BIGtoken Reports First Quarter 2021 Results | Business
WESTLAKE VILLAGE, Calif .– (BUSINESS WIRE) – July 2, 2021–
Force Protection Video Equipment Corp. (OTC: FPVD), also known as BIGtoken, the first privacy-focused opt-in data marketplace where people can own and monetize their data, today released its financial results for the quarter ended 31 March 2021.
“Right now, we are focused on creating the best data in the world, creating a targeted reach for our branded clients, developing our blockchain and portfolio and ethical identity solutions.” said George Stella, co-founder and President of BIGtoken.
During the first quarter of 2021, the Company achieved the following business milestones:
- Acquisition of all of BIGtoken’s share capital as part of a share exchange transaction and adoption of BIGtoken’s business plan
- Between March and April 2021, we sold $ 4,809,827 of equity securities
- Appointed George Stella, our Chief Revenue Officer, as additional President
- Completed sales department restructuring to better serve existing customers and expand capabilities
- Adjusted platform matrix, which initially resulted in increased user engagement
- BIGtoken platform realigned to expand and better focus on domestic markets until platform is ready for expansion
Financial results for the quarter ended March 31, 2021
All comparisons below with periods prior to the completion of the share swap transaction are based on carve-out financial data and an expense breakdown agreed to by the Company and SRAX (former parent company) and may not be indicative of the future financial performance of the business. Company.
- Cash and Liquidity Position: As at March 31, 2021, the Company’s cash was approximately $ 4.85 million, compared to approximately $ 1,000 as at December 31, 2020. The increase in cash results from the private placement of our securities during the first quarter of 2021. The Company estimates that these cash reserves will last until the fourth quarter of 2021.
- Revenues: Revenues for the quarter ending March 31, 2021 were $ 855,000 compared to revenues of $ 193,000 for the same period ending March 31, 2020. The increase in revenues is mainly due to improved execution in our operations and sales departments and a focus on key products.
- Operating loss: The operating loss for the quarter ended March 31, 2021 was $ 1.52 million, compared to a loss of $ 3.05 million for the comparable period of 2020. The decrease in loss operating costs for 2021 is mainly due to reductions in operating expenses, including a decrease in general and administrative expenses due to downsizing, partially offset by an increase in redemptions by users on the BIGtoken platform .
Caution regarding forward-looking information:
This press release contains “forward-looking statements” made in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future and not past events and can often be identified by words such as “expect”, “anticipate”, “intend”, “plan”, “believe”, “seek” or “” Forward-looking statements, by their nature, deal with matters that are , to varying degrees, uncertain. The specific risks and uncertainties that could cause our actual results to differ materially from those expressed in our forward-looking statements include the risks inherent in the development and commercialization of potential products, the uncertainty of the results of clinical trials or of any approvals or authorizations. regulatory requirements, the need for future capital, dependence on employees and the maintenance of our intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements. Additional information about potential factors that could affect our results and other risks and uncertainties is detailed from time to time in Force Protection Video Equipment Corp.’s periodic reports, including its annual report on Form 10-K for the fiscal year ended December 31, 2020., filed with the Securities and Exchange Commission (SEC) and in other reports filed with the SEC. We assume no obligation to update any forward-looking statements.
As of March 31
As of December 31
|Cash and cash equivalents||$|
1 199 000
|Due by parent company|
|Total current assets|
|Property and equipment|
|Total non-current assets||$|
|Liabilities and equity|
|Accounts payable and accrued liabilities||$|
|Other current liabilities|
|Total current liabilities|
|Preferred Shares Series A|
|Preferred Shares Series B|
|Preferred Shares Series C|
|Total liabilities and equity||$|
For the three months ended March 31
|Cost of income|
|Marketing and sales costs|
|Depreciation and amortization|
|General general and administrative sales|
|Other income (expenses)|
|Change in fair value of derivative liabilities|
|Exchange gain or loss|
|Total other income (losses)|
|Loss before provision for income taxes|
|Provision for income taxes|
|Net income (loss)|
|Preferred Conversion Feature of Series B Convertible Preferred Shares|
|Loss attributable to common shares||$|
|Net loss per share, basic and diluted|
|Weighted average shares outstanding – basic and diluted|
|A – Reference: Developments in EY’s financial information on earnings per share published in June 2020 page 11 of 193|
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CONTACT: Nathalie Santos
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: INTERNET NETWORKS DATA MANAGEMENT TECHNOLOGY SOFTWARE
Copyright Business Wire 2021.
PUB: 07/02/2021 08: 00 / DISC: 07/02/2021 08:01
Copyright Business Wire 2021.