“Our current fiscal year has been transformative and resulted in our achieving record revenue of $13,206,275 from livestreaming services and a profit of $1,449,335 from cryptocurrency mining during the six months ended August 31, 2021. Revenue increased 208% compared to the six months ended 2020 with minimal spending on advertising and user generation during that period. With our acquisition of mining rigs, we anticipate that revenue and profit will continue in an upward trend for the balance of the fiscal year.”
Financial Highlights:
- Total revenue of $14,655,610 in 2021 H1 (comprised of $13,206275 for livestreaming and net revenue of $1,449,335 for cryptocurrency) compared to $4,290,312 in 2020 H1.
- Gross profit of $2,488,454 in 2021 H1 (comprised of $1,449,335 for crypto currency mining and $1,039,099 for livestreaming) compared to $185,415 in 2020 H1.
- As of August 31, 2021, cash of $4,091,553 and working capital of $5,176,955
- Positive operating cash of $388,319 before changes in non-cash working capital items.
For the livestreaming operations, the Company experienced a 10,000% increase in revenues from non-China territories compared to the first half of 2020 – in particular the Middle East and Southeast Asia operations which continue to improve in performance. As the Company continually increases the percentage of livestreaming revenues from outside of China, the Company revenues in China increased 90% over the same period, and it expects that the reliance on China livestreaming revenues will continue to decrease.
For the crypto-mining operations, the acquisition of 12,500 Litecoin/Dogecoin mining rigs in May 2021 operated with a gross profit of $1,449,335 for the first half of the financial year. Shanghai Yitang, the Company’s partner in cryptocurrency mining, continues to help manage the Company’s mining operations to ensure the decentralized locations of the mining rigs across various green renewable energy mining sites.
“We are very pleased to see the progress we have made as a Company, and believe that the results are evident in the financial figures,” said KL Wong, Founder and Chairman of the Company. “We are particularly excited in the continued internationalization of our business, as reflected in our expansion of livestreaming services outside China and the integration of cryptocurrency into our platform through our newly launched crypto-mining operations.”
The Company will discontinue announcing monthly revenue and will focus on quarterly results moving forward.
About the Hello Pal Platform
Hello Pal International Inc. (CSE:HP)(OTC:HLLPF)(Frankfurt: 27H) is a proprietary suite of mobile applications built on a user-friendly messaging interface that focus on social interaction, language learning and travel. Hello Pal, has been designed from the ground up to be easy to use and enables users’ the freedom to speak in their own language regardless of the other person’s language they are speaking to. Hello Pal International Inc.’s (CSE:HP)(OTC:HLLPF)(Frankfurt: 27H) overriding mission is to bring the world closer together through social interaction, language learning and travel. By creating a platform where it is easy to instantly interact with others around the world and giving them the tools to communicate with each other in a joyful and fun way, we hope to do our part (however small) in fostering understanding and tolerance between all citizens of the world.
The information set forth in this news release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions, and expectations; they are not guarantees of future performance. Hello Pal International Inc. (CSE:HP)(OTC:HLLPF)(Frankfurt: 27H) cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hello Pal’s control. Such risks and uncertainties are described in Hello Pal’s annual and interim financial statements available on www.sedar.com. Although Hello Pal is currently generating revenues, Hello Pal International Inc. (CSE:HP)(OTC:HLLPF)(Frankfurt: 27H) remains in the growth stage and such revenues are yet to be profitable. Accordingly, actual, and future events, conditions, and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Hello Pal undertakes no obligation to publicly update or revise forward-looking information.
THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE Hello Pal International Inc. (CSE:HP)(OTC:HLLPF)(Frankfurt: 27H)
