Cuentas Files First Quarter 2021 10Q Report
MIAMI, FL / ACCESSWIRE / May 5, 2021 / Cuentas, Inc. (NASDAQ:CUEN) ('Cuentas'), a leading FinTech provider of mobile banking and payment solutions serving Latino and Hispanic consumers, filed its quarterly report for the period ended March 31, 2021.
Cuentas' balance sheet was dramatically improved during Q1 mainly due to its successful $12 million capital raise with net proceeds of $10.6 Million through an underwritten public offering. From these Net Proceeds, Cuentas paid all its financial debt including loans to Labrys ($635k), Dinar Zuz ($378k) and the convertible loan with interest to A.Ghershony ($260k). At the same time, Cuentas was successful in uplisting to Nasdaq.
Cuentas is developing its retail distribution network with SDI Black011 (SDI) as it continues to integrate advanced consumer services with Black Wireless, Mango Mobile, CITI (Mexico) International Bill Pay and Western Union for cross border money transfers.
Cuentas is strategically building its distribution network near key transportation hubs for sale of metro cards and digital recharges for CT-Go directly available for digital scan and reload in the Cuentas Mobile App and also in prime physical Bodega Points Of Sale. Later this year Cuentas expects to also launch NY-MTA, which did over $6.3 Billion in total transit fares during 2019.
SDI is planning to leverage its base of 1 Million customers who have opted-in to their services, to announce these services when ready for consumers. Cuentas will participate with SDI on a rebate program that should make SDI wireless products and Cuentas GPR cards very successful.
Cuentas is very proud to have almost doubled revenue for Q1 compared to Q1 last year. Cuentas has hired key personnel to drive the development of products and services and believes it is well positioned with sufficient cash on hand to significantly accelerate revenue in Q2. Cuentas hopes to have excellent momentum for the next quarter and beyond. By the end of Q2, Cuentas hopes to reveal projections for the upcoming 24 months that will lead it to the next major financial plateau.
The 2021-Q1 10Q report shows $6.48 million in Cash & cash equivalents on 3/31/2021 compared to $0.22 million on 12/31/2020 and with Total assets of $13.5 million as of March 31, 2021 as compared to $7.5 Million as of Dec 31, 2020.
Total Liabilities are $3.3 Million as of 3/31/2021 compared to $6.48 million as of 12/31/2020.
Total revenue for Q1 ending 3/31/2021 was $225,000 vs $134,000 for the same period of 2020. The Operating Loss was $1,61 Million for Q1 2021 compared to $2.58 million for Q1 2020.
'Cuentas' capital raise of $12 million in February 2021 was instrumental to prepare Cuentas for the future. We were able to satisfy our providers and have sufficient capital available to start implementing our strategic marketing and distribution plan,' stated Arik Maimon, Founder and Interim CEO. 'We have great plans for the future of Cuentas and appreciate the patience and support of our shareholders to get to this point and have great expectations for the future', added Maimon.
Cuentas, Inc. (Nasdaq: CUEN & CUENW) is a FinTech e-banking and e-commerce service provider with proprietary technology aimed at providing solutions for the underbanked and un-banked Hispanic and Latino population. Its services include, but are not limited to, mobile banking, online banking, prepaid debit, ACH and mobile deposits, cash remittance, peer to peer money transferring, and providing access to bank accounts for customers who previously could not obtain bank accounts. The proprietary Cuentas General Purpose Reloadable (GPR) Card provides holders with a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. For more information, visit the Investor Relations section of www.cuentas.com
This news release contains 'forward-looking statements', as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as 'estimate,' 'anticipate,' 'believe,' 'plan' or 'expect' or similar statements are forward-looking statements. Forward-looking statements contained in this news release include statements relating to other publicly available information regarding the company.
235 Lincoln Rd., Suite 210
Miami Beach, FL 33139
SOURCE: Cuentas, Inc.
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