Business
SinglePoint, Inc. Files Full Year and Fourth Quarter 2019 Financial Results
SinglePoint, Inc. Files Full Year and Fourth Quarter 2019 Financial Results.
About this update from Singlepoint, Inc.
[{"type":"text","content":"\n Reports Record Annual Revenue of $3,343,833 and Record Gross Profit of $990,777 for the Full Year ended December 31, 2019 Financial Highlights: Full Year Revenue increased 189% to a record $3,343,833 million  Full Year Gross profit increased 269% to a record $990,777 thousand Repaid  Convertible note payable to investor (the “CVP Note”) dated October 10, 2017 Operational Highlights: Completed acquisition of Direct Solar America (“Direct Solar”) in May 2019 Direct Solar strategically expanded coverage to multiple states. Direct Solar Residential Business Unit achieved profitability in 2019 Added Commercial division to address emerging opportunities identified through strategic partnerships  Transitioned to a fully reporting public entity Unveiled smokable hemp products at 2019 NACS show followed by the subsequent launch of our proprietary brand, 1606 Original Hemp PHOENIX, AZ, March 31, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – SinglePoint, Inc. (OTCQB: SING) (\"SinglePoint\" or the \"Company\") today reported audited financial results for the three and twelve months ended December 31, 2019.  For the years ended December 31, 2019 and 2018, the Company had total sales of $3,343,833 and $1,154,671, respectively, representing an 189% increase in year over year gross revenue.  The primary driver of the revenue increase of$2,189,162 in revenues was due to the acquisition of Direct Solar in May 2019 representing six months of revenue through December 31, 2019. On a full-year unaudited pro forma basis Direct Solar America would have surpassed $4,000,000 in revenue as reported in the 2019 Annual Report.. The Gross Profit was $990,777 for the year ended December 31, 2019, compared with a Gross Profit of $267,799 for the year ended December 31, 2018, representing a 269% increase for the year over year. The overall net loss decreased in 2019 as compared to 2018.  “The positive operational results in 2019 represent the commitment we have to our stakeholders to enhance revenues by executing on growth initiatives and acquisitions that we believe will continue to add value.  We are ecstatic about the continued growth of SinglePoint and look forward to achieving significant growth through 2020. Through the acquisition of Direct Solar America, we have firmly established o...