Axiologix, Inc. Files Report For First Fiscal Quarter Ending August 31, 2013 - Last Report Expected To Be Filed Via OTC Markets Prior To Re-Filing With The SEC
SARASOTA, Fla., Nov. 20, 2013 /PRNewswire/ -- Axiologix Inc. (www.axiologix.net) (Pinksheets: AXLX), an International Technology and Services Organization focused on delivering 'Cloud' telecom Products and Services, today announced that it has recently filed unaudited results for the three months ended August 31, 2013, via the OTC Markets Disclosure & News Service. The Company expects this to be the last report filed with the OTC Markets Disclosure Service prior to the filing of an SEC Form 10 with the Securities and Exchange Commission that will see the Company quoted on the OTC-QB market tier when effective.
Key results of the unaudited results were:
- Revenues of $187,336 for the quarter ending August 31, 2013 versus $207,600 revenues for the same quarter in the previous year.
- Gross margins dropped slightly to 92% for the current year, from 95% the previous year.
- EBITDA for the current quarter was a loss of $99,311 versus a loss of $80,786 for the same period the previous year.
- Net Loss for the year ending May 31, 2013 was $177,234 down slightly from $209,931 for the same period last year due to lower interest charges.
- Cash used in operations for the quarter was $58,714 versus cash generated of $10,404 for the prior year.
- Cash increased by $6,786 for the current quarter.
- Total Assets decreased by 3% while working capital deficit increased by 22% and total liabilities increased by 4% during the quarter.
Full details of the Company's Annual Report are accessible at http://www.otcmarkets.com/stock/AXLX/filings
Vincent Browne, Chairman and Chief Executive of Axiologix Inc. said, "This has been a very productive period for the business despite the flat results in the quarter to August. During that time and since the quarter end we successfully negotiated and completed a $5 million secured credit line with TCA as previously announced, that initially netted the business about $160,000 in new cash after fees. The funds have been carefully applied to move the business forward with one key result being that this will be the last report we will file under the alternative reporting standards of the OTC Markets. We are nearing completion of the audit of our prior two financial years and to filing a Form-10 to restore the company to fully reporting with the SEC once again, that will bring a heightened confidence in the financial performance and status of the business. Another important development from the TCA funding has been our ability to move our acquisition program forward with some positive announcements in that area due shortly."
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About Axiologix, Inc.
Axiologix Inc. is an International Technology and Services Organization focused on delivering Cloud-based telecom Products and Services to small and medium sized businesses primarily in the United States and to operators globally. Axiologix is headquartered in Florida, with international operations in Dublin, Ireland. Additional information may be found at www.axiologix.net
This press release contains forward-looking statements. Words such as "expects", "intends'', "believes", and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the Securities and Exchange Commission and the OTC Markets Group. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE Axiologix, Inc.