Irvine, California, May 16, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Signature Devices Inc., ( SDVI ), a software and hardware development company, and its subsidiary Nano 101 which specializes in hemp-based topical patches, announced the release of its Q1 report for 2019. Included in the report are the Q1 financials as well as the Q1 financials from 2018 for comparison. The report also incorporates details from the Nano 101 Technology acquisition and detailed view of the Nano 101 and Signature Devices business model and technology.
Total assets decreased from $1,392,554 Q1 2018 to $1,264,831 for Q1 2019. Total liabilities increased slightly from $718,182 to $736,335 in Q1 2019. Revenue increased 125% from $73,085 to $91,723. Gross profit grew a strong 782% from $7862 in Q1 2018 to $61,514 in Q1 2019.
Net income did decrease to -$5,027 from -$2,018 in Q1 2018 due to increased operating expenses resulting from the Nano 101 acquisition and expansion and upgrade of the various SDVI product lines.
"We are happy to see an increase in overall revenue and gross profit compared to last year," says SDVI CEO Innas Azzam. "Our acquisition of Nano 101 has produced positive results for us in terms of revenue despite challenges in the CBD sector especially with merchant processing."
"We expect banking in the CBD and hemp space to stabilize in the coming months allowing for further revenue growth in the coming quarters. In addition we have fine-tuned and lowered many of our production and operating expenses for our topical systems allowing us to bulk manufacture our patches at lower cost than before," says Mr. Ray Khan, President of Nano 101.
About Nano 101
Nano 101, a subsidiary of Signature Devices, Inc ( SDVI ), is all about improving lives by developing advanced patch systems and alternative remedies with minimal side effects. After treating thousands of patients with various issues the providers who helped found Nano 101 have seen first-hand the benefits of CBD. The power of various hemp related products especially CBD in the possible treatment and alleviation of different medical symptoms and issues has shown great results. As hemp related products become accepted, and the worries about the legality of CBD and Hemp related products has mitigated, Nano 101 is poised to bring forth cutting edge breakthrough patch therapeutics based off CBD and Hemp oil that Nano 101 has extracted, refined, and infused onto the patch using its proprietary processes.
About Signature Devices, Inc.
Based in Sheridan, Wyoming, Signature Devices, Inc. (www.signaturedevices.com) (OTC PINK:SDVI) is a holding company with various subsidiaries that develop Internet of Things (IOT) products through its subsidiary Innovo Technologies, Inc., and publishes diverse media products including video games and mobile applications through its subsidiary Graffiti Entertainment, Inc.
The information in this press release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.
Signature Devices, Inc.
Source: Signature Devices, Inc.