LAS VEGAS, NV--(Marketwired - Feb 22, 2017) - Freedom Leaf, Inc. (OTC PINK: FRLF)
For the Six Months Ended December 31, 2016
- We recorded revenue of $569,120 for the six months ended December 31, 2016 compared to $31,650 for the same period ended December 31, 2015.
- Our net loss decreased from $2,041,787 for the six months ended December 31, 2015 to $513,253 for the same period ended December 31, 2016.
- Our Adjusted EBITDA for the six months ended December 31, 2016 was positive $87,271 compared to a loss of $195,500 for the same period ended December 31, 2015.
- For the Three Months Ended December 31, 2016
- For the three months ended December 31, 2016, we recorded revenue of $448,566 compared to $16,555 for the same period ended December 31, 2015.
- Our net loss decreased from $1,897,621 for the three months ended December 31, 2015 to $111,361 for the same period ended December 31, 2016.
We define Adjusted EBITDA as net earnings (loss) before interest, income taxes, depreciation, depletion, and amortization from operations, as well as non-cash items, stock-based compensation (recognized under ASC Topic 718) and beneficial conversion feature expense, which is a non-GAAP measure. We believe the use of this non-GAAP financial measure provides useful information to investors regarding our current financial performance; however, Adjusted EBITDA does not represent, and should not be considered an alternative to GAAP measurements. Specifically, we believe Adjusted EBITDA results provide useful information to both management and investors by excluding certain income and expenses that our management believes are not indicative of our core operating results, we believe that non-GAAP financial measures have limitations and do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP and that Adjusted EBITDA should only be used to evaluate our results of operations in conjunction with the corresponding GAAP financial measures.
"Our first two fiscal quarters of 2017 demonstrated strong growth over our first two fiscal quarters of 2016, and continued growth on a quarter over quarter basis as our licensing, incubation, strategic joint venture relationships and the launch of our hempOLOGY high CBD skin care products continue to grow. We are extremely pleased with our increasing revenues and implementation of our plan of operations. Our revenues have significantly improved and our strategic joint ventures are driving our dramatic revenue increases," explains Freedom Leaf CEO, Clifford Perry.
About Freedom Leaf, Inc. (FRLF)
Freedom Leaf, Inc. is a fully reporting and audited, publicly traded company. Freedom Leaf, Inc. is one of the leading go-to resources in the cannabis, medical marijuana, and industrial hemp industry.
Freedom Leaf's flagship publication is Freedom Leaf Magazine, The Good News in Marijuana Reform. The company produces a portfolio of news, print and digital multi-media verticals, websites, and web advertising, for the ever changing emerging cannabis, medical marijuana and industrial hemp industry.
In addition, Freedom Leaf has an operating division: the FLI Agency that is a full service creative, marketing and talent agency servicing clients for the creation and launch of private label products. With full service production capabilities, it is anticipated that FLI Agency should be able to craft unique brands, affiliate marketing and direct sales programs to service the rapidly growing nutritional supplement and skin care industries. FLI Agency is focused on every aspect of the production in addition to branding and marketing.
Freedom Leaf is known as "The Marijuana Legalization Company™" because the Freedom Leaf team has nearly 200 years collective experience in the marijuana legalization effort, which gives Freedom Leaf great credibility as a trusted source in the global Cannabis Hemp sector.
Freedom Leaf, Inc. does not handle, grow, sell, or disperse marijuana or related products. Therefore, we are not regulated in any way by the different government agencies other than standard business type of regulations.
Safe Harbor Statement
Statements in this press release that are not strictly historical are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by phrases such as Freedom Leaf, Inc. or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company's products and services, changes in relationships with third parties, and other factors described in the Company's most recent periodic filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K dated June 30, 2016 and quarterly reports on Form 10-Q.
Investor relations information can be found on the FreedomLeafInc.com company website.