NASDAQ:TGL Treasure Global Q3 2024 Earnings Report $1.65 0.00 (0.00%) As of 10:21 AM Eastern Earnings History Treasure Global EPS ResultsActual EPS-$116.00Consensus EPS N/ABeat/MissN/AOne Year Ago EPS-$59.50Treasure Global Revenue ResultsActual Revenue$1.60 millionExpected RevenueN/ABeat/MissN/AYoY Revenue GrowthN/ATreasure Global Announcement DetailsQuarterQ3 2024Date5/14/2024TimeAfter Market ClosesConference Call DateWednesday, May 15, 2024Conference Call Time8:30AM ETUpcoming EarningsTreasure Global's Q3 2025 earnings is scheduled for Tuesday, May 13, 2025, with a conference call scheduled on Wednesday, May 14, 2025 at 8:30 AM ET. Check back for transcripts, audio, and key financial metrics as they become available.Conference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Quarterly Report (10-Q)Earnings HistoryCompany ProfilePowered by Treasure Global Q3 2024 Earnings Call TranscriptProvided by QuartrMay 15, 2024 ShareLink copied to clipboard.There are 3 speakers on the call. Operator00:00:00Good day, everyone, and welcome to Treasure Global Inc. 3rd Quarter Fiscal Year 20 24 Earnings Call. At this time, participants are in a listen only mode. A question and answer session will follow management's remarks. This conference call is being recorded. Operator00:00:18A replay of today's call will be available on the Investor Relations section of TGL's website and will remain posted there for the next 30 days. I will now hand the call over to Sue Sha, Chief Marketing Officer of Treasure Global Inc. For introduction and the reading of the Safe Harbor statement. Please go ahead. Good day, everyone, and welcome to Treasure Global Inc. Operator00:02:183rd Quarter Fiscal Year 2024 Earnings Call. At this time, participants are in a listen only mode. A replay of today's call will be available on the Investor Relations section of TGL's website and will remain posted there for the next 30 days. I will now hand the call over to Sue Schua, Chief Marketing Officer of Treasure Global Inc. For introductions and the reading of the Safe Harbor statement. Operator00:02:43Please go ahead. Speaker 100:02:47Thank you, operator. Good morning, everyone, and welcome to the Treasures Global's 3rd quarter fiscal year 2024 results conference call. With us today, we have our Chief Executive Officer, Sam Teo. Before we begin, I would like to remind you that today's call contains certain forward looking statements from Pressure Global's management made within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities and Exchange Act of 1934 as amended concerning future events. Works such as may, should, project, expect, intend, plans, believe, anticipate, hopes, estimates and variations of such words and similar expressions are intended to identify forward looking statements. Speaker 100:03:42These statements are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the Risk Factors section of the company's Form 10 ks for the year ended June 30, 2023 and subsequent filings filed with the SEC. Copies of this document is available on the SEC's website at www.sec.gov. Actual results may differ materially from those expressed or implied by such forward looking statements. The company undertakes no obligation to update these statements for revisions or changes after the date of this call, except as required by law. Now, it is my pleasure to introduce Sam Teo, CEO of PJL. Speaker 100:04:33Sam, you may now begin. Speaker 200:04:37Thanks, Su, and good morning and thank you, everyone, for joining us today on our Q3 of fiscal 2024 earnings conference call covering the period ended March 31, 2024. I will start with the highlights of our 3rd quarter business performance followed by our financial results. At Treasure Global, we maintain a positive outlook and grow steadily in this ever changing macro environment. We are proud to say that we have developed a strategy that work in all condition, allowing us to grow regardless of the situation. Our focus remains on delivering value to our customers and consumers, which ultimately enabled us to drive sustainable growth for all our shareholders. Speaker 200:05:21Before I begin, I'm happy to announce the achievement of the new Zecity premium store, which we've discussed last quarter. This addition has not only broadened our product portfolio, but had also significantly boosted our gross profit margin. This growth perfectly aligned with our strategy vision and path forward. In this quarter, we have successfully filed an S3 and initiated an ATM offering, securing an aggregate offering price of up to US2.99 million dollars This strategic financing effort has provided us with the necessary capital while maintaining flexibility and alignment with our growth strategy. The fund will be put toward driving forward our business initiative, fostering innovation and ultimately creating more value for our shareholder. Speaker 200:06:14We'll dig deeper into our