Reports Financial Results for Q3 2023


    TORONTO–(BUSINESS WIRE)– Corp. (NEO Exchange Canada: COIN)(Frankfurt Stock Exchange: 76M) (OTCQB US: SMURF) (“” or the “Company”), a publicly-traded company that builds web3 businesses and owns an inventory of digital assets, is pleased to report its financial results for the three months and nine months ended June 30, 2023 (“Q3-2023”). All dollar figures are in United States dollars (“USD”), unless otherwise stated.

    Q3-2023 Operation Highlights:

    • The Company completed the acquisition of all of the issued and outstanding shares from the minority ownership of Metaverse Group Ltd (“MGL”), effectively owning 100% of MGL.
    • Metaverse Group Ltd added the team behind Startup Slang to its workforce and obtained exclusive access to its “Shoppable” technology, which links in-game purchase transactions to Shopify Plus storefronts.
    • Hulk Labs (“Hulk”) announced the advanced development phase of creating a proprietary mobile phone-based web3 video game titled Astraeus Defense.
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    Management is focused on further growth of its businesses, Metaverse Group and Hulk Labs. Those businesses are focused on innovation in the web3 sector in ways that are not tied to the performance of cryptocurrencies. Both businesses have made great strides in providing corporate and brand partners with new ways to engage their customers. We are focused on developing new ecommerce platforms to assist our business clients in shifting from web2 to web3.

    “During Q3, we have focused on investing in building IP in our platforms for future growth,” said Andrew Kiguel, CEO. “We have seen the sector developing quickly and believe that to succeed we need to stay ahead of the technology. Management is also actively seeking ways to scale, examining potential acquisitions, and preparing to aggressively pursue growth for the remainder of 2023 and beyond.”

    Metaverse Group Update

    In the face of prevailing economic headwinds, many Metaverse Group customers paused or scaled back their marketing budgets, leading to tempered Q3-2023 revenue. However, management remains optimistic by the growth of its pipeline, coupled with heightened interest from potential clients.

    Metaverse Group’s dedication to staying at the forefront of technological advancements is evident as MGL harnesses capabilities like Apple’s Vision Pro for Mixed Reality. Additionally, MGL announces its applications to development programs with both Apple and Unity, marking a significant stride in its journey.

    As Metaverse Group builds its intellectual property, it is also paving the way for its inaugural e-commerce product designed to foster seamless transactions within 3D virtual environments.

    Another highlight of MGL’s innovations is the development of its branded game portfolio. By collaborating with platforms such as Roblox and the Fortnite Create series, MGL is carving out a distinctive space for its brand in the gaming universe. These endeavors allow MGL not only to enhance its engagement with a wider audience but also to showcase the commitment to building emerging entertainment with state-of-the-art technology.

    Hulk Labs Update

    After the end of Q2-2023, Hulk Labs underwent a change in management and an operational review. The decision was made to no longer operate a player network. Hulk Labs still intends to use the Playte software to integrate third party players in its reviewed business plan. Going forward, Hulk will focus on gaming software and web3 game development.

    During Q3-2023, Hulk Labs has made significant progress on its core focus of developing gaming software and announced development of a web3 game called Astraeus Defense. Hulk Labs has focused its business on three core areas 1) Analytics dashboards for web3 gamers 2) Web3 game development, with the first title called Astraeus Defense and 3) Service delivery partner of branded games for clients.

    Hulk Labs is using the latest AI assistive tools in the game development process for Astraeus Defense. Hulk Labs uses AI tools in video development, character animation, art development, 3D asset development, voice acting and more areas to increase efficiency. Hulk Labs is constantly evaluating new tools and has received beta access to test new assistive AI technologies. Hulk sees a future where game development will be heavily influenced by the positive benefits of efficiency, cost reduction and creativity that assistive AI tools offer game designers. Another significant development in the web3 gaming space is Google enabling NFT’s in gaming apps in the Google Play Store.

    Hulk Labs in partnership with Metaverse Group is building a branded game for a company in the furniture industry, being developed in Unreal Engine and will launch in the Epic Games Store for Back To School. The game will be used as a marketing tool by the client to promote their back-to-school offerings.

    Q3-2023 Financial Highlights

    • The Company recorded revenue of $129k for the three months ended June 30, 2023, compared to $251k for Q3-2022. For the nine months ended June 30, 2023, revenue was $584k, compared to $903k for the same period last year.
    • Total cash and cryptocurrency holdings of $12.2 million, or CAD$16.2 million as of June 30, 2023.
    • Total assets of $20.9 million or $0.18 per share (CAD$0.24 per share) as of June 30, 2023.
    • Operating expenses were $1.2 million and $3.0 million, respectively, for the three and nine months ended June 30, 2023, compared to $753k and $5.0 million for the same periods last year.
    • A non-cash gain on revaluation of its cryptocurrency assets of $83k million for the three months ended June 30, 2023, compared to a loss of $12.5 million for Q3-2022. On the nine-month ended basis, gain on revaluation was $1.5 million, compared to a loss of $15.6 million from the same period last year.
    • Net loss of $902k for the three months ended June 30, 2023, compared to loss of $11.9 million for Q3-2022. For the nine months ended June 30, 2023, net loss was $879k, compared to loss of $7.8 million from the same period last year.

    A complete financial reporting package, including the Unaudited Condensed Consolidated Interim Financial Statements and Management’s Discussion & Analysis, is available on our corporate website (, and the SEDAR website (

    An investor call has been scheduled to discuss the Company’s Q3-2023 financial results, hosted by CEO Andrew Kiguel, starting at 10:00 am ET on August 11, 2023.

    Conference Call Details:

    Date: August 11, 2023

    Time: 10:00 a.m. ET

    Zoom Webinar Registration:

    To join the webinar, register using the link provided above. Upon registration a Zoom link will be emailed to the registered email address. The webinar will be available via computer, tablet, and smartphone devices. In addition, a dial-in phone number will be provided in the email upon registration. Callers dialing in using a telephone will automatically be placed in a listen only mode. The question period will not be available to dial-in callers.

    About Corp is a publicly traded technology company that builds web3 businesses and owns an inventory of digital assets. The Company focuses on three operating segments: i) crypto staking, ii) the metaverse and, iii) web3 gaming. owns digital assets and operating businesses within each of these three segments.

    Staking operations occur within Metaverse real estate and ecomm3 solutions operations occur within a subsidiary called Metaverse Group. Web3 gaming operations occur within a subsidiary called Hulk Labs. All three businesses are tied together by the utilization of blockchain technology and are linked to high-growth macro trends within web3. Through sharing resources and infrastructure across these business segments, is able to efficiently incubate these businesses from inception to revenue generation.

    As a result of each of the three business segments owning digital assets, is required to mark-to-market these digital assets at the end of every reporting quarter. As a result, the Company’s financial statements will have non-cash related gains or losses based on the market performance of the digital assets owned from quarter-to-quarter. These non-cash revaluations of owned digital assets do not impact the operations or growth within our business segments. The digital assets are owned for the purpose of generating revenue within each business segment. In some instances, the Company may choose to dispose of certain assets if they no longer meet our ownership criteria.

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    Forward-Looking Statements

    This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of cryptocurrencies, as described in more detail in our securities filings available at Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

    Contacts Corp.

    Andrew Kiguel, CEO

    Telephone: +1-647-578-7490

    Email: [email protected]

    Jennifer Karkula, Head of Communications

    Email: [email protected]

    Media Contact: Ali Clarke – Talk Shop Media

    Email: [email protected]

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