SMC/Genesis Releases Second Quarter 2022 Financial Statements, Half-Year 2022 Revenues of $10.7 Million and Gross Profit of $2.2 Million

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Charleston, South Carolina, August 23, 2022 (GLOBE NEWSWIRE) — SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) and its majority-owned subsidiary, Genesis Financial, Inc. (“Genesis”) – a rapidly growing integrated financial technology (“Fintech”) company with a full suite of digital financial services solutions, is pleased to announce the filing of the second quarter ending June 30, 2022 Financial state. Highlights of the Company’s unaudited consolidated financial performance for the first six months of 2022:

  • Income for a period of 6 months $10,706,514
  • Cost of income for a period of 6 months $8,492,626
  • Gross profit for a period of 6 months $2,213,888
  • Cash at June 30, 2022 has been $518,631
  • Accounts receivable June 30, 2022 has been $628,821

Erik Blum, chairman of the company, explained, “Our financial performance in the first half of 2022 reflects our tireless efforts to grow the business organically. We continue to execute our business plan on several fronts which will include acquisitions in Australia and United States. We look forward to the second half of 2022.”

“The company is working diligently to complete its audited financial statements for fiscal years 2020 and 2021. Once completed, we will file the required documentation with the SECOND to obtain reporting issuer status. At the same time, the company will launch corporate actions to change its name and trading symbol to reflect its Fintech-based business plan.

About Genesis Financial, Inc.
Genesis, with 23 employees under its responsibility as well as 120 consultants, advisors and financial representatives, is a rapidly growing integrated financial technology company with a complete range of digital financial services solutions. Genesis, which focuses on fintech-based wealth management services, operates through two Australian regulated entities in wealth management, tax and accounting advisory services. The two operating subsidiaries are the Ballast group and The Financial Liaison Group. For more information visit www.ballast.com.au and www.tflg.com.au. The Australian Wealth Management The industry has more than 25,000 financial advisors who manage 2.2 million investors. The annual fees generated by the wealth management industry are close to $3.9 billion. According to AITE (2020) at least 10 million adults are underserved or not served at all by the Australian Financial Advisors. Genesis is firmly positioned to acquire and consolidate to grow in australia fragmented Independent Dealer Group activity area.

About SMC Entertainment, Inc.
SMC is a versatile holding company focused on acquiring and supporting proven commercialized financial services and technology (fintech) companies. SMC’s multidisciplinary growth approach through acquisition aims to increase revenue and equity. For more information about SMC, visit www.smceinc.com.

Press release Contact:Erik BlumManaging member
JW Price LLC
561-699-9790

Sure port Statement
This press release contains statements that may constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Such statements include statements regarding the intention , belief or current expectations of the Company, its officers and the assumptions on which such statements are based. Potential investors are cautioned that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by these forward-looking statements.

Source: SMC Entertainment, Inc.

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