Business
Aluf Holdings, Inc. Reports Second Quarter 2019 Results
Aluf Holdings, Inc. Reports Second Quarter 2019 Results.
About this update from Aluf Holdings, Inc.
[{"type":"text","content":"Revenues increased by $1.4MMHOLLYWOOD, FL / ACCESSWIRE / August 22, 2019 / Aluf Holdings, Inc. (OTC PINK:AHIX) announced today the company's financial results for the second quarter ended June 30, 2019.Key Financial Highlights for Q2 2019:Revenues increased to $1,430,394 from $0Gross margin of 74.7%Operating loss decreased by 163.03% for an operating profit of $170,612Assets increased by 377.73%Key Business Highlights for Q2 2019:Appointed Dany M. Bouchedid as President/CEOAppointed Dr. Robert Capretto, Benjamin Richter, and Shaun Shankel to the Corporate Advisory BoardBoard voted to appoint Salberg & Company PA as company’s auditorClosed acquisition of Interaqt Corporation, an advisory firm, operating as COLOTRAQManagement Commentary“Our second-quarter results reflect the consummation of the acquisition of COLOTRAQ and the planned business traction and growth we will continue achieving through acquisitions and mergers . Our focus on the Biometric and NexGen verticals is our key in driving our growth” commented, Aluf Chairman, Donald C. Bennett. “This is our first major milestone as we seek to become a major player in shaping the future through acquiring “NexGen” technology companies and propelling them into greater profitability” says Dany Bouchedid, President and CEO of Aluf and COLOTRAQ.Financial Results for the Six Months Ended June 30, 2019:Revenue for the six months ended June 30, 2019 was $1,430,394, an increase of $1,430,394 compared to $ -0- for the six months ended June 30, 2018.Gross profit for the six months ended June 30, 2019, was $1,068,424, an increase of $1,068,424 compared to $ -0- for the six months ended June 30, 2018. The resulting gross margin was 74.7% for the six months ended June 30, 2019, compared to 0% for the six months ended June 30, 2018.Operating expenses for the six months ended June 30, 2019, were $897,812, an increase of $627,111 or 231.66%, compared to $270,701 for the six months ended June 30, 2018. For the six months ended June 30, 2019, operating expenses included non-cash stock-based compensation of $ -0- paid to officers, employees, and service of consultants, compared to $500 for the six months ended June 30, 2018.Operating income for the six months ended June 30, 2019 was $170,612, an increase of $441,313, or 163.03%, compared to a net operating loss of $270,701 for the six months en...