ParcelPal Technology, Inc. Reports First Quarter 2020 Results Highlighted by Quarterly year over year Revenue Growth of 43% - Seite 2

 

Management and director fees in Q1 decreased to $nil (Q1 2019 - $75,000) as the Company reduced fees to reduce overhead costs and conserve cash in the current period.
 

Share-based compensation in Q1 decreased to $42,687 (Q1 2019 - $405,752) due to fewer stock options being granted during the current period.
 

During the three months ended March 31, 2020, the Company had a net loss of $866,173 compared to $1,404,056 (a decrease of 38%) during the three months ended March  31, 2019. 

Subsequent to the period ended March 31, 2020, a few notable events occurred:

• On April 14, 2020, the Company completed a non-brokered private placement of US$367,500.
   
• On May 6, 2020, the Company granted 2,875,000 stock options to directors, officers and consultants of the Company. The options have an exercise price of $0.09 per option and expire on May 6, 2025.
   
• On June 18, 2020, the Company went live in Toronto and deliveries are now being made to consumers.

Outlook

The Company's strategic priorities for the remainder of fiscal 2020 include:

• Continued development of the ParcelPal product through a series of build-measure-learn iterations and moving beyond the restaurant vertical.
   
• Building an exceptional and world-class brand with a focus on high quality content.
   
• Increasing the number of merchants and users using the ParcelPal platform.
   
• Using data, technology, and inbound selling to ramp up sales and revenue generation.
   
• Continued expansion into large markets in Canada and also planning the Company’s entry into the United States market.

The Company's complete financial results are available in its unaudited financial statements and Management's Discussion & Analysis for the quarter ended March 31, 2020, each of which have been filed with Canadian securities regulators at www.sedar.com.

About ParcelPal Technology Inc.

ParcelPal is a leader in the growing technology and logistics industry. ParcelPal seamlessly connects consumers to businesses, where they have access to the goods they love, anytime, anywhere. Customers can shop at partner businesses and through the ParcelPal technology receive their purchased goods within an hour or the same day.  The Company offers on-demand delivery of merchandise from leading retailers, restaurants, medical marijuana dispensaries and liquor stores in Vancouver, Calgary, Saskatoon, Toronto and soon in major cities Canada-wide.