VANCOUVER, BC, Aug. 29, 2022 /PRNewswire/ — GameOn Entertainment Technologies Inc. (“GameOn”) (CSE:GET) (OTCQB:GMETF)a leading game technology company partnered with the world’s biggest IPs to launch, operate, and monetize web3 games, has today filed its Q2 financials and provided a mid-year corporate update below.
A subsequent event to Q2 financials, the company announced a loan agreement with Proje Ventures Inc. for US$550,000 – an intentional number that management believes is required to reach profitability in 2023.
“The Proje deal is a partnership that sets us up to not only survive the current market conditions, but thrive beyond that,” said GameOn CEO Matt Bailey. “We’re midway through 2022, but also half way through a strategic three year plan, and this cash injection keeps us on track.”
2021 was the year of building. The Company raised $5.8 million in the process of publicly-listing, and with that we hired key personnel, acquired a fantasy company, and positioned our B2B technology to be sellable and scalable. The Company prioritized a reusable platform to never be building from scratch. As such, GameOn can be up and running with new partners in weeks, not months or years, a key differentiator when selling in the market. With 2021 focused on building, expenses were naturally higher.
2022 has been the year of selling and proving demand for our product. Management firmly believes this has been achieved. With the platform built, expenses are significantly lower and the Company has been pounding the pavement for customers. GameOn now has more than 10 partners live , in-development, or in-contract. In Q1 and Q2 2022, GameOn reported $330,481 of revenue, up from $10,081 in the first half of 2021. Management believes the Company is on track to reach $1m in revenue by…