VANCOUVER, British Columbia, March 17, 2023 (GLOBE NEWSWIRE) -- Looking Glass Labs Ltd.(“LGL” or the“Company”) (NEO: NFTX) (AQSE: NFTX) (OTC: LGSLF) (FRA: H1N), a leading Web3 platform specializing in immersive metaverse environments, play-to-earn tokenization and blockchain monetization strategies, announces that it has filed its unaudited financial results for the second quarterly period ending January 31, 2023 of the Company's 2023 fiscal year, the highlights of which are included in this news release. The full set of Consolidated Financial Statements and Management Discussion and Analysis can be viewed by visiting the Company's website at or its profile page on SEDAR at .

Financial Highlights (all amounts expressed in Canadian Dollars unless otherwise noted)

• Total revenues for the six-month period ended January 31, 2023 was CAD 210,004, as compared to CAD 6,808,688 for the same period of the prior year, which was primarily due from the lack of revenue from NFT sales as well as a decrease in design services income and royalty income; total revenues for the three-month period ended January 31, 2023 was CAD 72,938, as compared to CAD 311,825 for the same period of the prior year, which was due to the aforementioned reasons;
• Gross profit for the six-month period ended January 31, 2022 was CAD 187 612, as compared to CAD 6,462,914 for the same period of the prior year; gross profit for the three-month period ended January 31, 2023 was CAD 52,065, as compared to CAD 287,124 for the same period of the prior year, due to the aforementioned reasons;
• Net comprehensive loss for the six-month period ended January 31, 2022 was CAD 8,443,726, as compared to net comprehensive income of CAD 2,270,315 for the same period of the prior year, primarily due to the impairment of goodwill, an increase in stock-based compensation and lower revenues; net comprehensive loss for the three-month period ended January 31, 2023 was CAD 6,093,869, as compared to a net comprehensive loss of CAD 3,500,385 reported for the same period of the prior year, due to the aforementioned reasons;
• Net loss per share for the six-month period ended January 31, 2023 was CAD 0.06 on both a basic and diluted basis, as compared to net income per share of CAD 0.03 and CAD 0.02 on a basic and diluted basis, respectively, for the same period of the prior year; net loss per share for the three-month period ended January 31, 2023 was CAD 0.04 on both a basic and diluted basis, as compared to net loss per share of CAD 0.03 for the same period of the prior year; and
• Total assets for the period ended January 31, 2023 were CAD 5,448,039 as compared to CAD 7,600,964 for the period ended July 31, 2022, which was mainly attributable to a change in the amount of goodwill.
  

Management Commentary

Dorian Banks, Chief Executive Officer of LGL said,“The Company navigated some challenging economic and industry conditions in the second quarter of 2023 and across the first half of its fiscal year. I am excited with what we've done to evolve our Pocket Dimension metaverse offering and am proud of our team for continuing to execute on Web 3.0 design work for and provide associated services to third parties.” Mr. Banks added,“My outlook for the Company is optimistic as we continue to seek accretive partnerships and revenue opportunities into the future.”

Subsequent Highlighted Events (all amounts expressed in Canadian Dollars unless otherwise noted)

• Set Launch Date for Beta Release of Pocket Dimension Metaverse Assets (February 17, 2023) – The Company announced that it had scheduled the launch date for the beta release (the“Beta Release”) of its Pocket Dimension (“PD”) (collectively,“PD Beta”) metaverse offering for February 21, 2023. PD Beta was developed in association with LGL's partner, Starloop Studios.
  

ABOUT LOOKING GLASS LABS

Headquartered in Vancouver, British Columbia, Looking Glass Labs (“LGL”) is a leading Web3 innovation platform specializing in consumer engagement applications to leverage immersive metaverse environments, play-to-earn tokenization and blockchain monetization strategies. Its leading brand, House of Kibaa (“HoK”), designs and curates a next generation metaverse for 3D assets, which allows functional art and collectibles to exist simultaneously across different NFT blockchain environments. HoK has successfully released digital assets to include GenZeroes, which sold out in just 37 minutes for total proceeds to LGL of CAD 6.2 million, in addition to a perpetual 5% royalty stream on secondary market sales.

To view LGL's current investor presentation, please visit .
To join LGL's mailing list, please subscribe via the following link: .

On behalf of LOOKING GLASS LABS LTD.

“Dorian Banks”
Dorian Banks, Chief Executive Officer
Twitter: @dorianbanks

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