Vancouver-based NetCents Technology, a Blockchain -based Payments company, announced today that it filed its condensed interim financial statements for the six months ended April 30, 2020. The firm said that it is excited to see its transition from the "development stage" to "revenue generation through transactions" taking hold.
NetCents has achieved the following growth for the period ended April 30, 2020, according to its announcement:
- Revenue for the six months ended April 30, 2020, was $102,061 compared to $23,503 for the six months ended April 30, 2019
- Revenue increased by 434% for the six months, ending April 30, 2020, compared to the six months ended April 30, 2019
- Revenue increased by 453% for the three months, ending April 30, 2020, compared to the three months ended April 30, 2019
- Revenue increase by 129% for the three months ended April 30, 2020, when compared to the three months ended January 31, 2020
According to NetCents, the revenue numbers were depressed during the period ending April 30, 2020, due to the company running various promotional campaigns that incentivized merchants by offering reduced or free processing for a set period to drive increased merchant sign-ups and transactions. Once the promotional campaigns expire, NetCents expects to report higher revenue numbers.
The company noted it experienced a downturn in the number of retail and ecommerce transactions since the beginning of the Pandemic. In response, NetCents targeted and is now processing transactions for much larger companies to complete Business to Business (B2B) transactions.
Expanding its geographic footprint
These new B2B merchants send invoices that have notional values of up to a million dollars with an average invoice amount of twenty-five thousand dollars. This compares quite favorably to NetCents' historical transaction size of approximately one hundred and twenty-five dollars. Furthermore, the company's geographic footprint is expanding - with merchants signing up from South Asia, Europe, and Africa. These new clients and transactions will start to impact financials in the coming quarters.
"I am very excited about this tidal change for our business, we are proving the thesis that cryptocurrencies can be more efficient and cost-effective for all types of transaction, we believe that these customers will be with us permanently, as we have proven superiority when compared to legacy financial services infrastructure," stated Clayton Moore, Founder and CEO of NetCents Technology.
Netcents also announced the subsequent exercise of stock options and warrants has generated proceeds of $4,380,121 to fund the company. These issuances of stock will fund operations and marketing outreach campaigns for the next fiscal year.
