Company Reports First Revenues Since 2021 Launch
WOODINVILLE, WA / ACCESSWIRE / August 23, 2022 / CarbonMeta Technologies Inc. (OTC PINK:COWI) today announced its financial results for the first quarter ended June 30, 2022.
During the six months ended June 30, 2022 (the "2022 Period"), the company realized $41,335 gross revenues compared to gross revenues of $0 during the six months ended June 30, 2021 (the "2021 Period"). Gross revenues in the 2022 Period were higher compared to the 2021 Period as the Company realized its first customer sales since the company was re-launched in 2021. Gross profits increased to $33,706 during the 2022 Period compared to $0 during the 2021 Period.
Operating expenses were $439,243 for the 2022 Period compared to $75,000 for the 2021 Period. Legal and Professional Fees and General and Administrative expenses increased in order to establish sales and operations, and to complete an audit in preparation for the company's SEC Form 1 that was filed on July 28, 2022. Loss from operations was $405,537 for the 2022 Period compared to $75,000 for the 2021 period.
Total other expenses were $6,347,736 during the 2022 Period compared to Total other expenses of $49,880,221 in the 2021 Period. Other expenses is comprised primarily of gain/loss on derivative, amortization of debt discount, deferred finance costs, accrued interest on notes payable, and loss on extinguishment of debt. The change in derivative liabilities for the 2022 Period was $5,855,627 compared to $49,360,801 for the 2021 Period.
Interest expense, net for the 2022 Period was $487,109 compared to $519,438 for the 2021 Period. The decrease in interest expense is principally a result of a decrease in accrued interest on debt because the company extinguished debt during the third quarter of FY-2021.
Net loss for the 2022 Period was $6,347,736 compared to net loss of $49,880,221 for the 2021 Period. The decrease in net loss is primarily due to a decreased loss on the change in derivative liabilities, principally because the company extinguished $5,192,491 of variable rate convertible debt in exchange for 2,250,000,000 shares of common stock in July 2021.
"This past quarter marked a turning point for the company as it realized its first revenues since its 2021 re-launch, and benefitted from having extinguished variable rate convertible debt," said Lloyd Spencer, Chairman and CEO of CarbonMeta Technologies. "This coming year, CarbonMeta plans to work closely with communities and investors; apply for state and federal grants; establish pilot projects that can generate economically sustainable hydrogen and high-value carbon products; and deliver carbon-negative building products that capture atmospheric CO2."
The OTC Markets quarterly report can be accessed by going to the following link: https://www.otcmarkets.com/stock/COWI/disclosure
About CarbonMeta Technologies Inc.
CarbonMeta Technologies (OTC PINK:COWI) is a resource reclamation company that will process organic wastes and generate economically sustainable hydrogen and high-value carbon products. CarbonMeta's core mission to ‘upcycle' plastic and construction waste aims to help address the world's burgeoning pollution and climate crises. The company is based in Woodinville, Washington, and has several subsidiaries, each with its own focus on high-value solutions for environmental sustainability.
For more information about CarbonMeta Technologies and its subsidiaries, please visit www.CarbonMetaTech.com.
Forward-Looking Statement
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The ability of the Company to complete and file its Fiscal Year 2022 annual report on Form 10K relies on third parties to complete their activities. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include among others, the inherent uncertainties associated with smaller reporting companies, including without limitation, other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
CONTACT INFORMATION
Mark Duiker
CarbonMeta Technologies Investor Relations
(844) 698-3777, option 3
[email protected]
Becca Hesketh
Higginson Strategy
+44 (7927) 616779
[email protected]
SOURCE: CarbonMeta Technologies, Inc.