Glance Technologies Q2 Revenue up 664 Percent Over Q1 2017

Fintech Investing

Glance Technologies (OTCQB:GLNFF; CSE:GET.CN) has announced financial results for the second quarter ended May 31, 2017. As quoted in the press release: “We are pleased to report a significant increase in revenues this quarter as we begin to further monetize our technology and open up new markets for our technology including the legal cannabis industry,” …

Glance Technologies (OTCQB:GLNFF; CSE:GET.CN) has announced financial results for the second quarter ended May 31, 2017.
As quoted in the press release:

“We are pleased to report a significant increase in revenues this quarter as we begin to further monetize our technology and open up new markets for our technology including the legal cannabis industry,” says Glance CEO Desmond Griffin, “We are also excited about the potential of our new products coming to market, including enhancements to our Glance Pay Anywhere product to expand its reach and applicability. We believe we are well positioned to take advantage of what we believe is an acceleration in the adoption of mobile payments worldwide, with China already estimated to conduct $5.5 trillion USD in mobile payments and major shifts occurring in the North American mobile payments space.”
For the second quarter ended May 31, 2017:
Gross revenue increased by 664% to $126,527 from $16,564 in the first quarter of fiscal 2017.
Management fees decreased 25% to $8,465 from $11,250 in the first quarter of fiscal 2017.
Office expenditures decreased 25% from $186,376 in the first quarter of fiscal 2017 to $139,714 in the second quarter.
Software development costs decreased by 3% to $129,502 from $133,369 in the first quarter of fiscal 2017.
Marketing expenses increased 21% to $571,021 up from $470,299 in the first quarter of fiscal 2017 as a result of the implementation of strategic campaigns to increase exposure in Canada and the US.
Finance expenditures increased by 1,439% to $302,184 from $19,638 in the first quarter of fiscal 2017 related to Glance’s successful rights offering financing.
Net loss increased 25% to $1,203,839 up from $964,258 in the first quarter of fiscal 2017 and net loss per share remained at $0.02.
Outlook
For the third quarter of 2017, based on already signed deals, management expects revenues to exceed those of the second fiscal quarter of 2017. Management expects to continue launching its mobile application in many more Canadian restaurants during the third period of 2017. Management expects to begin generating revenue from Glance Pay Anywhere, which enables merchants to send bills and securely receive payment to and from customers in the third quarter of fiscal 2017. The company also expects to receive monthly revenue from its licence agreement with Cannapay Financial Inc.