Sugarmade Inc (SGMD)

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SUGARMADE FILES QUARTERLY RESULTS PROVIDES INVESTOR UPDATE
Mr. No Face, CEO of Sugarmade commented, "The filing of our financial results has been delayed as we revamped our financial team and systems in order to manage the strong growth we are currently realizing and to prepare for the growth we are forecasting for future periods. While we have experienced growing pains, the good news is we have implemented some strong systems and augmented our financial staffs, which will allow us to be more timely in future reporting. We will be back on track with our reporting very soon. We continue to believe our future is very bright, as we expand our operations and rapidly expand our revenue base."

Financial Reporting - Sugarmade has now filed its results for the quarter ending September 30, 2018 and is in process of finalizing reports for the quarters ending December 31, 2017 and March 30, 2018. Much of the delay in reporting was caused by personnel augmentations relating to the significant expansion of revenues and operations that is occurring. Sugarmade expects to return the Company to fully reporting status over the short term and sees no major issues moving forward relative to timely financial reporting.

Financial Staff and Functions The accounting and financial staffs at Sugarmade have been significantly expanded with these new individuals mainly concentrating on integrating new revenues streams into the previously existing and newly installed financial management systems. These integrations have largely been completed, significantly streamlining the overall reporting function.