FORT LAUDERDALE, FL, May 11, 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 March 31, 2022.
“Our core jewelry business logged strong growth in Q1, with a steady flow of big auction results driving cash from operations, resulting in greater operational flexibility and the opportunity to establish strong growth in inventory,” commented Joseph Ladin, CEO of SFLMaven. “We were also able to make critical investments in future sales expansion as we move rapidly toward the launch of our Metaverse presence, where SFLMaven will become the world’s first native virtual dealership of high-end vintage digital jewelry NFT items for avatars.”
Financial Performance Highlights for the Three Months Ended Mar 31 (unaudited)
- Total revenues of $2.93 million, up 7.5% year over year
- Total Assets of $2.4 million, up 140% year over year
- Total Gross Profit of $614k, up 4% year over year
- Total Cash on hand at close of period of $332k, up 3,814% year over year
- Inventory on hand at close of period valued at $1.27 million, up 194% year over year
Operational Performance Highlights for the Three Months Ended Mar 31
- Established new strategic vision with planned expansion into NFT digital jewelry marketplace
- Acquired metaverse real estate in Decentraland for virtual digital jewelry NFT store
- Hired Chicago Digital Design Consultancy for Metaverse presence
- Set multiple new company records for single auction and weekly sales performances
SFLMaven saw performance in the core vintage jewelry business consistently at or near record levels during the first quarter. Overall, the Company continues to see marked growth in items sold, prices per item, and overall sales so far in Q2.
The Company also accumulated a large cash position during the quarter as average weekly sales exceeded expectations. Management has decided to begin diversifying its cash position given steadily higher inflation levels that pose a risk to long-term purchasing power. Steps to address this risk include holding higher average inventory levels and establishing some exposure to Bitcoin through market transactions as well as expanding customer payment options to include Bitcoin.
Management continues to be excited about the long-term growth potential created by establishing a presence in the metaverse and an NFT business dealing high-end vintage digital jewelry items for avatars. Q1 was pivotal in establishing this strategic direction, and the Company has made significant further strides toward achieving this vision in Q2, with the full launch of the SFLMaven Metaverse Store now scheduled to go live on Wednesday, May 18, 2022, at 5 p.m. ET.
Ladin added, “Q1 was a tremendous quarter across the board. We broke a number of records in our core physical jewelry business, and we laid a foundation for digital expansion that opens up a new world of potential growth going forward.”
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.
Corporate Contact
info@sflmaven.com
Public Relations
EDM Media, LLC
https://edm.media
