Business
PowerBand Announces First Quarter 2023 Financial Results
TORONTO, ON / ACCESSWIRE / May 31, 2023 / PowerBand Solutions (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt:...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"PowerBand Announces First Quarter 2023 Financial ResultsTORONTO, ON / ACCESSWIRE / May 31, 2023 / PowerBand Solutions (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt:1ZVA) (\"PowerBand\" \"PBX\" or the \"Company\"), a comprehensive e-commerce solution transforming the online experience to lease and finance vehicles, is announcing that it has filed its Interim Consolidated Financial Statements and Management's Discussion and Analysis report for the three-month period ended March 31, 2023. These documents may be viewed under the Company's profile at www.sedar.com.Revenue for the first quarter of 2023 decreased to $838,693 in comparison to Q4/2022 revenue of $2,054,728 as well as Q1/2022 of $5,962,029. The revenue for the first quarter of 2023 is primarily from the servicing of the existing lease portfolio. The Company continues to work with its funding partners to re-commence the origination of leases and will provide an update when available. Adjusted EBITDA loss for the first quarter of 2023 has decreased by $137,527 or 6% in comparison to Q4/2022 which is the result of further cost reduction measures initiated by the Company to maintain the operating expenses at the minimal as required for the planned growth.Cash on hand as at March 31, 2023 was $11,602,780 compared to $10,299,414 as at December 31, 2022. The cash balance at March 31, 2023, included cash collected from lease holders on leases that are serviced by the Company and reported as accounts payable. About PowerBand Solutions, Inc.PowerBand Solutions Inc., listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, and funders. PowerBand's transaction platform - being trademarked under DRIVRZ™ - is being made available across the United States of America.For further information, please contact:Darrin SwensonChief Executive Officer and DirectorE: [email protected]: 1-866-768-7653Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.Non-IFRS Measures:This news release contains non-IFRS financial measures; the Company believes that these measures provide investors with us...