Business
Zonetail Inc. Reports Year End Results
Toronto, Ontario--(Newsfile Corp. - May 1, 2019) - Zonetail Inc. (TSXV: ZONE) (the "Company" ...
About this update from Zonetail, Inc.
[{"type":"text","content":"Zonetail Inc. Reports Year End ResultsToronto, Ontario--(Newsfile Corp. - May 1, 2019) - Zonetail Inc. (TSXV: ZONE) (the \"Company\" or \"Zonetail\") is pleased to report its financial and operational results for the year ended December 31, 2018. These filings are available for review on the Company's SEDAR profile at www.sedar.comQ4 and Year-End HighlightsZonetail is partnered with AAHOA, the largest association of hoteliers in the world, representing over 25,000 hotels and 50% of the US market. The company has currently launched its hotel platform in conjunction with AAHOA, in 7 U.S. cities to date, and plans to work closely with AAHOA to continue the onboarding of hotels, and building the user base, city-by-city throughout 2019.During the year ended December 31, 2018, the Company closed a brokered private placement of 11,130,092 subscription receipts of Zonetail at a price of $0.18 per Subscription Receipt for gross proceeds of $2,003,417.For the year ended December 31, 2018, the Company's net loss totaled $2,348,520, compared to $727,562 for the year ended December 31, 2017. The increase in net loss of $1,620,958 is principally the result of the following:Salaries increased by $222,886 for the year ended December 31, 2018, compared to the year ended December 31, 2017. The increase is mainly attributable to the growth in the sales and operations teams to facilitate the Company's expansion into different markets and continuous product development.Professional fees increased by $1,187,292 for the year ended December 31, 2018, compared to the year ended December 31, 2017. The increase is attributable mainly to one-time operational expenses associated with the Reverse Takeover Transaction.Interest expense increased by $94,159 for the year ended December 31, 2018, compared to the year ended December 31, 2017. The increase was due to the interest incurred from the convertible debentures issued in the year.For the three months ended December 31, 2018, the Company's net loss totaled $934,088, compared to $178,296 for the three months ended December 31, 2017. The increase in net loss is principally the result of the following:Salaries increased by $93,749 for the three months ended December 31, 2018, over the three months ended December 31, 2017, due to hiring of new staff to aid in the Company's expansion into the US and condominium ...