NetCents Technology Issues Q3 2019 Financial Statements, Increases Revenue Vancouver, British Columbia--(Newsfile Corp. - September 30, 2019) - NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTCQB: NTTCF) ("NetCents" or the "Company") has released and filed its financial statements and MD&A for the nine months ended July 31, 2019. The Company is excited by these financial statements as they support what the Company has previously stated in its press releases over the summer months.
When looking at leading indicators for the Company's growth, the Company have achieved the following growth between 2nd and 3rd quarter of fiscal 2019:
● Merchant processing revenue increased by 498% over Q2
● Processing volume increased by 360% over Q2
● Transactions increased by 296% over Q2
● Merchant sign ups increased by 121% over Q2
During the current fiscal year to date, the Company has recorded merchant processing revenue of $86,681. This is made up of merchant processing revenue of $10,826 during the three months ended January 31, 2019, $12,677 for the three months ended April 30, 2019, and $63,178 for the three months ended July 31, 2019.
The key drivers for the increase in revenue is that the number of transactions and processing volumes have both increased. This has resulted from the business development team driving new sales and partnership initiatives and demonstrating how simple it is to accept cryptocurrency as a form of payment. The Company has also attended several trade shows in new and upcoming industries, and we will be the merchant processing leader in these industries.
In addition to increasing the Company's growth indicators, as outlined above, NetCents has decreased its operating costs by 46% for the nine-month period ended July 31, 2019 compared to July 31, 2018. The net loss of the company also decreased by 54% for the nine-month period ended July 31, 2019 when compared to July 31, 2018.
Between the increase in revenues and the Company's growth indicators along with the corresponding decrease to our operating costs, the Company is in a strong position as it works towards its breakeven point, which should be obtained within a 24-month period.
Finally, the Company's financial statements showed a cash and cash equivalents position of $2.21 million and net working capital of $759,000 as at July 31, 2019 compared to cash and cash equivalents of $54,000 and a working capital deficiency of $1.21 million at April 30, 2019, which shows that the Company is in a much better position to cover expenditures over the next period.
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