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Digipath, Inc. Announces First Fiscal Quarter 2017 Results

Dienstag, 14.02.2017 15:05 von

PR Newswire

LAS VEGAS, Feb. 14, 2017 /PRNewswire/ -- Digipath, Inc. (OTCBB and OTCQB: DIGP), a growth oriented independent testing laboratory and media firm focused on the developing cannabis market, today announced financial and operating results for the three months ended December 31, 2016.

First Fiscal Quarter 2017 Company Highlights

  • We have serviced 49 out of the 91 potential customers in the Southern Nevada market and about 36 of those are current regularly producing clients
  • Ended quarter with $409,751 of net sales through our state-of-the-art Nevada cannabis testing lab, a quarter over quarter growth rate of approximately 32% from the previous quarter's net sales of $311,153, and a 301% increase on a year over year basis
  • Reduced our net loss by 93% over the comparative quarter, or $(1,606,701), from $(1,732,861) for the comparative three months ended December 31, 2015 to $(126,160) for the three months ended December 31, 2016
  • Realized a positive net cash flow from operating activities and decreased our net cash used in investing activities by approximately $65,000, or 97%, from the comparative three months ended December 31, 2015
  • Our Adjusted EBITDA for the quarter was $(86,637), compared to Adjusted EBITDA of $(164,907) for the previous fiscal quarter, an improvement of approximately 47% on a quarter over quarter basis
  • Our Adjusted EBITDA for the three months ended December 31, 2016 was $(86,637), compared to Adjusted EBITDA of $(366,570) for the comparative three months ended December 31, 2015, an improvement of approximately 76% on a year over year basis

Adjusted EBITDA

We define Adjusted EBITDA as net earnings (loss) before (i) other income (expense), (ii) interest income, (iii) interest expense, (iv) bad debts, (v) depreciation and amortization, (vi) impairment of development costs, (vii) non-cash expenses relating to share based payments recognized under ASC Topic 718, (viii) gain on early extinguishment of debt, and (ix) equity in losses of unconsolidated entity. We believe the use of this non-GAAP financial measure provides useful information to investors regarding our current financial performance; however, Adjusted EBITDA does not represent, and should not be considered an alternative to GAAP measurements. Specifically, we believe Adjusted EBITDA results provide useful information to both management and investors by excluding certain income and expenses that our management believes are not indicative of our core operating results, we believe that non-GAAP financial measures have limitations and do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP and that Adjusted EBITDA should only be used to evaluate our results of operations in conjunction with the corresponding GAAP financial measures. A reconciliation of Adjusted EBITDA to net loss is included below:

DIGIPATH, INC. AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(Unaudited)








For the Three Months Ended



December 31,



2016


2015






Net loss


$       (126,160)


$    (1,732,861)

Add back:





Other income


(154,000)


(18,000)

Interest income


(2,500)


(2,500)

Bad debts expense


16,950


289,771

Depreciation and amortization


61,653


61,092

Stock based compensation


117,420


109,810

Gain on early extinguishment of debt


-


(12,133)

Equity in losses of unconsolidated entity


-


938,251

Adjusted EBITDA


$         (86,637)


$       (366,570)

 

Management Comment

"Our first fiscal quarter of 2017 demonstrated strong growth over our first fiscal quarter of 2016, and continued growth on a quarter over quarter basis as our cannabis testing in Las Vegas continues to grow. We are extremely pleased with our increasing revenues and implementation of our plan of operations. We have gained more market share than we had conservatively estimated by this time and are pleased to report that we have performed testing services for 49 of the potential 91 customers in Southern Nevada that have been granted final certificates of operation from the State of Nevada. We further anticipate that the number of potential customers with State certificates will at least double when recreational cannabis begins production later this year and with 42 million people visiting Las Vegas every year will probably have to double again in 2018. We have realized positive cash flows from operating activities and believe we are poised to aggressively expand our footprint as we demonstrate the success of our Las Vegas lab and take advantage of the recently passed recreational cannabis laws in Nevada," explains Digipath COO, Todd Denkin.

About Digipath, Inc. (OTCQB: DIGP)
Digipath, Inc., supports the cannabis industry's best practices for reliable testing, cannabis education and training, and brings unbiased cannabis news coverage to the cannabis industry.

Information about Forward-Looking Statements
This press release contains "forward-looking statements" that include information relating to future events. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the Company's need for additional funding, the demand for the Company's products, governmental regulation of the cannabis industry, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other risks that may be detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting Digipath, please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact
Harrison Phillips
Viridian Capital Advisors, LLC
212-209-3086
hphillips@viridianca.com

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/digipath-inc-announces-first-fiscal-quarter-2017-results-300406773.html

SOURCE DigiPath, Inc.