Victory Square Technologies Inc (CSE:VST, OTCQX:VSQTF) has reported financial results that showed it had a strong balance sheet at the end of the first nine months of this year thanks to continued growth from its existing portfolio of companies.
For the nine-month period ended September 30, 2021, the Vancouver, British Columbia-based company which invests in promising start-ups, reported adjusted net income of $2.36 million and adjusted basic earnings per share of $0.03.
Meanwhile, the firm logged a comprehensive income for the nine months ended September 30, 2021, of $2,991,525. Victory Square ended the nine months with working capital of $7.80 million and had an unrealized fair value gain of $5,992,945 on its Covalent CQT tokens.
READ: Victory Square Technologies is a tech-focused incubator backing the ‘fourth industrial revolution’
In a statement, accompanying the numbers, Victory Square CEO Shafin Diamond Tejani said: “2021 has been a year of continued growth and new opportunities for Victory Square. The third quarter was another strong quarter in which we achieved a seventh consecutive quarter with positive comprehensive income, issued a share dividend, and successfully listed Fantasy 360 Technologies Inc.”
“Our balance sheet has never been stronger, and our team is laser-focused on unlocking value from the existing portfolio and building a pipeline of new opportunities through strategic investment and acquisitions,” he added.
Tejani, who is an investor with a knack for spotting tech trends, noted that we are living in the middle of the fourth industrial revolution.
“The Tech Revolution that will undoubtedly change everything as we know it. Web 3.0, Blockchain, Gaming, the Creator Economy and VR/AR are sectors that Victory Square has invested in. We offer investors the chance to invest in the most exciting tech trends all in one place,” said Tejani.
During the past nine months, Victory has issued a special share dividend of its interests in GameOn Entertainment Technologies Inc. and Fantasy 360 Technologies Inc., which does business as Immersive Tech.
Immersive Tech started trading on the Canadian Securities Exchange (CSE) under the symbol VRAR on September 8, 2021, while GameOn Entertainment Technologies officially began trading under the symbol GET on the CSE in June 2021.
In other business highlights during the past nine months, Victory Square acquired IV Hydreight Inc., a mobile health and online pharmacy solution. It also completed its investment in renewable energy company Stardust Solar Inc.
The tech-focused incubater also signed a follow-on investment in the No. 4 ranked influencer platform – Creator.co, which has attracted over 110,000 influencers that in turn reach over 100 million individuals. Creators on the platform have worked with leading brands like Walmart, Crayola, Rakuten Advertising and District Ventures.
Victory Square builds, acquires and invests in promising start-ups, then provides the senior leadership and resources needed for fast-track growth.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive