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VANCOUVER, BC, June 20, 2023 /CNW/ — Hello Pal International Inc. (“Hello Pal” or the “Company”) HP (Frankfurt: 27H) HLLPF, a provider of international live-streaming, language learning and social-crypto platform, is pleased to announce that it has filed its audited annual financial statements and management discussion and analysis for the period ended February 28, 2022 on SEDAR at www.sedar.com.
Highlights:
- Total revenue increased to $38,395,840 in 2022 (comprised of $36,471,718 for livestreaming and net revenue of $1,924,122 for cryptocurrency) being an 80% increase from $21,290,903 in 2021.
- Gross profit increased to $4,124,692 in 2022 (comprised of $1,924,122 for crypto currency mining and $2,200,570 for livestreaming) being a 77.5% increase from $2,323,184 in 2021.
- Transitioned all cryptocurrency mining operations to Tier 1 jurisdictions (United States and Australia).
- Strong registered user base of 7 million.
“We thank our shareholders and other stakeholders for their patience in the finalization and filing of our audited financial statements for fiscal 2022. Our 80% increase in revenues over 2021 is a testament to the extensive use of the Hello Pal ecosystem across Asia and the Middle East. We are diligently working on our outstanding management prepared interim financial statements and are targeting to file them as soon as possible.”
Live Streaming Operations
In fiscal 2022, the Company’s livestreaming services generated revenues of $36,471,718 or 95% of total revenue of the Company. Although all revenues were generated from livestreaming, the Company’s ecosystem that features Hello Pal moments, user matching and 1 on 1 video chats has led to a continual stream of users.
Crypto Mining Operations
The Company’s cryptocurrency mining operations generated 2022 revenues of $1,924,122, which included downtime for moving operations from China to United States and Australia. Currently, the cryptocurrency mining rigs are operating at an average of 75% capacity,…
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