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Leonovus Inc. Announces Financial Results for 1st Quarter Ending March 31, 2017
Leonovus Inc. Announces Financial Results for 1st Quarter Ending March 31, 2017 Ca...
About this update from Leonovus Inc.
Leonovus Inc. Announces Financial Results for 1st Quarter Ending March 31, 2017 /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } Canada NewsWire OTTAWA, May 29, 2017 OTTAWA, May 29, 2017 /CNW/ - Leonovus Inc. ("Leonovus") (TSXV: LTV) today announced its operating and financial results for the quarter ended March 31, 2017. Revenue for Q1 2017 was nil compared to nil for the Q1 2017. The Company incurred a net loss of $426,000 for Q1 2017 compared to a net loss of $519,000 for Q1 2016. Expenses declined to $391,000 in Q1 2017 compared to $454,000 in Q1 2016. For the first time in several years the overall liabilities of the Company declined. The reduction was primarily due to cash inflows from a $1,300,000 private placement 'unit' that included one common share for $0.05 and one attached twenty-four month warrant at $0.10. The Company was also successful in reducing overall expenses quarter over quarter by significantly reducing G&A expenses by $140,000 between Q1 2016 and Q1 2017 while maintaining spending and investment in product development and significantly increasing spending in sales and marketing. Cash increased to $477,000 at the end of Q1 2017 compared to $88,000 at the end of Q1 2016. "The company continues to develop and enhance its base product and expects to have signed up several customers by the end June 2017. We are also analyzing the present value of our patent portfolio, especially the media script acceleration patents that were developed and patented in the early days of Leonovus. Even though the Company has evolved into a software company I believe that these early patents may have significant value that can be monetized", said Michael Gaffney, Chairman & Chief Executive Officer.  This press release may contain forward-looking statements and information, which may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with LeoNovus' growth, the state of the financial markets, regulatory risks and other facto...