Business
BeWhere Holdings Inc. Reports Second Quarter Financial Results of Fiscal 2019
Toronto, Ontario--(Newsfile Corp. - August 27, 2019) - BeWhere (TSXV: BEW) (OTCQB: BEWFF) (...
About this update from Bewhere Holdings, Inc.
[{"type":"text","content":"BeWhere Holdings Inc. Reports Second Quarter Financial Results of Fiscal 2019Toronto, Ontario--(Newsfile Corp. - August 27, 2019) - 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 and operational highlights for the three months ended June 30, 2019. \"The Company posted its seventh consecutive quarter of record revenue,\" said Owen Moore, CEO and Co-Founder. \"Total revenue for the three months ending June 30, 2019, grew 159% year-over-year to $1,580,478. Moreover, device sales continue to translate to increased recurring revenue which grew 57% year-over-year to $481,341.\" Chris Panczuk, COO and Co-Founder, stated: \"The company continues to expand its technology and distribution network with the recent signing of distribution agreements with two Tier-1 Mobile Network Operators, and an expected product launch in second half of 2019.\"Second Quarter 2019 Financial HighlightsRevenues increased by 159% year-over-year - Revenues for the three months ended June 30, 2019 were $1,580,478 compared to $610,698 for the three months ended June 30, 2018: an increase of $969,780; Recurring revenue increased by 57% year-over-year - Recurring revenues for the three months ended June 30, 2019 were $481,341 compared to $306,423 for the three months ended June 30, 2018: an increase of $174,918;Recurring revenue increased by 25% quarter-over-quarter - Recurring revenues for the three months ended June 30, 2019 were $481,341 compared to $385,594 for the three months ended March 31, 2019: an increase of $95,747; Net loss - Net loss for the three months ended June 30, 2019 was $410,274 compared to $329,114 for the three months ended June 30, 2018: an increase of $81,160 or 25%. This is primarily due to planned increase in expenses associated to staffing levels and marketing; andWorking Capital - At June 30, 2019, the Company had a working capital balance of $4,587,291 including cash of $3,086,032. The Company maintained a healthy working capital despite incurring development costs totaling $370,231 in last six months for its next generation of M-IoT sensors and solutions. Three months ended June 30,Six months ended June 30,2019201820192018Total revenue$ 1,580,478$ 610,698$ 3,014,406$ 1,145,312Gross profit102,085201,267290,088360,3...