West Lake Village, March 20, 2023 (GLOBE NEWSWIRE) -- Metaverse, Inc. (OTC: DEQI), a developer of innovative AI, augmented reality, and Web3 software, today announced financial results for its fiscal year ended December 31, 2022. The Company posted record revenue of $1,602,091 and net income of $493,672, compared to a loss of $11,231 for the previous year.
The Company reported total assets of $3.3 million, an increase from $20,491 in the previous year. Current assets totaled $1.0 million, including cash and cash equivalents of $467,679, accounts receivable of $356,437, and inventory of $63,856. The Company also reported long-term assets of $2.3 million, including an investment in affiliates of $1.3 million and intangible assets of $895,305.
Current liabilities amounted to $278,367, including accounts payable and accrued expenses of $138,705, with common stock issued and outstanding of 1,088,450,994 shares. The Company's retained earnings increased to $369,093.
"We are incredibly excited about our financial results for 2022," said David Davies, the CEO of Metaverse, Inc. "Our team has worked tirelessly to deliver these outstanding results, and we couldn't be prouder of what we've achieved."
The Company’s financial performance has been driven by its strong commitment to innovation, technology, and exceptional customer service. Investments in affiliates and subsidiaries have also contributed significantly to its growth and success.
"Our success is a testament to our commitment to innovation, creativity, and delivering outstanding value to our customers," added Davies. "We are grateful to our loyal customers and partners, and we remain committed to delivering exceptional products and services that exceed their expectations."
About Metaverse, Inc.
Metaverse, Inc. is a provider of software development, digital marketing, branding and asset management services in the AI, social media, Web3, art, and augmented reality sectors. The Company also develops NFTs and virtual real estate products. Visit our website to learn more about our products and sign up for updates at:
https://www.metaverseincorp.com/
Investor Relations:
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Forward-Looking Statements
Certain statements in this press release contain forward-looking statements that are based on management's expectations, estimates, projections, and assumptions. Words such as expects, anticipates, plans, believes, scheduled, estimates and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors.
All forward-looking statements speak only as of the date of this press release. All subsequent written and oral forward-looking statements attributable to either Metaverse, Inc. or any person acting on their behalf are qualified by the cautionary statements in this press release. Metaverse, Inc. does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
SOURCE: Metaverse, Inc.
