ParcelPal Technology, Inc. Reports Record Third Quarter 2020 Financial Results Highlighted by Quarterly year over year Revenue Growth of 13% - Seite 2

CEO Rich Wheeless stated, "I am very pleased that in this third quarter we made significant headway in executing our shift and focus into B2B sales, while simultaneously with increased revenues. As noted above, in this third quarter we were faced with increased (including a number of temporary) expansion and strategic costs, as well as having incurred certain previously unaccrued costs by prior management. With all of this being said, we are in a strong position to have a solid Q4 and to remain strong heading into the 2021 calendar year. We will continue to execute on our effective growth plan, which is a combination of organic growth and potential acquisitions, if and as they arise and add value to our Company and for our shareholders. I am excited about the future of this Company, and know that our efforts are working, as demonstrated by the recent announcement that October 2020 was our first profitable month, ever. Further, I hope to announce additional profitable months as we continue to scale. I look forward to providing new and additional information in upcoming quarters.”

Q3 2020 Financial Highlights:

• Revenue growth of nearly 13% to $1,466,528 (up from $1,299,275 in Q3 2019). Note: this was a record revenue high for Q3 since inception of the company. Note: the Company’s revenue for the nine months ended September 30, 2020 is $4,012,441 compared to $2,841,162 (an increase of 41%) during the nine months ended September 30, 2019.
  
  
• Decreased expenses on non-profitable marketing and promotions to $16,655 (Q3 2019 - $270,876) in an effort to conserve cash and focus on operational growth.
  
  
• Consulting fees in Q3 decreased to $39,295 (Q3 2019 - $114,761) as the Company reduced such expenses to reduce overhead costs and conserve cash in the current period. We expect these consulting fees to be significantly reduced further on a going forward basis.
  
  
• Share-based compensation in Q3 decreased to $34,827 (Q3 2019 - $152,895) due to fewer stock options and other stock based compensation being granted during the current period.
  
  
• During the three months ended September 30, 2020 the Company had a net loss of $1,095,404 compared to $713,241 (an increase of 52%) during the three months ended September 30, 2019. Note: the Company’s net loss for the nine months ended September 30, 2020 is $2,817,710 compared to $3,970,290 (a decrease of 29%) during the nine months ended September 30, 2019.