DENVER, CO / ACCESSWIRE / August 15, 2019 / Advantego Corporation (OTCQB:ADGO) today announced financial results for the second quarter and six months ended June 30, 2019.
For the second quarter, Advantego recorded sales from its E-Lobby and Premium Directory Listing product lines of $21,066 (with and additional $45,358 deferred to subsequent periods) with a net loss of $744,993, equal to a net loss of four cents per share, on 17,077,371 basic weighted average shares outstanding compared with sales of $71,267 during the similar period in 2018 resulting in a net loss of $244,642, equal to two cent per share, on basic weighted average shares outstanding of 16,010,976.
For the six months period, the Company recorded $29,391 in sales compared with the $115,244 in 2018 with the sales for the six months. The net loss for the six months period of 2019 was $1,345,407, equal to a net loss of eight cents per share, compared with the similar period's 2018 loss of $488,478, equal to a net loss of three cents per share. Basic weighted average shares outstanding for the first half of 2019 were 16,896,102 compared with 15,766,973 in the 2018 period.
"During the quarter we allocated most of our resources to product development and R&D, which have not been a major focus in the past but which we forecast to reap great benefits in the near future," according to CEO Robert (Rob) W. Ferguson.
Ferguson continued: "We will be rolling out new products over the second half of the year as Beta testing is completed, foremost of which is an expanded financial reporting suite of products including an expanded version of our Convertible Note Disclosure Report (CNDR) as our 'bookend'. Our ASKA acquisition will also become fully transitioned soon. In addition, we plan for our newly-developed electronic hardware products to become production-ready shortly and hitting the market in the fourth quarter."
He concluded: "Now with a stable foundation to build on, we expect to make gains in sales in the second half of the year with our current products and services and add to that with new products and services primarily in the audiological and financial industries."
Reviewed, unaudited financial statements for the second quarter and first half of 2019 are available on the Company's website: www.advantego.com.
Advantego Corporation (OTCQB:ADGO) is a business solutions provider that develops stand-alone digital delivery systems, electronic and enterprise software products to capitalize on niche opportunities within a specific market. The Company leverages a proprietary Intelligent Solution Platform, combining leading third-party, cutting-edge technologies with existing data and systems to deliver a turnkey specialized Business Process as a Service (BPaaS) that is both scalable and cost-effective. The Company offers a variety of stand-alone products and services tailored specifically to targeted industries, combining these with multiple software applications for large enterprises, affiliate networks and franchise operators as comprehensive, managed bundled solutions. The Company's services also include product design, engineering and OEM manufacturing of hardware products. In addition, it licenses and distributes third-party proprietary software and hardware from a host of Strategic Partners. Website: www.advantego.com. Twitter: @Advantego.
FORWARD LOOKING STATEMENTS
This news release may contain forward-looking statements within the meaning of the Securities Act. As a general matter, forward-looking statements may reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be identified using forward-looking terminology such as 'may', 'will', 'expects', 'plans', 'estimates', 'anticipates', 'projects', 'intends', 'believes', 'outlook" and similar expressions. The forward-looking statements contained in this news release are based upon our historical performance, current plans, estimates, expectations and other factors we believe are appropriate under the circumstances. The inclusion of this forward-looking information is inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; our projected operating results; estimates relating to our ability to make distributions to our stockholders in the future and economic trends.
GREG McANDREWS & ASSOCIATES
Gregory A. McAndrews
SOURCE: Advantego Corporation
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