Usell.com, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
March 30, 2016 at 09:34 pm
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usell.com, Inc. announced consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter the company announced adjusted EBITDA was $321,000 compared to adjusted LBITDA of $780,000 a year ago.
For the year the company announced, revenue of $27,093,928 compared to $6,665,429 a year ago. Loss from operations was $4,837,080 compared to $5,727,329 a year ago. Loss before income tax benefit was $5,025,369 compared to $7,288,482 a year ago. Net loss was $2,632,375 compared to $7,288,482 a year ago. Basic and diluted loss per common share was $0.27 compared to $1.15 a year ago. Net cash and cash equivalents used In operating activities was $3,342,968 compared to $3,484,547 a year ago. Cash paid to purchase property and equipment was $16,789 compared to $4,169 a year ago. Adjusted EBITDA loss for the year was $0.8 million, an improvement of $2.8 million from a $3.6 million adjusted EBITDA loss for the year ended December 31, 2014.
PhoneX Holdings, Inc. is engaged in building the cloud-based software-as-a service solution for the wholesale exchange of pre-owned mobile devices. The Company works with mobile carriers and mobile handset distributors to facilitate global commerce related to pre-owned mobile devices. The Company operates through two models: Proprietary Trading Model and Platform Partnership Model. Its Proprietary Trading Model, through which it purchases devices utilizing its own balance sheet via its subsidiary We Sell Cellular LLC. Its Platform Partnership Model, through which it enables its partners to license its software via its subsidiary PhoneX, Inc. Through these licensing agreements, the Company enables mobile carriers and mobile handset distributors to increase selling prices and selling velocity by using a specialized, automated platform where wholesale buyers of mobile devices can purchase inventory on demand.
PHONEX HOLDINGS, INC. 