4Q21 Results. Tokens.com reported 4Q21 revenue of $326,185, a sequential decline from the third quarter's $448,976, due to a decline in the value of the crypto assets. We had estimated revenue of $640,000. Higher one-time operating expenses drove an operating loss of $3.0 million in the quarter, with a net loss for the quarter of $3.7 million, or a loss of $0.04 per share. We had projected net income of $25,000, or breakeven per share.Poised for 2022. Today, Tokens.com has three Web 3.0 verticals: purchase and staking, through PoS technology, of tokens; the Metaverse Group, which is focused on building a virtually integrated digital real estate business; and Hulk Labs, which is focused on holding NFT assets and investing in crypto based games that have a token return attached to them.Growing Asset Values? On the call, management noted the significant difference in carrying value and what certain assets could be valued at today. For instance, management stated the Metaverse Group holding could be worth up to 10 times its carrying value. This "unrealized" value increase could provide significant upside, in our view.Updated Projections. Tokens.com remains an early stage revenue Company and quarterly results will remain volatile, in our opinion. For 2022, we slightly lowered our revenue to reflect the fourth quarter actual results. We are now projecting revenue of $550,000 for the first quarter, versus a prior $800,000. Net loss is estimated at $485,000, or $0.01 per share versus a prior loss of $125,000, or breakeven. For the full year, we are projecting revenue of $4.7 million, down from our previous $5.45 million and net income of $25,000, or breakeven on a per share basis, compared to our previous estimate of net income of $775,000, or $0.01 per share.Maintaining Outperform. We are maintaining our Outperform rating and $1.50 12 month price target. Tokens.com provides investors an easy way to invest in Web 3.0 and all of its permutations, such as crypto currencies, the Metaverse, DeFi, and Play to Earn (P2E). Tokens.com is at the leading edge of the next "big thing" in the digital age and, as such, presents investors with a favorable risk/reward opportunity, in our view. Read More >>