Business
Kidoz Inc. Reports No Exposure to Silicon Valley Bank and Provides Financial Update
VANCOUVER, BC / ACCESSWIRE / March 12, 2023 / Kidoz Inc. (TSXV:KIDZ) (the "Company"), mobile AdT...
About this update from Kidoz Inc
[{"type":"text","content":"Kidoz Inc. Reports No Exposure to Silicon Valley Bank and Provides Financial UpdateVANCOUVER, BC / ACCESSWIRE / March 12, 2023 / Kidoz Inc. (TSXV:KIDZ) (the \"Company\"), mobile AdTech developer and owner of the market-leading Kidoz Contextual Ad Network (www.kidoz.net) and the Kidoz Publisher SDK, announced today additional detail regarding its unaudited financial results, and further clarity to its financial reporting as a federal Canadian business.The Kidoz software platform for reaching kids and families on mobile devices continues to experience strong growth despite overall negative market turbulence. Management believes that the Company's innovative sales strategy and proprietary stack of advertising technology, combined with the dominance of mobile entertainment as consumers' preferred choice, will continue to have a profound effect on its results.Additionally, as a result of powerful advertiser and user growth on the Company's market leading mobile platform, the Company's unaudited financial results for the fourth quarter ended December 31, 2022, continued to show record revenue and a strong balance sheet heading into a challenging fiscal 2023. All amounts are presented below are stated in United States dollars and are in accordance with United States Generally Accepted Accounting Principles.\"The recent collapse of the Silicon Valley Bank has caused great concern in the public markets, and Kidoz Management felt it would be wise to present its current financial situation and its business philosophy,\" stated Jason Williams, Kidoz CEO. \"Kidoz Inc. operates world-wide and had working capital of $4,110,785 at year end after recording record revenues of $15,054,490 and generating free cash flow of $433,745 through fiscal 2022. Kidoz has no deposits in banks in the United States, and maintains its cash deposits in several different large banks throughout the world.\" he added. \"We intend to release our Audited financial statements in mid April, 2023, ahead of the regulated deadline of April 30, now that we have successfully completed our transition from being an Anguillian based company to being a federally regulated Canadian business corporation.\"\"We intend to continue our focus on growing the business as rapidly as possible, without a focus on quarterly earnings, by continuing to develop our extensive technology and exp...