Looking Glass Labs (LGL) said it achieved C$6.8 million in total revenues and C$2.27 million in total comprehensive income for the first half of its 2022 fiscal year.
“On behalf of the officers and directors of the company, I would like to thank our employees, consultants, advisors and the NFT community for their contributions to our strong first half of the fiscal year," Dorian Banks, CEO of LGL, said in a statement.
“The second fiscal quarter of 2022 also contained our most significant milestone to date as we became a public issuer listed on the NEO Exchange on February 3, 2022,” he added.
READ: Looking Glass Labs is at the forefront of the blockchain, NFT, and XR metaverse sectors
The Vancouver-based digital platform, which is engaged in the design, development and sale of non-fungible tokens (NFTs), said total revenues for the quarter ended January 31, 2022, was C$311,825 while gross profit was C$287,124, primarily from the receipt of royalty income and miscellaneous income generated by providing consulting services to third parties.
LGL's total comprehensive loss for the period ended January 31, 2022, was C$3.5 million as compared to a total comprehensive loss of C$15,505 reported for the same period of the prior year, primarily due to significant development costs, marketing expenses and consulting fees, as well as a loss of C$835,766 from the change in fair value of contingent liability.
Net loss per share was C$0.03 on both a basic and diluted basis, while total assets for the period ended January 31, 2022, increased to C$14.7 million from C$2,442 for the audited period ending July 31, 2021, which was mainly attributable to NFT sales and royalty income.
Commenting further, Banks said LGL and its flagship studio, House of Kibaa, continues to be focused on leading the NFT, metaverse and play-to-earn spaces as the only pure-play public company of its kind.
“We are working hard to make HoK's metaverse, Project Origin, a reality beginning with a land sale anticipated for the near future, while expanding on our GenZeroes NFT franchise in multiple ways, helping clients develop and launch their own NFT collections as well as closing the previously announced acquisition of LACA's Development Division and integrating those APAC resources into the company's North American operations," he added.
GenZeroes was completely sold out in just 37 minutes for total proceeds of C$6.2 million to LGL, in addition to a perpetual 5% royalty stream on secondary market sales. HoK plans to launch a hyper-realistic metaverse built on the Unreal 5 engine in 2022.
Contact the author at jon.hopkins@proactiveinvestors.com