Growing its income and reducing its internet loss from the identical three-month and nine-month interval in 2021, whereas additional reducing its working bills by 62% year-over-year for a similar nine-month interval in 2020
LOS ANGELES, CA, Nov. 05, 2021 (GLOBE NEWSWIRE) — Social Life Community, Inc. (OTC: WDLF) pronounces as we speak, and as reported in its third quarter 10-Q submitting this morning, that it has elevated gross sales by 26% in the identical nine-month interval in 2020. The income development comes paired with a major lower in working bills by 62% for a similar nine-month interval in 2020.
“I am happy to announce Social Life Community realized its strongest quarter, since turning into public in Q2 of 2016, with the strongest steadiness sheet the Firm has had since our launch in 2013” stated Ken Tapp, CEO of Social Life Community. “Our 2020 and 2021 technique to retire all convertible debt, lower working bills, improve income, and launch our new Decentral Life Division was realized in Q3, forward of administration’s unique purpose to finish by the top of This autumn 2021,” added Tapp.
“Now we have Elevated income and decreased internet loss from the identical three-month and nine-month interval in 2021, whereas additional reducing our working bills by 62% year-over-year for a similar nine-month interval in 2020,” stated Director and President Todd Markey. “We hope that our shareholders this yr have developed a a lot better sense of confidence with administration’s marketing strategy for our continued development into 2022, and past.”
Regardless of the continued development of the Firm since turning into publicly traded in June of 2016, Social Life Community nonetheless roughly holds the identical market cap of $20M USD that it did in 2016. Partially in response to the lopsided public market cap versus inside valuation that administration shared in a Q2 2021 shareholder replace, the brand new Decentral Life Division was launched in Q3 to deal with development initiatives together with the upgrading of the know-how platform that’s licensed to the TBI licensees in order that it’s not cloud-based, and is as an alternative a decentralized blockchain utility. The Decentral Life Division has the next 4 principal targets:
1. Create a decentralized international social networking platform for consumer privateness, content material management, and common connectivity to all decentralized networking platforms of the longer term.
2. Financially empower community customers by rewarding their exercise with crypto-loyalty factors that can be utilized to make purchases on the community or transformed to WDLF Tokens for use on globally accessible cryptocurrency exchanges.
3. Create and launch a Decentral Life Token on the Ethereum blockchain (“WDLF Token”) that can be utilized throughout all TBI licensee networks in order that customers can convert their crypto-loyalty factors into WDLF Tokens.
4. File with the SEC, a registered preliminary coin providing, that if declared efficient by the SEC would allow tokens to be bought to traders and the creation of a market created for the token on cryptocurrency exchanges.
In a press launch filed on August nineteenth, 2021, the 2nd and third principal targets have been accomplished, additional including to the expansion Social Life Community skilled in Q3 of 2021.
About Social Life Community, Inc.
Social Life Community is a Know-how Enterprise Incubator (TBI) that, via particular person licensing agreements, offers tech start-ups with seed know-how improvement, authorized and govt management, making it simpler for start-up founders to deal with elevating capital, perfecting their enterprise mannequin, and rising their community user-ship. Our seed know-how is a synthetic intelligence (“AI”) powered social community and Ecommerce platform that makes use of blockchain know-how to extend consumer exercise, velocity, safety, and accuracy on the area of interest social networks that we license to the businesses in our TBI. Because the launch of the Firm in January of 2013, it has launched area of interest trade social networks to service the thousands and thousands of enterprise professionals and shoppers within the residential actual property trade, the authorized international hashish trade, sports activities verticals together with racket sports activities, golf, biking, soccer, area exploration, auto racing, journey, looking, fishing, and tenting. The Firm operates partially, like a publicly traded tech incubator, and retains possession in every licensee via inventory and choices possession after they attain a contracted consumer ship development, outlined of their licensing contracts. This permits the Firm to attenuate its bills and publicity to failed start-ups licensees that use its platform.
For extra data, go to our web site @ www.SocialNetwork.ai
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Concerning the Decentral Life division
The corporate introduced on August sixteenth, 2021, a brand new division had been fashioned that may focus completely on a world decentralized social community and cryptocurrency venture, named Decentral Life.
The Decentral Life venture goals to handle 4 principal targets outlined on the Decentral Life
Todd Markey Investor Relations Social Life Community, Inc. ir@socialnetwork.ai 1-855-933-3277
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