Business
SinglePoint Reports Second Quarter 2020 Financial Results -- $1.47 Million Compared to $1.1 Million in Six Months Ended June 20, 2019, Approximately a 34% Improvement Over the Same Period Prior Year
SinglePoint Reports Second Quarter 2020 Financial Results -- $1.47 Million Compared to $1.1 Million in Six Months Ended June 20, 2019, Approximately a 34% Improvement Over the Same Period Prior Year.
About this update from Singlepoint, Inc.
[{"type":"text","content":"\n PHOENIX, AZ, Aug. 18, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- SinglePoint Inc. (\"SinglePoint” or the \"Company\") (OTC: SING), a fully reporting company focused on building the leading National Solar Network by leveraging its current 34 state footprint with core holdings in Solar Energy Services and Industrial Hemp based Consumer Products, reported financial results on August 14, 2020 for the second quarter of 2020 ended June 30, 2020.  Company Highlights Achieved Approximately 34% Revenue Growth For the Six Months Ended June 2020 comparative to the Six Months Ended June 2019 Despite the Business Disruptions Caused by the Pandemic – A majority of the gross revenues year to date ($1.47 Million) have been driven by the Company's majority owned subsidiary Direct Solar America.  Direct Solar of America has continued to expand its Sales Platform building a national solar network - increased its coverage from 3 states in May 2019 to 34 States as of July 2020.  The Company has added 20 additional states since the beginning of the year and will continue to expand its leading sales footprint into a national provider of residential and commercial solar services. 1606 Original Hemp continues to gain traction with consumers, retail and on social media.  1606 has expanded its penetration to represent hundreds of retail locations and has added additional manufacturing capacity to ensure scalability for its consumer product line.  1606 Original Hemp is steadily becoming the premier product choice from consumers and has amassed over 30,000 enthusiasts on social media. Subsequent to the End of the Second Quarter Unaudited Gross Revenues for Direct Solar of America in July 2020 were $525,492.63 on an accrual basis.  The accrual based July 2020 Revenues represent an increase over the same monthly period from the prior year and signify that the solar business is beginning to return to the expected and anticipated growth rate prior to the disruption caused by the pandemic. The overall year to date increase in revenue was impacted by a slowdown in business largely related to the restrictions and operational turmoil caused by the global pandemic.  The disruptions caused by the pandemic were contributing factors that limited the revenue growth in the 2nd...