Total Revenue for the first nine months of 2022 spikes 3,681% to $6.5 Million as Compared to the Prior Year

The media and entertainment segment of the Group is showing strong growth for the first nine months.  On a quarter-to-quarter basis, revenue jumped from US$13,677 in 2021 Q3 to US$5,421,280 in 2022 Q3 – resulting in a 39,638% increase

SINGAPORE, Nov. 10, 2022 /PRNewswire/ -- Metaverse Blockchain company Marvion, a fully owned subsidiary of Bonanza Goldfields Corp. (OTC:BONZ), is pleased to announce that the Group has released the latest financial results for 2022 Q3.

Some of the financial highlights are:

• For the nine months ended September 30, 2022, BONZ generated revenue of US$6,515,287 and had about US$5.22million worth of media inventory and US$25,711 cash on hand. The comprehensive loss for the first nine months was US$9.62million with technology and development cost (of about US$8.73million) contributing to most of the expenses.
• For the first 9 months, there were 3 revenue sources – sale of licensed IP right and media products, transaction fee income and consulting service income; with each source contributing approximately US$6.37million, US$117,843 and US$24,735, respectively.  The sale of licensed IP right and media products as well as transaction fee income are new revenue engines while consulting service income dropped from US$177,017 in 2021 to US$24,735 for the corresponding period in 2022.  This shows that the company is moving away from the non-scalable consulting service to a more scalable business model.

Commenting on the 2022 Q3 results, Raymond Chua, CEO for Marvion, said, "The team has worked hard for the last few months and I think the results speak for itself.  We aim to build upon these results to keep Marvion growing to the next level.  From the expense perspective, we have been investing quite heavily in technology development and we are confident that these investments will pay dividends in the long run." 

"The company has planned a strong pipeline of products and we look forward to bringing them to market in due course.  At the business development end, I have worked with the team to line up a strong pipeline of customers.  All in all, I am really looking forward to rolling these products and services out, and I strongly believe that we will see our market share in the Web 3.0 grow in the coming months," Raymond added.

For more information on Marvion as well as the latest 10Q results, please visit www.marvion.media.

Forward Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. These forward-looking statements may include, but are not limited to, statements regarding future business activities including the expansion into the decentralized financing space. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated with operating a business in Singapore and Hong Kong, risk of interference by the PRC government, ability to compete, that financial resources do not last for as long as anticipated, and that BONZ is a holding company that may not realize the expected benefits of DOTs offered by Marvion™️. A further list and description of these risks, uncertainties and other risks can be found in BONZ's regulatory filings with the U.S. Securities and Exchange Commission, including in its current report on Form 10-K filed on March 31, 2022. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. BONZ undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

For media queries, 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.

About Marvion™️

Marvion is a metaverse technology company in the lifestyle and entertainment industry. Although most lifestyle and entertainment content are digital in nature today, they exist in the real world as intangible assets, such as intellectual property, licenses and contractual rights, with intrinsic value. Marvion applies blockchain and NFT technologies as tools to disrupt and improve the existing and current practices. The technology underpinning NFTs (non-fungible tokens) has multiple functional use cases, some of which have the power to transform our societies, and some of which may be subject to regulations. Marvion uses NFT technology solely to create a legally-binding digital ownership token (DOT) to both tangible and intangible lifestyle and entertainment assets, which our analysis suggests would functionally fall outside any regulatory perimeter.

More Information about Marvion™️:

Website:          www.marvion.media
Facebook:       www.facebook.com/marvionmetaverse
Instagram:       www.instagram.com/marvion.media
Twitter:            www.twitter.com/marvion_media
LinkedIn:         www.linkedin.com/company/marvion
Telegram:        www.t.me/marvion_media

About Marvion's DOT

Marvion's DOTs are integrated, best in class, digital ownership token (DOT) that contains a smart contract that can execute transactions and also contains the specific legal terms of the intellectual property ownership, license and/or rights. Each DOT contains the following:

• A copy of the SPA for the purchase of the master license.
• Evidence or warranty of ownership of the relevant intellectual property.
• Ownership of the sub-license detailing the rights of the DOT holder.
•  Image/video/music or other file depending on what the asset is.

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SOURCE Bonanza Goldfields Corp.