Facedrive Reports First Quarter 2020 Financial Results

TORONTO--(BUSINESS WIRE)--Facedrive Inc. (“Facedrive” or the “Corporation”) (TSX-V: FD), a Canadian “people-and-planet-first” tech business ecosystem, today announced its financial results for its first quarter ended March 31, 2020 (“Q1 2020”). All financial results are reported in Canadian dollars unless otherwise stated.

First Quarter 2020 Highlights

• Revenue for Q1 2020 was $387,901, up from $36,027 in the first quarter of 2019 (“Q1 2019”).
  • The Corporation’s gross fees from riders was $852,180, net revenue from riders was $287,901, and total revenue from licensing arrangements was $100,000 in Q1 2020.
• Net loss was $1,498,142 in Q1 2020, as compared to a net loss of $828,552 in Q1 2019.
• Cost of revenue in Q1 2020 was $248,490, an increase from $33,120 in Q1 2019.
• General and administration expenses were $578,579 in Q1 2020, up from $12,800 in Q1 2019.
• Operational support expenses increased to $361,019 in Q1 2020, up from $359,683 in Q1 2019.
• Research and development expenses decreased to $233,298 in Q1 2020, as compared to $254,801 in Q1 2019.
• Sales and marketing expenses were $574,907 in Q1 2020, as compared to $204,175 in Q1 2019.
• Basic and diluted loss per share was $0.02 in Q1 2020, as compared to $0.01 in Q1 2019.
• Completed a non-brokered private placement of 361,010 common shares at a price of $2.77 per share, for aggregate gross proceeds of $1,000,000, in February 2020.
• Completed the acquisition of 100% of the issued and outstanding common shares of HiRide Share Ltd., a socially responsible ride-sharing and car-pooling business, in March 2020.
• Secured licences to operate in Orillia, Ottawa and at Toronto Pearson International Airport in Toronto, Ontario.
• Facedrive is currently operational in The Greater Toronto Area, Ottawa, Hamilton, London, Guelph, Kitchener, Waterloo, Cambridge and Orillia, Ontario.

Selected Financial Highlights

See Facedrive’s Condensed Consolidated Interim Financial Statements and its Management’s Discussion and Analysis of Financial Condition and Results of Operations for the First Quarter ended March 31, 2020 on SEDAR at www.sedar.com.

	For the three months ended March 31, 2020			For the three months ended March 31, 2019
REVENUE	$	387,901		$	36,027
COSTS AND OPERATING EXPENSES
Cost of revenue		248,490			33,120
General and administration		578,579			12,800
Operational support		361,019			359,683
Research and development		233,298			254,801
Sales and marketing		574,907			204,175
Depreciation		16,592			-
Total operating expenses		2,012,885			864,579
OPERATING LOSS		(1,624,984	)		(828,552	)
OTHER INCOME (EXPENSES)
Foreign exchange gain		120,908			-
Interest expenses		(4,267	)		-
Interest income		10,201			-
NET LOSS AND COMPREHENSIVE LOSS	$	(1,498,142	)	$	(828,552	)
Loss per share – basic and diluted	$	(0.02	)	$	(0.01	)
Weighted average shares outstanding – basic and diluted		90,326,138			67,215,440

About Facedrive

Facedrive is a multi-faceted “people-and-planet first” platform offering socially-responsible services to local communities with a strong commitment to doing business fairly, equitably and sustainably. Facedrive Rideshare was the first to offer green transportation solutions in the TaaS space, planting thousands of trees and giving users a choice between EVs, hybrids and conventional vehicles. Facedrive Marketplace offers curated merchandise created from sustainably sourced materials. Facedrive Foods offers contactless deliveries of healthy foods right to consumers’ doorsteps. Facedrive Health develops innovative technological solutions to the most acute health challenges of the day. Facedrive is changing the ridesharing, food delivery, e-commerce and health tech narratives for the better, for everyone. Facedrive is currently operational in the following cities and municipalities of Ontario: Toronto and the GTA, Ottawa, Hamilton, London, Kitchener, Waterloo, Cambridge, Guelph, Burlington and Orilllia.

For more about Facedrive, visit www.facedrive.com.

Facedrive Inc.
100 Consilium Pl, Unit 400, Scarborough, ON, Canada M1H 3E3
www.facedrive.com

Forward-Looking Information

Certain information in this press release contains forward-looking information. This information is based on management’s reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.

See “Forward-Looking Information” and “Risk Factors” in the Corporation’s Filing Statement dated August 28, 2019 for a discussion of the uncertainties, risks and assumptions associated with these statements. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.