SAN JOSE, Calif., July 31, 2018 /CNW/ -- Nubeva Technologies Ltd.
("Nubeva" or the "Company") (TSX-V: NBVA, OTC:
NBVAF), today published its audited consolidated financial
statements for the years ended April 30,
2018 and 2017. Financial statements along with
management discussion and analysis of financial results can be
found at www.sedar.com. All dollar amounts in this release are
quoted in US Dollars.
These financial statements are the first financial statements
published since the Company's reverse acquisition transaction
("RTO") that completed on February
28, 2018.
During the fourth quarter of 2018, the Company strengthened its
balance sheet with a brokered private placement of subscription
receipts in the gross amount of $7,885,097 and the conversion of long term debt
to equity pursuant to the RTO transaction. At April 30, 2018 the Compary reported a cash
balance of $7,501,346 compared with a
cash balance of $915,135 at the end
of the prior year. Selected balance sheet data as of April 30, 2018 follows:
|
Balance Sheet
Data
|
April 30,
2018
|
April 30,
2017
|
|
Current and total
assets
|
$
7,805,392
|
$
932,371
|
|
Current
liabilities
|
$
699,987
|
$
138,003
|
|
Long-term
liabilities
|
$
-
|
$
1,525,000
|
|
Accumulated
deficit
|
$
(5,671,017)
|
$
(741,718)
|
|
Total Equity
(Deficiency)
|
$
7,105,405
|
$
(730,632)
|
During the year ended April 30,
2018, Nubeva realized a net loss from continuing operations
of $2,262,077, generally due to an
increase in business activity that commenced in August 2017 when the Company launched its
StratusEdge cloud-based security platform and began recognizing
revenue. The Company reported a total comprehensive loss for the
year of $4,966,735 after recognizing
a loss on the conversion of debt and listing expense related to the
Company's RTO. A summary of the Company's operating results
follows:
|
Income Statement
Data
|
Year Ended April
30,
2018
|
Year Ended April
30,
2017
|
|
Revenue
|
$
707,513
|
$
Nil
|
|
Expenses
|
(2,969,590)
|
(738,432)
|
|
Net Loss from
continuing operations
|
(2,262,077)
|
(738,432)
|
|
Listing
Expense
|
(1,130,319)
|
-
|
|
Loss on
extinguishment of debt
|
(1,451,152)
|
-
|
|
Other comprehensive
income (loss)
|
(37,436)
|
(1,036)
|
|
Comprehensive loss
for the period
|
$
(4,966,735)
|
$
(739,468)
|
Listing Expense relates to the Company's RTO and is comprised as
follows:
|
Listing
Expense
|
2018
|
|
Fair value of Sherpa
securities assumed on RTO
|
$
1,028,979
|
|
Net assets of Sherpa
on closing RTO
|
(165,131)
|
|
Legal, filing and
tax
|
266,471
|
|
Total Listing
Expense
|
$
1,130,319
|
Revenue for the quarter ended April 30,
2018 was $469,388,
representing a 281% increase over revenue for the preceding quarter
of $123,125. Revenue for the
year was comprised as follows:
|
Revenue
|
2018
|
|
Subscriptions
|
$
147,250
|
|
Software and
services
|
506,263
|
|
Professional and
customization services
|
54,000
|
|
Totals
|
$
707,513
|
Management Commentary Quote:
Randy Chou, Nubeva CEO said,
"Fiscal 2018 was an extremely exciting year for Nubeva, as we
successfully launched our cybersecurity technology in the cloud and
commenced earning revenues. During the last half of fiscal 2018 we
increased our sales and marketing activities in order to promote
strong revenue growth". Mr. Chou continued, "Also during the
year, we raised the capital necessary to meet our operational
objectives".
About Nubeva Technologies Ltd.
Nubeva Technologies Ltd. develops Software-as-a-Service
("SaaS") software and services that enable enterprises to
run best-of-breed cybersecurity in public cloud environments.
Nubeva's products provide enhanced visibility and control over
network traffic and simplified automation and operation that is
essential to run top-tier security technologies and services in the
cloud easily and at low costs. With Nubeva, organizations can
leverage existing policies, technologies and operations and
accelerate their move to the cloud with confidence. San Jose,
CA-headquartered Nubeva is committed to the vision of
dramatically broader and lower cost availability of the world's
best security to confront the rising cyber-crime threat.
Visit www.nubeva.com for more information.
Forward Looking Statements
This news release includes statements containing forward-looking
information. Actual results may differ materially from those
contemplated by these statements. Undue reliance should not be
placed on them because the Company can give no assurance that they
will prove to be correct.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For further information, please contact:
Nubeva Technologies Ltd.
Steve Perkins
Chief Marketing Officer
1(844)538-4638
Marcel Valentin, Investor
Relations
Marcel@SophicCapital.com
1(647)697-0498
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SOURCE Nubeva Technologies Ltd.