ABQQ Reports of Financial Results for the Six Months Ended February 29, 2020
HONG KONG and NEW YORK, May 18, 2020 (GLOBE NEWSWIRE) -- AB International Group Corp. (OTCQB: ABQQ), an intellectual property (IP) and movie investment and licensing firm, announces its unaudited financial results for the six months ended February 29, 2020. The financial results have been filed in a 10-Q with the U.S. Securities and Exchange Commission (the "SEC")
Key Financial Highlights:
- Revenues for the six months ended February 29, 2020, increased 93% to $294,743, as compared to $152,447 for the six months ended February 28, 2019.
- Gross Profit for the six months ended February 29, 2020 increased 176% to $199,718, as compared with gross profit of $72,239 for the same period ended February 28, 2019.
- Net loss for the six months ended February 29, 2020 increased 9% to $415,331, as compared with a net loss of $378,725 for the same period ended February 28, 2019.
- As of February 29, 2020, ABQQ had $4,565,803 in total assets, has total current liabilities as of February 29, 2020 were $531,884. Total shareholders’ equity is $4,033,918.
The Company noted that its decision to accelerate the development and launch date of its video streaming service was largely also in part to the mandatory quarantines being implemented due to the COVID-19 pandemic, which has increased viewership of video streaming services and the Internet by as much as 70% over the course of the past several weeks.
The Company also announced plans to finish production of ABQQ.tv’s original line-up of at least ten full-length movies by its in-house studios by the end of the year. 20-minute daily television shows as well as two to three dramas are also in production and are expected to generate similar types of “binge-watching” behavior as their comparable shows do on Netflix in the United States. ABQQ.tv also expects to supplement its line-up of originally-produced programming with content that has been secured from various business partners as a result of their strong interest in partnering with ABQQ.tv while licensing and advertising fees are likely to be the lowest possible pre-launch.
About AB International Group Corp.
AB International Group Corp. is an intellectual property (IP) and movie investment and licensing firm, focused on acquisitions and development of various intellectual property. We currently have a Patent License Agreement pursuant to which Guangzhou Shengshituhua Film and Television Company Limited, a company incorporated in China, granted the AB International Group a worldwide license to a video synthesis and release system for mobile communications equipment, in which the technology is the subject of a utility model patent in the People's Republic of China. On February 2019, we had launch new business applications through smartphones and official social media accounts based on Tencent’s WeChat platform, utilizing Artificial Intelligence, it is a matching platform for performers, advertiser merchants, and owners for more efficient services. It generates revenues through an agency service fee from each matched performance. Currently, there are hundreds of active members, which is increasing daily as new companies and performers are registering for membership. In 2019, we are also actively exploring investments in Chinese movies copyright and release rights.
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Forward-Looking Statements
This press release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements relating to changes to the Company's management team and statements relating to the Company's transformation, financial and operational performance including the acceleration of revenue and margins, and the Company's overall strategy. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the possibility of business disruption, competitive uncertainties, and general economic and business conditions in AB International Groups markets as well as the other risks detailed in company filings with the Securities and Exchange Commission. AB International Group undertakes no obligation to update any statements in this press release for changes that happen after the date of this release.
Investor Relations Contact:
Jeff Deng
