologies Inc.
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