ATLANTA, GA / January 28, 2020 / Findit, Inc. (OTC PINK:FDIT) reported a revenue increase in the fourth quarter over the same period one year ago of 297%. With revenues of $225,057.00 versus $56,650.00, Findit, Inc. posted earnings for the 4th quarter ending December 31, 2019 of $38,863.00 versus a loss of ($16,808.00) over the same period one year ago. This is an increase of the same period last year of 331%.
Revenues for the 4th quarter has been a combination of revenue streams from our full-service social networking content management platform Findit.com and revenue from its B2B CBD Topical sales. Findit's recent focus on B2B sales in the third and fourth quarter of 2019 to major retailers and distributors Findit has been able to show an increase in revenue over the same period in 2018. Findit has generated sales through Major retailers in the United States to get its brand, Urban CBD Collective to consumers at affordable prices without the high cost of advertising.
As a result of reaching so many consumers throughout the U.S. by being in over 2,000 stores in the 3rd and 4th quarter of 2019, Findit is now in a situation to offer its full line of topical oils and lotions online at retail prices. This can increase profit margins while still providing our customers with price points that are very competitive and often lower than others in the CBD space.
Raymond Firth President stated "As we move forward in 2020 we will be looking at increasing online sales directly from Urban CBD Collective's website and other websites that want to carry the line. In addition to this we are extremely focused on introducing the newly revised Findit App in IOS and Android. We are hopeful that the new App features we are implementing that can be incredibly beneficial to members on Findit, will result in an increase of active daily users. We will be looking to monetize the App through traditional online advertising that will generate revenue from impressions and clicks."
With the increase in revenues and earnings in the past two quarters of 2019 Findit is seeking to become fully reporting so its shareholders and investors can rely on the financials reported moving forward. Findit announced in the fourth quarter that it has retained the law firm of Thomas Cook to draft and file its S1 Registration form and that it has retained the Auditing firm of Prager Metis CPAs.
"By becoming fully reporting in 2020 we are hopeful that more investors will take notice of Findit's technology, services and diversity of revenue streams." stated Raymond Firth
About Findit, Inc.
Findit, Inc., owns Findit.com which is a Social Media Content Management Platform that provides an interactive search engine for all content posted in Findit to appear in Findit search. The site is an open platform that provides access to Google, Yahoo, Bing and other search engines access to its content posted to Findit so it can be indexed in these search engines as well. Findit provides Members the ability to post, share and manage their content. Once they have posted in Findit, we ensure the content gets indexed in Findit Search results. Findit provides an option for anyone to submit URLs that they want indexed in Findit search result, along with posting status updates through Findit Right Now. Status Updates posted in Findit can be crawled by outside search engines which can result in additional organic indexing. All posts on Findit can be shared to other social and bookmarking sites by members and non-members. Findit provides Real Estate Agents the ability to create their own Findit Site where they can pull in their listing and others through their IDX account. Findit, Inc., is focused on the development of monetized Internet-based web products that can provide an increased brand awareness of our members. Findit Inc., trades under the stock symbol FDIT on the OTC Pinksheets.
This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word believe or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Findit Inc. to differ materially from those implied or expressed by such forward-looking statements. This press release speaks as of the date first set forth above, and Findit Inc. assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products, inability to deliver products when ordered, inability of potential customers to pay for ordered products, and political and economic risks inherent in international trade.
Clark St. Amant
SOURCE: Findit, Inc.