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Apollo Enterprise Solutions Limited Releases Consolidated Results
Hamilton, Bermuda April 2, 2018 - In a filing with the Bermuda Stock Exchange (“BSX”), Apollo Enterprise Solutions, Ltd. (“AES” or “The Company”; Tickers: AES.BH & OAL.GR), releases consolidated results for the full Year 2017 Audited Financial Statements. The full filing stated:
Apollo Enterprise Solutions Limited (“AES”) Releases Consolidated Results for the Quarter ended 31 December 2017 and Full Year 2017 Audited Financial Statements
AES was incorporated on 26 September 2012 in Bermuda with the primary objective of offering investors a growth technology investment opportunity. The Company’s primary listing is on the Bermuda Stock Exchange (AES:BH). It has a secondary listing on the Frankfurt Stock Exchange (OAL:GR).
Reporting Currency
The Company’s results are reported in US Dollars.
Business Review
AES Revenue and financial results were less than budgeted expectations during the 4th Quarter of 2017 as the Company did not bring on budgeted clients. Revenue for the 4th Quarter of 2017 was $0, compared to revenue in the 4th Quarter of 2016 of $61,000. The net loss for the 4th Quarter of 2016 was $1,343,570, an improvement of $401,313 compared to the $1,744,883 loss from the 4th Quarter of 2016. Earnings Gain/(Loss) per share for the 4th Quarter of 2017 were ($0.03) which was an improvement of ($0.01) over 4th Quarter of 2016 of ($0.04).
AES revenue and financial results fell short of budgeted expectations for the full year 2017 due to the above mentioned lack of new customer contracts during 2017 and the past due accounts receivable. Revenue for the Full Year of 2017 was $30, 534, compared to revenue for the Full Year 20156 of $1,040,549. The net loss for the Full Year of 2017 was $6,545,628, an increase of $1,328,600 compared to the $5,217,028 loss for the Full Year of 2016. Earnings Gain/(Loss) per share for the Full Year 2017 were ($0.15) which was an increase of ($0.03) over Full Year of 2016 of ($0.12).
The Company issued a new line of credit with a related party for $3,000,000 on 22 June 2017, maturing on 31 December 2018 and issued additional common share warrants related to such debt.
The Company has no non-controlling interests, and there were no other unusual items in the 4th Quarter of 2017.
Dividends
The Company has declared no Common Share dividend for the period under review. The small number of remaining Preferred Class A and Preferred Class A-2 are subject to 6% cumulative dividends. No Preferred Dividends are payable until the Company has achieved three consecutive quarters of profitability and receives Board of Directors approval to pay such dividends.
Basis of Presentation
The unaudited consolidated results for the three months ended 31 December 2017 and the Full Year 2017 Audited Financial Statements dated 31 December 2017 have been prepared in accordance with US Generally Accepted Accounting Principles (USGAAP).
Accounting Policies
The quarterly results have not been audited by the Company’s external auditors. The Full Year results have been audited and accounting policies adopted are consistent with those published in the Audited Annual Financial Statements for the period ended 31 December 2017.
Changes to the Board
There were no changes to the Board during the 4th Quarter of 2017.