Hypercharge Networks Corp. Announces Audited Financial Results for the Three Months and Seven Months Ended March 31, 2023

About this update from Hypercharge Networks Corp.

[{"type":"text","content":"Hypercharge Networks Corp. Announces Audited Financial Results for the Three Months and Seven Months Ended March 31, 2023Vancouver, British Columbia--(Newsfile Corp. - June 29, 2023) - Hypercharge Networks Corp. (NEO: HC) (OTCQB: HCNWF) (FSE: PB7) (the \"Company\" or \"Hypercharge\"), a leading, smart electric vehicle (EV) charging solutions provider, is announcing the release of its audited financial results for the three months and seven months ended March 31, 2023, and related management discussion and analysis. The Company's reporting period for the seven months ended March 31, 2023, reflects the Company's change in fiscal year end. These documents will be posted on SEDAR and Hypercharge's website at https://hypercharge.com/investors/. For the three months ended March 31, 2023, the Company's revenue in the quarter was C$752,673, an increase of 1,373% compared to C$51,097 in the three months ended March 31, 2022. Operating expenses increased from C$940,041 in the comparable period to C$2,160,025 (an increase of 80%) for the three months ended March 31, 2023. This increase is largely attributable to general and administrative expenses in connection with non-cash share-based compensation expenses and non-recurring expenses. The lower operating expenses during the comparable period for the three months ended March 31, 2022 are attributable to the Company's early stages of business, which resulted in lower direct and variable costs during the period.For the seven months ended March 31, 2023, the Company achieved revenue of C$1,988,007, marking a significant growth rate of 311%, compared to the year ended August 31, 2022. For the comparable seven month period, the Company achieved a year-over-year revenue growth rate of 2,069%. During this seven month comparable period, operating expenses increased from C$2,563,917 to C$4,921,140 (an increase of 109%), related to: (i) hiring key personnel to further support the Company's sales and marketing efforts, (ii) an increase in research and development initiatives, (iii) general and administrative expenses related to professional fees for audit and legal, (iv) regulatory compliance, and (v) non-recurring corporate issuer fees from the Company's initial public offering.Total assets as at March 31, 2023 were C$6,404,576, (down from C$9,302,818 for the year ended August 31, 2022). A...

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