Business
BDIC Revenues up 70% From Last Quarter; Releases Shareholder Letter
BDIC Revenues up 70% From Last Quarter; Releases Shareholder Letter.
About this update from Leet Inc.
[{"type":"text","content":"\n \n \n BDIC Revenues up 70% From Last Quarter; Releases Shareholder Letter\n \n \nBDIC Revenues up 70% From Last Quarter; Releases Shareholder Letter\n \n LOS ANGELES, CA--(Marketwired - May 31, 2016) - Blow and Drive Interlock Corporation (OTCQB: BDIC), an offender monitoring and police-grade alcohol detection device manufacturing and distribution company, releases Quarterly Shareholder Letter, Earned Revenues Increase Nearly 70% over Previous Quarter.\n Dear Valued Shareholders:\n As you know, BDIC just filed its first quarter disclosure for 2016. The Company is pleased to announce that practically every single machine has been leased to paying customers. These leasing customers have contracts with BDIC for an average of twelve (12) months. Our latest financial statement reflects a scaling business and our earned revenues increased quarter over quarter by 69% with an additional increase in deferred revenue of approximately 44%. These deferred revenues are customers who choose to pay for their entire lease in advance, which under GAAP accounting principles are not considered revenues but rather are accounted for as liabilities. While BDIC has technically incurred accounting liabilities relating to providing criminal monitoring services for the contract of the leases, this practically accounts as immediate revenue that we are deploying in scaling up production of our BDI 747/1 Breath Alcohol Ignition Interlock Device (BAIID).\n Our sales continue to outpace our ability to manufacture devices. We estimate that our Company has lost out on approximately $330,000 in this year's annual sales revenues simply from having a lack of inventory to meet immediate customer demand. Investment and financing dollars we have received have been used to pay for production of the additional inventory of our BDI 747/1 devices. This investment in inventory has been translating into an approximately 45% return on money in the first year. According to our economics estimates, assuming an eight (8) year lifetime of our BDI 747/1 units, this investment in inventory would translate into an internal rate of return (IRR) on investment exceeding 200% annually. This is consistent with our view that our business has already begun the process of scaling to rapidly acquire market share. These efforts resulted in BDIC increasing our equipment assets by 200% and...