Looking Glass Labs Ltd (LGL) has reported revenue of C$7,005,238 for the year ended July 31, 2022, boosted by non-fungible token (NFT) sales and income from royalty and design services.
Total assets increased to C$7,600,964 from C$2,442 in the previous year, which was mainly due to changes in goodwill, intangible assets, right-of-use asset, deferred contract costs, digital assets and cash and cash equivalents, the Vancouver-based company said.
"Our first foundational year as a reporting issuer for LGL is complete and I am happy to report the company's audited financial results for the 2022 fiscal period,” LGL CEO Dorian Banks said in a statement. “Exceeding 7 million dollars in revenues is a great achievement and I am grateful to our team for their passion and hard work."
READ: Looking Glass Labs says House of Kibaa sets launch date for Alpha release of Pocket Dimension metaverse assets
"We continue to position the company for new and valuable opportunities in the NFT and metaverse spheres. Our leadership team is excited for what lies ahead in the 2023 fiscal year,” Banks said.
“As digital assets become more robust and blockchain-based technologies attract more sophisticated parties, we feel that we are strongly positioned to both produce proprietary assets and assist others with their digital endeavours," he added.
LGL reported a net comprehensive loss of C$11,932,265 for the 2022 financial year, against a loss of C$52,508 in the prior year, primarily due to stock-based compensation of C$5,970,048, impairment of goodwill of C$3,193,072, marketing costs of C$2,743,816 and development costs of C$1,855,368.
Net loss per share was C$0.12 on the basis of basic shares outstanding, compared to nil for the previous financial year.
The company provided highlights of corporate events which took place after the reporting period, including:
- CEO Dorian Banks was invited to attend the Frontier Summit in Vancouver, British Columbia, an exclusive event featuring discussions about frontier technologies, the metaverse and Web3 development, as well as the future of the world's economy, from August 9-10, 2022.
- LGL entered into a definitive agreement to acquire 100% of Web 3.0 Holdings Corp, a technology company that is addressing Business-to-Consumer and Business-to-Business infrastructure challenges within Web3 environments, on August 9, 2022. It completed the transaction on September 8, 2022.
- House of Kibaa (HoK) senior vice president of marketing Ryan Lassi appeared on the Venly Expert Talk Series podcast on addressing the challenges of building a blockchain or NFT project, on September 1, 2022, while CEO Dorian Banks appeared on an episode of 'The Real Conversations by Nokia' podcast.
- Ryan Lange was appointed director of partnerships for HoK on September 8, 2022.
- HoK set November 1, 2022, as the launch date for the next step in the Alpha Release of its Pocket Dimension metaverse assets on October 20, 2022.
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, designs and curates a next-generation metaverse for 3D assets, which allows functional art and collectibles to exist simultaneously across different NFT blockchain environments.
Contact the author at jon.hopkins@proactiveinvestors.com