Las Vegas, NV, July 30, 2021 (GLOBE NEWSWIRE) -- GEMXX Corporation (OTC Pink: GEMZ) ("GEMZ" or "The Company"), a leader in the Ammolite Gemstone Mine to Market Segment, Posts Positive Revenues and Reflects Highlights & Achievements.
The Company highlights significant achievements to solidify its strong foundation for the Company moving forward in the coming year.
"We are incredibly pleased with our progress and the Company's ability to post positive revenues in the face of a global pandemic", stated Jay Maull, GEMXX Corporation, CEO. "Our Company fundamentals are strong in spite of the global shutdown; we have a healthy future ahead of us"
With the restructuring over the last Quarter, the Company is highlighting our recent achievements reflected in this Quarters Financial Statements.
Shares issued and outstanding remain the same at 97,466,757. The Quarters Account Receivables have increased to $610,069.00 compared to June 2020 of the same Quarter last year which was $21,376.00. The Total Assets of the Company equal $18,693,363.00, which is noteworthy. The Company's Payables are conservative at $328,466.00 compared to $1,467,467.00 in the same Quarter as last year. This is a notable decrease, and a reduction of 77.6% in liabilities. Net Income increased an impressive 760% with posted Net Income of $276,939.00 compared to $36,460.00 in the same Quarter the previous year.
"With the world reopening, the positive effect will be felt in our sales channels in Asia, and the travel and cruise industries. We have a solid foundation to optimize our business model on all fronts. We are also extremely proud to say that we have emerged stronger and more efficient after the global pandemic and have solidified our footprint as one of the leading sources of ammolite in the world", commented Jay Maull, GEMXX Corporation, CEO.
ABOUT GEMXX CORPORATION GEMXX is vertically integrated from gemstone and mineral extraction through worldwide wholesale and retail jewelry distribution. GEMXX controls the entire value-chain of activities from mining rough Ammolite to Ammolite gem production to Ammolite jewelry manufacturing to delivering a finished Ammolite jewelry product to wholesalers and consumers globally. Controlling the entire value-chain ensures maximum control of the companys product, product development, quality control and profits. GEMXX has over 160 years of combined Ammolite management, operations, and sales experience. Our in-house experience covers every aspect of the Ammolite business from source to sale and will ensure the Company takes advantage of market opportunities and avoids industry pitfalls.
SAFE HARBOR STATEMENTThis press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
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