EL DORADO HILLS, CA, United States, via eTeligis Inc., 05/15/2014 - - MyECheck, Inc. (OTC Pink: MYEC) (PINKSHEETS: MYEC), the leading developer and licensor of electronic check services, today reported Q1 2014 results. For the three months ended March 31, 2013, revenue from operations was $1,361,783, total expenses were $37,737, and net income was $1,323,656.
Cash and cash receivables were increased to $1,687,068, and as of May 15, the Company has $1,078,964 in cash. Stockholdersequity was increased from a $1.2 million shareholder deficit in the same period previous year, to almost $1.2 million in shareholder equity.
During the quarter, the company sold a number of licenses forit'snew mobile payment app system, including custom developed apps with unique security features for specific targeted industries.
The company re-purchased at par value and cancelled 1 billion shares of its common stock in the first quarter.
The company hired a new CFO, a new COO and a seated a new Board Director also during the quarter.
MyECheckengaged auditors to audit its financial records dating back from 2009 to current. The company expects that the audit will be complete before the next reporting deadline, August 15 2014, and that complete audited financial statements from 2009 to current will be available at that time for filing with the appropriate reporting agency.
The Company also has been sponsored by Glendale Securities for its application for electronic clearing of its shares through the Depository Trust Company "DTC", and is awaiting final approval for DTC eligibility, currently pending.
