Market Overview

Peeks Social Announces Financial Results for the First Quarter Ended May 31, 2018

Share:

TORONTO, July 31, 2018 (GLOBE NEWSWIRE) -- Peeks Social Ltd. (TSXV:PEEK, OTCQB:PKSLF) ("Peeks Social" or the "Company") announced that the unaudited condensed consolidated interim financial statements ("Financial Statements") and Management's Discussion and Analysis ("MD&A") for the three months ended May 31, 2018 ("Q1 2019"), are now available on the Company's profile on SEDAR (www.sedar.com). The three months ended May 31, 2018, represent the first quarter of the Company's 2019 fiscal year.

It is important to note that this is the first reporting period of the Company following the completion of the acquisition of Personas.com Corporation ("Personas") in May 2018 (see press release dated May 8, 2018).  As the acquisition of Personas constituted a reverse acquisition, the Financial Statements are a continuation of the financial statements of Personas, and the comparative results are those of Personas, prior to the acquisition. Due to a change in the year end of Personas, the comparative Q1 2018 results represent the five months ended May 31, 2017 ("Q1 2018"), which should be taken into account when reviewing comparative numbers.

Select quarterly highlights include the following:

  • The Peeks Social platform generated gross revenue of $2.1 million during Q1 2019, up from $1.1 million during Q1 2018;
  • GAAP net loss decreased to $659,446 in Q1 2019 from $1,459,728 in Q1 2018;
  • GAAP net loss per share was $0.004 for Q1 2019 as compared to $0.013 for Q1 2018;
  • Users generated $1.44 million in gross customer deposits to the Peeks Social platform during the three months ended May 31, 2018, as compared to $773k for the three months ended May 31, 2017 (and as compared to $1.30 million for the three months ended February 28, 2018); and
  • User sessions were 6.20 million for the three months ended May 31, 2018, as compared to 5.13 million for the three months ended May 31, 2017 (and as compared to 6.26 million for the three months ended February 28, 2018).

Certain information provided in this news release is extracted from the unaudited condensed consolidated Financial Statements and MD&A of the Company for the three months ended May 31, 2018, and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the unaudited condensed consolidated Financial Statements and MD&A that an investor can properly analyze this information.

The Peeks Social app can be downloaded in either the Apple or Google app stores, or by visiting www.peeks.social.

For further information, please contact:

Peeks Social Ltd.
Mark Itwaru                                                                                           
Chairman & Chief Executive Officer                                                        
416-639-5335                                                                                        
mark@peeks.com                                                                               

David Vinokurov
Director Investor Relations
416-716-9281
davidv@peeks.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.

Primary Logo

View Comments and Join the Discussion!