LAS VEGAS, NV--(NewMediaWire - Oct 26, 2017) - Freedom Leaf,
Inc. (OTCQB: FRLF), "The Marijuana Legalization
Company"™, presented its plans for the coming years at the
Alternative Asset Summit and ReLeaf seminar that took place at the
Encore at Wynn Hotel and Conference Center in Las Vegas, Monday and
Tuesday.
Freedom Leaf Co-Founders, Richard C. Cowan and CEO Clifford J.
Perry, along with EVP and Director Raymond P. Medeiros, spoke about
the founding of Freedom Leaf and the company's mission of Marijuana
Legalization as the basis for their plans for the future.
The event was produced by Victor Park, the
Principal and Founder of Alternative Assets, a fully integrated
hedge fund capital firm with three offices in the United States. In
addition, Mr. Park is a Founding Partner of the SALT
conference. Anthony Scaramucci, another SALT
co-founder, who was briefly President Trump's Communication
Director, also spoke at the event.
Richard Cowan, who has been involved in the Legalization
Movement over the past forty five years, took the opportunity to
ask Mr. Scaramucci what he thought Trump's marijuana policies might
be, to which Scaramucci replied, "That train has left the station."
And he said that the President has "no interest" in trying to
re-impose prohibition.
Alan Stone, Managing Director of Wall Street Research, which has
released a report on FRLF, stated, "As the
Chair of the ReLeaf Summit portion of the conference, I was
impressed with the caliber of the companies attending and
presenting at the Cannabis section. Freedom Leaf, Inc. participated
and was of keen interest to many of the investors
attending."
"This summit provided an opportunity to meet a lot of
influencers who will play an important role in the economic future
of the Cannabis/Hemp industry," stated Clifford J. Perry, CEO of
Freedom Leaf Inc. "I look forward to working with many of these
people in the near future."
The Alternative Asset Summit is unique in that it brings
together the highest concentration of leading hedge fund managers,
institutional investors and high net worth individuals to one
venue. Given the smaller and selective attendance comprised largely
of friends and friends of friends, the Summit generates 3 days of
hyper-networking and concentrated open and insightful discussions.
Topics of discussion covered Market Projections, Benchmark Data
& Industry Outlook, Following the Money in Cannabis: Where and
how to Invest in the Cannabis Industry and Raise Capital for Your
Cannabis Business, Investment insights, What's New in CBD, Real
Estate, Mid Tech, Banking and Upcoming proposed Cannabis
legislation.
Projected Sales for Fiscal Year Ending June 30,
2018
Management projects that sales for Fiscal Year ending June 30,
2018 will be $2,950,000 compared with the June 30, 2017 fiscal year
of $817,457 with a projected net profit for the first time in the
company's history. For a breakdown by category please go
here.
Financial Information from the Freedom Leaf 10-K dated
June 30, 2017
GAAP From Form 10-K dated June 30,
2017
The Company had sales
of $817,457, a 580% increase over the last fiscal year, with net
losses of $910,650 for the year ended June 30, 2017, compared to
sales of $118,473 with net losses of $3,011,220 for the year ended
June 30, 2016. For the complete GAAP information taken from
the 10-K go here.
Adjusted Net Loss
In addition to reporting net loss from operations as defined
under generally accepted accounting principles ("GAAP"), the
Company presents adjusted net earnings from operations (adjusted
net earnings), which is a non-GAAP performance
measure. Adjusted net earnings consist of net loss from
operations after adjustment for those items shown in the table
below. Adjusted net earnings does not represent, and should
not be considered an alternative to, GAAP measurements such as net
loss from operations (its most comparable GAAP financial measure),
and the Company's calculations thereof may not be comparable to
similarly titled measures reported by other companies. By
eliminating the items shown below, the Company believes that the
measure is useful to investors because similar measures are
frequently used by securities analysts, investors, and other
interested parties in their evaluation of companies. The
Company's management does not view adjusted net earnings in
isolation and also uses other measurements, such as net loss from
operation and revenues to measure operating performance. The
following table provides a reconciliation of net loss from
operations, the most directly comparable GAAP measure, to adjusted
net earnings for the periods presented.
The Adjusted Net
Loss for 2016 was ($2,721,046) while for 2017 it was ($809,988).
For the complete Adjusted Net Loss information taken from the 10-K
go here.
Adjusted EBITDA
In addition to reporting net loss from operations as defined
under GAAP, the Company also presents adjusted net earnings before
interest, income taxes, depreciation, depletion, and amortization
from operations (adjusted EBITDA), which is a non-GAAP performance
measure. Adjusted EBITDA consists of net loss from operations
after adjustment for those items shown in the table
below. Adjusted EBITDA does not represent, and should not be
considered an alternative to, GAAP measurements such as net loss
from operations (its most comparable GAAP financial measure), and
the Company's calculations thereof may not be comparable to
similarly titled measures reported by other companies.
By eliminating the items shown below, the Company believes the
measure is useful in evaluating its fundamental core operating
performance. The Company also believes that adjusted EBITDA is
useful to investors because similar measures are frequently used by
securities analysts, investors, and other interested parties in
their evaluation of companies. The Company's management uses
adjusted EBITDA to manage its business, including in preparing its
annual operating budget and financial projections. The
Company's management does not view adjusted EBITDA in isolation and
also uses other measurements, such as net loss from operations and
revenues to measure operating performance. The following table
provides a reconciliation of net loss from operations, the most
directly comparable GAAP measure, to adjusted EBITDA for the
periods presented.
The
Adjusted EBITDA for 2016 was ($457,889) while
the Adjusted EBITDA for 2017 was ($18,038). For the complete
Adjusted EBITDA information taken from the
10-K go here.
About Freedom Leaf
Freedom Leaf, Inc., The Marijuana Legalization Company™, is a
fully reporting and audited, publicly traded company trading under
the symbol (OTCQB: FRLF). Freedom Leaf, Inc. is a leading
go-to resource in the cannabis, medical marijuana, and industrial
hemp industry. It is involved in mergers and acquisitions and
business consulting in the marijuana industry, including
incubation/acceleration and spin offs of new marijuana/hemp related
companies.
Freedom Leaf, Inc.'s flagship publication is Freedom Leaf
Magazine, "The Good News in Marijuana Reform". The company produces
a portfolio of news, print and digital multi-media verticals,
websites, blogs and web advertising, for the ever-changing emerging
cannabis, medical marijuana and industrial hemp industry.
Freedom Leaf, Inc. does not handle, grow, sell, or
dispense marijuana.
All of our European activities are in full compliance with relevant
EU laws.
Investor relations information can be found on
the FreedomLeafInc.com company
website.
Safe Harbor Statement
Statements in this press release that are not strictly
historical are "forward-looking" statements within the meaning of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements, including any financial projections
above, generally can be identified by phrases such as Freedom Leaf,
Inc. or its management "believes," "expects," "anticipates,"
"foresees," "forecasts," "estimates" "projections" or other words
or phrases of similar import. Similarly, statements herein that
describe the Company's business strategy, outlook, objectives,
plans, intentions or goals also are forward-looking statements. All
such forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those in forward-looking statements. Factors that could cause
or contribute to differences include the uncertainty regarding
viability and market acceptance of the Company's products and
services, changes in relationships with third parties, and other
factors described in the Company's most recent periodic filings
with the Securities and Exchange Commission, including its Annual
Report on Form 10-K dated June 30, 2017 and quarterly reports on
Form 10-Q.