PotNetwork Holdings, Inc. Announces Partial Debt Retirement of $1.2 Million. READ!!!!!!
PUBLISHED TUE, MAY 8 2018 • 6:00 AM EDT
Globe News Wire
With $6.3 Million in Revenues for Q1 of 2018, and Steps Taken to Reduce Debt, Company on Clear Track to Outperform 2017
FORT LAUDERDALE, Fla., May 08, 2018 (GLOBE NEWSWIRE) -- PotNetwork Holdings, Inc. (OTC Pink:POTN) is pleased to announce a debt retirement of $1.2 million. With less than $1.7 million in debt still outstanding in Q2, the Company is positioned to meet and exceed growth expectations for 2018.
During the first quarter, the Company reached an agreement with a debt holder exchanging a $1.2 million convertible promissory note for common stock purchase warrants at $.25 per share, effectuating a shift in debt to equity. With now less than $1.7 million in overall notes payable, the Company has taken a significant step forward toward improving its ratio of assets to liabilities, reducing its debt service, and improving its overall financial metrics.
The company recently announced record breaking sales performance results for March 2018. With over $2.2 million in sales revenue recorded across the month, the company has posted a 152% year over year increase when compared with March of 2017.
With over $6.3 million in revenues recorded for Q1 of 2018, PotNetwork Holdings, Inc. is well on track to exceed its performance from 2017. The company recently announced the release of audited consolidated financial statements reporting 2017 sales of $14.5 million.
