Zoompass Announces Financial Results for the Sept 30, 2021.
Press Release | 01/14/2022
VANCOUVER, BC / ACCESSWIRE / January 14, 2022 / Zoompass Holdings Inc. (Formerly OTCQB:ZPAS- Exempt) (the "Company" or "Zoompass") a leading developer of blockchain and payments technology platforms, is pleased to announce a summary of its fiscal third quarter 2021 unaudited financial results for the nine months ended September 30, 2021. ( All figures in USD)
Zoompass' operating revenues for the nine-month period ended September 30, 2021 increased by 30% to $982,721, as compared to $758,007 for the same nine-month period in 2020. Gross Margin stood at 52%, as compared to 47% for the ninth month ended September 2020, a 5% improvement during these challenging economic times.
Operating expenses were $2,016,856 vs $2,185,120 an improvement of $168,264 (8%) while managing a 30% increase in revenues. The company will continue to manage its growth and focus on cost mitigation so as to reach breakeven as quickly as possible without damaging its growth prospects.
Loss before taxes for the nine months ended September 30, 2021 were $(1,498,290) vs $(1,887,251) in the prior period once adjusting for the one time Goodwill write-off in the prior year, shows and improvement of 21% or $388,961. Prior to the goodwill adjustment Loss before taxes improved from $(16,251,466) in 2020 to a loss before taxes of $(1,498,290).
Net Cash used in operating for the nine months ended Sept 30, 2021 improved by $170,759 to $(161,881) vs $(332,640) in the prior period. The company continues to manage cashflow tightly. Its ending cash position was slightly improved year over year.
Zoompass' CEO, Manny Bettencourt, commented, "The Q3 YTD 2021 results show that we can and will continue to make improvements to the operation of the business. We are pleased with the steady development in the businesses, and we continue to execute on our core business plans. The company expects to continue to face headwinds due to COVID 19 which has delayed its growth cycle in the last two year, however the Company remains confident of securing the necessary partnerships to ensure global expansion and capital adequacy. The company continues to build out its deal pipeline which should result in growth over the next fiscal years."
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