MIAMI, June 5, 2018 /PRNewswire/ --
Next Group Holdings, Inc. (OTCQB:NXGH), a FinTech service provider delivering mobile banking, prepaid debit and credit and telecommunications services to underbanked and underserved communities, announced record revenue for fiscal year (FY) 2017 reaching more than $53.8 million, a more than 52-fold increase over revenue for FY2016. The gross profit for FY2017 was $2.4 million, versus a gross loss of $31,000 for FY 2016. The results for FY2017, which ended December 31, 2017, were posted in the company's most recent Form 10-K. The Company's 2018-Q1 Report on Form-10Q has also been submitted and shows revenues of $20.0 million compared to 2017-Q1 revenue of $0.5 million. Net Income before non-controlling interest for the three months ended March 31, 2018 was $1.5 million compared to a loss of $1.7 million for the same period in 2016.
Management has been focusing on improving the health of the company and positioning for growth in underserved markets, while minimizing and retiring convertible debt. The increase in revenue is mainly attributable for several acquisitions that NXGH accomplished. The retirement of all convertible debt was a major stepping stone to improve the financial health of the company and protect its future value. In total, the Company was able to retire over $10.8 Million in debt.
NXGH's total revenue for fiscal year 2017 wasa record $53.8 million compared to $1.0 million for fiscal year 2016. This yields a 52.3 times increase in annual revenue for 2017 versus 2016. The gross profit for FY2017 was $2.4 million versus a loss of $31,000 for FY 2016.
Net loss before non-controlling interest for the year ending December 31, 2017 was $0.7 million, compared to a loss of $10.0 million for the same period of 2016.
"After several successful acquisitions, and retirement of all convertible debt, I am very pleased from the results," stated Arik Maimon, Founder & CEO of NXGH. "Now after our auditors have removed the Going Concern for the company on both the 10k and 10Q filings, I am extremely confident that NXGH will have a very strong future to bring significant value to its shareholders. Our Business plan has been clear since day one and now management has been proven to be able to handle any challenge along the way."
The NXGH product portfolio called "CUENTAS" (launching in Q3 and Q4 of 2018), will be the first multifunctional Mobile Wallet, allowing users on a single platform to seamlessly perform a myriad of financial transactions including, but not limited to, mobile banking, international remittances, bill payments, gift card purchases, health insurance purchases and domestic and international telecommunications "Top-Ups", along with newly created robust Reward features.
"Our Board of Directors, executive management and the collective group has succeeded in truly remarkable acquisitions, execution and performance on our annual and quarterly profitable results. This reinforces our FinTech business model and management's plan. We are equally as excited to execute and launch the balance of our comprehensive multithreaded plan called "CUENTAS" for all of our customers, shareholders and employees," stated Michael De Prado, Founder, President & COO of NXGH.
"We are very proud and excited to be a part of the NXGH Group as the growing synergy between telecommunications and financial marketplaces is becoming more of a reality and necessity," stated Orlando Taddeo, International CEO of Limecom, Inc. "As 2017 was a very strong year for Limecom, we are working for even bigger and better figures for 2018."
Full contents of the 2017-10-K filing for fiscal year ending December 31, 2017 can be found at https://backend.otcmarkets.com/otcapi/company/sec-filings/12793802/content/html
Full contents of the 2018-10-Q1 for the three months ending March 31, 2018 filing can be found at https://backend.otcmarkets.com/otcapi/company/sec-filings/12793801/content/html
About Next Group Holdings, Inc.
NXGH is a corporation headquartered in Miami, Florida, which, through its operating subsidiaries, engages in the business of using proprietary technology and certain licensed technology to provide innovative mobile banking, mobility, and telecommunications solutions, including wireless MVNO, to underserved, unbanked, and emerging markets. NXGH's principal executive offices are located at 19 West Flagler Street, Suite 507, Miami, Florida 33130, and its telephone number at that location is (800)-611-3622. NXGH's web address is http://www.nextgroupholdings.com.
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SOURCE Next Group Holdings, Inc.
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