LONGWOOD, Fla., Aug. 20, 2018 (GLOBE NEWSWIRE) — Spectrum Global Solutions, Inc. (OTC:SGSI) (the “Company”), reported financial results for the period ended June 30, 2018.
Roger Ponder, CEO of the Company stated, “Revenue for the period ended June 30, 2018 exceeded $10 million, which reflects the first full quarter of consolidated operations”
Mr. Ponder continued: “As we have previously reported, we are experiencing consistent and strong revenue growth from our operating subsidiaries. We are also in the process of eliminating derivative liabilities associated with convertible debentures as we clean up our balance sheet and prepare for an up listing to a national exchange in the not too distant future”
Revenue for the three-month period ended June 30, 2018 was $10,964,122 as compared to $2,230,249 for the same period in 2017. Gross profit was $1,592,133, attributable to the subsidiaries acquired in April 2017 and 2018. The Company had a net loss attributable to common stockholders of $(3,042,215) during the period ended June 30, 2018 compared to net loss of $(8,109,714) for the comparable period of 2017. The decrease in net loss was primarily due to revenue derived from our new subsidiaries and decreases in derivative liabilities and other non-cash expenses.
Our operating results for the Period ended June 30, 2018 and 2017 are summarized as follows:
|Three Months Ended
June 30, 2018
|Three Months Ended
|Statement of Operations Data:|
|Loss from operations||(1,282,609||)||(4,228,086||)|
|Total other income (expense)||(1,606,075||)||(3,876,739||)|
|Net Income (loss) attributable to common stockholders||(3,042,215||)||(8,109,714||)|
|Balance sheet data for period ended June 30, 2018:|
|Accounts receivable, net||8,160,183|
|Total current assets||8,352,912|
|Goodwill and intangible assets, net||3,972,421|
|Total current liabilities||12,431,404|
|Stockholders’ (deficit) equity||(7,504,495||)|
About Spectrum Global Solutions, Inc.:
Spectrum Global Solutions operates through its subsidiaries AW Solutions and ADEX Corp. The Company is a leading provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico, Guam and Caribbean. For more information about the Company and its technologies visit the Company’s public filings at SEC.gov.
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as “anticipate,” “appear,” “believe,” “could,” “estimate,” “expect,” “hope,” “indicate,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “project,” “seek,” “should,” “will,” “would,” and other variations or negative expressions of these terms, including statements related to expected market trends and the Company’s performance, are all “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.
CONTACT: CONTACT: Investor Relations Spectrum Global Solutions, Inc. 561-672-7068