LAS VEGAS, NV--(Marketwired - Aug 28, 2017) - mCig Inc., ( OTCQB : MCIG ), announced today that it has filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the year ended April 30, 2017. The report is available on MCIG's website at www.mciggroup.com.
MCIG recorded a record-breaking year. MCIG saw tremendous growth in its revenue, net earnings, cash position, and balance sheet. Highlights of the Annual Report include:
– Our revenue from continuing operations for FY2017 was $4,777,072 compared to $1,723,421 from the previous year, an increase of $3,053,651 or approximately 277% – Our gross profit for FY2017 was $1,896,029 compared to $290,773 from the previous year – Our operating expenses decreased by $732,688 to $967,040 for FY2017, from $1,699,728 for the previous year – Our net operating income increased by $2,337,944 to $929,989 for FY2017 from a net loss of $1,408,955 for the previous year. – MCIG recorded a $1,527,352 net profit, $1,539,233 EBITDA, and a $32,685 adjusted net income. – MCIG completed 7 acquisitions throughout the year and sold one asset.
"This has been a record year for mCig and its shareholders. MCIG has seen tremendous improvements in revenue, gross profits, net profits, cash position, CAGR, and shareholder value. MCIG has done this with no toxic debt. With our new and innovative solutions that are projected to have a significant impact on our future financial statements rolling out shortly, the MCIG story will continue to be exciting," says Paul Rosenberg, the company's Chief Executive Officer. He went on to say, "We expect to continue to see organic and acquisition revenues to grow, strengthening the MCIG name in the cannabis industry. I encourage all our shareholders to download our Annual Report to review where we came from and see where we are headed."
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