By
Kseniia Klichova
April 29th, 2024
Despite these positive developments, Hello Pal’s common shares are currently under a cease trade order due to the company’s failure to file audited financial statements.
While the crypto industry is reeling from the aftereffects of the Iran attack on Israel over the past weekend, Hello Pal, a popular social messaging app with several arms of businesses, announced its crypto mining unit witnessed significant revenue growth over the past 12 months.
According to an official press release, the monthly revenue generated from the company’s crypto mining business has ranged from 170,000 Canadian dollars to 317,000 in the past 12 months, with March recording the highest figure. The company made 2.5 million Canadian dollars worth approximately $1.82 million from mining Dogecoin (DOGE) and Litecoin (LTC) in total. Hello Pal said that electricity contributed around 30% of the revenue.
Hello Pal’s Live Streaming Business Sees Positive Return
Aside from the crypto business, which saw a good turnaround in its endeavors, other arms of the company were not left behind. Hello Pal’s efforts to expand its live streaming operations abroad paid off, as the business had a positive revenue return.
Over the last year, these efforts have resulted in monthly revenues ranging from 200,000 Canadian dollars to 580,000.
The company has also made progress in its business offerings following its departure from the Chinese market. In its announcement, the company said it has made alterations to its flagship app to suit users in the Middle East.
The app has been created with specifications to meet user requirements outside China. The updated versions are set to be launched soon, and the company is optimistic about the potential for increased live-streaming revenue in the Middle Eastern market.
A Business Setback
Despite these positive developments, Hello Pal’s common shares are currently under a cease trade order due to the company’s failure to file audited financial statements for the fiscal year ending 2023.
The company is seeking an auditor to audit these financial statements so that it can resume trading. Once the auditor has been engaged, Hello Pal will update the market on the expected timing for filing the overdue 2023 YE Financials.
The company faced similar challenges last year. In June 2023, Hello Pal submitted an application to the British Columbia, Alberta, and Ontario Securities Commission for a management cease and desist order.
The firm wanted the authorities to stop its CEO and the interim chief financial official from trading securities listed by the firm until they file audited financial statements for the year 2022. However, the order did not apply to the general public as the securities were available for investors to trade.