C2W Music reports nine month loss of US$26,085

Six months Results as at September 30, 2017:-

C2W recorded revenue within the third quarter of US$2,711 relative to US$10,000 in 2016. For the nine months the company booked revenue of US$5,587 a 64% decline compared to US$15,356 reported for the corresponding period in 2016.

C2W spent US$28,396 on total expenses compared to US$27,673 last year, a 3% increase; this as administrative expenses totaled US$28,396 compared to US$17,447 reported for September 2016. C2W reported no ‘Song Writing Camps & Development Expense’ for the period compared to US$10,544 incurred for the nine months ended September 30, 2016.

Operating loss for the nine months amounted to US$22,809 relative to US$12,317 recorded for the prior year’s corresponding period.

The company booked Finance Cost of US$4,776 for the nine months relative to US$4,862 the for the prior year’s corresponding period.  C2W booked no Sponsorship Income for the nine months ended September 30, 2017 versus US$11,180 for 2016. The company however booked US$1,500 for management and consulting fee (2016: Nil).

Loss for the period was US$26,085, this compares to the US$5,999 loss booked for the same period the year prior. No taxes were recorded for the period. For the quarter the company recorded loss of US$13,405 compared to profit of US$3,809 in 2016.

Loss per share for the nine months amounted to US0.007 cents with the Jamaican dollar equivalent of J0.85cents for the period, compared to the 2016 loss per share of US0.001 cents (J0.19 cents) for the comparable period of 2016. The trailing earnings per share amounted to US 0.056 cents (J0.73 cents). The number of shares used in our calculations is 400,000,000.


Balance sheet

As September 30, 2017, assets totalled US$291,484, 9% more than the US$266,424 recorded last year. The increase was mainly due to C2W recording US$19,574 for Receivables compared to US$10,000 recorded as at September 30, 2017.

Shareholder’s equity closed at US$41,029 up from US$18,452 the prior year’s period. This resulted in a book value per share of US$0.01 cents (J1.33 cents).

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