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Hypercharge Networks Corp. Announces Unaudited Financial Results for the Three Months Ended June 30, 2023
Vancouver, British Columbia--(Newsfile Corp. - August 14, 2023) - Hypercharge Networks Corp. ...
About this update from Hypercharge Networks Corp.
[{"type":"text","content":"Hypercharge Networks Corp. Announces Unaudited Financial Results for the Three Months Ended June 30, 2023Vancouver, British Columbia--(Newsfile Corp. - August 14, 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 unaudited financial results for the three months ended June 30, 2023. All dollar figures are in Canadian Dollars, unless otherwise stated.Financial Highlights (for the three months ended June 30, 2023):For the three months ended June 30, 2023, the Company's revenue in the quarter was $501,024, an increase of 628% compared to $68,835 in the three months ended May 31, 2022. Operating expenses increased from $1,302,852 in the comparable period to $2,425,896 (an increase of 86%) for the three months ended June 30, 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 May 31, 2022 are attributable to the Company's early stages of business, which resulted in lower direct and variable costs during the period.Total assets as at June 30, 2023 were $10,490,211, (a 64% increase from $6,404,576 for the year ended March 31, 2023). As at June 30, 2023, the Company had cash and cash equivalents of $6,927,630. \"We are pleased to report the unaudited financial results for the three months ended June 30, 2023,\" said David Bibby, President and CEO of Hypercharge. \"We are proud to see the increase in our customer base and their growing confidence in our ability to provide innovative charging solutions reflected in these results.\"Business and Pipeline Highlights (for the three months ended June 30, 2023):Signed new sales orders for 288 charging ports in the three months ended June 30, 2023, and over 2,100 charging ports since commencing business operations in June 2021.Delivered 316 charging ports in the three months ended June 30, 2023, and over 1,050 charging ports since commencing business operations in June 2021.Increased sales backlog by 215 charging ports. The Company expects phased delivery of these chargers beginning in late 2023.Activated seven (7) new strateg...