Great VSTR News Release!
Net income of $212,149 vs. loss of $161,297 in second quarter of previous year
307% increase in revenues
Operating loss reduction of 45%
Gain on debt settlement of $312,259
Working capital improvement of $1,783,563 since fiscal year-end
BOSTON, MA -- December 14, 2017 -- InvestorsHub NewsWire -- ValueSetters Inc. (OTC:VSTR) announced earnings of $212,149 for the second quarter of fiscal 2018. "We are pleased with the progress we have made in such a short time," said Cecilia Lenk, CEO. "In the two months that the full management team has been in place, we have been able to grow revenues by over 300%, report positive net income, cut our operating loss in half, restructure our debt, significantly improve our working capital position, and acquire a 20% stake in AthenaSoft, which should allow us to expand our technology consulting practice. We successfully negotiated a modification to the loan agreement with our largest shareholder that included an extension of the maturity date to October 31, 2020 and a reduction in the per annum interest rate from 8% to 1.25%. Since this occurred on the last day of the period, the full effect of this action will not be felt until the third quarter, at which point, the reduction in interest expense should be significant. At the same time, our relationship with Netcapital, a leading internet funding portal, has allowed us to build a steady pipeline of new clients, and we remain cautiously optimistic about our future growth prospects."
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