Crowdfunding portal for cannabis and digital startups, CrowdGather, Inc. (OTCQB: CRWG), announced financial results for the first quarter, which ended earlier this summer.
CrowdGather reported revenues of $709,151 for the first quarter of fiscal 2016, an increase of 74% from the $406,590 reported for the first quarter of fiscal 2015. Gross profit for the first quarter of fiscal 2016 was $551,858 an increase of 84% from the $299,121 reported for the same period in fiscal 2015. Net loss for the first quarter of fiscal 2016 was $943,985 for a loss of $.01 per share, versus a net loss of $3,236,446 for a loss of $.03 per share for the first quarter of fiscal 2015.
Sanjay Sabnani, CrowdGather’s Chairman and CEO, stated:
“On an operating basis, there is no question that the growth in revenues from our Mega Fame Casino has helped improve our performance significantly since last year. Lack of sufficient low cost capital is still something that limits our ability to grow even more rapidly. Through the efforts of dedicated stakeholders and my own contributions, we have invested $1.2 million into cleaning up CrowdGather’s balance sheet to free it from convertible debt, but there is still some work to be done. The good news is that the business has shown us that it has the capability of scaling rapidly when capital is procured. We remain committed to generating a return for our shareholders as we use our expertise in social media and social gaming to pivot our company squarely into a leadership position in the nascent field of cannabis media and crowdfunding.”