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Life Clips Reports Fiscal 2022 Third Quarter and Nine Month Results

Belfrics Group revenues increased 32.6 percent in the third quarter to $2.96 million from $2.235...
  • Belfrics Group revenues increased 32.6 percent in the third quarter to $2.96 million from $2.235 million
  • Total revenues for the first nine months of fiscal 2022 are $5.24 million

AVENTURA, Fla., May 18, 2022 (GLOBE NEWSWIRE) — Life Clips, Inc. (OTC Pink: LCLP) (the “Company”) today reported financial results from its Belfrics Group subsidiary for the third quarter of fiscal 2022, ended March 31, 2022. Total revenues from Belfrics Group in the third quarter of fiscal 2022 were $2.96 million, an increase of 32.6 percent compared to $2.235 million in the previous quarter, and a 100% increase from the prior year quarter. Commissions and Fees increased 29 percent to $2.04 million in the third quarter of fiscal 2022 as compared to $1.58 million in the previous quarter. Investment Advisory revenue increased 84 percent to $662,478 in the third quarter of fiscal 2022 as compared to $360,320 in the previous quarter. Revenue from Administrative Services increased slightly to $257,922 from 246,368 in the previous quarter.

For the three months ended March 31, 2022 and 2021, the Company had gross profit of $674,173 and $0, respectively. This is as a direct result of the acquisition of Belfrics and was primarily generated by Belfrics. Total operating costs for the three months ended March 31, 2022 were $1.71 million compared with $91,239 for the three months ended March 31, 2021. This increase is directly related to higher professional fees, marketing expenses, payroll expenses, travel and meal expenditures, as well as other general and administrative expenses, primarily due to associated with the acquisition of Belfrics.

Other Income (Expense) was $4.4 million for the three months ended March 31, 2022 compared to $4.9 million for the three months ended March 31, 2021. The difference of $509,245 is primarily due to a change in fair value of derivatives in 2021, and a change in fair value of contingent liability in 2022. There were no derivative calculations required in 2022, which resulted in an increase of $5,003,769. In 2022, management’s assessment of the stock milestones attainable by Belfrics resulted in an increase of $4,464,254.

Net income for the three months ended March 31, 2022 was $3,354,075 as compared to net income of $4,807,112 for the three months ended March 31, 2021.

Results of Operations for the Nine Months Ended March 31, 2022 and 2021

For the first nine months of fiscal 2022 ending March 31, 2022 total revenues were $5.24 million. For the first nine months of fiscal 2022, our Belfrics Group subsidiary’s revenues were comprised of the following: Commission and Fees $3,647,085.00; Investment Advisory $1,022,798.00; Administrative Services $504,290.00; and $50,000.00 and $20,779.00 in License Income and App Development Income from our Cognitive Apps subsidiary. For the nine months ended March 31, 2022, the company had gross profit of $2,276,014 versus $0 in 2021, as a result of the acquisition of Belfrics.

Total operating costs for the nine months ended March 31, 2022 were $3,868,479 compared to $286,629 for the nine months ended March 31, 2021. This increase is directly related to higher professional fees, marketing expenses, payroll expenses, and other general and administrative expenses, primarily due to the acquisition of Belfrics. Other Income (Expense) was $990,203 when compared with $8,829,754 for the nine months ended March 31, 2022 and 2021, respectively. This change is primarily due to a change in the fair value of derivatives, a change in the fair value of contingent liability not present in 2021, as well as a loss on impairment of intangibles. The contingent liability and the impairment are due to the acquisition of Belfrics. Net Loss for the nine months ended March 31, 2022 was $602,262 as compared to Net Income of $8,543,125 for the nine months ended March 31, 2021.

Liquidity and Capital Resources

For the quarter ending March 31, 2022, Life Clips had cash on hand of $855,759, total assets of $50.6 million, total liabilities of $26.1 million, and total stockholder’s equity of $24,5 million. Our Total Assets include intangible assets consisting of approximately $46.6 million of cryptocurrency that is recorded at historical cost and not amortized due to its indefinite life.

About Us

Life Clips is the parent company of Belfrics Global and Cognitive Apps Software Solutions Inc. Belfrics Global is a Malaysian based blockchain provider and cryptocurrency exchange and platform that is licensed and regulated by Labuan Financial Services Authority (LFSA), Malaysia. With 10 operational offices in 8 countries, Belfrics’ multi-feature trading platform offers digital assets, cryptocurrencies, and crypto derivative contracts to its clients. Belfrics blockchain has been recognized by Gartner as being a top 10 blockchain in terms of real-world projects and has received a patent for its Belrium KYC verification System (BKVS) by the Nigerian patent authority. Cognitive Apps is disrupting the space of mental health with its speech-based, AI-powered mental health analytics platform that empowers businesses to measure, understand, and improve the mental well-being of their employees, patients, and customers. Aiki delivers CBT and IPT therapies using a chatbot which and includes the voice analysis solution that takes in other health data from Apple and Google HealthKit to make a more accurate analysis of one’s mental health. Aiki was developed to capitalize on the trend towards artificial intelligence platforms utilized by individuals and companies to raise awareness of employees’ mental health. Cognitive Apps is developed by a team of licensed psychotherapists that makes use of vocal biomarkers to screen for early signs of mental health conditions, such as stress and depression. Aiki is available on Apple‘s App Store.

For more information on Life Clips visit www.lifeclips.com
For more information on Belfrics Global visit www.belfricsgroup.com
For more information on Cognitive Apps Software Solutions visit https://cogapps.com

Forward-Looking Statement Disclaimer

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements: (i) the initiation, timing, progress and results of the Company’s research, manufacturing and other development efforts; (ii) the Company’s ability to advance its products to successfully complete development and commercialization; (iii) the manufacturing, development, commercialization, and market acceptance of the Company’s products; (iv) the lack of sufficient funding to finance the product development and business operations; (v) competitive companies and technologies within the Company’s industry and introduction of competing products; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) loss of key management personnel; (viii) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its products and its ability to operate its business without infringing the intellectual property rights of others; (ix) potential failure to comply with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) the difficulty of predicting actions of the government and its regulations. All forward-looking statements included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement unless required by law.

For Media and Investor Relations, please contact:

David L. Kugelman
(866) 692-6847 Toll Free – U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
dk@atlcp.com
Skype: kugsusa
https://www.linkedin.com/in/davidkugelman/

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Source: visionary-finance.com