NEW YORK, Aug. 20, 2019 /PRNewswire/ -- VNUE, Inc. (OTC: VNUE) yesterday posted its financials for the second quarter of 2019, sharing impressive results from where the company was just a year ago.
- The Company's revenues for the three months ended June 30, 2019, were $65,544 compared to $5,341 for the same period ended June 30, 2018.
- For the six months ended June 30, 2019, revenues were $88,100 compared to $20,824 for the same period ended June 30, 2018.
- The gross margin percentage for the three months ended June 30, 2019, was 38.8% compared to negative 167.3% for the same period ended June 30, 2018.
- The gross margin percentage for the six months ended June 30, 2019, was negative 11.2% compared to negative 79.6% for the same period ended June 30, 2018.
Excluding non-cash stock-based compensation expense, the Company's general and administrative expense for the six months ended June 30, 2019, dropped from $413,447 for the six months ended June 30, 2018, to $241,942, a reduction of $171,505, or 41.5%.
"All of our hard work during the past year, as well as the year prior, is starting to materialize in terms of revenue and positive margin as the company continues its march into execution territory," said Zach Bair, Chairman and CEO of VNUE. "I am pleased with the advances we've made in 2019 and we expect this trend to continue. In addition to progress we've made on the revenue side, we have also at the same time very significantly reduced our cash overhead expenses. Also, during 2019, and as a demonstration of my continued commitment to the company, I converted $52,700 of my accrued compensation into common stock. In summary, my team and I all remain intensely focused on achieving our goals at VNUE for the benefit of our shareholders."
About VNUE, Inc. (www.vnue.com)
VNUE, Inc., (OTC: VNUE) is a leading music technology company dedicated to further monetizing the live music experience for artists, labels, writers, and publishers, with products such as its set.fm instant content distribution platform, exclusive license partner and "instant live" pioneer DiscLive (www.disclive.net), and protecting the rights of artists and writers with the company's groundbreaking Soundstr music recognition technology (MRT) platform (www.soundstr.com). The veteran entrepreneurs, artists and songwriters behind VNUE are passionate about the future of their industry and ensuring that rights holders' value is not lost amid always-changing technology. For more information, please visit www.vnue.com.
Certain statements and information in this press release are forward-looking statements and may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this press release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements based on our current plans and expectations and are subject to risks, uncertainties, and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business which could prevent the prompt implementation of any strategically significant plan(s) outlined above. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date of this release.
SOURCE VNUE, Inc.