MOBI724 Revenues up Four Percent

Mobi724 Global Solutions (TSXV:MOS, OTCQB:MOBIF) announced its 2018 fourth quarter and full year financial results with the company reporting revenue increase of four percent on a sequential basis.

As quoted in the release:

“In 2018, we continued building a solid foundation for the accelerated growth of our company in 2019 and beyond, to enable shareholder value creation in mid-to-longer term,” said Marcel Vienneau, CEO of MOBI724.

Q4 versus Q3

• Revenues increased of 4% – $640K vs $618K
• Net loss decreased of 45% (excluding the impairment on goodwill in Q4) – $794K vs $1.4M
• Net cash used in operating activities decreased of 16% – $794K vs $940K
• Lowest burn rate quarter from operating activities of the past 8 quarters

2018 versus 2017

• Revenues decreased of 11% – $2.6M vs $2.9M
• Decline in the Argentinian Peso – impact above $260K
• Cash flow used in operating activities decreased of 12% – $4.2M vs $4.8M
• Cash flow used in investing decreased by $1.8M

Year ended December 31, 2018

• Cash balance of $479.8K

“Although the 2018 financial results lagged, we are pleased with the progress made towards focusing on the most scalable portion of our business,” said Allan Rosenhek, CFO of MOBI724.

Debt conversion

The Company also announces that it has converted $12,500 owed to Jorge Sierra pursuant to the terms of a consultant agreement previously announced and has issued 250,000 common shares at $0.05 in consideration for the debt to shares conversion. This conversion is subject to the conditional approval of the TSX Venture Exchange.

Grant of onboarding options

The Company also announces that it has granted 166,694 onboarding options to Jorge Sierra and to Vincent Hogue. The options granted expire 5 years from grant, vest immediately and have an exercise price of $0.05.

Click here for the full release.