AI initiative, market expansion effort and key achievements shortly. Additionally, we are pleased to further solidify our competitive advantage in the blockchain market and opening up new avenue for revenue expansion and portfolio growth. Our recent partnership as the exclusive provider of an AI blockchain wallet on TeleClamp places us at the forefront of innovation in the blockchain sector. This strategy decision not only expand our portfolio, but also reinforce our competitive edge by securing the 1st right of refusal. Furthermore, this unlock promising new business opportunity within the blockchain market. Speaker 200:06:57Let's now proceed to explore the highlight of our Q3. In the Q3 of 2024, Treasure Global remained laser focused on innovation, utilizing artificial intelligence to enhance product and foster better customer connection. Our AI initiative empower us to anticipate customer needs, strengthen market share and identify lucrative opportunity in high profit sector. Expanding on this AI enhancement success, we ventured into meta platform for our live shopping event. Utilizing AI powered robot equipped with advanced language capability, we hosted events in multiple language, breaking down language barrier and engaging thousands of viewer. Speaker 200:07:44The Malaysian e commerce market projected to reach US20.93 billion dollars by 2029 and Meta platform boosting millions of active users, our presence of meta represents a significant opportunity. The move to Meta Life open up West market with unparalleled reach and engagement potential. With its extensive user base and robust infrastructure, Meta Platform provides an ideal platform to showcase our product and engage with a global audience. By leveraging Meta Life, we aim to not only drive sales, but also enhance brand visibility and customer engagement on a scale previously unseen. Fresh Air Global and AIO Synergy have joined force to revolutionize the AI landscape, capitalizing on the booming digital economy of Southeast Asia, with the Southeast Asia AI market expected to grow significantly at an anticipated annual rate of 17.83% by 2,030. Speaker 200:08:48Our collaboration is strategically positioned for success. Our strategy at LION highlight our commitment to delivering innovative AI solution and establish a state of the art data center dedicated to AI application, catering to the evolving mix of businesses across various industry. By leveraging our creative expertise and resources, we aim to drive transformative changes in the Southeast Asian and Island scale, positioning ourselves as a key player in this dynamic market. We have taken a significant step forward by announcing a strategic partnership to become the exclusive partner for an AI blockchain model on TeleClamp. This move forward further strengthen our competitive edge in the blockchain industry, securing treasury global position as the leader in innovation with the global Clicktop wallet market projected to grow significantly. Speaker 200:09:45This collaboration positions us for significant expansion. Treasure Global, strong focus on innovation and partnership put us ahead in the world of the new technology. We are dedicated to exploring and creating more advanced AI to grow our business. Another exciting development is our recent milestone, which we have secured a US2 $1,000,000 marketing contract with Satria, Dunia, Sangir and Bahad. The objective is to showcase premium Coriant Beauty product using ZXcity advanced AI marketing engine. Speaker 200:10:20This strategy partnership marked a significant achievement for us as we expand ZEC City influence and capability in the beauty sector. By utilizing ZEC City's state of the art AI technology, we are well positioned to increase brand exposure and boost sales, thereby creating a new revenue stream for the company. Moving on. We have got more exciting news about Zexcity. We are talking with the Shanghai Guangxi Chamber of Commerce about running the Malaysia Pavilion. Speaker 200:10:53This is a bit new because this is a chance to sell great Malaysian product on huge platform like Taobao and Towing. With China live shopping market growing fast and over 1,400,000,000 potential customer, this is an opportunity for us. This move fit perfectly with our goal to make digital shopping better and grow in new market. As I mentioned earlier, the launch of Jet City Premium Store has surpassed the expectation since inception. Leveraging advanced AI tools, the premium store not only exceeded sales expectation but also significantly enhanced our user engagement. Speaker 200:11:33In just 4 months, the premium store has sold over 6,000 bill salebonanza pack. This notable self achievement highlight the platform effectiveness in driving transaction and enhancing gross profit stream. ZexCity has gained valuable insight into user spending habits and preferences, enabling the premium store to offer