PALO
ALTO, Calif., May 16, 2022
/PRNewswire/ -- Mega Matrix Corp. ("MTMT" or the
"Company") (NYSE American: MTMT), today announced its financial
results for the fiscal first quarter ended March 31, 2022.
In late March 2022, the Company
released its first NFT game "Mano" through Mega Metaverse
Corp., its wholly owned subsidiary ("Mega"), in Mega's metaverse
universe platform "alSpace". Mano is a competitive idle
role-playing game (RPG) deploying the concept of GameFi in the
innovative combination of NFTs (non-fungible token) and DeFi
(decentralized finance) based on blockchain technology, with a
"Play-to-earn" business model that the players can earn while they
play in alSpace.
Financial Highlights
- Among the total revenues of $0.4 million for the first quarter of 2022, the
Company generated revenues of $0.3
million in transaction fees from Mano.
- Net loss in the first quarter of 2022 was
$0.7 million as compared to a net
loss of $5.4 million in the same
period in 2021.
Yucheng Hu, the Company's Chief Executive Officer, said:
"We are very pleased to announce the Company's financial results
for the first quarter of 2022. We launched our GameFi business in
late March 2022 and have started to
generate revenues for the first quarter of 2022. We will be
focusing on the development of new games and on the diversification
of our services related to NFTs and our metaverse platform
"aLSpace". We aim to further support the crypto-ecosystem and
continue to add value to our shareholder and our players."
About Mega Matrix: Mega Matrix Corp. (the "Company") is a
holding company located in Palo Alto,
California, with two subsidiaries: Mega Metaverse Corp., a
California corporation ("Mega")
and JetFleet Management Corp. a California corporation ("JetFleet"). The
Company focuses on its GameFi business through Mega and will
continue to focus on third-party management service contracts for
aircraft operations through its majority owned subsidiary JetFleet,
which was part of the Company's legacy business. For more
information, please visit: http://www.mtmtgroup.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. All statements in
this press release other than statements that are purely historical
are forwardlooking statements. When used in this press release, the
words "estimates," "projected," "expects," "anticipates,"
"forecasts," "plans," "intends," "believes," "seeks," "may,"
"will," "should," "future," "propose," and variations of these
words or similar expressions (or the negative versions of such
words or expressions) are intended to identify forward-looking
statements. These forward-looking statements are not guarantees for
future performance, conditions or results, and involve a number of
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are outside the Company's control,
that could cause actual results or outcomes to differ materially
from those discussed in the forward-looking statements. Important
factors, among others, are: the ability to manage growth; ability
to identify and integrate other future acquisitions; ability to
obtain additional financing in the future to fund capital
expenditures; fluctuations in general economic and business
conditions; costs or other factors adversely affecting the
Company's profitability; litigation involving patents, intellectual
property, and other matters; potential changes in the legislative
and regulatory environment; a pandemic or epidemic; the Company's
ability to develop a new business in the GameFi industry; the
ongoing development of the GameFi industry and the ability of the
Company and its subsidiary to continue development of such games;
the ability of the Company to continue compliance with the
development of applicable regulatory regulations in connection with
blockchain, digital asset and the GameFi industry; and the
possibility that the Company's GameFi business may be adversely
affected by other economic, business, and/or competitive factors. .
The forward-looking statements in this press release and the
Company's future results of operations are subject to additional
risks and uncertainties set forth under the heading "Factors that
May Affect Future Results and Liquidity" in documents filed by the
Company with the Securities and Exchange Commission, including the
Company's quarterly reports on Form 10-Q and the Company's latest
annual report on Form 10-K, and are based on information available
to the Company on the date hereof. In addition, such risks and
uncertainties include the Company's inability to predict or control
bankruptcy proceedings and the uncertainties surrounding the
ability to generate cash proceeds through the sale or other
monetization of the Company's assets. The Company undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable law. Readers are cautioned not to
place undue reliance on forward-looking statements, which speak
only as of the date of this press release.
MEGA MATRIX
CORP.
|
(formerly "AeroCentury
Corp.")
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(US Dollar, except
for share and per share data, unless otherwise
stated)
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2022
|
|
|
2021
|
|
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
5,006,900
|
|
|
$
|
7,380,700
|
|
Digital
assets
|
|
|
319,700
|
|
|
|
-
|
|
Finance leases
receivable, net
|
|
|
200,000
|
|
|
|
-
|
|
Taxes
receivable
|
|
|
1,201,000
|
|
|
|
1,235,200
|
|
Prepaid expenses and
other assets
|
|
|
561,700
|
|
|
|
645,100
|
|
Goodwill
|
|
|
4,688,600
|
|
|
|
4,688,600
|
|
Intangible
assets
|
|
|
972,200
|
|
|
|
-
|
|
Deposit for intangible
assets
|
|
|
-
|
|
|
|
1,000,000
|
|
Total
assets
|
|
$
|
12,950,100
|
|
|
$
|
14,949,600
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
$
|
1,568,100
|
|
|
$
|
2,961,300
|
|
Accrued
payroll
|
|
|
164,800
|
|
|
|
161,300
|
|
Income
taxes payable
|
|
|
15,200
|
|
|
|
13,700
|
|
Total
liabilities
|
|
|
1,748,100
|
|
|
|
3,136,300
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
Preferred
stock, $0.001 par value, 2,000,000 shares
authorized, no shares issued and outstanding
|
|
|
-
|
|
|
|
-
|
|
Common
stock, $0.001 par value, 40,000,000 shares
authorized, 22,084,055 and 22,084,055 shares outstanding
at March 31, 2022 and December 31, 2021
|
|
|
22,100
|
|
|
|
22,100
|
|
Paid-in
capital
|
|
|
16,982,700
|
|
|
|
16,982,700
|
|
Accumulated deficit
|
|
|
(5,490,700)
|
|
|
|
(4,954,400)
|
|
Total Mega Matrix
Corp. (formerly "AeroCentury Corp.")
