LOS ANGELES, CA / ACCESSWIRE / November 24, 2015 / Bitzio Inc. d/b/a Democratique (BTZO) announced today it's financial results for the third quarter ended September 30, 2015. The following are highlights for the company's recently filed 10Q:
- Revenues for the period ended September 30th, 2015 increased 15% compared to September 30th 2014 from approximately $44,000 to approximately $339,000.
- Strong gross margins of nearly 36.5% overall which are significantly above industry standards.
- Approximately $541,000 in current assets to support quarterly growth.
- Derivative liability decreased 72% since December 31st, 2014, to September 30th, 2015.
Hubert Blanchette, Chief Executive Officer of Bitzio, said that, "Our third quarter financial results still reflects the growth and stability of Bitzio group despite this being one of our slowest quarters. Our balance sheet reflects over $541,000 in current assets of which approximately $215,000 of inventory which was purchased to fulfill future sales. We are pleased by our progress and to have the opportunity in the coming months to work with our lenders as we seek alternative capitalization strategies, including the possible acquisition and strategically compatible revenue producing assets and technologies."
"We are also excited to announce new strategic partners for Emotion Apparel," added Marilu Brassington, the Company's chief financial officer. "Effective November 2015, Emotion Apparel has joined Universal Companies. Universal Companies is the leading single-source supplier to the spa industry, providing products to help day spas, resort spas and independent practitioners manage and grow their businesses. niversal simplifies the demands placed on spa operators by being a one-source spa solution. Through Universal Companies, Emotion Apparel product will be presented to 36,000 unique customers across all spa business. Emotion Apparel will be the only clothing line that is being offered to these customers. We are excited to embark on this new venture and expect it to prove a mutually beneficially partnership."
About Bitzio, Inc.
Bitzio, Inc. develops and supports emerging fashion brands.
Forward Looking Statements
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
SOURCE: Bitzio, Inc.