The Preliminary Numbers Pending Year-End Adjustments And Audit, Show That For The 10 Months Ending 12/31/21, Revenue Exceeded $6.8 Million, While Pre-Tax Income Approached $1.3 Million.
FARMINGTON, AR / ACCESSWIRE / January 26, 2022 / SPO Networks, Inc. (OTC:SPOI) ("SPOI" or the "Company"), a publicly-traded company that is actively exploring potential acquisitions and opportunities in diversified industries, including an established revenue generating waste/recycling subsidiary plus a newly launched medical and recreational cannabis and genetic seed operations entity with the expectation of rapid expansion in the cannabis industry utilizing a proprietary vertical market from cultivation facilities, to wholesale and retail dispensaries, today released its preliminary Fourth Quarter 2021 financials.
The Company on November 16, 2021 previously released that it had timely filed its Quarterly Report for the Third Quarter of 2021  . That release showed that the Company's Pretax Income From Operations Of $2.2 Million+ During Third Quarter 2021 and that The Pretax Income Through Seven Months Ended September 30, 2021, Was $4.9+ Million.
Today's release revealed that, using preliminary numbers pending year-end adjustments and audit, SPOI Q4 revenue was over $1.9 million with pre-tax income over $200,000. For the 10 months ending 12/31/21, revenue exceeded $6.8 million, while pre-tax income approached $1.3 million.
Tom Smith CEO of SPO Networks Inc. said: "While these numbers are preliminary numbers pending year-end adjustments and audit, we feel that they show that we are heading in the right direction and that the Company's revenues will continue to grow during 2022."
The previous press release of November 16, 2021 released the following information contained in its filing of the Third Quarter 2021:
- Pretax income of $2,230,621 million, and Seven Months Ended September 30, 2021 of $4,930,290 million;
- Net income of $536,586 million, and Seven Months Ended September 30, 2021 of $1,376,445 million; and
- The cannabis acquisitions that we have under contract, had revenues of $186,000 but cannot be recognized until licenses are transferred, which should occur in Q1-2022.
SPO Networks, Inc.
SPO Networks, Inc. is actively exploring potential acquisitions and opportunities in diversified industries, including solid waste, scrap metal recycling and demolition with special waste remediation. Additionally, SPO maintains the belief that patients and customers have a right to high quality, economical, and clinically-validated cannabis products. Towards this, SPO aims at medical and recreational cannabis and genetic seed operations with the expectation of rapid expansion in the cannabis industry. SPO is developing its cultivation facilities for extraction operations, wholesaling of cannabis and cannabis extracts in Colorado to licensed retailers and wholesalers. Eventually, the goal is to expand to retail product manufacturing and dispensary operations in several states, allowing SPO to offer a pricing strategy that will be attractive to consumers large and small.
For more information, please go to: https://www.spoinow.com .
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements 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.
For a discussion of these risks and uncertainties, please see our filings with the OTC Markets Group Inc. Our public filings with the OTC Markets Group Inc are available from commercial document retrieval services and at the website maintained by the OTC Markets at https://www.otcmarkets.com/stock/SPOI/disclosure
SOURCE: SPO Networks, Inc