Nubeva reports revenue of $1,724,780
SAN JOSE, Calif., Sept. 17, 2018 /CNW/ -- Nubeva Technologies
Ltd. ("Nubeva" or the "Company") (TSX-V: NBVA, OTC:
NBVAF), today published its unaudited consolidated financial
statements for the three months ended July
31, 2018 and 2017. Financial statements along with
management discussion and analysis of financial results can be
found at www.sedar.com. All dollar amounts in this release are
quoted in US Dollars.
Assets as at July 31, 2018
increased by $2,199,690 over the year
ended April 30, 2018 primarily due to
receipt of digital currencies as consideration for token presales
related to CBR Project. Current liabilities increased by
$1,626,967 to $2,326,954 over current liabilities at
April 30, 2018. The increase is
mainly due to an increase in deferred revenue, primarily related to
token presales. Selected balance sheet data follows:
Balance Sheet
Data
|
July 31,
2018
|
April 30,
2018
|
Current and total
assets
|
$
10,005,082
|
$
7,805,392
|
Current
liabilities
|
2,326,954
|
699,987
|
Accumulated
deficit
|
(5,256,061)
|
(5,671,017)
|
Total Equity
(Deficiency)
|
$
7,678,128
|
$
7,105,405
|
During the three months ended July 31,
2018 Nubeva realized a net gain from continuing operations
of $390,626 generally due to the
non-refundable portion of token pre-sales revenue received.
Nubeva's Singapore subsidiary is
developing CBR Network to deliver Nubeva's security platform to a
wide customer base outside Canada
and the United States. The Company
reports subscription revenue of $68,250 (July 31,
2017 – Nil) for the quarter and software and services
revenue of $1,656,530 (July 31, 2017 – Nil). Revenue from software
and services was comprised $60,000
from software services provided to customers and $1,596,530 from the proceeds of token pre-sales
which were earned $699,737 from
software licenses, $700,000 from
token network development services and $196,793 from services to set up the token
offering. Completion of the Token Offering will be subject to
receipt of approval of the TSX Venture Exchange.
Expenses for the three months ended July
31, 2018 exceeded expenses of the comparable period of
the prior year as Nubeva increased its software development
initiatives and as Nubeva commenced building a sales and marketing
team. Further, the Company recognised ongoing costs related to its
public listing and also related to the launch of CBR Project.
A summary of the Company's operating results follows:
Income Statement
Data
|
Three Months
ended
July 31, 2018
|
Three Months
ended
July 31, 2017
|
Revenue
|
$
1,724,780
|
$
-
|
Expenses
|
1,219,870
|
289,120
|
Net gain (loss)
from continuing operations
|
$
414,956
|
$
(287,372)
|
Other comprehensive
income (loss)
|
(24,330)
|
1,926
|
Comprehensive gain
(loss) for the period
|
$
390,626
|
(285,446)
|
Gain (loss) per
share – basic and diluted
|
$
0.01
|
$
(0.01)
|
Weighted average
number of common shares
|
52,781,652
|
40,000,000
|
At July 31, 2018 the Company
reported digital currencies of $2,969,603 received pursuant to token pre-sales
on its statement of financial position. Prices of digital
currencies are volatile and they are affected by various forces
including global supply and demand, interest rates, exchange rates,
inflation or deflation and the global political and economic
conditions. A decline in the market prices for digital currencies
could result in a material fair value loss on digital currencies,
negatively impacting the Company's financial results. The Company
may not be able to liquidate its inventory of digital currency at
its desired price if required.
Quote: Randy Chou,
Nubeva CEO said, "I am very pleased with our performance so far.
Our first quarter results reflect that we have exceeded our
milestone with respect to token presales. Token pre-sales are
expected to provide Nubeva with non-dilutive capital to launch our
token network and provide our security platform to a wide target
market outside North America. At the same time, our core
business continues to progress as our product development is ahead
of plan. With our growing sales and marketing teams, we are
better positioned to bring our innovative solutions to businesses
in and moving to the public cloud."
About Nubeva Technologies Ltd.
Nubeva Technologies Ltd. develops Software-as-a-Service
("SaaS") software and services that enable enterprises to
run best-of-breed cybersecurity in public cloud
environments. Nubeva's products provide enhanced
visibility and control over network traffic and simplified
automation and operation that is essential to run top-tier security
technologies and services in the cloud easily and at low costs.
With Nubeva, organizations can leverage existing policies,
technologies and operations and accelerate their move to the cloud
with confidence. San Jose,
CA-headquartered Nubeva is committed to the vision of
dramatically broader and lower cost availability of the world's
best security to confront the rising cyber-crime threat.
Visit www.nubeva.com for more information.
Forward-Looking Statements
This news release contains "forward-looking information" within
the meaning of applicable securities laws relating to the Company's
business plans and the outlook of the cybersecurity industry.
Although the Company believes in light of the experience of its
officers and directors, current conditions and expected future
developments and other factors that have been considered
appropriate that the expectations reflected in this forward-looking
information are reasonable, undue reliance should not be placed on
them because the Company can give no assurance that they will prove
to be correct. Actual results and developments may differ
materially from those contemplated by these statements.
Specifically, there is no assurance that the Pre-Sale Offering or
the Token Offering will be completed or as to the amount of
proceeds that will be raised. In addition, there is no assurance
that the required regulatory approvals can be obtained. The
statements in this press release are made as of the date of this
release and the Company assumes no responsibility to update them or
revise them to reflect new events or circumstances other than as
required by applicable securities laws. The Company undertakes no
obligation to comment on analyses, expectations or statements made
by third-parties in respect of the Company, its subsidiaries, their
securities, or their respective financial or operating results (as
applicable).
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For further information, please contact:
Nubeva Technologies Ltd.
Steve Perkins
Chief Marketing Officer
1(844)538-4638
Marcel Valentin, Investor
Relations
Marcel@SophicCapital.com
1(647)697-0498
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SOURCE Nubeva Technologies Ltd.