Le Lézard
Classified in: Environment, Science and technology, Business
Subjects: EARNINGS, Corporate Social Responsibility

Facedrive Reports First Quarter 2020 Financial Results


Facedrive Inc. ("Facedrive" or the "Corporation") (TSX-V: FD), a Canadian "people-and-planet-first" tech business ecosystem, today announced its financial results for its first quarter ended March 31, 2020 ("Q1 2020"). All financial results are reported in Canadian dollars unless otherwise stated.

First Quarter 2020 Highlights

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 for the First Quarter ended March 31, 2020 on SEDAR at www.sedar.com.

 

 

 

For the three months
ended March 31, 2020

For the three months
ended March 31, 2019

REVENUE

$

387,901

 

$

36,027

 

COSTS AND OPERATING EXPENSES

 

 

Cost of revenue

 

248,490

 

 

33,120

 

General and administration

 

578,579

 

 

12,800

 

Operational support

 

361,019

 

 

359,683

 

Research and development

 

233,298

 

 

254,801

 

Sales and marketing

 

574,907

 

 

204,175

 

Depreciation

 

16,592

 

 

-

 

Total operating expenses

 

2,012,885

 

 

864,579

 

OPERATING LOSS

 

(1,624,984

)

 

(828,552

)

 

 

 

OTHER INCOME (EXPENSES)

 

 

Foreign exchange gain

 

120,908

 

 

-

 

Interest expenses

 

(4,267

)

 

-

 

Interest income

 

10,201

 

 

-

 

NET LOSS AND COMPREHENSIVE LOSS

$

(1,498,142

)

$

(828,552

)

Loss per share ? basic and diluted

$

(0.02

)

$

(0.01

)

Weighted average shares outstanding ? basic and diluted

 

90,326,138

 

 

67,215,440

 

 

About Facedrive

Facedrive is a multi-faceted "people-and-planet first" platform offering socially-responsible services to local communities with a strong commitment to doing business fairly, equitably and sustainably. Facedrive Rideshare was the first to offer green transportation solutions in the TaaS space, planting thousands of trees and giving users a choice between EVs, hybrids and conventional vehicles. Facedrive Marketplace offers curated merchandise created from sustainably sourced materials. Facedrive Foods offers contactless deliveries of healthy foods right to consumers' doorsteps. Facedrive Health develops innovative technological solutions to the most acute health challenges of the day. Facedrive is changing the ridesharing, food delivery, e-commerce and health tech narratives for the better, for everyone. Facedrive is currently operational in the following cities and municipalities of Ontario: Toronto and the GTA, Ottawa, Hamilton, London, Kitchener, Waterloo, Cambridge, Guelph, Burlington and Orilllia.

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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