NEW YORK, Dec. 11, 2023 (GLOBE NEWSWIRE) -- Balincan USA Inc. ("Balincan" or the "Company") and Tekumo announces a record progress update for Q4, 2023.
Revenue for the first two months of the fourth quarter was $850K, a record in each month, representing 516% growth over the corresponding period last year, and surpassing the forecast $5 million annualized run rate. Tekumo also achieved positive net ordinary income for the period.
“This reflects our continued success with Tekumo as an industry leading service delivery platform. It enables product and service companies to manage onsite installation and maintenance of technology systems and devices using On-Demand local technicians. Our platform results in ‘less people, less time and less cost’ for our customers”, commented Phillip Dignan, President and CFO of Balincan.
FINANCIAL UPDATE
BCNN also announced an amendment to our previously submitted financial statements that resulted in a $6.1 million positive change to our Net Loss to Common Shareholders for the year ended December 31, 2022, and a $4.45 million reduction in our Derivative Liability as of September 30, 2023.
As discussed in our Q3 OTC Disclosure and Financial statements, the Company engaged a SEC financial consultant to assess the Company’s Derivative Liabilities in the light of our ongoing FINRA and SEC filings. The review resulted in amendments of the previously reported statements for each quarter from June 30, 2022 through September 30, 2023.
The Company has also been able to reduce the balance on our Convertible Note liability by over $150K under the terms of a 3(a)(10) settlement with our Investors.
Under the terms of the 3(a)(10) Settlement, $1.9 million of Convertible Notes may convert into unrestricted shares of common stock subject to a 9.99% limitation on beneficial ownership at the time of such conversion.
For details on all those reports and as you review this MD&A, please read the specific OTC Disclosures filed with OTC Markets.
CORPORATE UPDATE
The Company has filed for a name and symbol change to Tekumo, Inc., TKMO, subject to FINRA approval. We also filed a Regulation 1-A offering statement with the SEC for follow on financing to fund our continued growth. We have been working with both authorities and anticipate final comments on these actions shortly.
To facilitate these offerings and growth, the Company has increased the number of authorized common shares to 5 billion. The present outstanding shares are 280.7 million.
This MD&A includes statements and information about our expectations for the future. When we discuss our strategy, plans, future financial and operating performance, or other things that have not yet taken place, we are making statements considered to be forward-looking statements under United States (US) securities laws. Please see the disclosure relative to forward-looking statements at the base of this discussion.
About Balincan USA, Inc.
Balincan USA, Inc (OTC: BCNN) is an alternative reporting publicly held company that wholly-owns Tekumo LLC.
Safe Harbor:
Forward-Looking Statements
Any statements made in this press release which are not historical facts contain certain forward-looking statements, as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the Company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the Company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the Company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The Company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
Colorado Springs
Phillip Dignan, President and CFO
719-419-6709
investors@balincanusa.com
balincanusa.com
