Smc Entertainmnt Stock Price, News & Analysis

SMC Entertainment, Inc. (SMCE) announced a Letter of Intent to acquire Fyniti Global Equities EBT Inc. for $25 million. This acquisition aims to integrate Fyniti's AI-driven wealth management and block trading technologies, enhancing SMC's Fintech product offerings. Fyniti specializes in democratizing investment strategies like Basket Trading and Tax Loss Harvesting. Following the acquisition, SMC plans to expand Fyniti's marketing and technological capabilities. The market for ETFs is valued at $8 trillion, with significant growth potential in AI-enabled financial services. Closing is anticipated after due diligence completion.

SMC Entertainment (OTC: SMCE) released its financial results for the first half of 2022, reporting revenues of $10,706,514 and a gross profit of $2,213,888. The company incurred a cost of revenues of $8,492,626. As of June 30, 2022, SMC had cash on hand amounting to $518,631 and accounts receivable of $628,821. President Erik Blum emphasized the company’s focus on organic growth and upcoming acquisitions in both Australia and the U.S., with plans to file audited financial statements to achieve SEC reporting issuer status.

SMC Entertainment (OTC: SMCE) announced a debt-to-equity conversion involving its subsidiary, Genesis Financial. The deal will convert $1.7 million of debt into $2.5 million in equity of a major fintech entity currently undergoing S-1 filing. This strategic move aims to strengthen Genesis' balance sheet and expand its asset base, positioning the company to capitalize on growth opportunities. Genesis focuses on wealth management and operates through two regulated Australian entities. The Australian wealth management industry serves over 2.2 million investors with annual fees nearing $3.9 billion.

SMC Entertainment (OTC: SMCE) has appointed Ms. Sachie McQueen to its Board of Directors. McQueen, a seasoned investment banker with over 10 years of experience in global equity sales, previously worked at Goldman Sachs and Amazon. She expressed excitement about SMC's growth potential in the $3.9 billion Australian Wealth Management industry, where the company aims to consolidate and expand its presence. SMC's majority-owned subsidiary, Genesis Financial, focuses on fintech solutions in wealth management, operating under two regulated Australian entities.

SMC Entertainment (OTC: SMCE) has announced a significant expansion initiative in Australia through a joint venture with Best Practice Accounting Group (BPAG). This venture aims to provide tailored financial services for accountants and financial advisers, with initial support from three accounting practices. The joint venture seeks to create a sustainable growth model by addressing succession planning for over half of Australia's accountants, enhancing collaboration between accountants and advisers. The Australian wealth management sector boasts over 25,000 advisers managing approximately $3.9 billion in annual fees.

SMC Entertainment (OTC: SMCE) has successfully completed the audits for fiscal years 2019 and 2020, with the fiscal year 2021 audit nearing completion. This achievement allows for the filing of the S-1 Registration statement with the SEC, a crucial step towards attaining reporting issuer status. The move aims to clarify SMC's business strategies, including potential revenue growth through organic means or acquisitions. Additionally, the company's subsidiary, Genesis Financial, is positioned to expand within the Australian wealth management sector, which generates nearly $3.9 billion in annual fees.

SMCE, alongside its subsidiary Genesis Financial, is actively pursuing acquisition opportunities in the USA, having signed two term sheets and engaging in due diligence. The expected financial close for these transactions is within 60 days, aiming to enhance the company's funds under management (FUM) to approximately AUD$2 billion. The strategic acquisitions are anticipated to boost distribution and capital markets business, creating synergies between the US and Australian markets. This move positions SMCE as a key player in the financial services sector, enhancing its growth potential.

SMC Entertainment, Inc. (OTC: SMCE) has secured $2,000,000 in bridge financing, with $1,500,000 provided by AD Asset Management LTD and the remainder from a boutique hedge fund. This funding will support acquisitions, financial audits, and regulatory compliance to become a Reporting Issuer with the SEC. SMC aims to raise an additional $6-10 million for future U.S. acquisitions. Genesis Financial, SMC’s subsidiary, offers digital financial services and targets growth within Australia's wealth management sector.

SMC Entertainment, Inc. (OTC: SMCE) announced the cancellation of 40,000,000 common shares, effective January 25, 2022, as part of its initiatives for share reduction. The company has also provided its auditor with necessary documents to finalize the financial statements for fiscal years 2019 and 2020. An audit for fiscal year 2021 is set to commence, aimed at preparing for consolidated balance sheets. Genesis Financial, SMC's subsidiary, operates in the fintech sector, supporting wealth management and advisory services in Australia, targeting a fragmented market with significant potential.