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Findit, Inc. Reports Record 4th Quarter in Revenue Up 297% and Earnings Up 331%
Tuesday, January 28, 2020 8:47 AM
ATLANTA, GA / ACCESSWIRE / January 28, 2020 / Findit, Inc. (OTC PINK:FDIT) reported a revenue increase in the fourth quarter over the same period one year ago of 297%. With revenues of $225,057.00 versus $56,650.00, Findit, Inc. posted earnings for the 4th quarter ending December 31, 2019 of $38,863.00 versus a loss of ($16,808.00) over the same period one year ago. This is an increase of the same period last year of 331%.
Revenues for the 4th quarter has been a combination of revenue streams from our full-service social networking content management platform Findit.com and revenue from its B2B CBD Topical sales. Findit's recent focus on B2B sales in the third and fourth quarter of 2019 to major retailers and distributors Findit has been able to show an increase in revenue over the same period in 2018. Findit has generated sales through Major retailers in the United States to get its brand, Urban CBD Collective to consumers at affordable prices without the high cost of advertising.
As a result of reaching so many consumers throughout the U.S. by being in over 2,000 stores in the 3rd and 4th quarter of 2019, Findit is now in a situation to offer its full line of topical oils and lotions online at retail prices. This can increase profit margins while still providing our customers with price points that are very competitive and often lower than others in the CBD space.
Raymond Firth President stated "As we move forward in 2020 we will be looking at increasing online sales directly from Urban CBD Collective's website and other websites that want to carry the line. In addition to this we are extremely focused on introducing the newly revised Findit App in IOS and Android. We are hopeful that the new App features we are implementing that can be incredibly beneficial to members on Findit, will result in an increase of active daily users. We will be looking to monetize the App through traditional online advertising that will generate revenue from impressions and clicks."
With the increase in revenues and earnings in the past two quarters of 2019 Findit is seeking to become fully reporting so its shareholders and investors can rely on the financials reported moving forward. Findit announced in the fourth quarter that it has retained the law firm of Thomas Cook to draft and file its S1 Registration form and that it has retained the Auditing firm of Prager Metis CPAs.