highly personalized package tailored to individual user needs and preferences. As a result, the premium store has significantly contributed to our gross profit growth, reflecting its strategy important in driving business expansion and profitability for Treasure Global. In addition to the success of the Zech City Premium Store, we also made by launching them exciting minigame integrated with our AI game creator in Zec City 3 d world. Speaker 200:12:28This mini game not only enhance the gaming experience for user but also position us to assess the rapidly growing global gaming market, which is projected to reach a revenue of US212 billion dollars by 2026 Through in game purchaser, virtual goods and AI driven marketing strategy, ZexCity 3D World is poised to become a dynamic digital marketplace, capturing a significant share of the booming global gaming industry. And we are proud to share our significant achievement in this quarter, a notable win at the Marketing Interactive Asian E Commerce Award 2023, where Jazz City has been honored to have won the silver trophy for best e commerce solution. This recognition highlight our excellence in the fast changing landscape of online shopping. This achievement demonstrate our firm commitment to innovation and delivering top notch solution that cater to the ever changing mix of our online customer. This quarter, we showcased our dedication to stay ahead of the curve, expanding our reach and putting our customer first. Speaker 200:13:42Moving forward, we are dedicated to driving growth, sizing opportunity and delivering value to our shareholder. Next, I will now share our financial results for the Q3 of fiscal year 2024. For the quarter, our gross profit reached US217000 dollars marking a substantial increase of 47% compared to the same period last year. This notable improvement is primarily attributable to our ongoing initiative and optimizing spending and capitalizing on higher profit margin stream, while our total revenue for quarter were $1,600,000 compared to $6,700,000 for the Q2 of fiscal 2024, reflecting a decrease of approximately 76%. It is important to view this figure in the context of our strategy shift toward higher margin business channel and long term value creation. Speaker 200:14:43We are pleased to announce a substantial decrease in our net losses, approximately $1,700,000 compared to approximately $2,900,000 in the Q3 of fiscal year 2023. This strategy positive shift was primarily driven by our focus on optimizing cost management, including reduction in selling and administrative expenses. Our disciplined approach to cost management and operational efficiency has enabled us to achieve significant improvement in our bottom line compared to previous year despite the challenging market condition. As of March 31, 2024, our cash balance was approximately $300,000 compared to a cash balance of approximately $4,100,000 as of March 31, 2023. This position is expected to strengthen following future sales of ATM share. Speaker 200:15:44Flexity had over 2,690,000 registered users and over 20 27 registered merchants as of March 31, 2024. Quarterly active users for the quarter ending March 31, 2024 were 41,450 5, a total of KRW 400,000 transactions were transacted by our registered users in the quarter ended March 31, 2020 4. Despite the decline in quarterly active user and paid user compared to a previous quarter, we remain confident in the long term growth potential of laxity, especially as we continue to enhance its features and offering to meet the evolving mix of our user and merchant. In summary, our financial results for the Q3 demonstrate significant improvement in gross profit, reduction in net losses and strengthened financial position despite the decrease in overall revenue. We remain committed to executing our strategy initiative and delivering value to our shareholder in the quarter ahead. Speaker 200:16:50We are also happy to say that we are back in good standing with Nasdaq. This achievement reflect our commitment to upholding the highest standard of corporate governance and transparency. By meeting next step maintenance requirement for this thing, we demonstrate our dedication to operating in according with regulatory standard. This positions us to manage and grow our business more productively, and we also encourage investor interest improving the market ability of our common stock to an even broader range of investor. Looking forward, I have a positive outlook on the development showcased in our quarter 3 fiscal year 2024 highlight, our unwavering focus on innovation and market expansion has led to significant progress. Speaker 200:17:38In recent months, we have strategically taken intentional steps to reallocate resources away from lower margin offering like our eVoucher product despite the anticipated short term impact on results. We recognize this move as essential for long term gain. This