SMC/Genesis Posts Second Quarter 2022 Financial Statements Six Months 2022 Revenues of $10.7 Million and Gross Profit of $2.2 Million
Charleston, SC, Aug. 23, 2022 (GLOBE NEWSWIRE) — SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) and its majority-owned subsidiary, Genesis Financial, Inc. (“Genesis”) – a rapidly growing integrated financial technology company (“Fintech”) with a full suite of digital financial services solutions, are pleased to announce the filing of second quarter ending June 30, 2022 financial statements. Highlights of the Company’s consolidate unaudited six months of 2022 financial performance:
- Revenues for 6-month period $10,706,514
- Cost of revenues for 6-month period $8,492,626
- Gross profit for 6-month period $2,213,888
- Cash on hand as at June 30, 2022 was $518,631
- Accounts receivable as at June 30, 2022 was $628,821
Erik Blum, the Company’s President, expounded: “Our first half of 2022 financial performance reflect our relentless efforts to grow the business organically. We continue to execute our business plan on a number of fronts that will include acquisitions in Australia and the United States. We look forward to the second half of 2022.”
“The Company is working diligently to complete its audited financial statements for fiscal years 2020 and 2021. Upon completion, we will file required documentation with the SEC to attain reporting issuer status. In tandem, the Company will initiate corporate actions to change its name and trading symbol to reflect its Fintech-based business plan.”
About Genesis Financial, Inc.
Genesis, with 23 employees under its purview along with 120 financial consultants, advisors, and representatives, is a rapidly growing integrated financial technology company with a full suite of digital financial services solutions. Genesis, focusing on fintech-powered wealth management services, operates its business through two Australian regulated entities in wealth management, tax and accounting advisory services. The two operating subsidiaries are the Ballast Group and The Financial Link Group. For more information, visit www.ballast.com.au and www.tflg.com.au. The Australian Wealth Management industry has over 25,000 financial advisors managing 2.2 million investors. The annual fees generated by the Wealth Management industry is close to $3.9 billion. According to AITE (2020) at least 10 million adults are underserved or not served at all by the Australian Financial Advisors. Genesis has firmly positioned itself to acquire and consolidate to expand in Australia’s fragmented Independent Dealer Group business sector.
About SMC Entertainment, Inc.
SMC is a versatile holding company focused on acquisition and support of proven commercialized financial services and technology (fintech) companies. SMC’s multi-discipline growth by acquisition approach is to enhance revenues and shareholder equity. For more information on SMC, visit www.smceinc.com.
Press Release Contact:
Erik Blum
Managing Member
J W Price LLC
561-699-9790
Safe Harbor Statement
This press release contains statements, which may constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company, members of its management, and assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.
