TORONTO, Nov. 27, 2019 /CNW/ - Facedrive Inc.
("Facedrive" or the "Corporation") (TSX-V: FD), the first Canadian
peer-to-peer, eco-friendly ridesharing network, today announced its
financial results for its third quarter ended September 30, 2019 ("Q3 2019"). All financial
results are reported in Canadian dollars unless otherwise
stated.
Third Quarter 2019 Highlights
- Revenue for Q3 2019 was $195,738,
up from $nil in the third quarter of 2018 ("Q3 2018").
-
- The Corporation's gross fees from riders was $335,366, net revenue from riders was
$95,738, and total revenue from
licensing arrangements was $100,000
in Q3 2019
- Net loss was $3,527,753 in Q3
2019, as compared to a net loss of $277,740 in Q3 2018.
- Cost of revenue in Q3 2019 was $61,728, an increase from $16,208 in Q3 2018.
- General and administration expenses were $160,143 in Q3 2019, up from $2,693 in Q3 2018.
- Operational support expenses increased to $425,661 in Q3 2019, up from $112,261 in Q3 2018.
- Research and development expenses increased to $261,437 in Q3 2019, as compared to $105,072 in Q3 2018.
- Sales and marketing expenses were $438,470 in Q3 2019, as compared to $41,506 in Q3 2018.
- Basic loss per share of $0.04 in
Q3 2019, as compared to $nil in Q3 2018.
- Facedrive is currently operational in Toronto, Hamilton, London, Guelph, Kitchener, Waterloo, and Cambridge, Ontario.
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 (Quarterly
Highlights) for the Third Quarter ended September 30, 2019 on SEDAR at www.SEDAR.com.
|
|
For the three
months ended
September 30,
2019
|
|
For the three
months ended
September 30,
2018
|
|
For the nine
months ended
September 30,
2019
|
|
For the nine
months
ended September
30, 2018
|
REVENUE
|
$
|
195,738
|
$
|
-
|
$
|
364,579
|
$
|
-
|
COSTS AND
OPERATING EXPENSES
|
Cost of
revenue
|
|
61,728
|
|
16,208
|
|
188,052
|
|
34,803
|
General and
administration
|
|
160,143
|
|
2,693
|
|
307,853
|
|
23,643
|
Listing
expenses
|
|
2,376,052
|
|
-
|
|
2,376,052
|
|
-
|
Operational
support
|
|
425,661
|
|
112,261
|
|
1,201,264
|
|
280,062
|
Research and
development
|
|
261,437
|
|
105,072
|
|
734,938
|
|
241,397
|
Sales and
marketing
|
|
438,470
|
|
41,506
|
|
972,967
|
|
965,602
|
Total operating
expenses
|
|
3,723,491
|
|
277,740
|
|
5,781,126
|
|
1,545,507
|
NET LOSS AND
COMPREHENSIVE LOSS
|
$
|
(3,527,753)
|
$
|
(277,740)
|
$
|
(5,416,547)
|
$
|
(1,545,507)
|
Loss per
share
– Basic and
diluted
|
$
|
(0.04)
|
$
|
(0.00)
|
$
|
(0.07)
|
$
|
(0.02)
|
Weighted average
number of shares outstanding
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
86,600,492
|
|
66,034,871
|
|
79,850,320
|
|
62,802,009
|
About Facedrive
Facedrive is a unique people and planet first ride-sharing
platform committed to doing business fairly and equitably. As a
community platform, drivers are real partners in the company,
benefitting from uniquely customized incentives and rewards that
reflect a dedication to shared success. 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.
SOURCE Facedrive Inc.