There were a number of stocks that had recorded declines on Tuesday and one of those was the SMC Entertainment Inc (OTCMKTS:SMCE) stock, which ended the day with a decline of as much as 7%. Yesterday, the company came into focus after it announced its financial results for the second fiscal quarter that ended on June 30, 2022.
Trading Data
On Tuesday, SMCE stock fell 7% to $0.0040 with 647K shares, compared to a volume of 374K shares. The stock moved within a range of $0.0040 – 0.0048 after opening trade at $0.0045.
SMC/Genesis Posts Second Quarter 2022 Financial Statements Six Months 2022 Revenues of $10.7 Million and Gross Profit of $2.2 Million
The financial results also included the numbers from its majority-owned subsidiary unit Genesis Financial Inc. The company also provided a snapshot of its performance over the course of the first half of the year.
In the first six months, it generated revenues of as much as $10,706,514 and the cost of generating those revenues stood at $8,492,626. During that six-month period, the consolidated gross profits stood at $2,213,888 and at the end of the period, the cash balance with SMC Entertainment stood at $518,631.
It should also be noted that at the end of the six-month period, the account receivables overhead read $628821. The President of SMC Entertainment, Eric Blum, noted that the performance of the company in the first half is a reflection of its relentless efforts to grow the business.
Key Quote
Erik Blum, the Company’s President, expounded: “Our first half of 2022 financial performance reflects our relentless efforts to grow the business organically. We continue to execute our business plan on a number of fronts that will include acquisitions in Australia and the United States. We look forward to the second half of 2022.”
Technical Data
SMCE stock is above the 20-Day and 50-Day Moving averages of $0.0035 and $0.0033 respectively. However, the stock is trading below the 200-Day moving average of $0.0063. The company has a total market capitalization of $1.38 million. The stock is up 21% over the past month.
