News and research before you hear about it on CNBC and others. Claim your 1 week free trial StreetInsider Premium here.
NEW YORK, June 13, 2022 (GLOBE NEWSWIRE) — AB International Group Corp. (OTCQB: ABQQ), an intellectual property (IP) and motion picture investment and licensing company, reports its unaudited financial results for the six months ended February 28th. 2022. Financial results were filed in a 10-Q with the US Securities and Exchange Commission (the “SEC”).
Key financial highlights:
Revenue for the six months ended February 28, 2022 increased by 1072% to $1,800,000 compared to $153,600 for the six months ended February 28, 2021. Gross profit of $426,866 for the six months ended February 28, 2022 compared to a gross profit loss of $301,327 for the six months ended February 28, 2021. The increase in gross profit margin for the six months ended February 28, 2022 is due to the increase in revenue from the sale of copyrights to motion pictures.
We suffered a net loss of $602,944 for the six months ended February 28, 2022 compared to a net loss of $1,521,663 for the six months ended February 28, 2021.
We achieved a net income of $449,101 for the three months ended February 28, 2022 compared to a net loss of $996,209 for the three months ended February 28, 2021.
As of February 28, 2022, the Company had total assets of $7,244,749 and total shareholders’ equity of $5,111,121 compared to total assets of $5,757,727 and total shareholders’ equity of $4,649,776 as of August 31, 2021.
The company is currently in the process of sales-licensing the territorial broadcast rights of 3 other completed films. The company also hopes to generate revenue for the remainder of the fiscal year with the launch of NFT MMM and attract enough customers to begin subscriptions to ABQQ.tv. and generate revenue from the New York box office.
About AB International Group Corp.
AB International Group Corp. is an intellectual property (IP) and film investment and licensing firm focused on the acquisition and development of various intellectual property rights. We deal with the acquisition and distribution of films. The Company is committed to a highly anticipated video streaming service targeting a multi-billion dollar global and growing video streaming industry. The online service is marketed and distributed worldwide under the brand name ABQQ.tv. ABQQ.tv is expected to generate a new and profitable revenue stream immediately upon its launch of marketing strategies resulting from its hybrid subscription and advertising business model. The company launched its NFT MMM, the NFT Marketplace for Movies and Music, as a unique non-fungible entertainment industry token.
For more information visit www.abqqs.com and www.ABQQ.tv and NFT MMM www.stareastnet.io
Forward-Looking StatementsThis press release contains “forward-looking statements” made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding changes in the Company’s management team and statements regarding the Company’s transformation, financial and operational performance, including revenue and margin acceleration; and the company’s overall strategy. Because forward-looking statements inherently involve risks and uncertainties, actual future results could differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the possibility of business interruption, competitive uncertainties and general economic and business conditions in AB International Group’s markets, as well as the other risks set out in the company’s filings with the Securities and Exchange Commission. AB International Group assumes no obligation to update any statement in this press release for changes occurring after the date of this press release. Investor Relations contact: Jeff Deng (212) 918-4519[email protected]
Source: AB INTL GROUP CORP