Victory Square Technologies Inc (CSE:VST, OTCQX:VSQTF) provided a sweeping update on its promising portfolio of companies, financials, and outlook from the start of September till early December this year.
The Vancouver, British Columbia-based company, which invests in promising startups, said it plans to reward shareholders by issuing special share dividends of its portfolio companies when such companies undergo a liquidity event.
“The company has issued two special common share dividends to date in 2021, with a third dividend expected to be issued by December 30, 2021,” the company said in its corporate update.
READ: Victory Square Technologies says VS Digital Health has launched affiliated network in the US
On December 7, Victory Square said it will dividend out around 4.5 million shares in Fantasy 360 Technologies Inc. (CSE:VRAR, OTCQB:FNTTF) doing business as Immersive Tech to its shareholders.
When added to the first tranche, the second dividend represents a total of 9 million Immersive shares issued by way of dividend to Victory Square shareholders.
Victory Square already issued a special share dividend of its portfolio companies GameOn Entertainment Technologies Inc, as well as Fantasy 360 Technologies earlier in the year.
Separately, the firm noted in its update that it has a “healthy balance sheet” with significant assets and a “strong working capital position.” Victory Square ended the nine months with working capital of $7.80 million.
For the nine-month period ended September 30, 2021, Victory 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.
In 2020, Victory Square spun out its portfolio company, Fansunite Entertainment Inc. This year, there have been two spinouts by way of public listings of GameOn Entertainment Technologies Inc. and Fantasy 360.
The firm also highlighted that GameOn Entertainment has partnered with Polygon's new gaming venture Polygon Studios to build non-fungible token (NFT) based games on their Ethereum-based scaling platform.
Similarly, Victory Square’s portfolio company, Next Decentrum Technologies Inc sealed a partnership with Digital Access to Finance (DAF) to launch several NFT projects inspired by Egyptian art, culture, and history to allow for greater access and appreciation of an ancient civilization and bring some of the world’s most iconic artifacts to the metaverse.
Victory Square CEO Shafin Diamond 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.
Investors can see the company’s blow-by-blow list of activities from September 1, 2021 through to December 9, 2021 here.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive