The RoyaLand Company Ltd. (Proposed OTC Markets Ticker: RLND)
(RoyaLand), a Bermuda holding company focused on creating an online
and offline immersive, fantasy-based royalty-themed experience
called myRoyal.World, primarily centered around a mobile-first
massively multiplayer online role-playing game, or MMORPG,
called TheRoyal.Land, today announced preliminary selected
unaudited financial results for its fiscal year ended June 30,
2024.
For the year ended June 30,
2024, RoyaLand expects to record an adjusted net loss of
approximately $1.1 million. RoyaLand operated during the
fiscal year as a development stage company, with its largest
expense item being product research and development costs of
approximately $0.4 million. Other major expense items included
legal and accounting fees of approximately $0.4 million, and
consulting fees of approximately $0.2 million which included
$175,000 of stock-based compensation.
The preliminary selected unaudited results in
this press release are preliminary and subject to the completion of
accounting and audit procedures and are therefore subject to
adjustment.
About RoyaLand: RoyaLand
is a Bermuda holding company focused on creating an online and
offline immersive, fantasy-based royalty-themed experience
called myRoyal.World, primarily centered around a mobile-first
massively multiplayer online role-playing game, or MMORPG,
called TheRoyal.Land. We are actively focused on developing
what we believe to be a novel, interactive and immersive game based
on a player-empowered design. We plan to build proprietary digital
avatars and provide opportunities to players to earn in-game reward
currency, build virtual land, and own their online assets while
enhancing all of these features with what we consider to be premium
incremental in-game content.
We are
developing TheRoyal.Land and myRoyal.World in
collaboration with our founder, the Monaco-based grandson of the
last King of Italy, Emanuele Filiberto di Savoia, who claims the
titles of His Royal Highness, Prince of Venice, and Prince of
Piedmont and is also referred to as the hereditary “Prince of
Italy.” In addition, with the support of and affiliation with seven
other royal families and families with legal, hereditary or
historically based claims to royal positions in Russia, Albania,
France, Bulgaria, Yugoslavia, Lesotho, and Mecklenburg collectively
referred to as the Royal Families, TheRoyal.Land is
intended to deliver this unique past-meets-future entertainment
experience.
We believe that TheRoyal.Land will
introduce the first historically inspired monarchy-based MMORPG,
founded by the Prince of Italy and reinforced by the Royal
Families.
Our objective is to connect and engage with
players from around the world through royalty-themed entertainment
by becoming a worldwide leader in the development, publishing, and
distribution of high-quality interactive entertainment content and
services, as well as related media, that deliver engaging
entertainment experiences to our network of connected players on a
year-round basis. Players, in their selected roles, will represent
every part of TheRoyal.Land society. From the Artisans
that guide the skilled trades of old to the Knights and Squires
that guard the Realm. From Prisoner to Prince, each role will hold
specific purposes, abilities, skills, chances for advancement, and
adventures.
To that end, we expect to capitalize on the
expanding video games market, with worldwide revenue expected to
grow to approximately $282.3 billion in 2024 according to Statista,
and the increased interest in the world of royalty to expand our
brand and our products worldwide (Statista, Video Games –
Worldwide, November 2023).
We are currently in the development phase
for TheRoyal.Land and myRoyal.World. On June 30,
2023, we entered into a project agreement with Neosperience S.p.A.,
or Neosperience, pursuant to which Neosperience will design and
develop TheRoyal.Land using its proprietary technology.
The first phase of the project agreement has already commenced.
Neosperience plans to use its models to create complex and dynamic
in-game environments and realistic and emotive characters and to
assist with dynamically adjusting the difficulty level and game
balance in real time based on player behavior and performance to
keep the game challenging yet rewarding. For example,
Neosperience’s technology is designed to imbue non-player
characters, or NPCs, with various behaviors, which we believe makes
them seem more lifelike and responsive thereby enhancing player
immersion and creating a more engaging gameplay experience.
Additionally, Neosperience intends to use advanced modeling and
rendering techniques to create realistic player characters and NPCs
that dynamically interact utilizing a full range of human-like
emotions, reactions and movements giving them a depth of character
which we believe is rarely seen in video games.
Learn more at www.TheRoyal.Land and follow us on X (formerly
Twitter), Instagram and Facebook.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Statements in this press release about future
expectations, plans, and prospects, as well as any other statements
regarding matters that are not historical facts, constitute
“forward-looking statements” within the meaning of The Private
Securities Litigation Reform Act of 1995. These statements include,
but are not limited to, statements relating to RoyaLand’s
preliminary and unaudited expected financial results for the year
ended June 30, 2024. The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,” “target,” “will,”
“would” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Actual results may
differ materially from those indicated by such forward-looking
statements as a result of various important factors. Any
forward-looking statements contained in this press release speak
only as of the date of this press
release. RoyaLand specifically disclaims any obligation
to update any forward-looking statement, whether as a result of new
information, future events or otherwise.
INVESTOR CONTACT: Bryan Elbez, CFO
bryan@theroyal.land
Source: The RoyaLand Company Ltd.
THE ROYALAND COMPANY LTDSUMMARY CONSOLIDATED
FINANCIAL RESULTS(UNAUDITED) |
SUMMARY STATEMENT OF OPERATIONS |
|
Year EndedJune
30,2024 |
|
Operating expenses: |
|
|
|
Product research and development |
|
$ |
413,532 |
|
Legal and accounting |
|
|
408,012 |
|
Consulting |
|
|
175,439 |
|
All other |
|
|
62,991 |
|
Total operating expense |
|
|
1,059,974 |
|
|
|
|
|
|
Operating loss |
|
|
(1,059,974 |
) |
|
|
|
|
|
Total other income |
|
|
1,107 |
|
|
|
|
|
|
Loss before provision for
income taxes |
|
$ |
(1,058,867 |
) |
|
|
|
|
|
SUMMARY BALANCE SHEET |
|
June 30,2024 |
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash |
|
$ |
261,476 |
|
Deferred offering costs |
|
|
90,611 |
|
Prepaid expenses |
|
|
8,661 |
|
Total current assets |
|
|
360,748 |
|
Total Assets |
|
$ |
360,748 |
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
DEFICIT |
|
|
|
|
Shareholders’ Equity
(Deficit): |
|
|
|
|
Preference shares, par value $0.0002 per share, 50,000,000 shares
authorized; no shares issued and outstanding as of June 30,
2024 |
|
$ |
– |
|
Common shares – Class A, par value $0.0002 per share, 20,000,000
shares authorized; 9,400,000 shares issued and outstanding at June
30, 2024 |
|
|
1,880 |
|
Common shares – Class B, par value $0.0002 per share, 430,000,000
shares authorized; 4,475,000 shares issued and outstanding at June
30, 2024 |
|
|
895 |
|
Additional paid-in capital |
|
|
2,070,937 |
|
Subscription receivable |
|
|
(200 |
) |
Other comprehensive gain |
|
|
598 |
|
Accumulated deficit |
|
|
(2,130,864 |
) |
Total Shareholders’
Deficit |
|
|
(56,754 |
) |
|
|
|
|
|
Current Liabilities: |
|
|
|
|
Accounts payable and accruals |
|
|
60,218 |
|
Accrued legal and accounting |
|
|
346,730 |
|
Due to related parties |
|
|
10,554 |
|
Total current liabilities |
|
|
417,502 |
|
Total Liabilities |
|
|
417,502 |
|
Total Liabilities and
Shareholders’ Deficit |
|
$ |
360,748 |
|
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/194752ba-4e7b-4ec9-9d5e-b57427681572