Looking Glass Labs (LGL) said it achieved C$6.9 million in total revenues for the first nine months of its 2022 fiscal year.
The Vancouver-based digital platform, which is engaged in the design, development and sale of non-fungible tokens (NFTs), said it ended the period to April 30, 2022, with total assets of C$13.9 million, up from $2.42 million as of July 31, 2021. This was mainly attributable to changes in goodwill, intangible assets, digital assets, and cash and cash equivalents, it added.
“We received passive revenue from royalties on our previously sold NFTs while focusing significant effort on the marketing of LGL’s GenZeroes roadmap into the summer months,” LGL CEO Dorian Banks said in a statement. “I am excited about the future of the company and the projects that our talented team has under development.”
READ: Looking Glass Labs announces roadmap for GenZeroes live-action NFT series
“From NFT drops, to the live-action series, to our Overlords P2E game and ground-breaking client engagements, among other things, we have no shortage of avenues to demonstrate LGL’s industry-leading capabilities,” Banks added.
LGL's total comprehensive loss for the nine months was C$6.73 million as compared to a total comprehensive loss of C$38,967 reported for the same period of the prior year, primarily due to stock-based compensation of C$5.1 million as well as significant marketing and development costs, the company said.
For the three months to April 30, 2022, the company reported total revenues of C$116,320 and a total comprehensive loss of C$9 million, resulting in a net loss per share of C$0.08.
LGL is a Web3 platform specializing in NFT architecture, immersive metaverse environments, play-to-earn tokenization and virtual asset royalty streams. Its leading brand, House of Kibaa (HoK), designs and curates a next-generation metaverse for 3D assets, which allows functional art and collectibles to exist simultaneously across different NFT blockchain environments.
HoK has successfully released digital assets to include GenZeroes, which 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 latest version of Unreal Engine in 2022.
Contact the author at stephen.gunnion@proactiveinvestors.com