FORT LAUDERDALE, Fla., Nov. 21, 2017 (GLOBE NEWSWIRE) — Kaya Holdings, Inc. (OTCQB:KAYS), filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2017 yesterday afternoon. Highlights of the Q-3 Form 10-Q include the following:
Rising Revenues since Q-1 2017. KAYS reported revenues of $320,950 for Q-3 2017 as compared with revenues of $199,790 reported in Q-2 2017 and $144,861 reported in Q-1 2017 (Q-3 2017 revenues show an increase in sales of over 50% from Q-2 2017 and over 100% from Q-1 2017).
Increased Assets Since 12/31/16 Form 10-K. Total assets of KAYS (cash and equivalents, inventory, prepaid expenses, property, equipment, land, deposits, etc.) increased to nearly $2.0 million ($1,937,871.00) since the 12/31/16 Form 10-K filing ($710,369), which comes to an increase of over $1.2mm (approximately 170%).
Increase in 2nd Institutional Financing Agreement to $7 Million. Since December 30, 2016 we have received $3.35 million in financing from KAYS’ institutional investor through the offer and sale of convertible promissory notes under a $2.1 million financing agreement completed in early 2017 and an additional $7.0 million financing agreement (increased from $5.8 million) originally entered into in May 2011. In addition to $2.1mm under the initial agreement, we have received $1.15 mm under the second agreement and are scheduled to receive an additional $5.85 million under the second agreement over the next 2 years (subject to market conditions and other factors).
“The proceeds from the offer and sale of the convertible promissory notes under the two financing agreements give us the resources to fund the Company’s growth plan, including expansion of our chain of Kaya Shack™ Marijuana Superstores in Oregon, acquisition and development of our Lebanon, Oregon legal cannabis cultivation and manufacturing facility and the introduction of Company-owned brands of cannabis products,” stated Craig Frank, KAYS’ CEO.
“Total revenues for the nine month period ended September 30, 2017 were $667,661, as compared to $754,093 for the same nine month period in 2016. However, as noted in our Q-3 Form 10-Q, during the earlier part of 2017 we were awaiting licensing of 2 of our stores, which delayed out ability to commence recreational marijuana sales at those locations. Revenues during Q-3 2017 were in excess of $100K per month, and we anticipate that revenues will continue to increase after we open our fourth retail location and initiate home delivery service,” continued Frank. “With our growth plan in place, including introducing home delivery service and relocating and expanding our grow and production facility, the Company is taking steps to broaden its market and increase revenues, while lowering costs through more in-house production.”
Save the Date- KAYS Shareholder Conference Call December 20, 2017, at 2:00 PM EST.
KAYS shareholders and other interested parties are reminded to sign up for the Kaya Holdings Shareholder Call on Wednesday, December 20, 2017, at 2:00 P.M. EST. The call is expected to last between 60-90 minutes. Among the topics to be discussed in the call are Kaya Shack™ store performance, new store development, OLCC licensing update, new brands to be introduced in 2018, an industry overview and the acquisition of our 26-acre parcel and its development of the Kaya Farms™ 100K Square Foot Grow and Manufacturing Facility.
You may register to participate in and receive updates with respect to the Shareholder Call by going to our website at www.kayaholdings.com.
About Kaya Holdings, Inc. (www.kayaholdings.com)
KAYS (OTCQB:KAYS), through subsidiaries, owns and operates brands that produce, distribute and/or sell premium cannabis products, including flower, concentrates and oils, and cannabis-infused foods. In 2014, KAYS, became the first publicly traded company to own and operate a Medical Marijuana Dispensary. KAYS presently operates three Kaya Shack™ OLCC licensed marijuana retail stores to service the legal medical and recreational marijuana market in Oregon, with store number four currently under construction and expected to open in Q-4 of 2017. Additionally, KAYS recently acquired a 26-acre parcel which it has targeted for development of the Kaya Farms™ Medical and Recreational Marijuana Grow and Manufacturing Complex.
IMPORTANT DISCLOSURE: KAYS is planning execution of its stated business objectives in accordance with current understanding of State and Local Laws and Federal Enforcement Policies and Priorities as it relates to Marijuana (as outlined in the Justice Department’s Cole Memo dated August 29, 2013), and plan to proceed cautiously with respect to legal and compliance issues. Potential investors and shareholders are cautioned that AFAI and MJAI will obtain advice of counsel prior to actualizing any portion of their business plan (including but not limited to license applications for the cultivation, distribution or sale of marijuana products, engaging in said activities or acquiring existing Cannabis production/sales operations). Advice of counsel with regard to specific activities of KAYS and MJAI, Federal, State or Local legal action or changes in Federal Government Policy and/or State and Local Laws may adversely affect business operations and shareholder value.
Forward Looking Statements
This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect” or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company’s current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
For more information contact Investor Relations: 954-892-6911