FORT LAUDERDALE, FL, Aug. 17, 2022 (GLOBE NEWSWIRE) -- SFLMaven Corp. (OTC Pink: SFLM) ("SFLMaven" or the "Company") (www.sflmaven.com), a leading provider of high-end luxury goods, is pleased to provide a summary of financial and operational performance highlights for the three months ended June 30, 2022.
Joseph Ladin, CEO of SFLMaven, noted, “The core business remains strong and growing, with nearly another fifth added to the topline on a year-over-year basis last quarter. Looking ahead, we continue to remain completely resistant to macro headwinds including inflation, slowing consumer spending, and continued supply chain hiccups around the world. Q3 is off to a strong start, and we are progressing rapidly with our web3 strategy, including the official global launch of the first wave of our revolutionary original digital vintage NFT jewelry line for sale in our Decentraland metaverse store.”
Financial Performance Highlights for the Three Months Ended June 30 (unaudited)
- Total Gross Sales of $2.45 million, up over 17% year over year
- Total Assets of $2.4 million, up 206% year over year
- Total Gross Profit of $79k, up 341% year over year
- Inventory on hand at close of period valued at $1.11 million, up 44% year over year
Operational Performance Highlights for the Three Months Ended June 30
- Began accepting Bitcoin as form of Payment for Jewelry Sales to help expand into digital strategy
- Launched Shareholder Protection Initiative, returned 300 million shares to treasury
- Launched World’s First Vintage Digital Jewelry Metaverse Store
- Began Development work on Digital Jewelry NFTs
- Filed for a very special patent that will allow the company to showcase the value of nfts through visual processes in the metaverse.
- Formed a new board of directors and special committees.
SFLMaven saw performance in the core vintage jewelry business consistently at or near record levels during the second quarter of 2022. Macro headwinds intensified, but the Company’s model remained resilient, delivering another strong quarter of year-over-year growth in Sales, Gross Profits, Assets, and Inventory on Hand.
The Company also made very strong headway during the quarter in its Web3 strategy, partnering with a top development firm, designing and launching its metaverse store, and establishing its digital vintage jewelry NFT brand.
“The second half of the year is going to be extremely exciting as we start to expand our digital strategy and develop further on the metaverse-bling-flex technology at the heart of our recent patent filing,” added Ladin.
Visit the Company’s eBay store (www.ebay.com/str/sflmavenantiquesjewelryfineart) for more information or to participate in SFLMaven’s upcoming Famous Thursday Night Auction event.
Follow SFLMaven on social media:
Twitter: @sflmaven
Instagram: sflmaven
About SFLMaven
SFLMaven Corp. (OTC Pink: SFLM) is a premium provider of high-end luxury goods to a global base of discerning patrons. Famous for its Thursday Night Auction events on its top-rated eBay store, SFLMaven has driven over $140 million in sales since inception, earning more than 100k positive reviews along the way. For more information, please visit the Company's website at www.sflmaven.com.
FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements, including information about management's view of SFLMaven Corp.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words 'believes,' 'expects,' 'intends,' 'plans,' 'anticipates,' or 'may,' and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of SFLMaven, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on SFLMaven's future results. The forward-looking statements included in this press release are made only as of the date hereof. SFLMaven cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SFLMaven undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by SFLMaven.
SOURCE: SFLMaven Corp.
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