TORONTO--(BUSINESS WIRE)--Personas Social Incorporated (TSX.V: PRSN) (the “Company” or “Personas”) is pleased to provide a corporate update.
Net Income and Sales
The Company is proud to announce that its net income for the period starting January 1st 2022 and ending March 31st 2022 increased 21% over the same period in 2021 and increased 81% over the same period in 2020. Sales increased 5% for the same period in 2022 compared to 2021 and 73% for 2022 compared to 2020.
Expenses
The Company has been able to maintain consistent sales and net income growth while simultaneously cutting expenses. 2021 expenses were approximately $2,169,900 down from $5,024,697 in 2020.
Application for Management Cease Trade Order
The Company has hired new accounting staff with big 5 accounting firm experience. The new accounting team requires a few additional weeks to complete the Company’s 2021 year end audit. As such management applied for an extension of the May 2nd filing deadline in the form of a management cease trade order. The Company is desirous of an extension, however It is not guaranteed that the Company will be granted the extension. Regardless the Company’s audited financial shall be completed in the upcoming weeks.
Disclaimer Regarding Operational Metrics Presented
The numbers and amounts reported herein are unaudited historical operational metrics. The operational metrics disclosed are generated from internal reports and are not intended to comply with International Financial Reporting Standards (“IFRS”). The disclosure in this press release is intended to provide insight into the Company’s sales trends. The internal operational metrics disclosed herein are used by management as a tool to assess the Company’s overall sales performance and should not be deemed to be financial disclosure or otherwise construed to replace or negate the Company’s audited financials.
For the purposes of this press release, the Canadian dollar amounts were calculated at the annual average exchange rate for the year 2020 which is used herein as $1.27 CAD to $1.00 US dollar. ‘Gross Sales’ means the total sales processed by the company in a given period, ‘Net Sales’ means the Gross Sales minus payment processing fees, and ‘Net Income’ means the net fees earned by the Company for the use of its platform by streamers and viewers. The actual audited Gross Sales, Net Sales and Net Income numbers will vary from the numbers reported herein due to, but not limited to, fluctuations in foreign exchange at the time of transactions and at the time of settlement of funds to the Company and variations in payment processing fees.
Net Income
Forward Looking Statements
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect", "plan", "intend", "anticipates", "projects", "potential" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Forward-looking statements are statements that are not historical facts. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are risks detailed from time to time in the filings made by the Company with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.