SAN JOSE, Calif., Sept. 17, 2018 /CNW/ -- Nubeva Technologies Ltd. ("Nubeva" or the "Company") (TSX-V: NBVA, OTC: NBVAF), today published its unaudited consolidated financial statements for the three months ended July 31, 2018 and 2017. Financial statements along with management discussion and analysis of financial results can be found at www.sedar.com. All dollar amounts in this release are quoted in US Dollars.
Assets as at July 31, 2018 increased by $2,199,690 over the year ended April 30, 2018 primarily due to receipt of digital currencies as consideration for token presales related to CBR Project. Current liabilities increased by $1,626,967 to $2,326,954 over current liabilities at April 30, 2018. The increase is mainly due to an increase in deferred revenue, primarily related to token presales. Selected balance sheet data follows:
Balance Sheet Data
July 31, 2018
April 30, 2018
Current and total assets
Total Equity (Deficiency)
During the three months ended July 31, 2018 Nubeva realized a net gain from continuing operations of $390,626 generally due to the non-refundable portion of token pre-sales revenue received. Nubeva's Singapore subsidiary is developing CBR Network to deliver Nubeva's security platform to a wide customer base outside Canada and the United States. The Company reports subscription revenue of $68,250 (July 31, 2017 – Nil) for the quarter and software and services revenue of $1,656,530 (July 31, 2017 – Nil). Revenue from software and services was comprised $60,000 from software services provided to customers and $1,596,530 from the proceeds of token pre-sales which were earned $699,737 from software licenses, $700,000 from token network development services and $196,793 from services to set up the token offering. Completion of the Token Offering will be subject to receipt of approval of the TSX Venture Exchange.
Expenses for the three months ended July 31, 2018 exceeded expenses of the comparable period of the prior year as Nubeva increased its software development initiatives and as Nubeva commenced building a sales and marketing team. Further, the Company recognised ongoing costs related to its public listing and also related to the launch of CBR Project. A summary of the Company's operating results follows:
Income Statement Data
Three Months ended July 31, 2018
Three Months ended July 31, 2017
Net gain (loss) from continuing operations
Other comprehensive income (loss)
Comprehensive gain (loss) for the period
Gain (loss) per share – basic and diluted
Weighted average number of common shares
At July 31, 2018 the Company reported digital currencies of $2,969,603 received pursuant to token pre-sales on its statement of financial position. Prices of digital currencies are volatile and they are affected by various forces including global supply and demand, interest rates, exchange rates, inflation or deflation and the global political and economic conditions. A decline in the market prices for digital currencies could result in a material fair value loss on digital currencies, negatively impacting the Company's financial results. The Company may not be able to liquidate its inventory of digital currency at its desired price if required.
Quote: Randy Chou, Nubeva CEO said, "I am very pleased with our performance so far. Our first quarter results reflect that we have exceeded our milestone with respect to token presales. Token pre-sales are expected to provide Nubeva with non-dilutive capital to launch our token network and provide our security platform to a wide target market outside North America. At the same time, our core business continues to progress as our product development is ahead of plan. With our growing sales and marketing teams, we are better positioned to bring our innovative solutions to businesses in and moving to the public cloud."
About Nubeva Technologies Ltd.
Nubeva Technologies Ltd. develops Software-as-a-Service ("SaaS") software and services that enable enterprises to run best-of-breed cybersecurity in public cloud environments. Nubeva's products provide enhanced visibility and control over network traffic and simplified automation and operation that is essential to run top-tier security technologies and services in the cloud easily and at low costs. With Nubeva, organizations can leverage existing policies, technologies and operations and accelerate their move to the cloud with confidence. San Jose, CA-headquartered Nubeva is committed to the vision of dramatically broader and lower cost availability of the world's best security to confront the rising cyber-crime threat. Visit www.nubeva.com for more information.
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the cybersecurity industry. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Specifically, there is no assurance that the Pre-Sale Offering or the Token Offering will be completed or as to the amount of proceeds that will be raised. In addition, there is no assurance that the required regulatory approvals can be obtained. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).
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: Nubeva Technologies Ltd. Steve Perkins Chief Marketing Officer 1(844)538-4638