strategy move is aimed to enhance our working capital and reorienting our strategy branding toward reducing dependency on such offering. By doing so, we can channel our resources into the development of high margin solution, empowering us to capture higher margin and drive sustained growth. As we navigate through fiscal 2024, our focus remains squarely on innovation and the development of products and services that promise more profitable growth. Speaker 200:18:28With an unwavering dedication to excellence and a keen eye on imaging strength, we are well positioned to capitalize on the diverse opportunity that lies ahead. Thank you again to everyone for joining us on today's call and for your continued support. This concludes our prepared remarks. I will now ask the operator to close the line. Thank you, and have a great day. Operator00:18:54Thank you for joining today. I will now close the lines.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallTreasure Global Q3 202400:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsPress Release(8-K)Quarterly report(10-Q) Treasure Global Earnings HeadlinesTreasure Global enters partnership with MezzofyApril 17, 2025 | markets.businessinsider.comTreasure Global Inc. Secures Exclusive Rights to Launch Mezzofy’s USD40 Billion Coupon Platform in MalaysiaApril 17, 2025 | markets.businessinsider.comThink NVDA’s run was epic? You ain’t seen nothin’ yetAsk most investors and they’ll probably tell you Nvidia is the undisputed AI stock of the decade. In 2023, it surged 239%. And in 2024, it soared another 171% on the year… But what if I told you there was a way to target those types of “peak Nvidia” profit opportunities in 24 hours or less?May 8, 2025 | Timothy Sykes (Ad)Treasure Global Inc. Secures Exclusive Rights to Launch Mezzofy's USD40 Billion Coupon Platform ...April 16, 2025 | gurufocus.comTreasure Global Inc. Secures Exclusive Rights to Launch Mezzofy's USD40 Billion Coupon Platform ...April 16, 2025 | gurufocus.comTreasure Global Inc. Secures Exclusive Rights to Launch Mezzofy's USD40 Billion Coupon Platform in MalaysiaApril 16, 2025 | globenewswire.comSee More Treasure Global Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Treasure Global? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Treasure Global and other key companies, straight to your email. Email Address About Treasure GlobalTreasure Global (NASDAQ:TGL) offers e-commerce activities through its platform. Its platform provides consumers and merchants instant rebates and affiliate cashback programs, while providing a seamless e-payment solution with rebates in both e-commerce and physical retailers/merchant settings. The company offers ZCITY App, a payment gateway platform. Treasure Global Inc. was incorporated in 2020 and is based in New York, New York.View Treasure Global ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Upwork's Earnings Beat Fuels Stock Rally—Is Freelancing Booming?DexCom Stock: Earnings Beat and New Market Access Drive Bull CaseDisney Stock Jumps on Earnings—Is the Magic Sustainable?Uber’s Earnings Offer Clues on the Stock and Broader EconomyArcher Stock Eyes Q1 Earnings After UAE UpdatesFord Motor Stock Rises After Earnings, But Momentum May Not Last Broadcom Stock Gets a Lift on Hyperscaler Earnings & CapEx Boost Upcoming Earnings Enbridge (5/9/2025)Petróleo Brasileiro S.A. - Petrobras (5/12/2025)Simon Property Group (5/12/2025)JD.com (5/13/2025)NU (5/13/2025)Sony Group (5/13/2025)SEA (5/13/2025)Cisco Systems (5/14/2025)Toyota Motor (5/14/2025)NetEase (5/15/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. Start Your 30-Day Trial MarketBeat All Access Features Best-in-Class Portfolio Monitoring Get personalized stock ideas. Compare portfolio to indices. Check stock news, ratings, SEC filings, and more. Stock Ideas and Recommendations See daily stock ideas from top analysts. Receive short-term trading ideas from MarketBeat. Identify trending stocks on social media. Advanced Stock Screeners and Research Tools Use our seven stock screeners to find suitable stocks. Stay informed with MarketBeat's real-time news. Export data to Excel for personal analysis. Sign in to your free account to enjoy these benefits In-depth profiles and analysis for 20,000 public companies. Real-time analyst ratings, insider transactions, earnings data, and more. Our daily ratings and market update email newsletter. Sign in to your free account to enjoy all that MarketBeat has to offer. Sign In Create Account Your Email Address: Email Address Required Your Password: Password Required Log In or Sign in with Facebook Sign in with Google Forgot your password? Your Email Address: Please enter your email address. Please enter a valid email address Choose a Password: Please enter your password. Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. Create My Account (Free) or Sign in with Facebook Sign in with Google By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
