Force Protection Video Equipment Corp. (OTC: FPVD), also known as BIGtoken, the first privacy focused, opt-in data marketplace where people can own and monetize their data, today reported its financial results for the quarter ended March 31, 2021.
“Right now, we’re focused on creating the best data in the world, creating targeted reach for our brand clients, developing our blockchain and wallet, and building upon our ethically-sourced identity solutions,” said George Stella, co-founder and President of BIGtoken.
Business Highlights.
During the First Quarter of 2021, the Company achieved the following business milestones:
- Acquired all of the capital stock of BIGtoken in a share exchange transaction, and adopted BIGtoken’s business plan
- Between March and April 2021, we sold $4,809,827 of equity securities
- Appointed George Stella, our Chief Revenue Officer, to the additional position of President
- Completed restructuring sales department to better serve existing clients and expand capabilities
- Adjusted platform matrix, which has initially resulted in enhanced user engagement
- Realigned BIGtoken platform to increase and better focus on domestic markets until platform is ready for expansion
Financial Results for the Quarter Ended March 31, 2021
All of the below comparisons to periods prior to the completion of the share exchange transaction are based on carve-out financials and allocation of expenses agreed upon by the Company and SRAX (former parent) and may not be indicative of any future financial performance of the Company.
- Cash Position and Liquidity: At March 31, 2021, The Company’s cash was approximately $4.85 million as compared to approximately $1,000 at December 31, 2020. The increase in cash results from the private placement of our securities during the first quarter of 2021. The Company estimates that such cash reserves will last until the fourth quarter of 2021.
- Revenues: Revenues for the quarter ending March 31, 2021 were $855,000 compared to revenues of $193,000 during the same period ending March 31, 2020. The increase in revenue was primarily due to enhanced execution in our operations and sales departments and a focus on key products.
- Operating Loss: Operating loss for the quarter ended March 31, 2021 was $1.52 million compared to a loss of $3.05 million for the comparable 2020 period. The decrease in operating loss for 2021 was primarily due to reductions in operating expenses, including a decrease in general and administrative expenses as a result of reductions in workforce, partially offset by an increase in users’ redemptions of points on the BIGtoken platform.
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