Montreal, QB / ACCESSWIRE / August 26, 2014 / IOU FINANCIAL
INC. (TSXV: IOU) (“IOU” or “the Company”) recorded revenue for
the quarter ended June 30, 2014 of $1,493,806 versus $732,188 for the quarter
ended June 30, 2013. The Company closed its second quarter of fiscal 2014 with a
net loss attributable to common shareholders of $424,529, or $0.01 per share,
compared to a net loss of $561,761 or $0.01 per share during the same period of
2013. Excluding stock based compensation, the loss for the three month period
would be $119,132 (2013:$434,208).
The Company recorded revenue during the six month period ended
June 30, 2014 of $2,838,207 versus $1,208,853 for the six month period ended
June 30, 2013. The Company recorded a net loss attributable to common
shareholders for the six month period ended June 30, 2014 of $839,313, or $0.02
per share, compared to a net loss of $977,568 or $0.01 per share during the same
period of 2013. Excluding stock based compensation, the loss for the six month
period would be $495,217 (2013: $820,018).
At June 30, 2014, total assets amounted to $19,848,063 compared
to $15,921,263 as of December 31, 2013, and consisted mostly of commercial loans
receivable and cash. Total liabilities amounted to $9,835,635 compared to
$8,688,312 as of December 31, 2013, and consisted mostly of funds borrowed from
the company’s financial credit facility. Shareholders’ equity showed a surplus
of $10,012,428, compared to a surplus of $7,232,951 at December 31, 2013. During
the six month period ended June 30, 2014, 5,323,483 (2013: 250,000) shareholder
warrants were exercised for an amount of $3,117,375 (2013: $125,000).
IOU Financial’s financial statements and management discussion
& analysis for the period ended June 30, 2014 have been filed on SEDAR and
are available at www.sedar.com.
About IOU Financial Inc.
IOU Financial, via its U.S. subsidiary, IOU Central, provides
small businesses throughout the U.S. access to the capital they need to seize
growth opportunities quickly. Typical customers include medical and
dental practices, grocery and retail stores,
restaurant and hotel franchisees and e-commerce companies.
In a unique approach to lending, IOU Central’s advanced, automated
application and approval system accurately assesses applicants’ financial
realities, with an emphasis on day-to-day cash flow trends. It makes loans of up
to $100,000 to qualified applicants within a few business days, with affordable
charges favorable to cash-flow management. IOU Central’s speed and transparency
make it a trusted alternative to banks. To learn more visit:
Forward Looking Statements
Certain information set forth in this news release may
contain forward-looking statements that involve substantial known and unknown
risks and uncertainties. These forward-looking statements are subject to
numerous risks and uncertainties, certain of which are beyond the control of IOU
including, but not limited to, the impact of general economic conditions,
industry conditions, dependence upon regulatory and shareholder approvals, the
execution of definitive documentation and the uncertainty of obtaining
additional financing. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance should not
be placed on forward-looking statements. IOU does not assume any obligation to
update or revise its forward-looking statements, whether as a result of new
information, future events, or otherwise.
The TSX-V has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Chief Executive Officer
(514) 789-0694 ext. 225
Chief Financial Officer
(514) 789-0694 ext. 298
SOURCE: IOU FINANCIAL INC.