SFLMaven Corp (OTCMKTS:SFLM) had made its name for having emerged as one of the leading luxury goods providers at this point and yesterday, the company made a major new announcement. SFLMaven was in focus yesterday after it made an announcement with regards to its financial performance for the three months that ended on June 30, 2022.
Trading Data
On Wednesday, SFLM stock ended flat at $0.0007 with more than 23.19 million shares, compared to a volume of 14.92 million shares. The stock moved within a range of $0.0007 – 0.0008 after opening trade at $0.0007.
SFLMaven Announces Financial and Operational Performance Highlights for the Three Months Ended June 30, 2022
During the period, the company managed to generate gross sales to the tune of $2.45 million, and that reflected a year-on-year rise of as much as 17%. The total assets under its control stood at $2.4 million and that figure also represented a year-on-year rise of as much as 206%.
The gross profits for the quarter generated by SFLMaven was $79,000 and that worked out to a year-on-year jump of a staggering 341%. On the operations front, the company noted that during the quarter it had started accepting Bitcoin as a form of payment for jewelry sales. It was a move that was aimed at further strengthening the digital strategy.
On the other hand, in order to protect the interests of the SFLMaven shareholders, the company returned as many as 300 million shares to the treasury during the quarter.
Key Quote
Joseph Ladin, CEO of SFLMaven, noted, “The core business remains strong and growing, with nearly another fifth added to the topline on a year-over-year basis last quarter. Looking ahead, we continue to remain completely resistant to macro headwinds including inflation, slowing consumer spending, and continued supply chain hiccups around the world. Q3 is off to a strong start, and we are progressing rapidly with our web3 strategy, including the official global launch of the first wave of our revolutionary original digital vintage NFT jewelry line for sale in our Decentraland metaverse store.”
Technical Data
SFLM stock is trading below the 50-Day and 200-Day Moving averages of $0.0007 and $0.0007 respectively. Moreover, the stock is trading above the 20-Day moving average of $0.0014. The company has a total market capitalization of $1.01 million. The stock is down 46% over the past 6-month.
