Gamelancer Media Corp. (CSE:GMNG, OTCQB:GAMGF) has announced that its first-quarter 2023 revenue surged 986% year over year to $722,209, which exceeded management's projections.
The digital media, entertainment, and production company said 2Q 2023 will witness an increased reduction in overhead costs as Gamelancer gets closer to its aim of being earnings before interest, taxes, depreciation and amortization (EBITDA) positive in fiscal year 2023.
Gamelancer also noted that to establish and better articulate the value of its owned and operated digital channels, the company strategically enhanced its investment in previous audit procedures.
“The investment in audit procedures will provide shareholders with a detailed balance sheet description and network-value-assessment of the 54 digital channels with over 40 million followers, which Gamelancer owns,” Gamelancer Media CEO Jon Dwyer said in a statement.
“Our goal is that this process will aid the capital markets community in their endeavor to better understand the value of our IP, and digital-channel network ownership therein,” Dwyer added.
As well, Gamelancer stated that it had numerous campaigns launched within 1Q that were not recorded during the period as the contracts span multiple quarters and will be reported later in the year.
The company added that its management and insiders, which collectively hold more than 59% of Gamelancer Media’s outstanding common shares, intend to oppose the proposed share consolidation during the upcoming 2023 annual shareholders meeting.
Gamelancer Media is a media and entertainment company producing short-form video content for brands, broadcast on its owned and operated TikTok, Snapchat, and Instagram channels.
Contact Sean at sean@proactiveinvestors.com