Nubeva reports revenue of $266,875
SAN JOSE, Calif., Dec. 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 and six months ended October 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.
At October 31, 2018 the Company
had 57 subscribers for Nubeva Prisms. As of December 12, 2018, customer engagement had grown
to 94 subscribers. Randy Chou, Nubeva's CEO, said, "We're
seeing the results from adjusting and iterating our product
offerings to address a larger pipeline opportunity. Subscribers
represent small corporations to larger enterprises at varying
stages of deployment into their cloud, demonstrating Prisms'
scalability across a large market segment. All resources are now
focused on ensuring that we maximize customer adoption."
Since the September release of Prisms there has been a short
delay as customers deploy Prisms into their infrastructure,
resulting in a time lag between customer adoption and revenue
recognition. As customers expand their deployment of Prisms across
more applications in their cloud the Company expects to see
intrinsic revenue growth. Further, at the end of the most recent
quarter the Company reported launching a direct digital marketing
program designed to reach a broad market, from small to large
organizations to drive recurring revenue growth.
Financial Results:
The Company reported revenue for the three months ended
October 31, 2018 of $226,875, comprised $41,500 of subscription revenue (October 31, 2017 – Nil) and $185,375 of software and services revenue
(October 31, 2017 - $115,000). Revenue for the six months ended
October 31, 2018 was comprised
$1,891,655 of software and services
revenue and $60,000 from
subscriptions. During the three and six month periods software
and services revenues related to the development of the planned
token network were $185,375 and
$1,781,905 respectively. Subsequent
to October 31, 2018 the Company
ceased its activities with respect to the development of its
previously announced token network.
Expenses during the quarter ended October
31, 2018 were $754,668 from
the Company's ongoing operations (October
31, 2017 - $490,652) and
$322,120 related to the development
of its token network (October 31,
2017 – Nil). Expenses are expected to increase in the two
ensuing quarters of 2019 due to increased sales and marketing
activities for the market acceleration of Nubeva Prisms. Selected
operating data follows:
Income Statement
Data
|
Three Months
ended October
31, 2018
|
Three Months
ended October
31, 2017
|
Six Months
ended October
31, 2018
|
Six Months
ended October
31, 2017
|
Revenue
|
$
226,875
|
$
115,000
|
$
1,951,655
|
$
115,000
|
Expenses
|
1,076,788
|
490,652
|
2,296,658
|
779,772
|
Other
items
|
164,875
|
(8,354)
|
74,921
|
(6,606)
|
Net loss from
continuing
operations
|
(685,038)
|
(384,006)
|
(270,082)
|
(671,378)
|
Other comprehensive
loss
|
(51,056)
|
5,021
|
(75,386)
|
3,095
|
Comprehensive loss
for the period
|
$
(736,094)
|
$
(378,985)
|
$
(345,468)
|
$
(668,283)
|
Gain (loss) per
share – basic and
diluted
|
$
(0.01)
|
$
(0.01)
|
$
(0.01)
|
$
(0.02)
|
Weighted average
number of
common shares
|
53,148,567
|
40,017,500
|
52,965,110
|
40,035,000
|
Cash at October 31, 2018 decreased
by $852,487 from cash at April 30, 2018, the Company's most recent fiscal
year end. During the six-month period the Company used $1,740,508 in operating activities and
$76,778 due to currency translation
losses, offset by capital raised of $964,799. The Company estimates it has adequate
capital for the next 12 months. The Company has no debt
outstanding. Selected balance sheet data follows:
Balance Sheet
Data
|
31-Oct-18
|
30-Apr-18
|
Current and total
assets
|
$
10,010,058
|
$
7,805,392
|
Current
liabilities
|
$
2,070,766
|
$
699,987
|
Accumulated
deficit
|
$
(5,941,099)
|
$
(5,671,017)
|
Total
Equity
|
$
7,939,292
|
$
7,105,405
|
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.
About Nubeva Prisms
When companies migrate to the public clouds, they lose real-time
access into their networks. The impact is that the critical tools
they depend upon to monitor security, networks and applications
cannot function, and therefore, businesses face increased exposure
to cyberattacks and limited diagnostics to their infrastructures.
Nubeva Prisms, released in September, 2018, is a breakthrough
solution that restores network access and control inside public
clouds, allowing customers to utilize their strategic tools and
close their security and visibility gaps.
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. 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
View original content to download
multimedia:http://www.prnewswire.com/news-releases/nubeva-announces-q2-2019-annual-financial-results-300767262.html
SOURCE Nubeva Technologies Ltd.