Business
Next Group Holdings, Inc. Announces Record Revenue for Second Quarter 2017
Next Group Holdings, Inc. Announces Record Revenue for Second Quarter 2017.
About this update from Cuentas Inc.
[{"type":"text","content":"\n\n\n\nNext Group Holdings, Inc. Announces Record Revenue for Second Quarter 2017\n\n\n\n\n\nNext Group Holdings, Inc. Announces Record Revenue for Second Quarter 2017\nCompany Posts Second Consecutive Quarter of Record Revenue at $574,064\nPR Newswire\nMIAMI, August 29, 2017\n\n\n\nMIAMI, August 29, 2017 /PRNewswire/ --\n\nNext Group Holdings, Inc. (OTCQB: NXGH) today announced results for its second quarter of fiscal year 2017 which ended June 30, 2017, including record revenue for the second consecutive quarter. The results were posted in the company's most recent Form 10-Q, filed with the SEC on August 21, 2017.\n\nRevenue for the second quarter of fiscal year 2017 was a record $574,064, compared to $2,767 for the same period last year, and is largely attributable to the 2016 acquisition of Tel3, a business segment of an existing retail Pin-less long distance company, and which contributed revenue of $497,500 during the three months ended June 30, 2017.  Revenue for the six months ended June 30, 2017 was $1,074,655 - an increase of 1,263% - compared to revenue of $85,070 for the same period of 2016, also attributable mainly to the 2016 acquisition of Tel3.\n\nNet loss for the six months ending June 30, 2017 was $1,625,735 - or .01 per fully diluted share - compared to a loss of $3,744,081 for the same period of 2016, marking improvement of 47%.  The decrease in net loss for the current quarter is due mainly to a decrease in stock based compensation in the current period partially offset by increased losses on the fair value measurement of derivative liabilities.                    \n\nCost of goods sold for the three months ended June 30, 2017 was $450,175, compared to $42,193 for the same period of the prior year, resulting in higher gross margins; $123,889 for the current quarter, compared to negative $39,426 for the same quarter of the prior year.  The increase in cost of goods sold was the result of the acquisition of Tel3 in fiscal year 2016 and the incremental costs associated with offering wireless MVNO services for customers.  For the six months ended June 30, 2017, cost of goods sold was $785,432, compared to $149,354 for the same period of the prior year, resulting in gross margins of $...