Legacy Ventures International Inc. Reports $61.9 Million Net Loss for Fiscal Year 2023
Annual Revenue Decreases to $0
LEGACY VENTURES INTERNATIONAL INC. [LGYV], a global company specializing in venture capital investments, has announced its financial results for the fiscal year 2023, ending June 30, 2023. The company reported a net loss of $61.9 million, compared to a net income of $307.5 thousand in the previous fiscal year. The annual revenue for fiscal year 2023 was $0, representing a significant decrease compared to the previous year's revenue of $307.5 thousand.
Financial Performance
Throughout the year, Legacy Ventures International Inc. faced several challenges that impacted its financial performance. Operating expenses, including professional fees and other general and administrative expenses, totaled $61.9 million, resulting in a loss from operations of $61.9 million. However, the company managed to offset some of the losses through various gains, including the cancellation of secured promissory notes, convertible notes, interest payable, and third-party advances and accrued liabilities.
