LOOPSHARE REPORTS FIRST QUARTER 2017 RESULTS Loopshare's Q1 2017 comprehensive loss at $441,336
Loopshare Ltd (C:LOOP)
Shares Issued 41,791,256
Last Close 6/8/2017 $0.10
Friday June 9 2017 - News Release
Mr. Anwar Sukkarie reports
LOOPSHARE REPORTS FIRST QUARTER 2017 RESULTS
Loopshare Ltd. has released financial and operating results for the quarter ended March 31, 2017. All amounts herein are presented in Canadian dollars unless otherwise stated.
Q1 2017 Highlights
- -Revenue of $47,822, a decrease 88.4% compared to $408,973 in Q1 2016. Revenue derived from software license sale, hardware, and engineering services.
- -Quarter-end cash at $144,672 compared to $302,929 end of Fiscal 2016.
- -Continued the development of the Zone Operator Loop service deployment model with Loop SAL, LOOPShare's Zone Operator in Beirut.
- -Continued the development of LOOPShare Platform, the Loop service solution offering.
- -Continued the development of LOOPShare "plug-and-play" end-to-end solution to allow for scalable, global growth and efficient time to market deployment.
- -Team of 10 professionals in Vancouver and 4 in Japan.
- -58 scooters undergoing field trials and testing in 8 cities worldwide.
- -Sean Bromley joined as our interim CFO in lieu of Juliet Jones's resignation on April 17, 2017. Juliet continues to support LOOPShare and is expected to continue her close role with the company.
- -The negotiations with OE Tech of China did not conclude successfully due to OE Tech's inability to meet its commitments under the signed Letter of Intent.
- -A short-term loan of $CDN 26,000 from Anwar Sukkarie was secured.
- -LOOPShare actively continues to seek partnerships in China to address the Chinese electric scooter sharing market.
Management Commentary:
"Building the LOOPShare business requires a stable product, a committed team, professional partners who meet their commitments, and strong financial resources", ", said Anwar Sukkarie, President and Chief Executive Officer of LOOPShare. "LOOPShare is working towards securing further funding to allow us to execute on our plans. The recent commercial field trial in Beirut confirmed that LOOPShare has the viable product required to offer a commercial service. All we need now is to show further traction, and to secure the necessary resources required to launch in other locations, increase the number of scooters available to subscribers, and continue development work until we commercially launch in 2018."
Financial Highlights for Q1 2017 Operations: Q1 2017 ($) Revenue 47,822 Gross Margin 5,362 Expenses 644,702 Total comprehensive loss 441,336 Loss per share ($0.01) Balance Sheet: Total current assets 932,682 Total assets 1,140,330 Total liabilities 1,528,286 Shareholders' Equity (387,956)
The Company's annual consolidated financial statements for the years ending December 31, 2016 and first quarter ending March 31, 2017, together with its corresponding management's discussion and analysis can be found under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.loopscooters.com .
We seek Safe Harbor.