Business
Kidoz Inc. Announces Strong Q2 2020 Results in COVID-19 Environment
ANGUILLA, BWI / ACCESSWIRE / August 12, 2020 / Kidoz Inc. (TSXV:KIDZ) (the "Company"), kid-t...
About this update from Kidoz Inc
[{"type":"text","content":"Kidoz Inc. Announces Strong Q2 2020 Results in COVID-19 EnvironmentANGUILLA, BWI / ACCESSWIRE / August 12, 2020 / Kidoz Inc. (TSXV:KIDZ) (the \"Company\"), kid-tech software developer, owner of the KIDOZ Safe Advertising Network (www.kidoz.net), the KIDOZ Kid-Mode Operating System, the KIDOZ publisher SDK, and the Rooplay edu-games platform (www.rooplay.com), announced today its unaudited financial results for the second quarter ended June 30, 2020. All amounts are presented in United States dollars and are in accordance with United States Generally Accepted Accounting Principles.Recent Kidoz Inc. highlights include:Cash of $1,115,332 and working capital of $1,753,820 at June 30, 2020.Q2 Total Revenue of $736,827 - 75% of Q1 Total Revenue of $983,979 despite COVID-19 advertising postponementsReduced loss to ($361,399) in Q2 2020, a 10.5% improvement from a loss of ($403,924) in Q1 2020A 20% improvement in EBITDA loss of ($197,057) in Q2 2020 from an EBITDA loss of ($246,954) in Q1 2020.Cash provided by operating activities of $144,085 for the six months ended June 30, 2020.Launch of pre-bid advertising system to increase KIDOZ Safe Advertising Network programmatic growth\"The second quarter of 2020 was executed by the Kidoz team completely working from home during COVID-19 lockdown,\" stated Eldad Ben Tora, Co-CEO. \"As soon as the pandemic hit, we took company-wide cost containment measures to control costs throughout the organization, including salary reductions which enabled Kidoz to improve its financial performance for the quarter despite revenue declines. As we are a lean organization whose success depends on our execution of technical system development, we made the decision to not furlough or dismiss any employees during the quarter which has resulted in high productivity and high team moral. Our technical, sales, operations, and management teams have risen to the challenge of the pandemic and have proven resilience and ingenuity to deliver these results in a challenging climate.\"\"We experienced a decline in revenue during the quarter as COVID-19 forced retail stores to close, cinematic productions to be postponed, and advertisers to re-consider their marketing strategies in the short-term,\" said Jason Williams, Co-CEO. \"While a decline in active campaigns is always challenging, the Kidoz team were successful in on-b...