Toronto-based New Wave Esports Corporation issued its financial results for the second quarter of its fiscal 2019-2020, reflecting its operation and goals achieved. This second quarter came to an end on September 30, 2019, and managed to see comprehensive profit reaching $69,424. The company formerly known as Trueclaim Exploration commenced its trading on the Canadian Securities Exchange on October 28.
This year was a rather dynamic one for the esports company solidifying its position in the international competitive video gaming scene. New Wave Esports aims to make life easier and provide other organizations with the needed capital, as well as support services facilitating their operation down the road. This week saw the official issuing of its financial report covering the second quarter of this fiscal year.
Q2 2019-2020 Info Issued
The report showed profit amounting to some $69,424, which was essentially offset by the expenses amounting to some $600,829. The second quarter commenced at the beginning of July and continued up until the last days of September, about a month before the company reached the end of its reverse takeover transaction on October 24. This had no influence on the operation during the second quarter, as it would influence Q3 2019-2020.
As for the investments amassed during the aforementioned three months of operation, they amounted to some $1,755,272, in addition to cash balance of $934,270. Over the past few weeks, New Wave Esports’ main goal has been expansion, investment, and making the steps needed for achieving goals set. Mid-November the esports gaming company announced its official decision to invest in professional esports organization Talon Esports Limited.
The company has influence across Hong Kong, South Korea, Taiwan, as well as Thailand and its booming competitive video gaming markets. The Toronto-based esports company would like to fuel future operation of the Asian giant and support its development down the road. This would also position it well in the growing Asian esports field, gaining traction and popularity. The investment itself amounted to some $300,000.
Expansion across Asia and Europe
In order to facilitate future growth in the Asian market, New Wave Esports recently appointed Jarrett Hasson to the position of Head of Asia Business Development. He has upwards of 20 years of experience in the gaming field that would be essential for the company’s future in Asia. His appointment on the position was effective November 1.
Striving to make a difference in the global esports market, New Wave Esports also recently announced the name of its new member of the Board of Directors – Richard Carl. He received as many as 200,000 options to purchase common shares in New Wave Esports with November 8 expiry date. He is known for his active participation on the Board of Directors of Clearview Resources chairing the audit committee.
Along with the Asian expansion and seeking new partners to support, the company is also interested in European expansion. New Wave Esports CEO Daniel Mitre recently confirmed that the launch of its Asian department is about to be followed by the footprint expansion in Europe, as to have a global influence on the US$1.9-billion global esports market.
(No Ratings Yet)
Loading...