Peeks Social Ltd. Announces Financial Results for the Three Months Ended November 30, 2017
30 1월 2018 - 12:52PM
Peeks Social Ltd. (TSX-V:PEEK) (OTCQB:PKSLF) (“Peeks Social” or
“the Company”) announced that the unaudited Financial Statements
and Management’s Discussion and Analysis (“MD&A”) for the third
quarter ended November 30, 2017, are now available on the Company’s
profile on SEDAR (www.sedar.com).
Q3 2018 represents the three months ended
November 30, 2017. Select quarter-over-quarter highlights include
the following:
- Q3 2018 total revenue was $131,430 as compared to $118,145 for
Q2 2018. The Peeks Social platform was launched in Q3 2017.
- Net revenues generated by the Peeks Social platform grew to
approximately $440,000 for Q3 2018 as compared to approximately
$390,000 for Q2 2018, of which the Company is currently entitled to
30%.
- Gross user spend grew to over $1.21 million on the Peeks Social
platform during Q3 2018, up from $1.09 million during Q2 2018.
- Q3 2018 user sessions on the Peeks Social platform grew to 5.8
million, up from 4.6 million in Q2 2018.
- Q3 2018 net loss was $1,721,910 as compared to $1,769,803 for
Q2 2018. Net loss for Q3 2018 includes $192,532 of stock-based
compensation and $416,458 of marketing expenses focused on user
growth initiatives (Q2 2018 - $290,563 and $860,610
respectively).
- Q3 2018 net loss per share was $0.03 as compared to $0.03 for
Q2 2018.
The Peeks Social platform charges a “platform
fee” on transactions between users. Pursuant to a technology
licensing agreement with Personas.com Corporation, the Company
currently generates licensing revenue from the Peeks Social
platform equal to 30% of the gross profit generated from the Peeks
Social platform. The Company intends to pursue the acquisition of
all underlying intellectual property and technology assets relating
to the Peeks Social platform in order to acquire a 100% interest in
the product (see press releases dated July 25, 2017, November 14,
2017, and December 15, 2017). Gross platform fees charged by the
Peeks Social platform for the nine months ended November 30, 2017,
were $1,174,960 (of which the Company is entitled to 30%). In the
first thirteen months since its launch on November 1, 2016, the
Peeks Social platform processed approximately $3,500,000 of
transactions between users.
Certain information provided in this news
release is extracted from the unaudited Financial Statements and
MD&A for the third quarter ended November 30, 2017, and should
be read in conjunction with them. It is only in the context of the
fulsome information and disclosures contained in the unaudited
Financial Statements and MD&A that an investor can properly
analyze this information.
The Peeks Social app can be downloaded in either
the Apple or Google app stores, or by visiting www.peeks.com.
For further information, please contact:
Peeks Social Ltd.Mark
ItwaruChairman & Chief Executive
Officer647-992-7727mark@peeks.com
David Vinokurov Director Investor Relations 416-716-9281
davidv@peeks.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) has reviewed or accepts
responsibility for the adequacy or accuracy of this Release.
Forward-Looking statements:
The information and statements in this news
release contain certain forward-looking information relating to a
potential asset acquisition or similar transaction which has not
yet been completed. The Company cannot guarantee that the proposed
transaction will be completed or that any forward-looking statement
will materialize. This forward-looking information is subject to
certain risks and uncertainties and may be based on assumptions
that could cause actual results to differ materially from those
anticipated or implied in the forward-looking information. Peeks
Social Ltd.'s forward-looking information is expressly qualified in
its entirety by this cautionary statement. Except as required by
law, Peeks Social Ltd. undertakes no obligation to publicly update
or revise any forward-looking information.
Peeks Social (TSXV:PEEK)
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