N1 Technologies Inc. Posts 2015 First Quarter Results

May 14, 2015, 09:00 ET from N1 Technologies Inc.

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

RELATED LINKS
Email:  info@N1Technologies.com

 

SOURCE N1 Technologies Inc.



RELATED LINKS

http://www.n1technologies.com