ValueSetters Announces Net Income of $131,129 for Fiscal Year 2018
July 30 2018 - 3:40PM
InvestorsHub NewsWire
ValueSetters
Announces Net Income of $131,129 for Fiscal Year
2018
Highlights:
Net income of
$131,129 vs. loss of $828,121 in the previous year
417% increase in
revenues
Operating loss
reduction of 65%
40% reduction in
interest expense
Working capital
improvement of $2,051,712
Boston, MA -- July
30,
2018 -- InvestorsHub
NewsWire -- ValueSetters,
Inc. (OTC:VSTR)
announced earnings of $131,129 for fiscal 2018. "We are pleased
with the progress we have made in such a short time," said Cecilia
Lenk, CEO. "In the past year, we have been able to grow revenues by
over 400%, report positive net income, cut our operating loss by
more than 60%, restructure our debt, and significantly improve our
working capital position. We made several acquisitions, including
SpaceoutVR, in order to enhance our digital games franchise and
purchased a 20% stake in AthenaSoft, to help expand our technology
consulting practice. We successfully negotiated a modification to
the loan agreement with our largest shareholder that included an
extension of the maturity date to October 31, 2020 and a reduction
in the per annum interest rate from 8% to 1.25%. We also built out
our team, hiring a Chief Financial Officer and Chief Marketing
Officer. Meanwhile, our client pipeline continues to grow, and we
expect the solid revenue growth trajectory that we have experienced
in fiscal 2018 to continue in the first quarter of fiscal 2019; at
this time, we expect first quarter revenues to exceed $75,000.
Given the improvement in both the number and the quality of our
client base, we are optimistic about our future growth
prospects."
For additional disclosure regarding operating results, please
refer to the Annual Report on Form 10-K for the period ended April
30, 2018, which has been filed with the Securities and Exchange
Commission.
About
ValueSetters:
Led by a
team of professional investors and technology specialists,
ValueSetters is a publicly- traded boutique advisory firm with
unique expertise in helping early stage companies raise capital
over the internet. The company also provides technology consulting
services as well as strategic advice to help companies grow and
evolve to meet the challenges of today's marketplace.
For
more information, visit our website at http://valuesetters.com.
The information contained herein includes forward-looking
statements. These statements relate to future events or to our
future financial performance, and involve known and unknown risks,
uncertainties and other factors that may cause our actual results
to be materially different from any future results, levels of
activity, performance or achievements expressed or implied by these
forward-looking statements. You should not place undue reliance on
forward-looking statements since they involve known and unknown
risks, uncertainties and other factors which are, in some cases,
beyond our control and which could, and likely will, materially
affect actual results, levels of activity, performance or
achievements. Any forward-looking statement reflects our current
views with respect to future events and is subject to these and
other risks, uncertainties and assumptions relating to our
operations, results of operations, growth strategy and liquidity.
We assume no obligation to publicly update or revise these
forward-looking statements for any reason, or to update the reasons
actual results could differ materially from those anticipated in
these forward-looking statements, even if new information becomes
available in the future.
VALUESETTERS:
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Coreen Kraysler,
CFA
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CFO
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781-925-1700
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ckraysler@valuesetters.com
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