Nubeva Announces April 30, 2018 Annual Financial Results
Nubeva Reports FY Revenue of $707,513 and Q4 Revenue of $469,388
SAN JOSE, Calif., July 31, 2018 /CNW/ -- Nubeva Technologies Ltd. ("Nubeva" or the "Company") (TSX-V: NBVA, OTC: NBVAF), today published its audited consolidated financial statements for the years ended April 30, 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.
These financial statements are the first financial statements published since the Company's reverse acquisition transaction ("RTO") that completed on February 28, 2018.
During the fourth quarter of 2018, the Company strengthened its balance sheet with a brokered private placement of subscription receipts in the gross amount of $7,885,097 and the conversion of long term debt to equity pursuant to the RTO transaction. At April 30, 2018 the Compary reported a cash balance of $7,501,346 compared with a cash balance of $915,135 at the end of the prior year. Selected balance sheet data as of April 30, 2018 follows:
| Balance Sheet Data |
April 30, 2018 |
April 30, 2017 |
| Current and total assets |
$ 7,805,392 |
$ 932,371 |
| Current liabilities |
$ 699,987 |
$ 138,003 |
| Long-term liabilities |
$ - |
$ 1,525,000 |
| Accumulated deficit |
$ (5,671,017) |
$ (741,718) |
| Total Equity (Deficiency) |
$ 7,105,405 |
$ (730,632) |
During the year ended April 30, 2018, Nubeva realized a net loss from continuing operations of $2,262,077, generally due to an increase in business activity that commenced in August 2017 when the Company launched its StratusEdge cloud-based security platform and began recognizing revenue. The Company reported a total comprehensive loss for the year of $4,966,735 after recognizing a loss on the conversion of debt and listing expense related to the Company's RTO. A summary of the Company's operating results follows:
| Income Statement Data |
Year Ended April 30, |
Year Ended April 30, |
| Revenue |
$ 707,513 |
$ Nil |
| Expenses |
(2,969,590) |
(738,432) |
| Net Loss from continuing operations |
(2,262,077) |
(738,432) |
| Listing Expense |
(1,130,319) |
- |
| Loss on extinguishment of debt |
(1,451,152) |
- |
| Other comprehensive income (loss) |
(37,436) |
(1,036) |
| Comprehensive loss for the period |
$ (4,966,735) |
$ (739,468) |
Listing Expense relates to the Company's RTO and is comprised as follows:
| Listing Expense |
2018 |
| Fair value of Sherpa securities assumed on RTO |
$ 1,028,979 |
| Net assets of Sherpa on closing RTO |
(165,131) |
| Legal, filing and tax |
266,471 |
| Total Listing Expense |
$ 1,130,319 |
Revenue for the quarter ended April 30, 2018 was $469,388, representing a 281% increase over revenue for the preceding quarter of $123,125. Revenue for the year was comprised as follows:
| Revenue |
2018 |
| Subscriptions |
$ 147,250 |
| Software and services |
506,263 |
| Professional and customization services |
54,000 |
| Totals |
$ 707,513 |
Management Commentary Quote:
Randy Chou, Nubeva CEO said, "Fiscal 2018 was an extremely exciting year for Nubeva, as we successfully launched our cybersecurity technology in the cloud and commenced earning revenues. During the last half of fiscal 2018 we increased our sales and marketing activities in order to promote strong revenue growth". Mr. Chou continued, "Also during the year, we raised the capital necessary to meet our operational objectives".
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 includes statements containing forward-looking information. Actual results may differ materially from those contemplated by these statements. Undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct.
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
[email protected]
1(647)697-0498
SOURCE Nubeva Technologies Ltd.
Share this article