SUNRISE, FL, June 21, 2022 (GLOBE NEWSWIRE) — via NewMediaWire —NextPlay Technologies, Inc. (NASDAQ: NXTP), a digital business ecosystem for digital advertisers, consumers, video gamers and travelers, reported results for the fourth quarter and fiscal year 2022 ended February 28, 2022.
Fiscal 2022 Financial Highlights
● Achieved record annual revenue of $8.2 million, which compares very favorably to no revenue in the last year.
● Consolidated gross profit totaled $5.9 million, or 71%, of total revenue compared to none in the last year.
● As of February 28, 2022, and 2021, we had total assets of $99.8 million and $11.5 million, respectively, primarily as a result of the reverse merger and additional acquisitions of Reinhart Interactive TV AG and Zappware N.V. and NextBank International.
● Cash and cash equivalents as of February 28, 2022, were $6.6 million versus $0.4 million as of February 28, 2021.
Fiscal 2022 Operational Highlights
● Completed merger with HotPlay Enterprises and rebranded the company as NextPlay Technologies.
● In connection with the HotPlay Enterprises Merger, Nithinan “Jess” Boonyawattanapisut, NextPlay’s Co-Chief Executive Officer, was appointed as Principal Executive Officer of NextPlay.
● Reinhart Interactive TV, a NextPlay-funded strategic partnership, acquired award-winning Interactive TV provider, Zappware, founded in 2001 by former employees of Philips Media.
● Acquired controlling interest in International Financial Enterprise Bank (IFEB), a global financial institution.
● Received conditional approvals for insurance and reinsurance licenses enabling NextPlay’s NextShield LTD business unit to establish digital primary insurance and reinsurance operations and to offer blockchain-delivered products, such as parametric comprehensive travel insurance and bank deposit…
