Vancouver, British Columbia, July 03, 2020 -- Parkit Enterprise Inc. (“Parkit” or the “Company”) (TSXV: PKT; OTC: PKTEF) has recently filed its interim financial statements and management discussion and analysis for the quarter ended April 30, 2020 (“Q2 2020”) on SEDAR (www.sedar.com). The financial highlights for the period include the following:
- Loss of $322,927 from joint venture for the quarter.
- Net loss of $374,383 for the quarter, representing a $0.01 loss per share.
- Reduced general and administrative expenses to $191,345, representing a 36% reduction versus the comparative period in the prior year of $297,471.
- Book value decreased for the quarter by $372,255, representing a $0.01 loss per share, to $20,161,939, and currently stands at the equivalent of $0.58 per share.
- Working capital of $1,032,915; cash represents approximately $0.02 per share.
- For the six months ended April 30, 2020, cash distributions received from the joint venture of $418,275 have funded cash used in operations of $395,561.
“COVID-19 has negatively impacted parking operations in the Company’s joint venture beginning in the second half of March 2020. We are grateful to our joint venture partners for the measures they have implemented to address health and safety concerns, and to mitigate losses during these challenging times. Although the full extent of the impact of COVID-19 on Parkit and the joint venture is still unknown and depends on future developments that are uncertain and unpredictable, we are hopeful as we have begun to see improvements in the business as the economy and air travel recovers. In order to extend the Company’s cash runway, the directors have all elected to accrue their compensation, and other officers have either reduced their hours or accrued part of their salary. We thank them for their incredible dedication and support”, said Parkit’s Interim CEO, Avi Geller.
For a more fulsome explanation of the Company's Q2 2020 results, please refer to the Company's interim filings on SEDAR or the Company's website.
For more information please contact:
For further information please contact:
Interim Chief Executive Officer
Tel. (845) 517-2340
Parkit Enterprise Inc. is engaged in the acquisition, optimization and asset management of income producing parking facilities across the United States and Canada. The Company’s shares are listed on TSX-V (Symbol: PKT) and on the OTC (Symbol: PKTEF).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. These risks, uncertainties, and factors may include, but are not limited to general business uncertainties, and in particular uncertainties relating to the impact and duration of COVID-19 on future financial performance. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what impacts they will have on the Company.