FORT LAUDERDALE, FL--(Marketwired - Mar 10, 2014) - FONU2 (OTCBB: FONU) (OTCQB: FONU) posted its first quarter financial results for fiscal year 2014. Net income improved to $208,132, as compared to a net loss of $253,518, during the same quarter a year ago. Revenue increased by 23.8% over the same quarter last year.
Chief Executive Officer, Robert Lees, stated that the positive results for the quarter reflected improved business but were primarily due to an accounting adjustment. "Much more meaningful earnings are on the horizon once the social commerce website is launched and users begin to utilize our unique platform." He further stated, "The positive news for our shareholders is that we expect to complete our beta test by the current quarters end. We are all very excited about the progress, and the positive contributions of our beta testers to date."
"Our beta test has run very smoothly and we have gathered a lot of valuable input from our testers. We have corrected most of the identified defects and have implemented a number of improvement suggestions. By the end of the month we expect to open up our Beta website to the public," remarked Roger Miguel, the Chief Operating Officer.
For complete results of the quarter please review the 10Q for Fonu2, Inc. filed with the SEC earlier last month.
About FONU2 Inc.:
FONU2 is a social commerce company that provides a precision mobile sales and marketing platform that functions like an order reservations and booking system. Members via their mobile phones and computers list, buy, sell, and trade services and items locally in any neighborhood, anywhere in the world. Transactions are paid with the FONU2 end-to-end mobile phone payment card system. For additional information, visit our website, www.FONU2.com. You can also follow us on our social network, Facebook, Google + and Twitter.
This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.