Solis Tek Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018
May 15, 2018 at 08:30 am EDT
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Solis Tek Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company’s revenue for the three months ended March 31, 2018 and 2017 was $1,011,749 and $2,901,826, respectively, a decrease of $1,890,077 or 65%. The decrease was due to several negative factors during the first quarter of 2018, as compared to the first quarter of 2017. Net loss was $370,705 compared to net loss of $3,751,987 for the three months ended March 31, 2017. The decrease in net loss was due to the increase in other income and expenses, decreased operating expenses, offset by decreased revenues and gross profit. Loss from operations was $3,022,325 compared to $3,726,903 a year ago. Loss before income taxes was $370,705 compared to $3,751,074 a year ago. Basic and diluted net loss per share was $0.01 compared to $0.10 a year ago. Net cash used in operating activities was $1,404,749 compared to $532,252 a year ago. Adjusted EBITDA was $1,224,127 compared to $46,004 a year ago.
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