LiNiu Technology Group Announces Unaudited and Unreviewed Financial Results for the First Quarter Ended March 31, 2017
May 31, 2017 at 08:00 am EDT
LiNiu Technology Group announced unaudited and unreviewed financial results for the first quarter ended March 31, 2017. Net loss attributable to ordinary shareholders for the first quarter of 2017 was $0.4 million, or $0.01 per share (basic and diluted), compared to net loss attributable to ordinary shareholders of $3.5 million, or $0.06 per share (basic and diluted), for the prior-year period. During the first quarter of 2017, the company recorded a reversal of bad debts of $0.2 million. Non-GAAP loss attributable to ordinary shareholders, which is operating loss before amortization of intangible assets, was $0.4 million, or $0.01 per share (basic and diluted), for the three months ended March 31, 2017, as compared to non-GAAP income of $0.5 million, or $0.01 per share (basic and diluted), for the three months ended March 31, 2016. Net loss attributable to ordinary shareholders primarily due to a significant decrease in commission to junket agents as a result of minimal revenue in the first quarter of 2017. Total revenues were 1,410 against $17,922,185 a year ago. Operating loss was $516,285 against $3,495,553 a year ago. Net cash provided by operating activities was $429 against $4,893 a year ago.