Business
Social Life Network Reports Third Quarter Fiscal 2018 Results
Social Life Network Reports Third Quarter Fiscal 2018 Results.
About this update from Decentral Life, Inc.
[{"type":"text","content":"DENVER, CO / ACCESSWIRE / November 14, 2018 / Social Life Network (OTCQB: WDLF), a leader in artificial intelligence and blockchain powered social network and e-commerce technology company, will report after the market close on November 14, 2018, its financial results for the third quarter of 2018 (for the 3 and 9-month period ended September 30, 2018).Fiscal Third Quarter Financial Summary New licenses increased our licensing revenue by 246% to $285,000 for the 9-month period ending September 30, 2018 from $82,400 for the same 2017 period. Consolidated revenue increased 120% year-over-year to $288,000 from $131,000. Gross margins in the 3-month period ending 2018 decreased by 10% from the same 2017 period and decreased 55% comparing the 9-month periods ending 2018 and 2017, which is attributable to a reduction of Amazon Cloud AWS expenses in connection with the decrease of our digital marketing revenue of 88% to $3,200 from $49,000. Operating expenses had a material increase of $166,000 or 241% for the nine-months ended 2018 compared to $69,000 for the nine-months ended 2017, predominantly due to increased professional activities surrounding audit, investor relations, and executive professional fees Net loss, which included $2.45 million in stock-based compensation, was approximately $3.0 million for the 9 months ended September 30, 2018. Net loss for the third quarter period was $374,000, compared to a net loss of $1.2 million for the same period last year. Third quarter 2017 included an $863,000 stock-based compensation, which did not exist this reporting quarter. Cash balance was $215,000 as of September 30, 2018 compared to $19,000 as of June 30, 2018. This increase is primarily a result of a $630,000 sale of common stock in the reporting quarter, which was dampened with a $54,400 reduction in loans to related-parties, resulting in a $162,000 net increase in cash.Recent Operational Summary Company owns a cannabis/hemp related websites, which generates advertising revenue thru MjLink,com, Social Life's wholly-owned subsidiary, which was newly incorporated in Delaware on September 20, 2018. Announced key additions to the Board of Directors and key hires, including: Mali Sanati as Vice President of Business Development, and Mark DiSiena as Chief Financial Officer. Planned IPO of MjLink.com on the Canadian Stock Exchange in 201...