$GDMK Global Diversified Marketing Group Positione
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Posted On: 08/28/2020 9:35:00 AM
$GDMK Global Diversified Marketing Group Positioned for Future Growth Despite Challenging Market Conditions
ISLAND PARK, N.Y., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Global Diversified Marketing Group Inc (OTC: GDMK) reported results for its second fiscal quarter ended June 30th, 2020.
Highlights for the three months ended June 30th, 2020 were as follows:
Revenues were $253,341 for the 2020 period compared to $418,638 during the same three months ended June 30th, 2019 while most of the quarter has been shut down.
Excluding a one-time $120,000 non-cash charge for stock-based compensation relating to stock issuance, operating expenses were $124,800 compared to $141,455 in the prior period.
For the six months ended June 30th, 2020, after excluding stock-based compensation, the Company’s operating loss was $51,232 compared to $53,389 in the prior year.
Secured New Distribution with over 350 Grocery Outlet Locations
Signed an Agreement with AATAC to Expand and Rollout our products in over 80,000 locations
Rapidly Growing Amazon Sales
“Paul Adler, Chairman, and CEO stated, “Despite the impact of COVID-19 and having the toughest quarter in company’s history we were still able to generate significant revenue during a quarter while 70% of the economy has been shut down for majority of the quarter. Also, our loss from operations after deducting special non-cash items remained comparable to last year. Mr. Adler further stated, “Before the onset of COVID-19 we were on track to generate significant revenue increase in Q-2 and become profitable from operations. As previously announced during Q-2, we have added Grocery Outlet as a new account and signed an agreement with AATAC to expand and rollout our products in over 80,000 Retail Outlets. Our exceptionally lean overhead structure allows us to be very well positioned to benefit and grow our revenues.
https://finance.yahoo.com/news/global-diversi...00600.html
ISLAND PARK, N.Y., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Global Diversified Marketing Group Inc (OTC: GDMK) reported results for its second fiscal quarter ended June 30th, 2020.
Highlights for the three months ended June 30th, 2020 were as follows:
Revenues were $253,341 for the 2020 period compared to $418,638 during the same three months ended June 30th, 2019 while most of the quarter has been shut down.
Excluding a one-time $120,000 non-cash charge for stock-based compensation relating to stock issuance, operating expenses were $124,800 compared to $141,455 in the prior period.
For the six months ended June 30th, 2020, after excluding stock-based compensation, the Company’s operating loss was $51,232 compared to $53,389 in the prior year.
Secured New Distribution with over 350 Grocery Outlet Locations
Signed an Agreement with AATAC to Expand and Rollout our products in over 80,000 locations
Rapidly Growing Amazon Sales
“Paul Adler, Chairman, and CEO stated, “Despite the impact of COVID-19 and having the toughest quarter in company’s history we were still able to generate significant revenue during a quarter while 70% of the economy has been shut down for majority of the quarter. Also, our loss from operations after deducting special non-cash items remained comparable to last year. Mr. Adler further stated, “Before the onset of COVID-19 we were on track to generate significant revenue increase in Q-2 and become profitable from operations. As previously announced during Q-2, we have added Grocery Outlet as a new account and signed an agreement with AATAC to expand and rollout our products in over 80,000 Retail Outlets. Our exceptionally lean overhead structure allows us to be very well positioned to benefit and grow our revenues.
https://finance.yahoo.com/news/global-diversi...00600.html
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