Business
Nova Leap Health Corp. Update on Future Plans and Quarterly Financial Update
(via TheNewswire) NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. ...
About this update from Nova Leap Health Corp.
[{"type":"text","content":"Nova Leap Health Corp. Update on Future Plans and Quarterly Financial Update(via TheNewswire)\n \n \nNOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN\n\n\n \nHALIFAX / TheNewswire / November 23, 2017- NOVA LEAP HEALTH CORP. (TSXV: NLH) (\"Nova Leap\" or the \"Company\"), a company focused on the home health care industry, is pleased to announce the release of financial results for the three and nine months ended September 30, 2017. All amounts are in United States dollars (\"USD\") unless otherwise specified. \n\n\n \nNova Leap First Quarter Financial Results\n\n\n \nFinancial results for the three and nine months ended, September 30, 2017 include revenue of $88,682 and $168,649, respectively and net loss of $268,416 and $603,929, respectively. Highlights for the quarter ended September 30, 2017 included the following:\n\n\n \n-Nine months' revenues increased 11.5X (times) and actual gross margin increased 12.6X (times) from October 31, 2016 to September 30, 2017. Gross margin as a percentage of net service revenue increased from 33% to 36% for the same period and to 38% for the three-month period ending September 30, 2017;\n\n\n \n-Closed the previously announced acquisition of the assets of All About Home Care, LLC (\"AAHC\") on September 22, 2017 for a total purchase price of $1,200,000. The acquisition was funded using $600,000 of cash and $600,000 of term debt from a Canadian Chartered Bank. The full impact of the AAHC acquisition will begin to be realized in Q4 2017. In Q4 2017, Management expects quarter over quarter revenue to increase by 10X (ten times) that of Q2 2017;\n\n\n \n-AAHC contributed $38,857 to the consolidated revenue and a loss of $42,590 was incurred for the three months ended September 30, 2017, primarily due to acquisition related costs. Absent, acquisition related costs, AAHC is profitable as a stand-alone business and Management expects AAHC to remain profitable;\n\n\n \n-Nova Leap closed a non-brokered private placement and raised gross proceeds of $812,951 ($1,052,500 CAD). Most of the proceeds were used to fund the acquisition of the assets of Armistead Senior Care (\"Armistead\") which closed on October 6, 2017, subsequent to September 30, 2017. Armistead has its head office in Vermont and a...