TORONTO, ON--(Marketwired - July 31, 2017) - Peeks Social Ltd. (TSX VENTURE: PEEK) (PKSLF) ("Peeks" or "the Company") is pleased to announced that it has reported licensing revenue derived from the Peeks Social platform of $102,914 for the three months ended May 31, 2017. Early stage licensing revenues generated from the Peeks Social platform have increased to $102,914 in Q1 2018 from $49,150 in Q4 2017 and $3,434 in Q3 2017. The increase represents a 109% increase quarter-over-quarter from Q4 2017 to Q1 2018. The Company has a fiscal year end of February 28. The Peeks platform was launched in November 2016.
The Company also announced that the unaudited Financial Statements and Management's Discussion and Analysis ("MD&A") for the first quarter ended May 31, 2017, are now available on the Company's profile on SEDAR (www.sedar.com). Certain information provided in this news release is extracted from these documents and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the unaudited Financial Statements and MD&A that an investor can properly analyze this information.
Q1 2018 represents the three months ended May 31, 2017. Select highlights from the quarter include the following:
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Q1 2018 total revenue was $103,144 as compared to $25,901 for Q1 2017. Revenues of the comparative period related solely to advertisements on the now retired Keek products.
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Q1 2018 net loss was $1,889,327 as compared to $973,380 for Q1 2017. Net loss for Q1 2018 includes $626,972 of stock-based compensation, $1,016,787 of marketing expenses, and was offset by gains on settlement of debts of $305,975 (Q1 2017 - $215,750, $51,376, and $39,135 respectively).
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Q1 2018 net loss per share was $0.03 as compared to $0.02 for Q1 2017.
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Q1 2018 cash balance was $6,232,689 as compared to $517,043 for Q1 2017.
"We are very pleased with the continued performance of the Peeks Social platform. In our first few months we have seen strong and steady growth," said Mark Itwaru, CEO of Peeks Social Ltd. "Our users are transacting with each other every day inside the platform, with approximately $1.5 million (gross) of transactions between users in the first seven months alone. We continue to fine tune the service to maximize the amount of money generated on a per-user basis. Several new revenue generating features will appear in the service in the upcoming months. We are also investing heavily in marketing to amplify the growth; I look forward to seeing that reflected in the next several quarters' revenue."