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Facedrive Reports 2019 Financial Results

V.ARGH | April 24, 2020

TORONTO

Facedrive Inc. (“Facedrive” or the “Corporation”) (TSX-V: FD), the first Canadian peer-to-peer, eco-friendly and socially responsible ride-sharing network, today announced its year end fiscal 2019 (“Fiscal 2019”) operational and financial results. All financial results are reported in Canadian dollars unless otherwise stated.

Fiscal 2019 Financial and Operational Highlights

Revenue for Fiscal 2019 was $599,104, up from $13,579 in the fiscal year ended December 31, 2018 (“Fiscal 2018”).
- The Corporation’s gross fees from riders was $1,386,800, net revenue from riders was $349,104, and total revenue from licensing arrangements was $250,000 in Q4 2019.
Net loss was $6,942,357 in Fiscal 2019, as compared to a net loss of $1,933,548 in Fiscal 2018.
Cost of revenue in Fiscal 2019 was $270,600, an increase from $53,400 in Fiscal 2018.
General and administration expenses were $848,800 in Fiscal 2019, up from $40,100 in Fiscal 2018.
Operational support expenses increased to $1,542,800 in Fiscal 2019, up from $417,500 in Fiscal 2018.
Research and development expenses increased to $917,200 in Fiscal 2019, as compared to $383,300 in Fiscal 2018.
Sales and marketing expenses were $1,560,000 in Fiscal 2019, as compared to $1,052,900 in Fiscal 2018.
Basic loss per share was $0.08 in Fiscal 2019, as compared to $0.03 in Fiscal 2018.
Facedrive is currently operational in The Greater Toronto Area, Hamilton, London, Guelph, Kitchener, Waterloo, Cambridge, Orillia and Ottawa, Ontario.

Selected Financial Highlights

See Facedrive’s Annual Consolidated Financial Statements and its Management’s Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2019 on SEDAR at www.SEDAR.com.

			For the year ended December 31, 2019		For the year ended December 31, 2018
REVENUE	$		599,104	$	13,579
Cost of revenue			270,562		53,407
General and administration			848,809		40,059
Operational support			1,542,753		417,455
Research and development			917,177		383,331
Sales and marketing			1,559,969		1,052,875
Depreciation			16,563		-
Total operating expenses			5,155,833		1,947,127
OPERATING LOSS			(4,556,729)		(1,933,548)
OTHER INCOME (EXPENSES)
Foreign exchange loss			(15,327)		-
Interest Expenses			(4,421)		-
Interest income			10,172		-
Listing expenses			(2,376,052)		-
NET LOSS AND COMPREHENSIVE LOSS		$	(6,942,357)	$	(1,933,548)
Loss per share
– Basic and diluted		$	(0.08)	$	(0.03)
Basic and diluted			82,227,082		66,034,870

About Facedrive

Facedrive is a “people-and-planet first” ride-sharing platform, and the first to offer green transportation solutions in this space. Facedrive is committed to doing business fairly, equitably and sustainably, with a firm dedication not only to seamless customer service that offsets CO2 by planting thousands of trees and gives riders a choice between EVs, hybrids and conventional vehicles, but also to its drivers. Facedrive is a community platform designed to become the #1 recognized eco-friendly and socially responsible TaaS platform in any market that it enters. Facedrive is also pleased to announce that it has recently acquired a wholly-owned subsidiary, HiRide Shares Ltd (“HiRide”), a social car pooling app. Facedrive is changing the ride-sharing narrative for the better, for everyone.

For more about Facedrive, visit www.facedrive.com.

Facedrive Inc.
100 Consilium Pl, Unit 400, Scarborough, ON, Canada M1H 3E3
www.facedrive.com

Forward-Looking Information

Certain information in this press release contains forward-looking information. This information is based on management’s reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.

See “Forward-Looking Information” and “Risk Factors” in Facedrive’s Filing Statement dated August 28, 2019 for a discussion of the uncertainties, risks and assumptions associated with these statements. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.