There are 3 speakers on the call. Operator00:00:00Good day, everyone, and welcome to Treasure Global Inc. 3rd Quarter Fiscal Year 20 24 Earnings Call. At this time, participants are in a listen only mode. A question and answer session will follow management's remarks. This conference call is being recorded. Operator00:00:18A replay of today's call will be available on the Investor Relations section of TGL's website and will remain posted there for the next 30 days. I will now hand the call over to Sue Sha, Chief Marketing Officer of Treasure Global Inc. For introduction and the reading of the Safe Harbor statement. Please go ahead. Good day, everyone, and welcome to Treasure Global Inc. Operator00:02:183rd Quarter Fiscal Year 2024 Earnings Call. At this time, participants are in a listen only mode. A replay of today's call will be available on the Investor Relations section of TGL's website and will remain posted there for the next 30 days. I will now hand the call over to Sue Schua, Chief Marketing Officer of Treasure Global Inc. For introductions and the reading of the Safe Harbor statement. Operator00:02:43Please go ahead. Speaker 100:02:47Thank you, operator. Good morning, everyone, and welcome to the Treasures Global's 3rd quarter fiscal year 2024 results conference call. With us today, we have our Chief Executive Officer, Sam Teo. Before we begin, I would like to remind you that today's call contains certain forward looking statements from Pressure Global's management made within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities and Exchange Act of 1934 as amended concerning future events. Works such as may, should, project, expect, intend, plans, believe, anticipate, hopes, estimates and variations of such words and similar expressions are intended to identify forward looking statements. Speaker 100:03:42These statements are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the Risk Factors section of the company's Form 10 ks for the year ended June 30, 2023 and subsequent filings filed with the SEC. Copies of this document is available on the SEC's website at www.sec.gov. Actual results may differ materially from those expressed or implied by such forward looking statements. The company undertakes no obligation to update these statements for revisions or changes after the date of this call, except as required by law. Now, it is my pleasure to introduce Sam Teo, CEO of PJL. Speaker 100:04:33Sam, you may now begin. Speaker 200:04:37Thanks, Su, and good morning and thank you, everyone, for joining us today on our Q3 of fiscal 2024 earnings conference call covering the period ended March 31, 2024. I will start with the highlights of our 3rd quarter business performance followed by our financial results. At Treasure Global, we maintain a positive outlook and grow steadily in this ever changing macro environment. We are proud to say that we have developed a strategy that work in all condition, allowing us to grow regardless of the situation. Our focus remains on delivering value to our customers and consumers, which ultimately enabled us to drive sustainable growth for all our shareholders. Speaker 200:05:21Before I begin, I'm happy to announce the achievement of the new Zecity premium store, which we've discussed last quarter. This addition has not only broadened our product portfolio, but had also significantly boosted our gross profit margin. This growth perfectly aligned with our strategy vision and path forward. In this quarter, we have successfully filed an S3 and initiated an ATM offering, securing an aggregate offering price of up to US2.99 million dollars This strategic financing effort has provided us with the necessary capital while maintaining flexibility and alignment with our growth strategy. The fund will be put toward driving forward our business initiative, fostering innovation and ultimately creating more value for our shareholder. Speaker 200:06:14We'll dig deeper into our AI initiative, market expansion effort and key achievements shortly. Additionally, we are pleased to further solidify our competitive advantage in the blockchain market and opening up new avenue for revenue expansion and portfolio growth. Our recent partnership as the exclusive provider of an AI blockchain wallet on TeleClamp places us at the forefront of innovation in the blockchain sector. This strategy decision not only expand our portfolio, but also reinforce our competitive edge by securing the 1st right of refusal. Furthermore, this unlock promising new business opportunity within the blockchain market. Speaker 200:06:57Let's now proceed to explore the highlight of our Q3. In the Q3 of 2024, Treasure Global remained laser focused on innovation, utilizing artificial intelligence to enhance product and foster better customer connection. Our AI initiative empower us to anticipate customer needs, strengthen market