Business
PowerBand Clarifies Reported Gross Sales and Revenues
Gross sales will be reported monthly on total volume of dollar transactions on the DRIVRZ&#x...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"PowerBand Clarifies Reported Gross Sales and RevenuesGross sales will be reported monthly on total volume of dollar transactions on the DRIVRZ™ platform and offer an indication of future revenue from associated commissions and fees.VANCOUVER, BC / ACCESSWIRE / April 12, 2021 / As usage of the DRIVRZ™ virtual marketplace by consumers and automotive dealers rises, PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) (\"PowerBand\", \"PBX\" or the \"Company\") is reporting monthly gross platform sales as a method of indicating performance for investors in the Company.PowerBand's gross sales are the total dollar value of transactions from the various components of the DRIVRZ™ platform, which continues to hit new monthly milestones.As the Company has stated:In March 2021, PowerBand recorded the best gross sales on record of CDN $11.5 million, a 44 per cent increase of the month. As stated in the April 6, 2021 news release, year-to-date gross sales were CDN $26.3 million. This means the Company has already exceeded the entire annual gross sales for 2020 of CDN $21.7million by CDN $4.6 million, or 21 percent.The gross margin for the period remained consistent in the range of 60% to 65%.Gross sales are a Key Performance Indicator (KPI) that is acceptable for use by a Company to show platform performance. Gross sales are not, however, the revenues to the company, as defined under International Financial Reporting Standards (\"IFRS\") and GAAP.\"As a company, we report gross sales on DRIVRZ™ to ensure investors are getting a timely monthly update to gauge the performance of the DRIVRZ™ platform, \" said PowerBand CEO Kelly Jennings. \"We are on track to see DRIVRZ™ gross sales continue to increase in the foreseeable future, which means our revenues will also increase.\"To clarify, gross sales are expected to translate into increased PowerBand revenues, which are determined by commissions, fees and other arrangements that represent a percentage of gross sales carried out on the DRIVRZ™ platform. Revenue results will be released in audited statements as required by regulators.Going forward, PowerBand will continue reporting monthly gross sales to investors, to provide this consistent indication of the DRIVRZ™ platform's performance.PowerBand expects to see a steady growth...