VANCOUVER, British Columbia, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. ("Victory Square" or the "Company") (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that gives investor access to a portfolio of 25+ innovative companies from around the world in a single stock, announces it has filed its Consolidated Financial Statements for the six-months ended June 30th, 2024 along with its Management Discussion and Analysis (MD&A).
Company:
Victory Square is a Venture Builder that provides investors a liquid way to invest in early-stage technology companies without buying a venture fund that requires accredited investor status or multi-year commitments.
A diverse portfolio of 25+ innovative companies from around the world (founders come from: Ireland, Sri Lanka, Bulgaria, Australia, India, Brazil, the Middle East and North America)
Sectors include: Digital Health, Artificial Intelligence (AI), Machine Learning (ML), Blockchain/Web3, Virtual & Augmented Reality (VR/AR), Gaming, Climate Tech
Owner-operated (approx. 15% Management Ownership)
Business Model:
The Victory Square business model is to buy, build and invest in early stage tech companies. We spend upwards of 48 months with those companies until they're ready to spin-off or stand on their own. There are a couple of unique elements to our business model…
We have unparalleled access to startups through our internal incubator and International network with over 250+ founders, investors, tech accelerators and venture capital firms from more than 60 countries.
Second, our management team and advisors are actively involved in our investments from incubation through monetization, providing them with financial, operational, and strategic support to scale globally.
We drive value by monetizing investments and reinvesting the gains in new innovations. The strategy was to build a self-sustaining business.
Financial HighlightsThe Company's condensed consolidated interim financial statements comprise the financial statements of the Company and its subsidiaries: Futura Health and Wellness Inc. ("Futura"), Hydreight Technologies Inc. ("HTI"), Victory Square Digital Health Inc. ("VS Digital Health"), Draft Label Technologies Inc. ("Draft Label"), XR Immersive Tech Inc. ("XRI") and Synthesis VR Inc. ("SVR"), PDL USA Inc. ("PDL USA"), BlockX Capital Corp. ("BlockX Capital"), VS Blockchain Assembly ("VS Blockchain"), Insu Therapeutics Inc. ("Insu")
Victory Square invests in early-stage technology companies. Increases and decreases in the value of those companies have the greatest impact on the results of operations of the Company from quarter to quarter. It is within the business cycle to see periods of net losses when first investing in a new company, spending up to 48 months incurring expenses and building the business, and then in subsequent periods realizing the gains and revenues from those early investments.
The net loss for the six-months ended June 30, 2024, is primarily due to the fair value write-down on portfolio investments due to the market environment as well as operating losses from consolidated subsidiaries.
RevenueRevenue for the six-months ended June 30, 2024, was $7,993,311, compared to $5,490,363 for the comparative period.
Cost of Goods SoldCost of goods sold for the six-months ended June 30, 2024, was $4,688,343 compared to $2,948,453 for the comparative period.
Gross MarginThe gross margin for the six-months ended June 30, 2024, was $3,304,968 compared to $2,541,910 for the corresponding comparative period.
Cash & liquid securities approx. $3,800,000
The Company's consolidated financial statements for the six-months ended June 30, 2024 along with its Management Discussion and Analysis (MD&A) are available under the Company's profile on SEDAR+ (www.sedar.com).
Portfolio Companies
The table below sets out Victory Square Portfolio Companies as at the date June 30, 2024.
Subsidiary
Vertical
VS Digital Health Inc. ("VS Digital Health")
Digital Health, Online Pharmacy, Diagnostic Testing, Artificial Intelligence (AI), Machine Learning (ML)
Hydreight Technologies Inc. ("HTI")
Digital Health, Online Pharmacy, Diagnostic Testing, Artificial Intelligence (AI)
Futura Health & Wellness Inc. ("Futura")
Digital Health, Online Pharmacy, Diagnostic Testing, Longevity, Biohacking, Artificial Intelligence (AI), Machine Learning (ML)
Draft Label Technologies Inc. ("Draft Label")
Digital Health, Online Pharmacy, Diagnostic Testing, Artificial Intelligence (AI), Machine Learning (ML)
PDL USA Inc. ("PDL USA")
Custom Software Development
