NEW WAVE ESPORTS CORP. is pleased to announce that it has published financial results for the fiscal quarter ended September 30, 2019, which is the final quarter before the Company completed its reverse takeover transaction (the “RTO”) on October 24, 2019.
The Company’s current business is primarily conducted through its wholly-owned subsidiary (“NW”), which was acquired by the Company as part of the RTO. The following results are those of NW only and do not take into account the RTO.
For its second fiscal quarter ended September 30, 2019, NW is reporting a comprehensive profit from operations of $69,424 (equivalent to $(0.00) per-share basic and diluted), primarily due to unrealized gains of $658,425 in its portfolio. These were offset by expenses of $600,829. NW ended the quarter with a cash balance of $934,270 and investments valued at $1,755,272.
The above figures also do not include the Company’s cash balance of $1,370,985 at September 30, 2019, prior to completion of the RTO.
As a public company, New Wave Esports has changed its accounting policy to value its and NW’s investments at fair market value rather than book cost, to more accurately reflect valuation changes in the rapidly-developing esports industry.
“We are pleased to start reporting appreciation in our holdings in the last quarter, and are optimistic about our future performance as the esports industry evolves,” said New Wave Esports CEO Daniel Mitre.
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