C2W Reports Net Loss of US$8,617

Date: August 13, 2018

C2W Music Limited (MUSIC), for the six months ended June 30, 2018, Revenue  declined by 88% for the six months ended June 30, 2018, amounting to US$338 from US$2,876.

C2W incurred US$18,393 for administrative expenses, a 33% increase compared to US$13,799 last year for the comparable period.

Consequently, operating loss for the period closed at US$18,055 (2017: US$10,923). C2W reported an operating loss for the quarter of US$8,238 by 82% versus an operating loss of US$4,529 booked for the same quarter of 2018 in 2017.

The company recorded finance cost of US$2,895 for the six months relative to US$3,256 the for the prior year’s corresponding period. For the quarter, finance cost declined 9% from US$1,540 in 2017 to US$1,400.

Sponsorship income for the six months amounted to US$12,333 relative to nil twelve months earlier. The company booked US$1,500 for “Management and Consulting fee” in 2017 compared to nil in 2018.

No taxes were recorded for the period. As such, the loss for the period was US$8,617, this compares with the US$12,679 net loss booked for the prior year’s corresponding period. As for the second quarter, the company reported a profit of US$2,695 (2017: US$6,069).

Loss per share (LPS) for six months period amounted to US$0.002 cents, compared to the 2017’s loss per share of US$0.003 cents for the comparable period of 2017. Earnings per share for the quarter amounted to US$0.001 cents versus a loss per share of US$0.002. The trailing loss per share amounted to US$0.001.  The number of shares used in our calculations is 400,000,000.

Balance sheet at a glance:

As June 30, 2018, assets amounted to US$3,479 which was a 99% decline when compared to the US$292,871 recorded last year. The decrease was mainly due to a drop in Advances to Songwriters.

Shareholder’s deficit closed at a US$245,148 relative to a shareholder’s equity of US$54,435 in prior year’s corresponding period This resulted in a negative book value per share of US$0.0006 compared to US$0.0001 a year earlier.

 

 

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2018-08-13T23:13:38+00:00