Findit, Inc. (OTC PINK:FDIT) reported a revenue increase in the fourth quarter over the same period one year ago of 118%. With revenues of $90,627.00 in 2020 versus $41,508.00 in 2019. Findit, Inc. posted a loss in the second quarter ending June 30, 2020 of $31,234.00. The company took a one time write off of $44,695.00.
Without the one time write off of $44,695.00 the company would have reported a quarterly profit of $13,461.
Findit president, Raymond Firth, stated "We are optimistic moving forward in 2020. Business performance for the first quarter, and into the second quarter has been severely impacted by shutdowns caused by Covid-19. We took the one time write off this quarter. As a result, we did not show a profit for this quarter. Our focus now is to complete important updates on the Findit App and place the new version into Google PlayStore and Apple AppStore for users to download. Work on this new version of the app is very close to completion. We think that the new interface, and new features will attract a more diversified wider demographic of users. With the recent controversy over Chinese ownership and control over Tik Tok, we are hopeful that users will discover and begin to use Findit's App. As a U.S. based company, we believe our members will be able to confidently provide any personal information they wish to share without fear of compromise or misuse. We hope to roll the new App updates out soon, but we do not have a specific launch date."
The new App updates will also look to include an advertising provider. By serving up ads in the App, this will provide Findit with an additional revenue stream that does not increase our fixed costs.
Findit, Inc. is still in the process of having its 2018 and 2019 yearly audit completed along with the first two quarters of 2020. Findit is preparing an S1 to become fully reporting.
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.