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Nubeva Announces Fiscal 2019 Financial Results
(via TheNewswire) SAN JOSE, Calif. - TheNewswire - July 31, 2019 - Nub...
About this update from Nubeva Technologies Ltd.
[{"type":"text","content":"Nubeva Announces Fiscal 2019 Financial Results(via TheNewswire)\n \n \nSAN JOSE, Calif. - TheNewswire - July 31, 2019 - Nubeva Technologies Ltd. (\"Nubeva\" or the \"Company\") (TSXV:NBVA) (OTC:NBVAF), today published its audited consolidated financial statements for the year ended April 30, 2019. Financial statements along with management discussion and analysis of financial results can be found at www.sedar.com. All dollar amounts in this release are quoted in U.S. Dollars.\n\n\n \nThe Company reported revenue of $846,726 over $707,513 of the prior comparable year primarily due to an increase in software license revenues. Revenues of $36,628 for the fourth quarter and bookings of $191,000 are derived from Nubeva Prisms, the Company's patent pending Software-as-a-Service solution that enables enterprises to run cybersecurity in the cloud. The Company reported that on April 30, 2019 it had 200 active users at the end of the fourth quarter, up from 121 subscribers at the end of the previous quarter, and 277 active users as of the date of this press release. \n\n \n \n\"The increase in active users is a strong indication that Nubeva will increase its booked business as these corporations, which represent several top tier corporations including a top 5 SaaS company, a top 5 cellular company and multiple top 50 financial institutions, employ Prisms as an integral part of their cloud infrastructure.\" said Nubeva CEO Randy Chou. \n\n\n \nExpenses for the year ended April 30, 2019 grew 46% over prior year expenses, due 37% to an increase in general and administrative expense, 57% to an increase in sales and marketing activities, 13% offset by a decrease in research and development expense, and 19% to an increase stock-based compensation. Research and development expense is reported net of refundable tax credits, which during the year were $513,261 compared with $148,133 reported in the prior year. Research and development expenses grew 16% over prior year expense before deduction of the refundable tax credits.\n\n\n \nSelected operating data follows:\n\n \n\nIncome Statement Data \n\n\n\n\nThree Months ended April 30, 2019\n\n\n\n(unaudited)\n\n\n\n\nThree Months ended April 30, 2018\n\n\n\n(Unaudited)\n\n\n\n\nYear ended April 30, 2019\n\n\n\n\nYear ended April 30, 2018\n\n\n \n\nRevenue\n\n\n\n\n$ 36,628 \n\n\n\n\n $469,388\n\n\n\n\...