Shows a 180.3% improvement in revenues over the prior comparable period results and generates a GAAP net loss of $ 5.8 million.
Las Vegas, NV, November 22, 2021 (GLOBE NEWSWIRE) – 12 ReTech Corporation (OTC: RETC), today announced that it has filed its third quarter Form 10-Q with the United States Securities and Exchange Commission for the period ended September 30, 2021. These financial results represent the combined activities of the Company and its subsidiaries for the entire three-month and nine-month period ended September 30, 2021.
For the three-month period ended September 30, 2021, the Company reported gross sales of $ 190,876 compared to $ 68,052 for the same period in 2020. This represents an increase of $ 122,824 or 180.3%. It should be noted that most of the Company’s previous year’s income was in the pre-pandemic months of January and February 2020.
For the three-month period ended September 30, 2021, the Company’s GAAP net loss was $ 5,332,852, compared to a net gain of $ 6,675,769 for the comparable period in 2020. This represents a decrease of 11,981,724 $ 193.9% of the GAAP net loss in the third quarter. 2021 compared to the results for the comparable period of the previous financial year.
For the nine-month period ended September 30, 2021, the Company reported gross sales of $ 511,603 compared to $ 590,814 for the same period in 2020. This represents a decrease of $ 79,211 or 13.4%. It should be noted that most of the Company’s previous year’s income was in the pre-pandemic months of January and February 2020.
For the nine-month period ended September 30, 2021, the Company’s GAAP net loss was $ 7,504,971, compared to a net loss of $ 4,430,486 for the comparable period in 2020. This represents a decrease of 11,981,724 $ or 193.9% of the GAAP net loss during the nine months. 2021 compared to the results for the comparable period of the previous financial year.
Our GAAP financial results as published in our 10-Q report for the three and nine month periods ended September 30, 2021, are shown below. Readers are urged to review our 10-Q report for the three and nine month periods ending September 30, 2021, before making any investment decisions in 12 ReTech.
12 ReTech Corporation GAAP Consolidated Balance Sheet (unaudited)
12 Retech Corporation GAAP Consolidated Statements of Income (unaudited)
12 ReTech Corporation Condensed Consolidated Statement of Cash Flows (unaudited)
Angelo Ponzetta, CEO of 12 ReTech Corporation, said: âThe company has restored operations related to 12 Fashion Group and 12 Retail Corp store at Mohegan Sun Resort, and although the two operations are not at the pre-launch level. pandemic, we have made successful progress in getting there.
âOur 10-Q report for the quarter ended September 30, 2021, also briefly discusses a new effort to build a social shopping mobile app. I would like to expand our efforts here.
âWe are investing and developing a mobile social shopping application, which we plan to test in beta during the next holiday season. This APP will be designed to bring consumers to small family-owned retailers that compete with large retailers such as Walmart and Amazon. We anticipate that these small retailers, which have physical and e-commerce activities, should receive new customers by joining our network. We think they’ll be willing to pay us a fee when they sell something to their new customer base. We believe that small retailers generally do not have the resources to compete with larger companies that have the resources to take over a large chunk of the retail channel. Today, without our APP, small retailers could join forces with their larger competitors, only to have their ideas cannibalized through the same channels they use for marketing. Retailers in our network will pay us a fee when they receive a completed sales transaction. They won’t have to pay us for âpull-kicksâ. We will communicate our efforts as milestones are reached, but we are very excited about the potentially revolutionary nature of this app. “
On a non-GAAP basis, excluding non-cash financing costs, non-cash reserve expense and any change in derivative liabilities, the Company’s non-GAAP net loss in the third quarter of 2021 was 244,070 $ compared to a net non-GAAP loss of $ 278,653 in 2020. This represents a decrease of $ 34,583 or 12.4% of the non-GAAP net loss for fiscal 2021 compared to the results of the comparable period of the previous financial year. Management believes that the exclusion of non-cash funding, non-cash reserve expenses and changes in derivative liabilities gives readers a more accurate view of the operations of the Company for the three-month period ending September 30, 2021.
12 Comparison of the third quarter income statement of ReTech Corporation
On a non-GAAP basis, excluding non-cash funding costs, non-cash reserve expense and any change in derivative liabilities, the Company’s non-GAAP net loss for the 9 months of 2021 was of $ 1,154,307 compared to a non-GAAP net loss of $ 1,416,383 in 2020. This represents an improvement of $ 262,076 or 30.0% of the non-GAAP net loss for fiscal 2021 by compared to the results of the comparable period of the previous financial year. Management believes that the exclusion of non-cash funding, non-cash reserve expenses and changes in derivative liabilities gives readers a more accurate view of the operations of the Company for the nine-month period ending September 30, 2021.
12 Comparison of the income statement since the beginning of the year of ReTech Corporation
Please note that all references to numbers or data in Form 10-Q are limited or summarized for discussion purposes. For accurate and complete figures, data and disclosures, reference is made to the Form 10-Qon file with the SEC and available for reading at www.sec.gov.
Angelo Ponzetta commented: âThe key to our strategy for the future is the role of appropriate funding for operational growth and investment in research and development. We no longer plan to use the common funding mechanisms that plague our peers in OTC markets. Of course, we are considering funding opportunities that are much more reasonable than the funding we have taken in previous years. “
Angelo Ponzetta finished: âThe other problem that has hurt us is that our convertible note financings have caused a great dilution of our outstanding shares to our shareholders in recent years. The good news is that management believes that additional conversions entering the market through this mechanism could quickly disappear if we manage to secure other traditional sources of funding.
About 12 ReTech Corporation:
12 Retech Corporation is a vertically integrated omnichannel retailer. 12 ReTech’s technology team truly understands and develops what merchants need to thrive in today’s demanding retail environment. We give our retail customers the capabilities and tools that enable them to compete effectively with large retailers such as Amazon, Walmart and others.
For more information about our company, visit us at www.12ReTech.com. To learn more about our software, contact us in the US at (530) 539 4329 or [email protected]
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as: “anticipate”, “have l ‘intention’, ‘plan’, ‘goal’, ‘seek’, ‘believe’, ‘project’, ‘estimate’, ‘expect’, ‘strategy’, ‘future’, ‘likely’, ‘might’ , “should”, “will” and similar references to future periods.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based solely on our current beliefs, expectations and assumptions about the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances which are difficult to predict and many of which are beyond our control. Our actual results and financial condition may differ materially from those shown in forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, the following: the Company’s ability to successfully execute its turnaround strategy, changes in the costs of raw materials, labor and benefits, as well as general market conditions, competition and prices
Any forward-looking statement we make in this press release is based solely on information currently available to us and speaks only as of the date on which it is made. We assume no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Investor Relations Contacts:
Mark Gilbert Magellan FIN, LLC [email protected] 317-361-2392 (United States)
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