Business
Leonovus Inc. Announces 2018 Financials & Business Update
Leonovus Inc. Announces 2018 Financials & Business Update Leonovus Inc. Announ...
About this update from Leonovus Inc.
[{"type":"text","content":"\n\n\n\nLeonovus Inc. Announces 2018 Financials & Business Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nLeonovus Inc. Announces 2018 Financials & Business Update\nCanada NewsWire\nOTTAWA, April 30, 2019\n\n\n\nOTTAWA, April 30, 2019 /CNW/ - Leonovus Inc., (\"Leonovus, the Company, we and our\") (TSXV: LTV) (OTC: LVNSF) today announced its operating and financial results and business update for the year ended December 31, 2018. Unless otherwise noted all amounts are in USD.\nThe Company incurred a net loss of $4,924,000 for the year ended December 31, 2018, and a net loss of $1,321,000 for the fourth quarter of 2018 compared to a net loss of $2,725,000 for the year ended December 31, 2017, and a net loss of $1,120,000 for the fourth quarter of 2017.\nWe closed our financing in December 2017, which meant that due to the significant expansion of our development and go-to-market teams in 2018, our operating expenses increased to $5,063,000 for the year ended December 31, 2018, and $1,259,000 for the fourth quarter of 2018 as compared to $1,626,000 and $648,000 for the year ended December 31, 2017, and the fourth quarter of 2017, respectively.\nThe Company had a cash balance of $3,609,000 on December 31, 2018, as compared to $10,906,000 on December 31, 2017. Working capital was $3,024,000 on December 31, 2018, as compared to $7,643,000 on December 31, 2017. After December 31, 2018, $1,564,000 of additional funding was raised through warrants that expired in March of 2019. After implementing several cost management initiatives and factoring in the elimination of one-time start-up costs from 2018, the Company's burn rate will drop to CAD 350,000-400,000 per month.\nOn April 24th, we announced the closing of a contract for a major international mining company.  Also, we have over 70 qualified prospects in the sales pipeline with an unweighted revenue potential of CAD 6,900,000. The first $500,000 of an up to $2,000,000 initial contract from the Canadian federal government contract is now in the procurement phase with three major departments. One other...