Business
BeWhere Holdings Inc. Reports Third Quarter Financial Results of Fiscal 2020
First quarterly profit recorded Recurring revenue increased by 35% year over year Re...
About this update from Bewhere Holdings, Inc.
[{"type":"text","content":"BeWhere Holdings Inc. Reports Third Quarter Financial Results of Fiscal 2020First quarterly profit recordedRecurring revenue increased by 35% year over yearRemote track & trace and collection of detailed data continues to prove its worth during the COVID-19 lockdownToronto, Ontario--(Newsfile Corp. - November 10, 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 September 30, 2020.Owen Moore, CEO and Co-Founder stated, \"The Company progressed well during the third quarter, recording record revenue and net income.\" He further noted that, \"Despite a second wave of COVID-19, BeWhere has demonstrated improvement in all key performance indicators.\"Chris Panczuk, COO and Co-Founder stated, \"We are very pleased with the third quarter results. The Company remains focused on investing in new technology development with novel products and solutions expected to be introduced in the coming months.\"Third Quarter 2020 HighlightsNet profit - The Company recorded its first quarterly Total Comprehensive profit for the three months ended September 30, 2020.Net profit (loss) improved by 112% year over year - Net profit for the three months ended September 30, 2020 was $25,808 compared to net loss $212,777 for the same period in 2019, an improvement of $238,585.Net loss for the nine months ended September 30, 2020 was $98,506 compared to $1,129,654 for the same period in 2019, an improvement of $1,031,146 or 91%.Net profit (loss) improved by 166% quarter over quarter - Net profit for the three months ended September 30, 2020 of $25,808 compared to net loss $39,133 for the three months ended June 30, 2020, an improvement of $64,941. Recurring Revenue increased by 35% year over year - Recurring Revenue for the three months ended September 30, 2020 was $809,695 compared to $601,541 for the same period in 2019: an increase of $208,151.Recurring Revenue increased by 7% quarter over quarter - Recurring Revenue for the three months ended September 30, 2020 was $809,696 compared to $754,117 for the quarter ended June 30, 2020: an increase of $55,580.Total Revenue increased by 13% year over year - Total Revenue for the three months ended September 30, 2020 was $2,172,029 compared to $1,923,667...