USell.Com Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016
August 15, 2016 at 04:00 pm EDT
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uSell.com announced consolidated earnings results for the second quarter and six months ended June 30, 2016. For the second quarter, Revenue was $25,829,187 compared with $2,720,455 a year ago. Loss from operations was $59,586 compared with $535,324 a year ago. Net Loss was $32,668 compared with $535,076 a year ago. Basic and Diluted Loss per common Share was $0.00 compared with $0.07 a year ago. Adjusted EBITDA was $572,000 compared with Adjusted LBITDA was $184,000 a year ago.
For the six months, the company reported Revenue was $48,281,335 compared with $4,863,438 a year ago. Loss from operations was $1,068,119 compared with $2,004,966 a year ago. Net Loss was $2,123,252 compared with $2,005,003 a year ago. Basic and Diluted Loss per common Share was $0.11 compared with $0.27 a year ago. Net Cash and cash Equivalents used in operating activities was $934,832 compared with $1,348,250 a year ago. Adjusted EBITDA was $203,000 compared with Adjusted LBITDA was $1,244,000 a year ago.
PhoneX Holdings, Inc. is engaged in building the cloud-based software-as-a service solution for the wholesale exchange of pre-owned mobile devices. The Company works with mobile carriers and mobile handset distributors to facilitate global commerce related to pre-owned mobile devices. The Company operates through two models: Proprietary Trading Model and Platform Partnership Model. Its Proprietary Trading Model, through which it purchases devices utilizing its own balance sheet via its subsidiary We Sell Cellular LLC. Its Platform Partnership Model, through which it enables its partners to license its software via its subsidiary PhoneX, Inc. Through these licensing agreements, the Company enables mobile carriers and mobile handset distributors to increase selling prices and selling velocity by using a specialized, automated platform where wholesale buyers of mobile devices can purchase inventory on demand.