N1 Technologies Inc. Posts 2015 First Quarter Results

News provided by

May 14, 2015, 09:00 ET

BELIZE CITY, Belize, May 14, 2015 /PRNewswire/ -- The directors and management of N1 Technologies Inc. (OTC PINK: NTCHF) today reported results for the fiscal 2015 first quarter ended March 31, 2015. Net sales for the fiscal 2015 first quarter were $219,213 compared to $15,662 for the same quarter of fiscal 2014. "We're making good progress executing our transformation agenda. Our solid first quarter positions us well to deliver our full year 2015 outlook and 2016 margin targets," said Steve Lovern, President & CEO. "We remain intently focused on productivity and cost reduction to drive strong margin expansion and earnings growth. This enables continued investment in our established brands, supply chain, and sales and distribution capabilities to drive sustainable revenue and earnings growth." On a reported basis, net revenues were $219,213 up 1400 percent over the previous year.

Outlook
For 2015, the company continues to expect Organic Net Revenue growth of at least 10 percent, Adjusted Operating Income margin of approximately 14 percent. "Our continued effort to grow our Sales Force and create new relationships with retailers, distributors and corporate partners is expected to double by Q4 2015," stated CEO Steve Lovern.

The company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP" or referred to herein as "Reported"). However, management believes that certain non-GAAP financial measures should be considered when assessing the company's ongoing performance to provide more complete information on the factors and trends affecting the company's business. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the company's performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's Reported results prepared in accordance with GAAP. In addition, the non-GAAP measures the company uses may differ from non-GAAP measures used by other companies. Because GAAP financial measures on a forward-looking basis are neither accessible nor deemed to be significantly different from the non-GAAP financial measures, and reconciling information is not available without unreasonable effort, the company has not provided that information with regard to the non-GAAP financial measures in the company's Outlook.

N1 Technologies, Inc. Balance Sheet As of March 31, 2015

Mar 31, 15
ASSETS
Current Assets
Checking/Savings
Regions	1,953
PayPal	36,612
Total Checking/Savings	38,566
Other Current Assets
Loan due from/(to) NanoSave	(84,000)
Loan due from/(to) Shareholder
Principal	183,205
Interest receivable	22,204
Total Loan due from/(to) Shareholder	205,409
Total Other Current Assets	121,409
Total Current Assets	159,974
Fixed Assets
Signage
Cost	809
Accumulated Depreciation	(2)
Total Signage	807
Computer Equipment
Cost	7,998
Accumulated Depreciation	(3,485)
Total Computer Equipment	4,512
Chrysler vehicle
Cost	7,604
Accumulated Depreciation	(6,464)
Total Chrysler vehicle	1,140
Furniture and Equipment
Cost	3,060
Accumulated Depreciation	(1,597)
Total Furniture and Equipment	1,463
Total Fixed Assets	7,922
Other Assets
Patent - N1 NanoSave
Cost	1,542,234
Accumulated Amortization	(267,947)
Total Patent - N1 NanoSave	1,274,287

Patent - Tungsten Hull Coat
Cost	2,003,600
Accumulated Amortization	(125,165)
Total Patent - Tungsten Hull Coat	1,878,435
Patent - Tungstalon
Cost	1,730,747
Accumulated Amortization	(35,761)
Total Patent - Tungstalon	1,694,986
Patent - NanoBolt
Cost	17,800
Accumulated Amortization	(76)
Total Patent - NanoBolt	17,724
Patent - RF Superbooster
Cost	2,000,000
Accumulated Amortization	(325,000)
Total Patent - RF Superbooster	1,675,000
Patent - Fridgenator
Cost	2,000,000
Accumulated Amortization	(325,000)
Total Patent - Fridgenator	1,675,000
Security Deposit - Rent	4,116
Total Other Assets	8,219,549
TOTAL ASSETS	8,387,445
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Credit Cards
Capital One	(6)
Total Credit Cards	(6)
Total Current Liabilities	(6)
Total Liabilities	(6)
Equity
Capital Stock	6,813,939
Share Premium	4,000,000
Equity Financing Costs	(380,908)
Retained Earnings	(1,671,541)
Net Income	(272,247)
Total Equity	8,489,243
TOTAL LIABILITIES & EQUITY	8,489,237

FORWARD-LOOKING INFORMATION
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

http://www.N1Technologies.com