VANCOUVER, May 28, 2018 /CNW/ – Good Life Networks Inc. (“GLN“, or the “Company“) (TSX-V: GOOD, FSE: 4G5), a Vancouver-based programmatic advertising technology company, is pleased to announce that it has filed its First Quarter reviewed financial statements for the three months ended March 31, 2018 or “First Quarter” of 2018. The Company’s reviewed interim consolidated financial statements as at and for the three months ended March 31, 2018and related management’s discussion and analysis can be found on the Company’s SEDAR profile at www.sedar.com. All figures are expressed in Canadian dollars unless otherwise stated.
Jesse Dylan, President and CEO commented, “We are very pleased with the revenue growth for Q1, 2018. It is a fantastic base for us to work from to meet our revenue and earnings objectives for the full fiscal year.”
Financial Highlights:
- Revenue increased 2072% to $1,322,139 in the First Quarter of 2018 compared to $60,870 during the First Quarter of 2017;
- Gross profit during the three months ended March 31, 2018 increased to $448,270 from $1,971 during the First Quarter ended March 31st, 2017;
- Gross margin as a percentage of revenue during the three months ended March 31, 2018 were 34% compared to 3% during the First Quarter of 2017, representing a 1,133 % increase.
- Adjusted EBITDA loss for the three months ended March 31, 2018 was approximately $367,000 compared to an adjusted EBITDA loss of approximately $631,000 recorded for the First Quarter 2017.
- The Company incurred a one-time expense of $2,318,018 in listing fees, third-party services and bonuses in connection with the RTO of Exito Energy II Inc. (“Exito”).
BUSINESS UPDATE
During First Quarter of 2018, the Company achieved the following milestones:
- Completed RTO transaction with Exito, and concurrently raised $9.2M of equity.
- Granted patent pending status by the USPTO on several innovations related to our exchange platform, algorithms and blockchain application designed to accelerate AR payment cycles for vendors in the digital advertising ecosystem.
- March 8th, we continued our aggressive integration strategy by entering a commercial agreement with U.S. based Answer Media, giving us access to a global supply chain consisting of over one hundred million unique users and over three hundred publishers (websites on desktop and mobile).
- March 22nd, we expanded into the U.K. with Advenue Limited (“Advenue”). Our agreement and integration with this London based company expands GLN’s global reach by up to nine new regions and includes access to over 4,000 mobile publishers across Android and iOS platforms.”
Subsequent to First Quarter
- April 3rd, CEO Jesse Dylan and his team rang the bell at TSX to open the stock market marking GLN’s public listing on TSX-V under the stock symbol GOOD.
- April 12th, GLN announced its listing on the Frankfurt Stock Exchange (third largest exchange globally in terms of volume of trading behind New York and NASDAQ) under the trading symbol 4G5.
- April 19th, GLN entered into an Advisory Agreement with First Coin Capital (a Vancouver-based technology services company dedicated to advising established companies and providing access to the emerging digital currency asset class.) to assist in the detailed analysis and planning of the GLN accounts receivable (“AR”) Blockchain application.
- April 26th, GLN announced record revenue during the twelve months ended December 31, 2017 increased 278% to $9,723,075.
- May 3rd, GLN entered a commercial agreement to integrate with Clickky, a New York based global leader in monetization solutions for mobile applications. Clickky offers video advertising opportunities inside thousands of mobile applications – Reaching 1 billion daily advertising opportunities and 5 million monthly new application installations.
- May 10th, GLN to announced the launch of a “CEO Verified” Discussion Forum on AGORACOM and secured an ongoing media campaign with extensive editorial coverage services from Market One Media Group Ltd.
- May 17th, GLN announced it has entered into a Letter of Intent to acquire 100% shares of the Impression X, a leading connected television (“CTV”) advertising technology company. CTV is one of the fastest growing areas of advertising technology. In 2018, it is expected that over 60% of all premium video on demand will be delivered via a connected television reaching an expected 759.3 million connected television sets globally (Digital TV Research).
Jesse Dylan, President and CEO commented, “As we release our first quarter results for 2018 and look back over the previous year, I’m content in the knowledge that we are making strong and steady progress while moving forward. I’m reminded of the quote that rests at the bottom of each email I send: A river cuts through rock, not because of its power, but because of its persistence.”
Summary of Financial Results and Information
| Consolidated Statement of Operations | ||||
| Three months ended March 31, | ||||
| 2018 | 2017 | |||
| Revenue | $ | 1,322,139 | $ | 60,870 |
| Cost of Sales | $ | 873,869 | $ | 58,899 |
| Gross Profit | $ | 448,270 | $ | 1,971 |
| Gross Margin | 34% | 3.2% | ||
| Expenses | $ | 1,361,860 | $ | 711,570 |
| Operating Income (Loss) | $ | (913,590) | $ | (709,599) |
| Net Income (Loss) for the first quarter | $ | (2,948,479) | $ | (756,195) |
| Income (Loss) per share – | ||||
| Basic | $ | (0.05) | $ | (0.03) |
| Diluted | $ | (0.05) | $ | (0.03) |
| March 31, 2018 | December 31, 2017 | |||
| Total Assets | $ | 12,707,154 | $ | 9,832,633 |
| Total Liabilities | $ | 6,702,729 | $ | 12,094,377 |
| Total Shareholders’ Equity (Deficiency) | $ | 6,004,425 | $ | (2,261,744) |
Full details of the financial reports and operating results for the First Quarter ended March 31st, are described in the Company’s financial statements with accompanying notes and related Management’s Discussion and Analysis. These documents and additional information on Good Life Networks Inc. is available on SEDAR at www.sedar.com.
The GLN Story
GLN harnesses the power of artificial intelligence to improve marketing return on investments for advertisers using its patent pending video advertising technology. By 2020, MAGNA, the research arm of media buying firm IPG Mediabrands, expects digital ads to make up 50 percent of all ad spending, expected to reach $237 billion this year. GLN recently closed a $9.2 million subscription financing prior to closing its qualifying transaction and trades on the TSX Venture Exchange under the stock symbol “GOOD” and The Frankfurt Stock Exchange under the stock symbol 4G5.
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: [email protected] or call 604 265 7511.
