Business
Nubeva Announces Q3 Fiscal 2019 Interim Financial Results
(via TheNewswire) SAN JOSE, Calif., March 21, 2019 /TheNewswire/ Nubeva ...
About this update from Nubeva Technologies Ltd.
[{"type":"text","content":"Nubeva Announces Q3 Fiscal 2019 Interim Financial Results(via TheNewswire)\n \n \nSAN JOSE, Calif., March 21, 2019 /TheNewswire/ Nubeva Technologies Ltd. (\"Nubeva\" or the \"Company\") (TSX-V: NBVA, OTC: NBVAF), today published its unaudited consolidated financial statements for the three and nine months ended January 31, 2019 and 2018. 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 no revenue from software and services for the quarter due to a shift in business focus following the launch of Nubeva Prisms in the previous quarter. The Company reported that it has 121 active users at the end of the quarter, up from 57 subscribers at the end of the previous quarter, and 173 active users as of the date of this press release. \n\n \n \n\"Active users represent several top tier corporations including a top 5 SaaS company, a top 5 cellular company and multiple top 50 financial institutions.\" said Nubeva CEO Randy Chou. \"Our cash balance remains healthy at $5.7 million, providing plenty of runway to execute on our business plan.\"\n\n\n \nExpenses for the three months ended January 31, 2019 grew by 116% over the prior comparable quarter due to overall growth in operations. An increase in sales and marketing expense accounted for 53% of the increase, an increase in research and development 20%, and general and administrative expense 21%. \n\n\n \nSelected operating data follows:\n\n \n\nIncome Statement Data \n\n\n\n\nThree Months ended January 31, 2019\n\n\n\n\nThree Months ended January 31, 2018\n\n\n\n\nNine Months ended January 31, 2019(1)\n\n\n\n\nNine Months ended January 31, 2018\n\n\n\n\nRevenue\n\n\n\n\n $ - \n\n\n\n\n $ 123,125 \n\n\n\n\n $ 869,750 \n\n\n\n\n $ 238,125 \n\n\n\n\nExpenses\n\n\n\n\n1,114,879\n\n\n\n\n516,940\n\n\n\n\n2,916,202\n\n\n\n\n1,296,712\n\n\n\n\nOther items\n\n\n\n\n(1,316,588)\n\n\n\n\n(6,780)\n\n\n\n\n(1,294,909)\n\n\n\n\n(13,386)\n\n\n\n\nNet loss from continuing operations\n\n\n\n\n(2,489,875)\n\n\n\n\n(400,595)\n\n\n\n\n(3,341,361)\n\n\n\n\n(1,071,973)\n\n\n\n\nNet loss from discontinued operations\n\n\n\n\n(995,717)\n\n\n\n\n-\n\n\n\n\n(355,903)\n\n\n\n\n-\n\n\n\n\nGain on dissolution of subsidiary\n\n\n\n\n870,134\n\n\n\n\n-\n\n\n\n\...