share and identify lucrative opportunity in high profit sector. Expanding on this AI enhancement success, we ventured into meta platform for our live shopping event. Utilizing AI powered robot equipped with advanced language capability, we hosted events in multiple language, breaking down language barrier and engaging thousands of viewer. Speaker 200:07:44The Malaysian e commerce market projected to reach US20.93 billion dollars by 2029 and Meta platform boosting millions of active users, our presence of meta represents a significant opportunity. The move to Meta Life open up West market with unparalleled reach and engagement potential. With its extensive user base and robust infrastructure, Meta Platform provides an ideal platform to showcase our product and engage with a global audience. By leveraging Meta Life, we aim to not only drive sales, but also enhance brand visibility and customer engagement on a scale previously unseen. Fresh Air Global and AIO Synergy have joined force to revolutionize the AI landscape, capitalizing on the booming digital economy of Southeast Asia, with the Southeast Asia AI market expected to grow significantly at an anticipated annual rate of 17.83% by 2,030. Speaker 200:08:48Our collaboration is strategically positioned for success. Our strategy at LION highlight our commitment to delivering innovative AI solution and establish a state of the art data center dedicated to AI application, catering to the evolving mix of businesses across various industry. By leveraging our creative expertise and resources, we aim to drive transformative changes in the Southeast Asian and Island scale, positioning ourselves as a key player in this dynamic market. We have taken a significant step forward by announcing a strategic partnership to become the exclusive partner for an AI blockchain model on TeleClamp. This move forward further strengthen our competitive edge in the blockchain industry, securing treasury global position as the leader in innovation with the global Clicktop wallet market projected to grow significantly. Speaker 200:09:45This collaboration positions us for significant expansion. Treasure Global, strong focus on innovation and partnership put us ahead in the world of the new technology. We are dedicated to exploring and creating more advanced AI to grow our business. Another exciting development is our recent milestone, which we have secured a US2 $1,000,000 marketing contract with Satria, Dunia, Sangir and Bahad. The objective is to showcase premium Coriant Beauty product using ZXcity advanced AI marketing engine. Speaker 200:10:20This strategy partnership marked a significant achievement for us as we expand ZEC City influence and capability in the beauty sector. By utilizing ZEC City's state of the art AI technology, we are well positioned to increase brand exposure and boost sales, thereby creating a new revenue stream for the company. Moving on. We have got more exciting news about Zexcity. We are talking with the Shanghai Guangxi Chamber of Commerce about running the Malaysia Pavilion. Speaker 200:10:53This is a bit new because this is a chance to sell great Malaysian product on huge platform like Taobao and Towing. With China live shopping market growing fast and over 1,400,000,000 potential customer, this is an opportunity for us. This move fit perfectly with our goal to make digital shopping better and grow in new market. As I mentioned earlier, the launch of Jet City Premium Store has surpassed the expectation since inception. Leveraging advanced AI tools, the premium store not only exceeded sales expectation but also significantly enhanced our user engagement. Speaker 200:11:33In just 4 months, the premium store has sold over 6,000 bill salebonanza pack. This notable self achievement highlight the platform effectiveness in driving transaction and enhancing gross profit stream. ZexCity has gained valuable insight into user spending habits and preferences, enabling the premium store to offer highly personalized package tailored to individual user needs and preferences. As a result, the premium store has significantly contributed to our gross profit growth, reflecting its strategy important in driving business expansion and profitability for Treasure Global. In addition to the success of the Zech City Premium Store, we also made by launching them exciting minigame integrated with our AI game creator in Zec City 3 d world. Speaker 200:12:28This mini game not only enhance the gaming experience for user but also position us to assess the rapidly growing global gaming market, which is projected to reach a revenue of US212 billion dollars by 2026 Through in game purchaser, virtual goods and AI driven marketing strategy, ZexCity 3D World is poised to become a dynamic digital marketplace, capturing a significant share of the booming global gaming industry. And we are proud to share our significant achievement in this