Business
Nubeva Announces Q3 2020 Financial Results
(via TheNewswire) SAN JOSE, Calif. - TheNewswire - March 27, 2020 - Nu...
About this update from Nubeva Technologies Ltd.
[{"type":"text","content":"Nubeva Announces Q3 2020 Financial Results(via TheNewswire)\n \n \nSAN JOSE, Calif. - TheNewswire - March 27, 2020 - Nubeva Technologies Ltd. (\"Nubeva\" or the \"Company\") (TSXV:NBVA) (OTC:NBVAF), today published its unaudited consolidated financial statements for the three and nine months ended January 31, 2020. 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 \nRevenue for the most recent quarter was $40,177. Revenue was generated from subscriptions which continued from the previous quarter. Sales reported for the prior year quarters were derived primarily from software licenses and related services. \n\n\n \nTotal expenses for the most recent quarter of $844,471 were $1,010,225 before refundable tax credits of $165,754 relating to the quarter. Total expenses for the preceding quarter of the same year of $997,749 were $1,076,720 before refundable tax credits of $78,971. After eliminating the effect of tax credits, operating expenses decreased from the preceding quarter by 15.4%. Expenses for the three months ended January 31, 2020 decreased by 24.3% over the same quarter last year. Subsequent to the end of the quarter the Company received refundable tax credits in the amount of $298,476.\n\n \n \n\"In addition to the conversion of trial customers, the Company has added several new customers in the financial and health care sectors,\" said Nubeva CEO Randy Chou. \"These initial sales are small but are expected to grow over time as these enterprises expand their deployment.\"\n\n \n \nSelected operating data follows:\n\n \n\nIncome Statement Data\n\n\n\n\nThree Months ended January 31, 2020\n\n\n\n\nThree Months ended January 31, 2019(1)\n\n\n\n\nNine Months ended January 31, 2020\n\n\n\n\nNine Months ended January 31, 2019(1)\n\n\n\n\nRevenue\n\n\n\n\n$ 40,177\n\n\n\n\n$ -\n\n\n\n\n$ 117,784\n\n\n\n\n$ 809,750\n\n\n\n\nExpenses\n\n\n\n\n844,471\n\n\n\n\n1,114,879\n\n\n\n\n2,782,861\n\n\n\n\n2,916,202\n\n\n\n\nOther items\n\n\n\n\n7,424\n\n\n\n\n(1,316,588)\n\n\n\n\n48,842\n\n\n\n\n(1,294,909)\n\n\n\n\nNet loss from continuing operations\n\n\n\n\n(796,930)\n\n\n\n\n(2,431,467)\n\n\n\n\n(2,616,235)\n\n\n\n\n(3,401,361)\n\n\n\n\nNet gain (loss) from discontinued operations\n\n\n\n\n-\n\n\n\n\...