Toronto, Ontario--(Newsfile Corp. - December 24, 2020) - Graph Blockchain Inc. (CSE: GBLC) (the "Company" or "Graph") is pleased to announce record second quarter 2021 ("Q2") financial and operating results. All currency is in Canadian dollars, unless otherwise stated.
The company's net income increased to $84,483 in Q2 compared to a loss of $11,429 in the same period last year. The Company's current assets improved significantly to $548,028, which includes cash, trade and other receivables and inventory, compared to $128,365 at the end of fiscal year ended April 30, 2020. The Company's revenue was $397,051 for Q2 with a gross profit of $97,803, resulting from the sale of all COVID-19 related essential products, including lab equipment and supplies as well as personal protective equipment. Included in the results for Q2 is a non-cash gain on settlement of debts of $193,002.
"In Q2 2021, the Company achieved a significant increase in gross revenue and improvement in the Company's working capital. This positive outcome was a direct result of our quick response in implementing a plan to begin selling essential products due to the global impact of the COVID-19 virus. This resulted in a substantial improvement to the bottom line," said Andrew Ryu, CEO of the Company.
Highlights for Q2 2021
-
Recognized revenue of $397,051 for the six-month ended October 31, 2020 period compared to $Nil in same period 2019, entirely earned in the second quarter.
-
The Company deployed its market place, BluStem (www.blustem.ca), and started generating revenue.
-
The Company settled total debts in the amount of $386K by issuing 7,720,080 common shares valued at $193K resulting in a gain on settlement of debt of $193K.
Financial Highlights
The following table summarizes revenue, net loss and EBITDA* and Adjusted EBITDA* for the three and six months ended October 31, 2020 and 2019.
|
Three months ended
October 31, 2020
$ |
Three months ended
October 31, 2019
$ |
Six
months ended
October 31, 2020
$ |
|
Six
months ended
October 31, 2019
$ |
|
| Net income (loss) |
84,483 |
(11,429) |
(73,050) |
|
(645,304) |
|
| Depreciation and amortization |
131 |
20,049 |
262 |
|
40,408 |
|
| Interest expense |
4 |
1,923 |
2,355 |
|
1,834 |
|
| EBITDA |
84,618 |
10,543 |
(70,433) |
|
(603,062) |
|
| Share-based compensation |
- |
6,285 |
- |
|
17,212 |
|
| Adjusted EBITDA |
84,618 |
16,828 |
(70,433) |
|
(603,062) |
|
| Weighted average number of common shares |
157,832,553 |
137,778,899 |
154,273,850 |
|
137,627,808 |
|
| Adjusted EBITDA per share |
0.001 |
0.001 |
(0.001) |
|
(0.005) |
|
* Note: EBITDA (non- IFRS measures) is calculated as Net Loss adjusted for 1. Income taxes, 2. Depreciation and amortization, and 3. Interest and accretion. Adjusted EBITDA (non-IFRS measures) is calculated as EBITFA adjusted for share based compensation.
Non-IFRS financial measures do not have standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Specific items may only be relevant in certain periods. For reconciliation of non-IFRS financial measures please refer to the Company's Management Discussion and Analysis for the nine months ended September 30, 2020.
The Company's Financial Statements and Management Discussion & Analysis ("MD&A") are at SEDAR at www.sedar.com.
About Graph Blockchain
Graph Blockchain is a private blockchain technology company that develops, markets and implements high performance private blockchain database management solutions. The Company's solution provides for a unique and more streamlined way of filtering through blockchain based data, providing users with querying capabilities, meta data management, and advanced analytics. The Company has modified these operations and commenced developing leading-edge business intelligence and data management solutions that is implemented into BluStem (blustem.com). BluStem is an e-commerce marketplace for B2C and B2B audiences in support of scaling both its own and its partner brands with vending of all essential products including lab equipment and supplies as well as Personal Protective Equipment ("PPE").
Additional information on Graph Blockchain is available at https://www.graphblockchain.com
For further information, please contact:
Andrew Ryu - CEO and Chairman
Email: aryu@graphblockchain.com
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/70997
