Looking Glass Labs Ltd (LGL) has reported revenue of C$7,005,238 for the year ended July 31, 2022, boosted by non-fungible token (NFT) sales and royalty and design services revenue.
Total assets increased to C$7,600,964 from C$2,442 a year earlier, which was mainly due to changes in goodwill, intangible assets, right-of-use assets, deferred contract costs, digital assets and cash and cash equivalents, the Vancouver-based company said.
“Our first base year as a reporting issuer for LGL has been completed and I am pleased to report the company’s audited financial results for the 2022 financial year,” LGL CEO Dorian Banks said in a statement. “Exceeding $7 million in revenue is a great achievement and I am grateful to our team for their passion and hard work.”
READ: Looking Glass Labs says House of Kibaa sets launch date for Alpha release of Pocket Dimension metaverse assets
“We continue to position the company for new and valuable opportunities in the NFT and metaverse spheres. Our leadership team is excited about what lies ahead in fiscal 2023,” Banks said.
“As digital assets become more robust and blockchain-based technologies attract more sophisticated parties, we feel we are strongly positioned to both produce proprietary assets and assist others in their digital endeavours,” he added.
LGL reported a comprehensive net loss of C$11,932,265 for fiscal 2022, compared to a loss of C$52,508 the prior year, primarily due to stock-based compensation of C$5,970,048, goodwill impairment of C$3,193,072.72, marketing expenses of C$3,72 , development costs of C$1,855,368.
Net loss per share was C$0.12 on a basis of basic shares outstanding, compared to nil for the prior fiscal year.
The company provided highlights of corporate events that took place after the reporting period, including:
- CEO Dorian Banks was invited to attend the Frontier Summit in Vancouver, British Columbia, an exclusive event with discussions on frontier technologies, the metaverse and Web3 developments, as well as the future of the world economy, from August 9-10, 2022.
- LGL entered into a definitive agreement to acquire 100% of Web 3.0 Holdings Corp, a technology company that addresses Business-to-Consumer and Business-to-Business infrastructure challenges within Web3 environments, on August 9, 2022. It completed the transaction on September 8, 2022 .
- House of Kibaa (HoK) Senior Vice President of Marketing Ryan Lassi appeared on the Venly Expert Talk Series podcast on addressing the challenges of building a blockchain or NFT project, September 1, 2022, while CEO Dorian Banks appeared in a episode of ‘The Real Conversations of Nokia’s podcast.
- Ryan Lange was appointed Director of Partnerships for HoK on September 8, 2022.
- HoK set November 1, 2022, as the launch date for the next stage of the Alpha release of its Pocket Dimension metaverse assets on October 20, 2022.
LGL is a Web3 platform specializing in NFT architecture, immersive metaverse environments, games to earn tokenization and royalty streams for virtual assets. Its flagship brand, House of Kibaa, designs and curates a next-generation metaverse for 3D assets, allowing functional art and collectibles to co-exist across different NFT blockchain environments.
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