NEW YORK, June 13, 2022 (GLOBE NEWSWIRE via SEAPRWire.com) — AB International Group Corp. (OTCQB: ABQQ), an intellectual property (IP) and movie investment and licensing firm, announces its unaudited financial results for the six months ended February 28, 2022. The financial results have been filed in a 10-Q with the U.S. Securities and Exchange Commission (the “SEC”)
Key Financial Highlights:
Revenues for the six months ended February 28, 2022, increased 1072% to $1,800,000, as compared to $153,600 for the six months ended February 28, 2021.
Gross Profit of $426,866 for the six months ended February 28, 2022, as compared with a gross loss of $301,327 for the six months ended February 28, 2021. The increase in gross profit margin for the six months ended February 28, 2022 is attributable to revenue increase from copyright sales of films.
We incurred a net loss in the amount of $602,944 for the six months ended February 28, 2022, as compared with a net loss of $1,521,663 for the six months ended February 28, 2021.
We incurred a net profit in the amount of $449,101 for the three months ended February 28, 2022, as compared with a net loss of $996,209 for the three months ended February 28, 2021.
As of February 28, 2022, the Company has $7,244,749 in total assets, total shareholders’ equity of $5,111,121, as compared with total assets of $5,757,727, total shareholders’ equity of $4,649,776 dated August 31, 2021.
The Company is currently sales licensing of 3 more completed films’ broadcast right of territorial. The company also hopes to generate revenues for the balance of the fiscal year with start generate revenue of NFT MMM, as well as achieving enough customers to start subscriptions for ABQQ.tv. and generate revenue from the NY cinema box office.
About AB International Group Corp.
AB International Group Corp. is an intellectual property (IP) and movie investment and licensing firm, focused on acquisitions and development of various intellectual property. We are engaged to acquisition and distribution of movies. The Company engages highly anticipated video streaming service targeting global multi-billion dollar and growing video streaming industry. The online service will be marketed and distributed in the world under the brand name ABQQ.tv. ABQQ.tv is expected to generate a new and profitable revenue stream immediately following its launch marketing strategies derived from its hybrid subscription and advertising business model. The company has launched its NFT MMM the NFT movie and music marketplace as the unique entertainment industry non-fungible token.
This press release contains “forward-looking statements” that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements relating to changes to the Company’s management team and statements relating to the Company’s transformation, financial and operational performance including the acceleration of revenue and margins, and the Company’s overall strategy. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the possibility of business disruption, competitive uncertainties, and general economic and business conditions in AB International Groups markets as well as the other risks detailed in company filings with the Securities and Exchange Commission. AB International Group undertakes no obligation to update any statements in this press release for changes that happen after the date of this release.
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