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AUTOMOTIVE & TRANSPORTATION | Air
aerocentury.com

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About AeroCentury

AeroCentury (NYSE: ACY) is an independent aircraft leasing company.

AeroCentury Headquarter Location

1440 Chapin Ave Suite 310

Burlingame, California, 94010,

United States

650-340-1888

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Latest AeroCentury News

17:00 EDT Mega Matrix Announces 2021 Financial Highlights

Mar 30, 2022

News provided by Share this article Share this article PALO ALTO, Calif., March 30, 2022 /PRNewswire/ -- Mega Matrix Corp. (f/k/a AeroCentury Corp.) (the "Company") (NYSE American: MTMT), today announced its financial results for its fiscal year ended December 31, 2021. Financial Highlights: Net income in the fiscal year of 2021 was $14.7 million as compared to a net loss of $42.2 million in the fiscal year of 2020. The Company recorded $27.7 million of reorganization gains in the fiscal year of 2021. The Company adopted fresh start reporting adjustments on October 1, 2021, following its emergence from bankruptcy. Yucheng Hu, the Company's Chief Executive Officer, said: "After the completion of our reorganization, we have been planning and implementing our Metaverse and Gamefi business. In October 2021, we incorporated our wholly owned subsidiary, Mega Metaverse Corp. ("MEGA"), through which we launched our GameFi business in the metaverse ecosystem in December 2021. MEGA's metaverse "alSpace" received its first player registrations during the first week of January 2022, in connection with the initial test-play period for its first mini game "Mano". To better reflect  our expansion into the Metaverse and GameFi business, we have also changed our name from "AeroCentury Corp." to "Mega Matrix Corp.". In connection our name change, the Company is now trading on the NYSE American under our new ticker symbol, "MTMT" . Our goal is to provide the diversification in our revenue streams and to provide potential high growth earnings to our shareholders." Fiscal Year 2021 Financial Results Net income in fiscal year 2021 was $14.7 million as compared to a net loss of $42.2 million in fiscal year 2020. Revenues and other income decreased by 62% to $6.1 million in the fiscal year of 2021 from $16.2 million in the fiscal year of 2020. The decrease was primarily attributable to a decrease in operating lease revenues as a result of reduced rent income from the sale of aircraft during the fourth quarter of 2020 and the whole year of 2021. In the fiscal year of 2021, we had total operating expenses of $19.2 million as compared to $62.0 million in fiscal year of 2020, primarily comprised of interest expense, professional fees and administrative expenses, depreciation expenses and impairment in value of aircraft after the assets used to settle the liabilities subject to compromise, less interest expense accrued on the Drake Indebtedness after the Company's Chapter 11 filing in late March 2021 and the decreased depreciation expenses. About Mega Matrix Corp.: Mega Matrix Corp. (f/k/a AeroCentury Corp.) is a holding company located in Palo Alto, California with two subsidiaries: Mega Metaverse Corp., a California corporation ("Mega") and JetFleet Management Corp. a California corporation ("JetFleet"). The Company focuses on its GameFi business through Mega and, to a lesser extent, will continue to focus on third-party management service contracts for aircraft operations through our majority owned subsidiary JetFleet, which was part of our legacy business. For more information, please visit: http://www.mtmtgroup.com . Forward-Looking Statements This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements that are purely historical are forwardlooking statements. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose," and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees for future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company's profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; the ability to develop a new business in the GameFi industry; the ongoing development of the GameFi industry and the ability of the Company and its subsidiary to continue development of such games; the ability of the Company to continue compliance with the development of applicable regulatory regulations in connection with blockchain, digital asset and the GameFi industry; and the possibility that the Company's GameFi business may be adversely affected by other economic, business, and/or competitive factors. The forward-looking statements in this press release and the Company's future results of operations are subject to additional risks and uncertainties set forth under the heading "Risk Factors" in documents filed by the Company with the Securities and Exchange Commission, including the Company's quarterly reports on Form 10-Q and the Company's latest annual report on Form 10-K, and are based on information available to the Company on the date hereof. In addition, the Company operates in a competitive and evolving industry in which new risks emerge from time to time, and it is not possible for the Company to predict all of the risks it may face, nor can it assess the impact of all factors on its business or the extent to which any factor or combination of factors could cause actual results to differ from expectations. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. MEGA MATRIX CORP.

AeroCentury Acquisitions

1 Acquisition

AeroCentury acquired 1 company. Their latest acquisition was JetFleet Holding on October 26, 2017.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

10/26/2017

$99M

Acquired

3

Date

10/26/2017

Investment Stage

Companies

Valuation

$99M

Total Funding

Note

Acquired

Sources

3

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