Cuentas Inc (CUEN)

[Arthur]

$20M of revenue for the first 3 months of 2018 is not bad at all, but that's half of last Q's revenue. Is LimeCom's business seasonal in nature ?

The first quarter of each calendar year is our seasonally lowest revenue

$739,745 gross profit, ($130,811) operating loss.

As of March 31, 2018, the Company did not have adequate authorized common shares to fulfill its obligations under certain agreements. Specifically, the Company has committed to issue common shares in excess of authorized totaling 28,290,490; has 31,613,142 options to purchase common stock issued of which 24,946,476 are exercisable and has outstanding convertible accrued interest on a convertible note payable the the holder of which has the right to convert into 455,215 shares of common stock as of March 31.

The Company is actively working to remedy the common shares committed to be issued beyond its total authorized and is currently assessing increasing the authorized common shares or effecting a reverse stock split.

NOTE 10 – CUSTOMER CONCENTRATION
The Company generated approximately 57% of its revenues for the three months ended March 31, 2018 from four separate customers.

LimeCom is a very lean company, generating $26M of sales with $271K of expenses.
Compare to subsidiary NGH, $500K of revenues for $804K of expenses.