MEGA MATRIX CORP. Tax reports

PALO ALTO, Calif., May 16, 2022 /PRNewswire/ — Mega Matrix Corp. (“MTMT” or the “Company”) (NYSE American: MTMT), today announced its financial results for the first fiscal quarter ended March 31, 2022.

Late March 2022, the company launched its first NFT game “Mano” through Mega Metaverse Corp., its wholly-owned subsidiary (“Mega”), on 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 NFT (non-fungible token) and DeFi (decentralized finance) based on blockchain technology, with a “Play-to-earn” business model that players can earn by playing 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 Mano’s transaction fees.

– The net loss in the first quarter of 2022 was $0.7 million compared to a net loss of $5.4 million at the same time in 2021.

Yucheng Hu, CEO of the company, said, “We are very pleased to announce the company’s financial results for the first quarter of 2022. We launched our GameFi business at the end March 2022 and started to generate revenues for the first quarter of 2022. We will focus 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 players.”

About Mega Matrix: Mega Matrix Corp. (the “Company”) is a holding company located in Palo Alto, Californiawith two subsidiaries: Mega Metaverse Corp., a California corporation (“Mega”) and JetFleet Management Corp. California company (“JetFleet”). The company is focusing on its GameFi business through Mega and will continue to focus on third-party management services contracts for flight 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 purely historical statements are forward-looking statements. . When used in this press release, the words “estimates”, “plans”, “expects”, “anticipates”, “expects”, “plans”, “intends”, “believes “, “seek”, “may”, “will”, “should”, “future”, “propose” and variations of these similar words or expressions (or negative versions of these words or expressions) are intended to identify the forward-looking statements.These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of control of the Company, which could cause actual results or results to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: ability to manage growth; ability to identify and integrate other future acquisitions the 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 profitability of the Company; disputes 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 new business in the GameFi industry; the continued development of the GameFi industry and the ability of the Company and its subsidiary to pursue the development of these games; the Company’s ability to continue to comply with changes in applicable regulatory regulations related to blockchain, digital assets and the GameFi industry; and the possibility that the Company’s GameFi business may be affected by other economic, commercial and/or competitive factors. . The forward-looking statements contained in this press release and the company’s future operating results are subject to additional risks and uncertainties set forth under the heading “Factors That May Affect Future Results and Liquidity” in the company’s filings. company with the Securities and Exchange Commission, including the Company’s quarterly reports on Form 10-Q and the Company’s most recent annual report on Form 10-K, and are based on information available to the Company as of the date of present. In addition, these risks and uncertainties include the Company’s inability to predict or control bankruptcy proceedings and the uncertainties surrounding the ability to generate cash proceeds from 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 SHEET

(in US dollars, except for per share and per share data, unless otherwise indicated)

March, 31st,

The 31st of December,

2022

2021

ASSETS

Cash and cash equivalents

$

5,006,900

$

7,380,700

Digital assets

319,700

Finance leases receivable, net

200,000

Tax receivable

1,201,000

1,235,200

Prepaid expenses and other assets

561,700

645 100

Good will

4,688,600

4,688,600

Intangible assets

972,200

Guarantee for intangible fixed assets

1,000,000

Total assets

$

12,950,100

$

14,949,600

LIABILITIES AND EQUITY

Passives:

Accounts payable and accrued liabilities

$

1,568,100

$

2,961,300

Accumulated pay

164,800

161,300

Taxes payable on income

15,200

13,700

Total responsibilities

1,748,100

3,136,300

Commitments and contingencies

Equity:

Preferred shares, par value $0.001, 2,000,000 shares
authorized, no shares issued and outstanding

Common shares, par value $0.001, 40,000,000 shares
authorized, 22,084,055 and 22,084,055 shares outstanding
as of March 31, 2022 and December 31, 2021

22,100

22,100

Paid-up capital

16,982,700

16,982,700

Accumulated deficit

(5,490,700)

(4,954,400)

Total Mega Matrix Corp. (formerly “AeroCentury Corp.”)
Equity

11,514,100

12,050,400

Non-majority 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 INCOME AND COMPREHENSIVE INCOME

(in US dollars, except for per share and per share data, unless otherwise indicated)

Successor

Predecessor

Quarter ended March 31
2022

Quarter ended March 31
2021

Income and other income:

Gamefi revenue

$

323,600

$

Operating rental income

120,000

2,737,200

Net loss on disposal of assets

(201,700)

Other losses

(1,300)

443,600

2,534,200

Revenue cost

(27,800)

Gross profit

415,800

2,534,200

Expenses:

Aircraft depreciation

1,940,400

Interest

120,000

1,914,700

Professional, general, administrative and other fees

551,900

1,595,100

Depreciation

699,300

(Reversal) provision for bad debts

(300,000)

821,000

Salaries and 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 provision for income tax

(674,800)

(5,361,100)

Provision for income tax

(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
Shareholders of “AeroCentury Corp.”)

$

(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 calculations:

Basic*

22,084,055

7,729,420

Diluted*

22,084,055

7,729,420

Net loss

$

(676,300)

$

(5,410,300)

Other comprehensive income items:

Reclassification of net unrealized losses on derivative instruments as interest expense

2,600

Tax expense related to items of other comprehensive income

(600)

The other extended result

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 shareholders of Mega Matrix Corp. (formerly “AeroCentury Corp.”)

$

(536,300)

$

(5,408,300)

* Retrospectively restated to give effect to five for a forward stock split December 30, 2021.

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