SINGAPORE, May 11, 2023 /PRNewswire/ -- Metaverse Blockchain company Marvion, a fully owned subsidiary of Bonanza Goldfields Corp. (OTC:BONZ), is pleased to announce that the Group has filed Form 10-K – the Group's annual report for 2022.
Along with the increase in revenue, Marvion's gross profits jumped by 12X from US$209,269 in 2021 to US$2.79mil in 2022 while the net loss increased from US$2.12mil in 2021 to US$10.05mil in 2022 – signaling the company's aggressive investment and business expansion.
Commenting on the results, Raymond Chua, Chief Executive Officer of Marvion, a wholly owned subsidiary of Bonanza Goldfields Corp said, "The financial results for 2022 represent a significant milestone for Marvion. Despite challenging market conditions towards the end of 2022, the company did exceptionally well as we saw a significant increase in our revenue. Nonetheless, there are still a lot of things we need to work on in the coming months as we try to grow Marvion in challenging market conditions."
In relation to Marvion's growth plan, Jackson Loh, Marvion's Singapore Chief-of-Staff, commented, "For the immediate-term plan, we will continue to focus on growing our current revenue generating operation, which is the sale of DOTs on our MetaStudio through our subsidiary Marvion Group Limited. We aim to become the largest global marketplace for IP Remake Licences, providing easy access for both professionals and amateurs to exploit existing intellectual property."
"In the medium-term, we will encourage quality content creation worldwide by providing a diverse and innovative platform for creators to generate revenue using DOTs, our Metaverse, and other Web3 technologies. In the long-term, we plan to explore opportunities in the Metaverse, including the sale and lease of commercial and residential properties," Jackson added.
For more information about Marvion and the annual report, please visit www.Marvion.Media.
For more information, please contact:
media@marvion.media
About BONZ
Bonanza Goldfields Corporation is a Nevada holding company that through its subsidiaries are engaged in the media distribution business. Specifically, we provide authentication, valuation and certification ("AVC") service, sale and purchase, hire purchase, financing, custody, security and exhibition ("CSE") services to buyers of movie and music media through traditional channels as well as through leveraging blockchain technology through the creation of digital ownership tokens ("DOTs").
The group is building an ecosystem and a metaverse for the media and entertainment industry that implements and adopts blockchain and NFT technologies, through mergers and acquisitions.
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SOURCE Bonanza Goldfields Corp.
