The Company will host a conference call at 4:05 p.m. ET/1:05 p.m. PT on October 24, 2018 to discuss the financial results and recent business developments. To participate in the call, please dial 1-530-881-1212, with ID Pin Code 615-253-385.
Life On Earth, Inc. Reports First Quarter Financials for Fiscal Year 2019 and Announces Conference Call
Revenues Increased 51% from Previous Quarter (Q4 ’18) and 31% Compared to the Prior Year’s First Quarter (Q1 ’18)
NEW YORK, Oct. 22, 2018 (GLOBE NEWSWIRE) — via OTC PR WIRE — Life On Earth, Inc. (OTCQB: LFER) (“Life on Earth” or the “Company”) reported results for its First Quarter Fiscal Year 2019, ending August 31, 2018.
Notable selected Company highlights from Q1 FY2019 included:
Revenues of $1.354 Million, up 31% year over year in the comparable quarter;
Revenues increased 51% in Q1 FY2019 vs Q4 FY2018 or $1.354 Million vs $898K
Assets increased for Q1 by nearly $1.3 Million to over $3.8 Million, a 50% increase;
Total Liabilities decreased by 10% or by $364,825
Settlement Debt decreased, in the quarter, by 63% from $560,000 to $205,000
Stockholders’ Equity swung from a negative ($1 Million) to a positive $670,880. First time in the company’s history, since being a public company, to achieve a positive shareholders’ equity.
Additional Company Highlights for the Q1 FY2019 included:
Completed the acquisition of the Chill Group, Inc., a Los Angeles, CA-based company and owner of the Just Chill brand;
Accelerated the process of integrating the operations of all wholly-owned subsidiaries; Energy Source, The Giant Beverage Co, Victoria’s Kitchen Brand, and the Chill Group (Just Chill).
Entered into a final Settlement Agreement with TCA Global to end a year-long litigation battle;
Began preparations to roll out the Victoria’s Kitchen and Just Chill to new DSD partners in California, New York and Upper Midwest;
Enhanced its innovation, supply chain and production team by adding two industry veterans. This will help the Company prepare for the ramp-up of production for the Spring season 2019.
“Our first quarter of fiscal 2019 was a record revenue quarter but we feel the revenue ramp is just beginning,” stated Mr. Fernando Oswaldo Leonzo, Life On Earth’s Chief Executive Officer. “We are in the final stages of fully integrating all our subsidiaries into one efficient operating company and we are very confident in the success of those plans. There are several key individuals, from our industry, that will be joining the company soon helping to enhance our Board of Directors and C-Level Management. They will help towards an eventual up-listing to a higher listed exchange. We were also able to accomplish significant financial milestones in the past quarter while paying off a significant portion of past legacy debt and increase the shareholders’ equity on our balance sheet,” he continued.