quarter, a notable win at the Marketing Interactive Asian E Commerce Award 2023, where Jazz City has been honored to have won the silver trophy for best e commerce solution. This recognition highlight our excellence in the fast changing landscape of online shopping. This achievement demonstrate our firm commitment to innovation and delivering top notch solution that cater to the ever changing mix of our online customer. This quarter, we showcased our dedication to stay ahead of the curve, expanding our reach and putting our customer first. Speaker 200:13:42Moving forward, we are dedicated to driving growth, sizing opportunity and delivering value to our shareholder. Next, I will now share our financial results for the Q3 of fiscal year 2024. For the quarter, our gross profit reached US217000 dollars marking a substantial increase of 47% compared to the same period last year. This notable improvement is primarily attributable to our ongoing initiative and optimizing spending and capitalizing on higher profit margin stream, while our total revenue for quarter were $1,600,000 compared to $6,700,000 for the Q2 of fiscal 2024, reflecting a decrease of approximately 76%. It is important to view this figure in the context of our strategy shift toward higher margin business channel and long term value creation. Speaker 200:14:43We are pleased to announce a substantial decrease in our net losses, approximately $1,700,000 compared to approximately $2,900,000 in the Q3 of fiscal year 2023. This strategy positive shift was primarily driven by our focus on optimizing cost management, including reduction in selling and administrative expenses. Our disciplined approach to cost management and operational efficiency has enabled us to achieve significant improvement in our bottom line compared to previous year despite the challenging market condition. As of March 31, 2024, our cash balance was approximately $300,000 compared to a cash balance of approximately $4,100,000 as of March 31, 2023. This position is expected to strengthen following future sales of ATM share. Speaker 200:15:44Flexity had over 2,690,000 registered users and over 20 27 registered merchants as of March 31, 2024. Quarterly active users for the quarter ending March 31, 2024 were 41,450 5, a total of KRW 400,000 transactions were transacted by our registered users in the quarter ended March 31, 2020 4. Despite the decline in quarterly active user and paid user compared to a previous quarter, we remain confident in the long term growth potential of laxity, especially as we continue to enhance its features and offering to meet the evolving mix of our user and merchant. In summary, our financial results for the Q3 demonstrate significant improvement in gross profit, reduction in net losses and strengthened financial position despite the decrease in overall revenue. We remain committed to executing our strategy initiative and delivering value to our shareholder in the quarter ahead. Speaker 200:16:50We are also happy to say that we are back in good standing with Nasdaq. This achievement reflect our commitment to upholding the highest standard of corporate governance and transparency. By meeting next step maintenance requirement for this thing, we demonstrate our dedication to operating in according with regulatory standard. This positions us to manage and grow our business more productively, and we also encourage investor interest improving the market ability of our common stock to an even broader range of investor. Looking forward, I have a positive outlook on the development showcased in our quarter 3 fiscal year 2024 highlight, our unwavering focus on innovation and market expansion has led to significant progress. Speaker 200:17:38In recent months, we have strategically taken intentional steps to reallocate resources away from lower margin offering like our eVoucher product despite the anticipated short term impact on results. We recognize this move as essential for long term gain. This strategy move is aimed to enhance our working capital and reorienting our strategy branding toward reducing dependency on such offering. By doing so, we can channel our resources into the development of high margin solution, empowering us to capture higher margin and drive sustained growth. As we navigate through fiscal 2024, our focus remains squarely on innovation and the development of products and services that promise more profitable growth. Speaker 200:18:28With an unwavering dedication to excellence and a keen eye on imaging strength, we are well positioned to capitalize on the diverse opportunity that lies ahead. Thank you again to everyone for joining us on today's call and for your continued support. This concludes our prepared remarks. I will now ask the operator to close the line. Thank you, and have a great day. Operator00:18:54Thank you for joining today. I will now close the lines.Read morePowered by