Reports Q4 2020 revenues of $1,426,635 compared to $416,943 for Q4 2019
VANCOUVER, BC / ACCESSWIRE / April 29, 2021 / PowerBand Solutions (TSXV:PBX) (OTCQB:PWWBF) ('PowerBand' 'PBX' or the 'Company'), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles, is announcing that it has filed its Consolidated Financial Statements and Management's Discussion and Analysis report for the years ended December 31, 2020 and 2019. These documents may be viewed under the Company's profile at www.sedar.com.
The Company has reported an increase in revenue of 242% in the fourth quarter of 2020 as compared to the fourth quarter of 2019. Adjusted EBITDA for the fourth quarter of 2020 increased by $733,088 or 18% as compared to the fourth quarter of 2019.
The revenues for the fiscal year 2020 increased by $1,029,365 or 51% as compared to fiscal year 2019. The net loss for the fiscal year 2020 was $12,842,613 as compared to net loss of $8,050,113 for the fiscal year 2019.
Cash on hand at December 31, 2020 was $1,403,213 compared to $243,030 as at December 31, 2019.
Subsequent to the year end, the Company received $5,300,000 from a private placement and $1,873,640 as a result of the exercise of previously issued stock options and common share purchase warrants. The total proceeds received were used towards repayments of $2,385,350 due to related parties. The Company increased its investments in CB Auto Group to 3.75% by making an additional contribution of $957,197, pursuant to the share purchase agreement. On April 1, 2021, an amount of $1,000,000 that was due to related parties was settled by issue of 800,000 common shares.
Kelly Jennings, CEO and Founder of PowerBand Solutions states 'The year 2020 was a transformational year for PowerBand. We have incurred high costs in 2020 to complete the various initiatives for the launch of DRIVRZ. By the end of April 2021, we expect our top line revenues to exceed the total revenues for the year 2020.'
About PowerBand Solutions, Inc.
PowerBand Solutions Inc., listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, funders, and manufacturers (OEMs). It enables them to buy, sell, trade, finance, and lease new and used, electric and non-electric vehicles, on any phone, tablet or PC connected to the internet. PowerBand's transaction platform - being trademarked under DRIVRZ™ - is being made available across North American and global markets.
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This news release contains non-IFRS financial measures; the Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company's performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Company's operating results.
SOURCE: PowerBand Solutions Inc.
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