Usell.com, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016
November 08, 2016
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usell.com, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, revenue was $24,817,307 against $2,699,863 a year ago. Loss from operations was $6,716 against $294,422 a year ago. Net loss was $411,479 against $294,284 a year ago. Net loss per common share - basic and diluted was $0.02 against $0.04 a year ago. Adjusted EBITDA was $590,000 against $34,000 a year ago.
For nine months, revenue was $73,098,642 against $7,563,301 a year ago. Loss from operations was $1,074,836 against $2,299,388 a year ago. Net loss was $2,534,732 against $2,299,287 a year ago. Net loss per common share - basic and diluted was $0.13 against $0.30 a year ago. Net cash and cash equivalents provided by operating activities was $4,040,643 against cash and cash equivalents used in operating activities of $4,040,643 a year ago. Cash paid to purchase property and equipment was $69,019. Adjusted EBITDA was $793,000 against loss of $1,212,000 a year ago.
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.