$PVSP April 18, 2022 (GLOBE NEWSWIRE) -- Pervasip
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Posted On: 05/03/2022 8:09:08 AM
$PVSP April 18, 2022 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, today announced the filing of its unaudited financial statements for its 1st Quarter ended February 28, 2022.
As outlined in the 2022 shareholder letter, Pervasip launched a system wide restructuring after hiring new CEO & President German Burtscher and CFO George Jordan in Q4 2021. Adjusted for a onetime expense recognition of $176,246 in annualized severance payments, and $270,571 in depreciation EBITDA for Q1 equals $124,221 with 39% in Gross Margins. This marks a material improvement compared to the period ended February 28, 2021, which equaled ($649,831) in EBITDA and 23% in gross margins.
As outlined in the 2022 shareholder letter, Pervasip launched a system wide restructuring after hiring new CEO & President German Burtscher and CFO George Jordan in Q4 2021. Adjusted for a onetime expense recognition of $176,246 in annualized severance payments, and $270,571 in depreciation EBITDA for Q1 equals $124,221 with 39% in Gross Margins. This marks a material improvement compared to the period ended February 28, 2021, which equaled ($649,831) in EBITDA and 23% in gross margins.
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