Item 8.01. Other Events
On May 25, 2016, Weyland Tech, Inc. issued a press release. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated in this Item 8.01 by reference.
Weyland Tech, Inc.
providing shareholders with a financial update and a highlight of key accomplishments for the 2016 First Quarter ended March 31, 2016.
Service Revenue
Service Revenues were $ 2,261,455 and $480,000 for the three months ended March 31, 2016 and 2015, respectively. The increase is due to the significant contribution from the CreateApp platform effective September 1, 2015.
Cost of Service
Cost of Service was $634,331 and $475,000 for the three months ended March 31, 2016 and 2015, respectively. The movement is due to costs and increased scale of service operation in connection with the CreateApp platform effective September 1, 2015.
Operating Expenses
General and administrative expenses: General and administrative expenses were $ 257,142 and $14,616 for the three months ended March 31, 2016 and 2015, respectively. The increase is mainly due to the change in cost structure incorporating the CreateApp platform effective September 1, 2015 and an increased scale of operation of our business. Included in General and administrative expenses were Amortization of development costs capitalized of $ 83,333 (2015: Nil).
Net Income
The Company had a net income of $1,369,982 for the three months ended March 31, 2016 as compared to a net loss of $9,616 for the three months ended March 31, 2015. The significant increase in net income is mainly due to the contribution from the services offered through the CreateApp platform effective September 1, 2015.
Net Profit (Loss) Per Common Share - basic and fully diluted
The Company had net profit per common share of 0.089 for the three months ended March 31, 2016 as compared to a net loss per
common share of (0.000692)
for the three months ended March 31, 2015.