Revenue for the third quarter increased a record 194% over the second quarter to
Significantly, we established breakeven in our net ordinary income during the quarter.
FINANCIAL UPDATE
At the end of the quarter, we also reached an agreement with our convertible noteholders to exchange the outstanding debt and accrued interest on their matured notes for common shares that “meaningfully improves our balance sheet,” said Balincan Chief Financial Officer,
Under the terms of the agreement, the note holders from our Series I and II Convertible Notes may convert
Further, after engaging an
As of
This will result in a restatement of the previously submitted financial statements for the periods ended
As you review this MD&A, we encourage you to read our interim financial statements and notes for the quarter ended
CORPORATE OVERVIEW
The Company offers a service delivery platform that solves the "last-mile" of installing, monitoring, and maintaining technology systems and smart connected devices.
We play at the intersection of two major trends: the “Uber-ization” of product and service delivery, and the explosion of smart connected devices brought about by the “Internet of Things” (IoT). Our Service Delivery platform is designed to intelligently automate the installation and maintenance of products by offering On-Demand local technician resources, as well as providing a “smart interface” for the monitoring and management of connected devices.
This service platform caters for a broad range of technologies from POS systems, kiosks, digital menu boards, cameras, cabling, Wi-Fi and networking, to water and energy management, lighting and HVAC control, smart homes devices, wearable sensors, and access control.
Our platform results in “less people, less time and less cost” for our customers.
This MD&A includes statements and information about our expectations for the future. When we discuss our strategy, plans, future financial and operating performance, or other things that have not yet taken place, we are making statements considered to be forward-looking statements under
About
Safe Harbor:
Forward-Looking Statements
Any statements made in this press release which are not historical facts contain certain forward-looking statements, as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the Company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the Company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the Company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The Company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
719-419-6709
investors@balincanusa.com
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