iTeknik Holding Corporation Posts FY17 Annual Repo
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Posted On: 10/16/2017 4:03:56 PM
iTeknik Holding Corporation Posts FY17 Annual Report and Releases Letter to Shareholders
•October 16, 2017
West Palm Beach, FL, Oct. 16, 2017 (GLOBE NEWSWIRE) -- iTeknik Holding Corporation (OTC PINK:ITKH) posted its Annual Report for FY 30, 2017. Revenues for the year ending June 30, 2017 were 1,144,925 vs. $952,149 for the year ending June 30, 2016.
Fred Wicks, Chairman and CEO of iTeknik stated, “FY 2017 was a pivotal year for us. In the beginning of our year, we transitioned from the Telecom industry to Marketing, Advertising and the digital media space with the start-up of our Big Rhino Agency in January. From January to this past August Big Rhino, which accounts for almost all of our sales, has been able to increase revenues by more than a hundred percent.”
In conjunction with the posting of the Annual Report, iTeknik released the following letter to shareholders.
Dear Shareholders,
On July 1, 2017 we began Fiscal Year 2018 on a very optimistic note because of the remarkable progress we made in the last half of Fiscal Year 2017. I want to take this opportunity to update our Shareholders on our results for the year and our vision for the new year ahead.
Fiscal Year 2017 Accomplishments
FY 2017 saw dramatic changes and accomplishment in your Company. Some of these include:
Completed the transition from the Telecom Industry into the Advertising, Marketing and Digital Media space
Negotiated away more than $200,000 of debt from our books
Secured a commitment of $15 million in capital for the purpose of growing the Company through acquisition
Utilized a tranche of $5 million to buy the assets of a former Advertising agency
Formed Big Rhino Corporation as a subsidiary in order to utilize the purchased assets
Hired an extremely talented staff to operate the new subsidiary company
Started up Big Rhino Corporation on January 1, 2017
Increased Revenues from January to August by 101%
Acquired The Blender Company and valuable assets including government contracts
Began a financial audit in order to help uplift to the OTCQB
Took action against a creditor with a potential settlement in the works.
By any standards these accomplishments have been significant and prove that our strategic plan in process is working. The following paragraphs provide more detail on these accomplishments
Revenues
Revenue for FY 2017 was $1,144,925. This amount was almost all from our subsidiary, Big Rhino, and was accomplished in six months. For the 3-month period ended June 30, 2017 the Company posted revenue of $645,661 vs. revenue of $499,313 for the quarter ended March 31, 2017. This represents an increase quarter over quarter of 29.3%. During the quarter ended March 31, 2017 the Company also benefited from a one-time adjustment to other income as the Company’s Big Rhino was able to bill an additional amount of $157,316 for services performed but not previously billed. Since the Company has been in a high growth mode in a new industry the quarter over quarter results are very indicative of the Company’s progress.
The following chart outlines the monthly results and the impressive growth rate that the Company has achieved since the start-up of Big Rhino in January. While we remain in the development stage and we have cash flow concerns and risks our vision is to become an established seasoned player in our markets.
•October 16, 2017
West Palm Beach, FL, Oct. 16, 2017 (GLOBE NEWSWIRE) -- iTeknik Holding Corporation (OTC PINK:ITKH) posted its Annual Report for FY 30, 2017. Revenues for the year ending June 30, 2017 were 1,144,925 vs. $952,149 for the year ending June 30, 2016.
Fred Wicks, Chairman and CEO of iTeknik stated, “FY 2017 was a pivotal year for us. In the beginning of our year, we transitioned from the Telecom industry to Marketing, Advertising and the digital media space with the start-up of our Big Rhino Agency in January. From January to this past August Big Rhino, which accounts for almost all of our sales, has been able to increase revenues by more than a hundred percent.”
In conjunction with the posting of the Annual Report, iTeknik released the following letter to shareholders.
Dear Shareholders,
On July 1, 2017 we began Fiscal Year 2018 on a very optimistic note because of the remarkable progress we made in the last half of Fiscal Year 2017. I want to take this opportunity to update our Shareholders on our results for the year and our vision for the new year ahead.
Fiscal Year 2017 Accomplishments
FY 2017 saw dramatic changes and accomplishment in your Company. Some of these include:
Completed the transition from the Telecom Industry into the Advertising, Marketing and Digital Media space
Negotiated away more than $200,000 of debt from our books
Secured a commitment of $15 million in capital for the purpose of growing the Company through acquisition
Utilized a tranche of $5 million to buy the assets of a former Advertising agency
Formed Big Rhino Corporation as a subsidiary in order to utilize the purchased assets
Hired an extremely talented staff to operate the new subsidiary company
Started up Big Rhino Corporation on January 1, 2017
Increased Revenues from January to August by 101%
Acquired The Blender Company and valuable assets including government contracts
Began a financial audit in order to help uplift to the OTCQB
Took action against a creditor with a potential settlement in the works.
By any standards these accomplishments have been significant and prove that our strategic plan in process is working. The following paragraphs provide more detail on these accomplishments
Revenues
Revenue for FY 2017 was $1,144,925. This amount was almost all from our subsidiary, Big Rhino, and was accomplished in six months. For the 3-month period ended June 30, 2017 the Company posted revenue of $645,661 vs. revenue of $499,313 for the quarter ended March 31, 2017. This represents an increase quarter over quarter of 29.3%. During the quarter ended March 31, 2017 the Company also benefited from a one-time adjustment to other income as the Company’s Big Rhino was able to bill an additional amount of $157,316 for services performed but not previously billed. Since the Company has been in a high growth mode in a new industry the quarter over quarter results are very indicative of the Company’s progress.
The following chart outlines the monthly results and the impressive growth rate that the Company has achieved since the start-up of Big Rhino in January. While we remain in the development stage and we have cash flow concerns and risks our vision is to become an established seasoned player in our markets.
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