MEGA MATRIX CORP. Reports Third Quarter 2023 Financial Results
14 November 2023 - 1:10AM
Mega Matrix Corp. ("MPU" or the "Company") (NYSE American: MPU),
today announced financial results for its third quarter ended
September 30, 2023.
Financial Highlights
- The Company had cash and cash
equivalents of $2.0 million, and total liquidity (defined as cash
equivalents and restricted cash, stable coins and digital assets)
of approximately $7.0 million, as of September 30, 2023. Total
assets were $9.0 million as of September 30, 2023. Equity
attributable to MPU’s shareholders amounted to $10.3 million as of
September 30, 2023.
Operational Highlights
-
As of September 30, 2023, our treasury holdings of Ethereum (“ETH”)
were 2,978.8.
-
As of the date hereof, our treasury holdings of Ethereum (“ETH”)
were 3,113.5, with a fair market value of approximately $6.3
million.
-
As of the date hereof, the Company explored Solo-Staking by staking
1,600 ETH to become fifty (50) validators to earn ETH rewards and
yield.
Management Commentary
Mr. Yucheng Hu, CEO of Mega Matrix Corp. said,
“I am delighted to announce that, in the third quarter of 2023, our
company has continued to explore Ethereum-related business through
continuous purchase and solo-staking of Ethereum, which strengthens
our investment and support for Ethereum ecosystem We look forward
to the development of the Ethereum ecosystem and will actively
explore the expansion and innovation of related businesses.”
About Mega Matrix: Mega
Matrix Corp. (the “Company”) is a holding company located in Palo
Alto, California with five subsidiaries: Saving Digital Pte. Ltd.,
a Singapore corporation (“Saving”), MarsProtocol Inc., an exempted
company incorporated under the laws of the Cayman Islands, Mega
Metaverse Corp., a California corporation (“Mega”), Marsprotocol
Technologies Pte. Ltd., a Singapore corporation (“MTP”) and
JetFleet Management Corp. a California corporation (“JetFleet”).
The Company focuses on crypto-related business. For more
information, please contact info@megamatrix.io or
visit: http://www.megamatrix.io.
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 statements that are
purely historical are forward looking statements. When used in this
press release, the words "estimates," "projected," "expects,"
"anticipates," "forecasts," "plans," "intends," "believes,"
"seeks," "may," "will," "should," "future," "propose," and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees for future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company's control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements. Important factors, among others, are: the ability to
manage growth; ability to identify and integrate other future
acquisitions; 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
Company's profitability; litigation involving patents, intellectual
property, and other matters; potential changes in the legislative
and regulatory environment; a pandemic or epidemic; the occurrence
of any event, change or other circumstances that could affect the
Company’s ability to continue successful development of its digital
assets staking business model; the possibility that the Company may
not succeed in developing its new lines of businesses due to, among
other things, changes in the business environment, competition,
changes in regulation, or other economic and policy factors; and
the possibility that the Company’s new lines of business may be
adversely affected by other economic, business, and/or competitive
factors. The forward-looking statements in this press release and
the Company's future results of operations are subject to
additional risks and uncertainties set forth under the heading
"Risk Factors" in documents filed by the Company with the
Securities and Exchange Commission, including the Company's latest
annual report on Form 10-K, and are based on information available
to the Company on the date hereof. In addition, such risks and
uncertainties include the Company's inability to predict or control
bankruptcy proceedings and the uncertainties surrounding the
ability to generate cash proceeds through 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.
A video accompanying this announcement is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/81b9cb22-3baf-4f42-a1d5-38d04161e0e9
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