“Revenues
During the year ended June 30, 2019, we generated $1,789,823 of revenues, compared to revenues of $1,128,245 during the year ended June 30, 2018. The increase of $661,578 or 59% was primarily due to recent expansion of our platform that enables us to sell more to a single customer, increasing our per customer revenue and the initial expansion of our services into additional states. Cash received from customers increased from $1,229,242 to $1,928,917 or 57% increase for the period. However, the growth in GAAP basis revenue was lower due solely to the timing of recognition of deferred revenue. Our market penetration is still below 25% in Colorado and less than 1% in other states. Management expects to have continued high quarter over quarter revenue growth as we expand our platform and our geographical service area.
The overall focus of the company is to continue to grow topline revenue while expanding the geographic footprint of operations. We will continue to broaden the Leafbuyer technology platform to increase the opportunity for customer value creation and upsell of our product line. Anticipated growth will come from both organic sources and acquisitions. The company is constantly looking for acquisitions to complement the current platform and expand geographic reach.
Expenses
During the year ended June 30, 2019, we incurred total expenses of $7,663,946, including $7,382,985 in general and administrative expenses, and $280,961 in selling expenses. During the year ended June 30, 2018, we incurred total expenses of $4,077,379, including $3,870,548 in general and administrative expenses, and $206,831 in selling expenses. The increase of $3,586,567 or 88% was primarily due to the expansion of our sales and account management team, our overall marketing of our services and $2,285,543 in stock-based compensation for employees and contractors during the year ended June 30, 2019. Management does not expect the general and administrative expenses to continue to increase as management focuses on getting current operations to positive cash flow.”
I’m using $1,928,917 as my revenue number for the quarter when considering actual cash received from customers.
$1928917 - 1297000 (total revenue of first 3 quarters) = $632,000 revenue for Q4 when considering deferred revenue. 632-489 (revs from Q3) = 143. 143 / 489 = 29.24% actual growth QoQ.
AI
