/PRNewswire/ — Clubhouse Media Group, Inc. (OTCMKTS: CMGR) (“Clubhouse Media”), a social media firm and digital agency, today announced financial results for the first quarter of 2023.Clubhouse Logo (PRNewsfoto/Clubhouse Media Group, Inc)First Quarter 2023 Financial Summary Compared to First Quarter 2022Total net revenue increased 67% to $1,357,382, compared to $813,477Operating expenses decreased 48% to $703,629 compared to $1,360,488Operating loss decreased 54% to $554,307, compared to $1,218,159Net loss decreased 36% to $2,222,319, compared to $3,498,152Management Commentary “CMGR is continuing on its journey to increase revenue, decrease costs, and reduce the amount of debt outstanding” said Amir Ben-Yohanan, CEO of CMGR. “The first quarter of 2023 exemplifies this mission. In addition, we have completely eliminated the need for any new convertible debt and have made progress in reducing the total debt outstanding in recent quarters.””We are making great progress towards achieving profitability” added Scott Hoey, Chief Financial Officer of CMGR. “I’m confident that if we continue on this trajectory, we can accomplish our goal.”Visit us at www.clubhousemediagroup.com.About Clubhouse Media Group, Inc.CMGR offers management, production, and deal-making services to its handpicked influencers, a management division for individual influencer clients, and an investment arm for joint ventures and acquisitions for companies in the
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Clubhouse Media Group, Inc. Reports First Quarter 2023 Financials – Yahoo Finance
