AUBURN, Ind., April 08, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Perpetual Industries Inc. (OTCMARKETS:PRPI) (“Perpetual” or the “Company”), a diversified researcher and developer of energy-efficient technologies and auctioneers of classic collector vehicles, is pleased to announce the results of its audited annual financial report for year ending Dec. 31, 2021.
2021 Year-End Financial Highlights:
- Gross revenues of $8,445,394 in 2021, compared to $0 in 2020.
- Gross profits of $3,323,399 in 2021, compared to $0 in 2020.
- Operating income of $4,793 in 2021, compared to an operating loss of ($838,810) in 2020.
- Total assets of $11,514,967, an increase of 1,198%, in 2021, compared to $887,082 in year ending 2020.
- Net loss of ($127,015) and diluted value per share of $0.00 in 2021, compared to a net loss of ($902,374) and diluted loss per share of ($0.02) in 2020, a decrease of 86%. Operating expenses included $183,741 of noncash stock-based compensation.
2021 Corporate Highlights:
- Completed two strategic acquisitions that form a foundation for expanding the Company’s blockchain division:
- Worldwide Auctioneers, a U.S.-based boutique auction company that specializes in the sale and acquisition of classic vintage motorcars at auctions around the globe.
- AutoGrafic Software, a SaaS social application that utilizes cutting-edge technology to host a myriad of aspects for automotive promotion and preservation.
- Moved into a new 22,000-square-foot corporate facility in Auburn, Indiana, giving Perpetual more space to meet the growing demands of its R&D projects, as well as room to execute a large-scale bitcoin mining center expansion for its bitcoin mining division.
- Purchased over $400,000 in bitcoin mining machines for the cryptocurrency mining division.
- Current liabilities were reduced by 44% to $2,026,143 in Q4 from $3,610,460 in Q3.
- Installed the first Green Energy Mining (GEM) mobile bitcoin mining pod.
“Together, our leadership team and staff have made great strides to accelerate this unprecedented growth in 2021, the most significant being the acquisition of Worldwide Auctioneers as a wholly owned subsidiary,” said Brent Bedford, Perpetual’s chief executive officer. “I am incredibly proud of the hardworking people at both Worldwide Auctioneers and within the Perpetual organization for being the driving force behind the progress made this year. In 2022, we plan to expand our financial and operational growth by enhancing the Company’s ‘engine’ through a large-scale expansion of the cryptocurrency mining division. This operational focus will allow us to support innovation across all of our divisions, including AutoGrafic Software and our Green Energy Mining System (GEM).”
Perpetual’s Chief Financial Officer Trip Thomas commented, “We are very pleased to have delivered strong financial performance in 2021. The increase in revenue that we saw in 2021 over last fiscal year 2020 is monumental for the Company. We invested in capital equipment, which helps scale our highest-priority division while reducing overall current liabilities. By removing the noncash expense of stock-based compensation that was recorded in 2021, you would find our net operating income to be substantially higher, around $190,000.”
Read Perpetual Industries’ 2021 Annual Financial Report here
About Perpetual Industries Inc.
Incorporated in Nevada and based in Auburn, Indiana, Perpetual Industries Inc. (OTCMARKETS: PRPI) is an incubator for the development of new and innovative energy-efficient technologies. Our mission is to “perpetuate industry” by bringing value-added technologies to market. At the Company’s core is a proprietary technology known as the XYO Mechanical Balancing Technology, designed specifically to dynamically eliminate vibration in rotating equipment to create energy-efficient, environmentally responsible products. We are expanding our expertise and knowledge of energy-efficient technology by developing low-cost, green energy-powered solutions for a variety of industries, including renewable energy, blockchain mining, artificial intelligence, graphic rendering, internet of things (IoT) and cloud computing, while continuing our research, development and commercialization of the XYO Technology in key applications.
For more information about Perpetual and its divisions, please visit www.perpetualindustries.com.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934; and the Private Securities Litigation Reform Act of 1995; as well as “forward-looking information” as such term is defined in applicable U.S. and Canadian securities legislation. We may use words such as “may,” “would,” “could,” “should,” “potential,” “will,” “seek,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” and variations of these words and similar expressions to identify a forward-looking statement. Such statements reflect the Company’s current views and intentions with respect to future events and current information available to the Company and are subject to certain risks, uncertainties and assumptions, without limitation. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information or statements prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information or statement is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information or statements. The forward-looking information and/or statements included in this press release are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
For media, press inquiries and further information, please contact:
Investor Relations
Perpetual Industries Inc.
Phone: 702-707-9811
Email: info@perptualindustries.com
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