March 26, 2018
C2W recorded revenue for the financial year ended December 31, 2017 of US$11,775 relative to US$66,749 in 2016. Of total revenue, fees and royalties amounted to US$7,153 relative to US$40,569 in 2016. Other income for the year closed at US$4,622 compared to US$26,180. For the quarter, the company recorded revenue of US$6,188 compared to US$51.393 reported in 2016.
C2W incurred US$308,698 for total expenses, a 1629 surge compared to US$17,849 last year.
Consequently, C2W reported an operating loss for the year of US$296,923, versus an operating profit of US$48,900 booked in 2016. Operating loss for the fourth quarter totalled US$276,060 in contrast to a profit of US$59,752 for the prior year’s corresponding period.
The company recorded finance cost of US$6,722 for the year relative to US$6,327 the for the prior year’s corresponding period.
No taxes were recorded for the period. As such, the loss for the period was US$303,645, this compares with the US$42,573 net profit booked for the same period the year prior. For the quarter the company recorded loss of US$277,560 relative to a profit of US$48,572 for the same quarter of 2016.
Loss per share amounted to US0.076 cents, compared to the 2016 earnings per share of US$.011 cents for the comparable period of 2016. The number of shares used in our calculations is 400,000,000.
Balance sheet
As December 31, 2017, assets totalled US$11,477, 96% less than the US$315,456 recorded last year. The decrease was mainly due to a decline in both Plant and Equipment (73%) and Advances to Songwriters (100%).
Shareholder’s deficit closed at a US$236,531 compared to a shareholder’s equity of US$67,114 the prior year’s period. This resulted in a negative book value per share of US$0.0591 cents compared to US$0.0168 cents a year earlier.
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