Universal mCloud Announces Audited 2018 Financial Results

Universal mCloud (TSXV:MCLD), an AI-driven cleantech company focused on reducing energy waste announced its 2018 fiscal financial results. For the year ending December 31, 2018 Universal mCloud reported adjusted revenues of C$1.79 million. The company reported C$2.32 million in financing and costs associated with an acquisition in 2018.

As quoted in the press release:

For the period of January 1, 2018 to December 31, 2018, revenues were expected to be recorded at $2,825,152. Variations were made following the completion of an audit, including the adoption of the IFRS 15 Revenue from Contracts with Customers accounting standard, purchase accounting adjustments and recognition of revenues to be recorded in fiscal 2019, resulting in adjusted net revenues of $1,794,472. Net revenue for the fourth quarter of 2018 remained unchanged at $864,146.

The following annual adjustments were made:

• $315,657 reallocated from fiscal 2018 to 2019

• $705,635 toward acquisition purchase price and other adjustments

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