TORONTO, Nov. 27, 2019 /CNW/ – Facedrive Inc. (“Facedrive” or the “Corporation”) (TSX-V: FD), the first Canadian peer-to-peer, eco-friendly ridesharing network, today announced its financial results for its third quarter ended September 30, 2019 (“Q3 2019”). All financial results are reported in Canadian dollars unless otherwise stated.
Third Quarter 2019 Highlights
- Revenue for Q3 2019 was $195,738, up from $nil in the third quarter of 2018 (“Q3 2018”).
- The Corporation’s gross fees from riders was $335,366, net revenue from riders was $95,738, and total revenue from licensing arrangements was $100,000 in Q3 2019
- Net loss was $3,527,753 in Q3 2019, as compared to a net loss of $277,740 in Q3 2018.
- Cost of revenue in Q3 2019 was $61,728, an increase from $16,208 in Q3 2018.
- General and administration expenses were $160,143 in Q3 2019, up from $2,693 in Q3 2018.
- Operational support expenses increased to $425,661 in Q3 2019, up from $112,261 in Q3 2018.
- Research and development expenses increased to $261,437 in Q3 2019, as compared to $105,072 in Q3 2018.
- Sales and marketing expenses were $438,470 in Q3 2019, as compared to $41,506 in Q3 2018.
- Basic loss per share of $0.04 in Q3 2019, as compared to $nil in Q3 2018.
- Facedrive is currently operational in Toronto, Hamilton, London, Guelph, Kitchener, Waterloo, and Cambridge, Ontario.
Selected Financial Highlights
See Facedrive’s Condensed Consolidated Interim Financial Statements and its Management’s Discussion and Analysis of Financial Condition and Results of Operations (Quarterly Highlights) for the Third Quarter ended September 30, 2019 on SEDAR at www.SEDAR.com.
About Facedrive
Facedrive is a unique people and planet first ride-sharing platform committed to doing business fairly and equitably. As a community platform, drivers are real partners in the company, benefitting from uniquely customized incentives and rewards that reflect a dedication to shared success. 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 the Corporation’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.
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