FSNA Reports Q1 Revenue of $2.5M

Logo courtesy of FSNA
Logo courtesy of FSNA

Franchise Services of North America (FSNA), franchisors of the U-Save brand, has announced its financial results for the quarter ended March 31, 2017.

Revenue and loss from continuing operations for the first quarter were $2,580,345 and profit of $4,388, respectively, compared to revenue of $2,221,108 and loss of $215,357 from continuing operations for the quarter ended March 31, 2016.

FSNA’s unaudited interim financial report for the fourth quarter and related management's discussion and analysis can be viewed on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

Comments

  1. Asal ing [ June 7, 2017 @ 01:09PM ]

    This is in the FSNA financial report on seedar.
    Read the report.

    "The Company’s future operations are dependent upon its ability to maintain profitable operations and to obtain additional capital to meet its cash flow needs. There can be no assurance that the Company will raise additional capital on favorable terms or at all. There is also no certainty that these and other strategies will be sufficient to permit the Company to continue as a going concern."

    Going Concern

    As described in Note 2 above, there is substantial doubt about the Company’s ability to continue as a going concern due to the Company’s financial condition and the reconsolidation of Simply Wheelz (see further discussion in Note 4). The Company’s future operations are dependent upon its ability to maintain profitable operations and to obtain additional capital to meet its cash flow needs. Based upon consideration of available information as of the date of issuance of these condensed consolidated interim financial statements, the Company’s Board of Directors determined the going concern basis of presentation is appropriate given the Company’s profitable operations to date in fiscal 2017 and management’s intent to obtain additional capital and/or financing as necessary to continue its operations through fiscal 2017 and beyond. The evaluation of the appropriate presentation based on the known factors required considerable judgment.

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