DALLAS, TX -- (Marketwired) -- 05/18/17 -- Cherubim Interests, Inc. (OTC PINK: CHIT) ("the Company"), an expansion-stage alternative construction, and real estate development company, announces its 2016 annual financial results and for the first and second quarters ending February 28, 2017 and corporate updates.
Management Commentary
"I am pleased to report that we've been able to generate great momentum as a fundamental business since we last filed our financial reports on May 30, 2016. We were able to capitalize on storm damage that swept through North Texas early last year with our subsidiary Victura Roofing. We are currently into this years' storm season and will also continue to recognize a portion of last year's revenues well into Q3 2017 as we complete the backlog of work," said Patrick Johnson, CHIT CEO. "We have also established additional revenue streams with opportunities to construct and distribute mobile extraction laboratories as well as provide industry agnostic construction services within the cannabis sector. We believe that with a backlog of roofing revenues with exponential additional sales opportunities, the rollout of BudCube Cultivation Systems Technology, and solid niche opportunities within the cannabis sector, we are now poised to make a substantial revenue run which will further enhance value for our shareholders."
2016 Financial Results
Revenue was $213,663, an increase of 213,663% compared to $0 in the prior year of 2015. Total cost and expenses were $206,542, a 77.45% decrease compared to $915,850 in the prior year of 2015.
Balance Sheet, Cash, Liabilities
As of August 31, 2016, the Company had cash and cash equivalents of $830,482, an increase of 4,080% from $19,865 at August 31, 2015. Total liabilities were $2.85 million as of August 31, 2016, a decrease of 2.4% from $2.92 million at August 31, 2015.
Q1 2017 Financial Results
At November 30, 2016, Revenue was $408,628 an increase of 408,628% compared to $0 at November 30, 2015. At November 30 2016, total cost and expenses were $2,456,104, a 11.26% increase compared to $2,179,355 at November 30, 2015.
Balance Sheet, Cash, Liabilities
At November 30, 2016, the Company had cash and cash equivalents of $638,170, an increase of 3,653% from $16,562 at November 30, 2015. Total liabilities were $2.6 million as of November 30, 2016, a decrease of 8.5% from $2.84 million at November 30, 2015.
Q2 2017 Financial Results
At February 28, 2017, Revenue was $381,516, an increase of 381,516% compared to $0 at February 28, 2016. At February 28, 2017, total cost and expenses were $230,737, a 43.8% increase compared to $160,428 at February 28, 2016.
Balance Sheet, Cash, Liabilities
At February 28, 2017, the Company had cash and cash equivalents of $529,966, an increase of 3530% from $14,507 at February 28, 2016. Total liabilities were $2.08 million at February 28, 2016, a decrease of 7.9% from $2.1 million at February 28, 2016.
Corporate Updates:
Convertible Stock Dividend:
The Company will begin converting the stock dividend for our shareholders in the coming weeks.
S-1 Registration Statement
Legal Counsel has completed the draft of the S-1 Registration Statement. Now that the company is current, the company intends to file the statement in the coming week.
BudCube Cultivation Systems
The company is currently locating raw land in the DFW Metroplex to build a state of the art office complex for its staff and for production and Distribution hub for BudCube Cultivation Systems technology. The company had originally signed a real estate contract to deploy BudCube Cultivation Systems technology and hybrid business concept in the Eugene, Oregon area. The contract has lapsed but the company plans on resuming discussions regarding the property in the coming weeks. If we are not successful acquiring the originally located property, one of similar or like kind will be.
BudCube Construction Services
The Company has executed a construction management agreement with GreenPhoria Farms to perform industry-agnostic tenant finish out services. GreenPhoria Farms is a cannabis producer with twelve proprietary strains and over 30 years of cultivation expertise in the industry. The company currently has approximately 20,000 sq. feet under lease in Hillsboro, Oregon, and intends on introducing its proprietary strains to the industry as early as 3rd quarter 2017. The company has begun mobilization and opened its construction office in Hillsboro, Oregon. We expect to begin wall erection in the coming weeks.
Victura Roofing
The Company is in the process of adding new sales management with the capability to development a year-round marketing plan that offers the business stable growth. New management will develop a strong roofing program in the sectors of new roofing sales, new residential and commercial construction, and insurance restoration and repair through affiliated relationships.
About Cherubim Interests Inc.
Cherubim Interests specializes in alternative construction projects, as well as covering the entire spectrum of real estate development: due diligence, acquisition, planning, construction, renovation, and management; providing complete beginning-to-end development programs for mixed use, single, and multifamily projects and properties.
For more information, visit www.cherubiminterests.com
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