LITTLE RIVER, S.C.--(BUSINESS WIRE)--PCT LTD (OTC Pink: PCTL), announces Q3 2019 Financials.
Financial Results for the three months ended September 30, 2019:
- Revenue Increased 435% to $220,033 compared to $41,124 for the same quarter of 2018. The revenue increase for the period was due to an increase in volume of fluids sold, equipment sales and recurring leased income. $29,500 was a result of licensing revenue.
- G&A Expenses dropped from $827,168 to $468,897 or 43.3% during Q3 2019. The expenses decreased primarily due to a decrease in compensation during the quarter.
- Operating Expenses decreased 36.4% from $950,454 to $604,847 during the quarter. This is a result of cost reductions, primarily due to a decrease in compensation.
- Net Operating Losses decreased 57.7% from $909,330 during the comparable quarter in 2018 to $384,814 in Q3 2019.
- The Net Loss increased to $5,763,992 from $940,095. The majority of this loss was non-cash derivative liabilities.
Financial Results for the nine months ended September 30, 2019:
- Revenue Increased 248.8% to $534,852 compared to $153,337 during the first nine months of the year. The revenue increase for the period was due to an increase in volume of fluids sold, equipment sales and recurring leased income.
- G&A Expenses dropped from $1,885,962 to $1,554,952 or 17.6% during the first nine months of 2019.
- Operating Expenses decreased 10.9% from $2,196,580 to $1,956,774 during the nine months.
- Net Operating Losses decreased 30.3% from $2,043,243 during the comparable nine months in 2018 to $1,421,922 in 2019.
- The Net Loss increased to $10,214,462 from $2,139,456. The majority of this loss was non-cash derivative liabilities.
- Net cash used in operating activities for the nine months decreased to $596,701 compared to $835,376 for the first nine months of 2018.
During the quarter the company had successful trials, completed additional installations and signed long term master service and distributor agreements.
“We are pleased by the results, yet they are still not indicative of the significant growth we are currently experiencing. We look forward to filing our full year 2019 financials at the end of May and Q1 2020 shortly thereafter. Our sales pipeline for equipment and fluids continues to accelerate,” commented CEO Gary Grieco.
For the full earnings report, please view our entire Form 10-Q filing at www.sec.gov.
Please visit http://www.para-con.com/ for more information.
Additional News and Corporate Updates:
PCTL would like to warn its stockholders and potential investors that material corporate information regarding sales, areas of business and other corporate updates will only be made through press releases or filings with the SEC. PCTL does not utilize social media, chatrooms or other online sources to disclose material information. The public should only rely on official press releases and corporate filings for accurate and up to date information regarding PCTL.
About PCT LTD:
PCT LTD ("PCTL") focuses its business on acquiring, developing and providing sustainable, environmentally safe disinfecting, cleaning and tracking technologies. The company acquires and holds rights to innovative products and technologies, which are commercialized through its wholly-owned operating subsidiary, Paradigm Convergence Technologies Corporation (PCT Corp). Currently trading on OTC, "PCTL" aspires to and is actively engaged in preparations for up-listing its common stock to a national securities exchange. The Company established entry into its target markets with commercially viable products in the United States and now continues to gain market share in the U.S. and U.K.
This press release contains "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Such statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Such statements involve risks and uncertainties, including but not limited to: anticipated date of filing reports; continued growth in equipment and/or fluid sales; PCTL's ability to raise sufficient funds to satisfy its working capital requirements; the ability of PCTL to execute its business plan; any other effects resulting from the information disclosed above; risks and effects of legal and administrative proceedings and government regulation; future financial and operational results; competition; general economic conditions; and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements PCTL makes in this press release include market conditions and those set forth in reports or documents it files from time to time with the SEC. PCTL undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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