Business
Novus 2020 Annual Report Shows Continual Expansion
Novus 2020 Annual Report Shows Continual Expansion.
About this update from Novus Acquisition & Development Corp.
[{"type":"text","content":"Agreements with Carriers and InsureTech Platform Continue to Increase Visibility and TractionMIAMI, FL / ACCESSWIRE / March 30, 2021 / Novus Acquisition and Development, Corp. (OTC PINK:NDEV), through its wholly-owned subsidiary WCIG Insurance Services, Inc., is the nation's first hybrid carrier offering cannabis health plans to recreation and medicinal users, today announced its financial and operational results for twelve months ended December 31, 2020.Fourth Quarter 2020 Financial Highlights:Revenue increased $4,234 or 7% to $62,096 for the three months ended December 31, 2020, as compared to the three months ended December 31, 2019Revenue increased $23,143 or 11% to $242,382 for the twelve months ended December 31, 2020, as compared to the twelve months ended December 31, 2019Demonstrated a 34% profit margin pricing structure in its business model for the three months ended December 31, 2020Operating and Net income increased $5,713 or 37% to $21,047 for the three months ended December 31, 2020, as compared to the three months ended December 31, 2019Operating and Net income increased $13,368 or 19% to $82,626 for the twelve months ended December 31, 2020, as compared to the twelve months ended December 31, 2019Shareholder equity increased to $1,468,783 on December 31, 2020, from $1,424,990 on December 31, 2019Cash and Cash Equivalents increased to $156,422 on December 31, 2020, from $142,796 on December 31, 2019Secured Life-Health Carrier contracts that integrate Novus Cannabis MedPlan in their fully guaranteed insurance plansNo dilution in the fourth quarter of 2020Management Discussion & Analysis Of 2020Due to the COVID 19 crisis, the second quarter of 2020 saw the U.S. economy come to a standstill, with layoffs of nonessential workers, slowing down the acquisition of new members but the company still maintaining 7% growth in revenue compared to three months ended December 31, 2019.Highlights of Novus' Infrastructure That Ended The Year With Great Momentum:a). Carrier Participation: Executed contracts with carriers in Health, Life, Minimal Essential Coverage, and InsureTech Platforms who saw benefits of integrating Novus Cannabis MedPlan with their offerings to allure new and existing customer conversions.b). Furthering Compliance: Compliant with Health Savings Account (HSA) and Health Reimbursement Accounts (HR...