>>8029541Their expenses seem reasonable?
They're selling at almost a 50% markup over their cost of goods (or services) sold, and the profit margin on their goods and services easily covers their indirect expenses (usually these indirect expenses are things like employees, rent, office supplies, warehouse workers, lawyers, etc).
Discounting cost of goods sold, skipping the small stuff, and converting everything to today's USD, executives are being paid only $212k and staff are paid $3.3 million, with another $373k in bonuses likely mostly going to executives. Legal fees were $555k, consulting $477k. Advertising was only $52k, though that doesn't include their 2021 campaigns of course. "Communication" expenses were $623k, my guess is this is mostly to do with concerts but just a guess. Travel expenses only $164k, rent $346k, storage $305k, office supplies $509k. Education/training $406k. That's a significant investment in either their staff or their talent and more than I expected. Outsourcing $512k, commissions $56k. Not sure which art/videos/music fits but they spend less than I thought on this. Misc expenses $706k.
By the way presuming half of the post-yt amount of Coco's superchats in 2020 go to Cover, that's approximately 55,575 thousand yen, or a little less than 1% of Cover's 2020 revenue. Lots of assumptions involved. For example if all the "revenue" goes to Cover and then they pay out the portion to their contracted talent as an expense, then you would see the full SC income as Cover's revenue and the payout could be in indirect expenses or even COGS if they're really cheeky. I'm not an accountant.
Overall it looks like Yagoo is doing his job at managing the business side of things.
