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BeWhere Holdings Inc. Reports First Quarter Financial Results of Fiscal 2020
Toronto, Ontario--(Newsfile Corp. - May 25, 2020) - BeWhere (TSXV: BEW) (OTCQB: BEWFF) ("Be...
About this update from Bewhere Holdings, Inc.
[{"type":"text","content":"BeWhere Holdings Inc. Reports First Quarter Financial Results of Fiscal 2020Toronto, Ontario--(Newsfile Corp. - May 25, 2020) - BeWhere (TSXV: BEW) (OTCQB: BEWFF) (\"BeWhere\" or the \"Company\"), a Mobile Internet of Things (M-IoT) solutions provider, is pleased to announce its financial results for three months ended March 31, 2020.Owen Moore, CEO and Co-Founder stated, \"The Company progressed well during the first quarter in spite of the COVID-19 related headwinds which delayed some large government projects. Gross Profit improved for the second consecutive quarter resulting in recording lowest Net loss in Company's history\". He further noted that, \"As a provider of remote monitoring and track & trace solutions, BeWhere has demonstrated the critical value of its solutions during the challenges presented by COVID-19\".Chris Panczuk, COO and Co-Founder said, \"The Company remains focused on increasing its Recurring Revenue which increased 90% year over year in the first quarter. We made efforts in controlling the Operating Expenses while maintaining the marketing initiatives, which resulted in positive Adjusted EBITDA for the second consecutive quarter\".First Quarter 2020 HighlightsRecurring Revenue increased by 90% year over year - Recurring Revenue for the three months ended March 31, 2020 was $732,298 compared to $358,594 for the same period in 2019: an increase of $346,704.Revenue decreased by 2% year over year - Total Revenue for the three months ended March 31, 2020 was $1,406,248 compared to $1,433,928 for the same period in 2019: a decrease of $27,680. Gross Profit increased by 84% year over year - Gross profit for the three months ended March 31, 2020 was $346,716 compared to $188,003 for the same period in 2019: an improvement of $158,713 or 84%.Net loss - Net loss for the three months ended March 31, 2020 was $85,179 compared to $506,603 for the same period in 2019, which an improvement of $421,424 or 83%. The Company recorded its lowest quarterly Comprehensive loss.Working Capital - At March 31, 2020, the Company had a working capital balance of $3,991,246 including cash of $2,358,559. During the three months ended March 31, 2020, the Company maintained a healthy working capital despite incurring development costs totaling $753,228 for its next generation of M-IoT sensors and solutions.Adjusted EBITDA (non-I...