Company also reduces derivative liabilities by 100% over the same period in 2015
SANTA BARBARA, CA–(Marketwired – November 17, 2016) – CloudCommerce, Inc. (OTCQB: CLWD), a global provider of advanced e-commerce services to leading brands, today announced the filing of its recent quarterly report showing substantially improved financials over the previous year.
The recent quarterly report records the highest quarterly revenue yet since the acquisition of the Indaba Group. Total revenue for the fiscal quarter ended September 30, 2016 was $1,092,674, compared to $113,559 for the same quarter in the previous year, ended September 30, 2015.
Additionally, derivative liabilities for the fiscal quarter ended September 30, 2016 decreased by 100% to $0, compared to $6,311,091 for the same quarter in the previous year, ended September 30, 2015. This reduction was caused by the previously announced exchange of $1.85 million of convertible promissory notes held by investors for Series B preferred stock.
“We are pleased to announce this recent quarterly report,” said CloudCommerce CEO Andrew Van Noy. “Our improved operating performance is largely due to the contribution of our Denver based Indaba Group. Meanwhile, at the corporate level, we continue to focus on the acquisition other rapidly growing e-commerce service providers.”
CloudCommerce, Inc. (CLWD) provides advanced e-commerce services to leading brands. Our customers depend on us to help them compete effectively in the $1.6 trillion worldwide e-commerce market. Our comprehensive services include: (1) development of highly customized and sophisticated online stores, (2) real-time integration to other business systems, (3) digital marketing and data analytics, (4) complete and secure site management, and (5) integration to physical stores. Our goal is to become the industry leader by rapidly increasing the number of customers who regularly depend on us and by acquiring other rapidly growing e-commerce service providers. To learn more about CloudCommerce, please visit www.cloudcommerce.com.
Matters discussed in this shareholder letter contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, and prospects for sales, failure to commercialize our technology, failure of technology to perform as expected, failure to earn profit or revenue, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.