SUGARMADE
FILES QUARTERLY RESULTS PROVIDES INVESTOR
UPDATE
City of Industry, CA
-- June 11,
2018 -- InvestorsHub
NewsWire -- Sugarmade,
Inc. (OTC:
SGMD), one of the largest publicly traded
cannabis-related hydroponics supply
companies today informs its investors concerning the filing of
financial results for the quarter ending September 30, 2017 and
provides an update concerning additional filings and
the
direction
of the Company.
Mr. Jimmy Chan, CEO
of Sugarmade commented, "The filing of our
financial
results has been delayed as we revamped our
financial team
and
systems in order to
manage the strong growth we
are currently
realizing
and to
prepare for the growth we are forecasting for
future periods. While we have
experienced growing pains, the good news
is we have implemented
some strong systems and augmented
our financial
staffs,
which will allow us to be more
timely in future reporting. We will be back on
track with our reporting very soon. We continue to
believe our future is very bright, as we expand our
operations and rapidly expand
our revenue base."
Financial Reporting
- Sugarmade has now
filed its results for the quarter ending September 30, 2018 and is
in process of finalizing reports for the quarters
ending December 31, 2017 and
March 30, 2018. Much of the delay in
reporting was caused by personnel
augmentations relating to the
significant expansion of revenues and
operations
that is
occurring. Sugarmade expects to return the Company to fully
reporting status over the short term and
sees no major issues moving forward relative to timely
financial reporting.
Financial
Staff and Functions
The
accounting and financial
staffs
at
Sugarmade have
been
significantly expanded with these new individuals
mainly
concentrating on
integrating new revenues streams into the previously existing
and newly installed financial management
systems. These integrations have largely been completed,
significantly streamlining the overall reporting
function.
Revenue Growth
Sugarmade's
revenues
continue to grow at a
rapid pace and will begin to be
reflected in future financial filings and reports. Most of this
revenue growth is being generated from online revenues directly
related to the hydroponic
cultivation sector. Management sees
additional revenue streams being developed
over the coming quarters.
Future Direction
Sugarmade plans to continue to expand aggressively within the
hydroponic cultivation sector via its currently
operating business arrangements. Additionally, the Company has
continued its acquisition
related activities, which management
believes will likely lead to
additional
revenue
growth, particularly
relating to hydroponic market retail operations.
Management
is currently engaged in multiple discussions concerning
acquisition within these market sectors.
About
Sugarmade,
Inc. (OTC:SGMD):
Sugarmade, Inc. is a
product and brand marketing company investing in products and
brands with disruptive potential. Sugarmade's
brands
include ZenHydro.com, CarryOutSupplies.com, BudLife
Cannabis
Storage Solutions, CaliGrownSupplies.com, and Sriracha
Seasoning Stix, a revolutionary culinary seasoning product. For
more information on the Company's products, please
visit http://www.Sugarmade.com.
For inquiries please
contact Jimmy Chan at (888) 982-1628 or info@Sugarmade.com.
FORWARD-LOOKING
STATEMENTS: This release contains "forward-looking statements"
within the meaning of the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Forward-looking
statements also may be included in other publicly available
documents issued by the Company and in oral statements made by our
officers and representatives from time to time. These
forward-looking statements are intended to provide management's
current expectations or plans for our future operating and
financial performance, based on assumptions currently believed to
be valid. They can be identified by the use of words such as
"anticipate," "intend," "plan," "goal," "seek," "believe,"
"project," "estimate," "expect," "strategy," "future," "likely,"
"may," "should," "would," "could," "will" and other words of
similar meaning in connection with a discussion of future operating
or financial performance. Examples of forward looking statements
include, among others, statements relating to future sales,
earnings, cash flows, results of operations, uses of cash and other
measures of financial performance.
Because
forward-looking statements relate to the future, they are subject
to inherent risks, uncertainties and other factors that may cause
the Company's actual results and financial condition to differ
materially from those expressed or implied in the forward-looking
statements. Such risks, uncertainties and other factors include,
among others such as, but not limited to economic conditions,
changes in the laws or regulations, demand for products and
services of the company, the effects of competition and other
factors that could cause actual results to differ materially from
those projected or represented in the forward looking
statements.
Any forward-looking
information provided in this release should be considered with
these factors in mind. We assume no obligation to update any
forward-looking statements contained in this report.