Starstream Entertainment Announces Fiscal Year 2020 Annual Results: Highlights Include Exponential Growth in Revenues, Assets, Cash Reserves and Branding/Event Contracts
New Smyrna Beach, Florida--(Newsfile Corp. - March 30, 2021) - Starstream Entertainment Inc.'s (OTC Pink: SSET) wholly owned subsidiary, Facetime Consulting and Promotions (FCP), a premier provider of event staffing, on-demand promotional, marketing and brand ambassador services, is pleased to announce it has filed its Annual Report for 2020 with OTC Markets.
Highlights from the report include:
- Increase in Cash/Assets: SSET reports an increase from $55,682 cash on hand in 2019 to $133,272 EOY 2020.
- Cumulative Increase in Revenues: SSET reports an increase of revenues from $328,266 EOY 2019 to $563,346 EOY 2020.
- Significant Increase in Gross Margin: SSET reports an increase in Gross Margin from $87,268 EOY 2019 to $278,950. Further, to exemplify the exponential growth coming into 2021-- 4th Quarter Gross Margin increased from $19,572 in 2019 to $136,095 in 2020.
"I am so proud of our entire team at Starstream/Facetime," states SSET CEO Carla Rissell. "We knew going into 2020 that our move into the OTC Markets would put us in a position to incur near-term losses for the sake of long-term growth. The costs associated with initiatives to bring the Company to Current Information Tier with OTC Markets, and expenses necessary to complete our Reg A offering, had us at a financial disadvantage; then COVID-19 hit, with state and federal mandates enacted that shut down sales for a large majority of Q2 & Q3 of 2020."
"Our team pulled together and adversity became opportunity: We were able to position the Company for unprecedented growth, all without incurring massive debt. Instead, we were able to add employees who see the vast potential this business holds, and reinvest in technology to streamline logistics and operations, resulting in a dramatic increase in gross margin."
Rissell also reports that Facetime Consulting and Promotions continues to thrive with reasonable anticipation for cumulative growth through 2021. Income tallies for periods with preliminary Q1 data are showing an over 40% increase in Gross Profit over Q1 2020.
"I am pleased to add that we have executed over 800+ events in the first half of March with over 154 additional events on St. Patrick's Day alone, over a 12-hour period. This not only exceeded our sales at that point last year Pre-COVID, but is an even more encouraging number, considering that nearly 2/3 of our customer base is still refraining from sampling activity, due to COVID concerns, but reportedly have plans to come back online in Q2 and Q3."
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The Company is currently in negotiations with a number of acquisition targets, and has aligned with a major film and television breakdown services company for a potential partnership which will be detailed in a forthcoming update.
About Starstream Entertainment, Inc. and Facetime Consulting and Promotions LCC.
Starstream Entertainment Inc. through its wholly owned subsidiary, Facetime Consulting and Promotions LLC ("FCP"), is primarily focused in the on-demand event staffing industry. The primary placements that FCP makes are to companies in the consumer goods industry.
Facetime specializes in brand ambassadors, event staffing, atmosphere models, print and electronic media, as well as staffing for all levels of the beverage and consumer goods industry.
We provide staffing for all levels across industries we serve, including regional to C-Level, offering everything from promotional models to enhanced brand ambassador services and administrative services including field marketing, sales, brand management, and even promotional vehicle programs.
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Safe Harbor: This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission and OTC Markets, Inc. OTC Disclosure and News Service. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/78919