Glimpse Group files BLI financials: $5M revenue, $471K net income, but $2.98M liabilities and going concern risk

Glimpse Group, Inc.

BLI 2021 revenue $5.02M, net income $470.7K; total assets $317K vs liabilities $2.98M.
Current liabilities exceed current assets by $1.14M; going concern uncertainty noted but alleviated by member funding and Glimpse acquisition.
Two customers drove 82% of 2021 revenue; one customer 71%.
Member loans $1.57M at 8% interest; due to member $60.5K; $235K PPP loan forgiven.
Pro forma combined financials for year ended June 30, 2022 filed as Exhibit 99.2.

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