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.
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For the three months
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For the three months
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||||||
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 |
|
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OPERATING LOSS |
|
(1,624,984 |
) |
|
(828,552 |
) |
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|
|
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OTHER INCOME (EXPENSES) |
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Foreign exchange gain |
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120,908 |
|
|
- |
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Interest expenses |
|
(4,267 |
) |
|
- |
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||
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 |
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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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