stockholders' equity
|
|
|
11,514,100
|
|
|
|
12,050,400
|
|
Non-controlling
interests
|
|
|
(312,100)
|
|
|
|
(237,100)
|
|
Total
equity
|
|
|
11,202,000
|
|
|
|
11,813,300
|
|
Total liabilities
and equity
|
|
$
|
12,950,100
|
|
|
$
|
14,949,600
|
|
MEGA MATRIX
CORP.
|
(formerly "AeroCentury
Corp.")
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
|
(US Dollar, except
for share and per share data, unless otherwise
stated)
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
|
Three Months Ended
March 31,
2022
|
|
|
Three Months Ended
March 31,
2021
|
|
Revenues and other
income:
|
|
|
|
|
|
|
Gamefi
revenue
|
|
$
|
323,600
|
|
|
$
|
-
|
|
Operating lease
revenue
|
|
|
120,000
|
|
|
|
2,737,200
|
|
Net loss on disposal of
assets
|
|
|
-
|
|
|
|
(201,700)
|
|
Other losses
|
|
|
-
|
|
|
|
(1,300)
|
|
|
|
|
443,600
|
|
|
|
2,534,200
|
|
Cost of
revenues
|
|
|
(27,800)
|
|
|
|
-
|
|
Gross
profit
|
|
|
415,800
|
|
|
|
2,534,200
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Impairment in value of
aircraft
|
|
|
-
|
|
|
|
1,940,400
|
|
Interest
|
|
|
120,000
|
|
|
|
1,914,700
|
|
Professional fees,
general and administrative and other
|
|
|
551,900
|
|
|
|
1,595,100
|
|
Depreciation
|
|
|
-
|
|
|
|
699,300
|
|
(Reversal) provision of
bad debt expense
|
|
|
(300,000)
|
|
|
|
821,000
|
|
Salaries and employee
benefits
|
|
|
632,500
|
|
|
|
506,300
|
|
Insurance
|
|
|
86,200
|
|
|
|
247,900
|
|
Maintenance
|
|
|
-
|
|
|
|
145,000
|
|
Other taxes
|
|
|
-
|
|
|
|
25,600
|
|
Total
expenses
|
|
|
1,090,600
|
|
|
|
7,895,300
|
|
|
|
|
|
|
|
|
|
|
Loss before income
tax provision
|
|
|
(674,800)
|
|
|
|
(5,361,100)
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision
|
|
|
(1,500)
|
|
|
|
(49,200)
|
|
Net
loss
|
|
$
|
(676,300)
|
|
|
$
|
(5,410,300)
|
|
Less: Net loss
attributable to non-controlling interests
|
|
|
140,000
|
|
|
|
-
|
|
Net loss
attributable to Mega Matrix Corp. (formerly
"AeroCentury Corp.")'s shareholders
|
|
$
|
(536,300)
|
|
|
$
|
(5,410,300)
|
|
Loss per
share:
|
|
|
|
|
|
|
|
|
Basic*
|
|
$
|
(0.02)
|
|
|
$
|
(0.70)
|
|
Diluted*
|
|
$
|
(0.02)
|
|
|
$
|
(0.70)
|
|
Weighted average
shares used in loss per share computations:
|
|
|
|
|
|
|
|
|
Basic*
|
|
|
22,084,055
|
|
|
|
7,729,420
|
|
Diluted*
|
|
|
22,084,055
|
|
|
|
7,729,420
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(676,300)
|
|
|
$
|
(5,410,300)
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
Reclassification of net
unrealized losses on derivative instruments to interest
expense
|
|
|
-
|
|
|
|
2,600
|
|
Tax expense related to
items of other comprehensive loss
|
|
|
-
|
|
|
|
(600)
|
|
Other comprehensive income
|
|
|
-
|
|
|
|
2,000
|
|
Total comprehensive loss
|
|
|
(676,300)
|
|
|
|
(5,408,300)
|
|
Less: comprehensive loss attributable to
non-controlling interests
|
|
|
140,000
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss attributable to Mega Matrix Corp.
(formerly "AeroCentury Corp.")'s shareholders
|
|
$
|
(536,300)
|
|
|
$
|
(5,408,300)
|
|
* Retrospectively restated to give effect to
five for one forward stock split effective December 30, 2021.
View original
content:https://www.prnewswire.com/news-releases/mega-matrix-corp-reports-fiscal-first-quarter-2022-financial-results-301548142.html
SOURCE Mega Matrix Corp.