Earnings and huge pipeline
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Posted On: 05/22/2018 9:57:41 PM
Spectrum Global Solutions Reports Over $4m in Revenue For The First Quarter 2018
GlobeNewswire•May 23, 2018
LONGWOOD, Fla., May 22, 2018 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, Inc. (f/k/a Mantra Venture Group, Ltd.) (the "Company"
(SGSI), reported financial results for the three months ended March 31, 2018.
Roger Ponder, CEO of the Company stated, “Revenue exceeded $4 million for the quarter. This does not include the results for the entire quarter of our recently acquired ADEX subsidiary, which we acquired on February 27. If we had acquired ADEX on January 1, 2018, our revenue would have been over $7 million for the quarter and we are tracking to exceed $30 Million in annual revenue for the year. We will continue to execute on our work in progress and pipeline of sales opportunities, as we work towards achieving profitability"
Mr. Ponder continued: “Our shareholders should also be mindful of the following key events:
Management retired 217 Million Common Shares in April 2018.
Management canceled more than 500,000 Preferred Shares in May 2018.
Management was able to divest non-producing assets in May 2018 and expenses associated with those assets.
Our backlog is over $12 Million with a pipeline of opportunities exceeding $127 Million.
We continue to seek acquisitions and strategic partnerships to grow our business with a goal of being up listed to a national exchange by this time next year.
Financial Highlights:
Revenue for the three-month period ended March 31, 2018 was $4,227,764 as compared to $0 for the same period in 2017. The Company had a net loss attributable to common stockholders of $(108,442) during the period ended March 31, 2018 compared to net loss of $(1,018,921) for the comparable period of 2017. The decrease in net loss was primarily due to revenue derived from our new subsidiaries and decreases in derivative liabilities and other non-cash expenses.
Our operating results for the Period ended March 31, 2018 and 2017 are summarized as follows:
Three Months Ended
March 31, 2018 Three Months Ended
March 31, 2017
Statement of Operations Data:
Revenues $ 4,227,764 ) $ 0
Operating expenses 5,071,255 139,873
Loss from operations (743,491 ) (139,873 )
Total other income (expense) 580,276 (902,701 )
Net Income (loss) attributable to common stockholders (108,442 ) (1,018,921 )
Balance sheet data for period ended March 31, 2018:
Cash $ 285,339
Accounts receivable, net 6,432,403
Total current assets 6,751,851
Goodwill and intangible assets, net 6,079,902
Total assets 12,926,323
Total current liabilities, excluding derivative liabilities 11,515,194
Derivative liabilities 7,103,644
Stockholders' (deficit) equity (5,692,515 )
GlobeNewswire•May 23, 2018
LONGWOOD, Fla., May 22, 2018 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, Inc. (f/k/a Mantra Venture Group, Ltd.) (the "Company"
(SGSI), reported financial results for the three months ended March 31, 2018. Roger Ponder, CEO of the Company stated, “Revenue exceeded $4 million for the quarter. This does not include the results for the entire quarter of our recently acquired ADEX subsidiary, which we acquired on February 27. If we had acquired ADEX on January 1, 2018, our revenue would have been over $7 million for the quarter and we are tracking to exceed $30 Million in annual revenue for the year. We will continue to execute on our work in progress and pipeline of sales opportunities, as we work towards achieving profitability"
Mr. Ponder continued: “Our shareholders should also be mindful of the following key events:
Management retired 217 Million Common Shares in April 2018.
Management canceled more than 500,000 Preferred Shares in May 2018.
Management was able to divest non-producing assets in May 2018 and expenses associated with those assets.
Our backlog is over $12 Million with a pipeline of opportunities exceeding $127 Million.
We continue to seek acquisitions and strategic partnerships to grow our business with a goal of being up listed to a national exchange by this time next year.
Financial Highlights:
Revenue for the three-month period ended March 31, 2018 was $4,227,764 as compared to $0 for the same period in 2017. The Company had a net loss attributable to common stockholders of $(108,442) during the period ended March 31, 2018 compared to net loss of $(1,018,921) for the comparable period of 2017. The decrease in net loss was primarily due to revenue derived from our new subsidiaries and decreases in derivative liabilities and other non-cash expenses.
Our operating results for the Period ended March 31, 2018 and 2017 are summarized as follows:
Three Months Ended
March 31, 2018 Three Months Ended
March 31, 2017
Statement of Operations Data:
Revenues $ 4,227,764 ) $ 0
Operating expenses 5,071,255 139,873
Loss from operations (743,491 ) (139,873 )
Total other income (expense) 580,276 (902,701 )
Net Income (loss) attributable to common stockholders (108,442 ) (1,018,921 )
Balance sheet data for period ended March 31, 2018:
Cash $ 285,339
Accounts receivable, net 6,432,403
Total current assets 6,751,851
Goodwill and intangible assets, net 6,079,902
Total assets 12,926,323
Total current liabilities, excluding derivative liabilities 11,515,194
Derivative liabilities 7,103,644
Stockholders' (deficit) equity (5,692,515 )
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Lecture, University of Lille (7 December 1854)
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