- SHRG posts record Q2 revenues, cumulative sales of $169 million since launching proprietary line of products.
- CEO says record sales demonstrate that SHRG sales, support strategies are on the right path.
- Company officials believe SHRG will be able to fund working capital needs for the next year with existing cash and cash equivalents with cash provided through operations and secured and unsecured debt, including through issuance of convertible notes and short-term borrowings under financing arrangements and occasional capital transactions
In its most recent SEC filing, Sharing Services Global Corporation (OTCQB: SHRG), a diversified holdings company in the direct-selling industry, posted record Q2 revenues and cumulative sales of $169 million since the company launched its own proprietary line of products (http://nnw.fm/f6mDM). Specifically, the company reported record-breaking revenues of $38.9 million for its fiscal quarter ended October 31, 2019, more than double the $18 million revenues reported in the comparable quarter of fiscal 2019.
“Product sales for our incredible health and wellness products of Elevacity Global continue to be strong, consistently increasing each quarter,” SHRG CEO John “JT” Thatch stated in a news release. “Our Q2 revenues demonstrate that our sales and support strategies are on the right path as we continue to grow in the direct selling marketplace. We attribute our success to our independent distributors, which we refer to as Elepreneurs, and our incredible team at the corporate offices.”
SHRG’s financial numbers were reported in its most recent quarterly report filed with the Securities and Exchange Commission (http://nnw.fm/XqMn3), which noted that “the accompanying consolidated financial statements have been prepared on a going concern basis, which assumes the company will be able to realize its assets and settle its liabilities in the ordinary course of its business for the foreseeable future.”
Noting that the company is an emerging growth company and, prior to its fiscal quarter ended January 31, 2018, it had virtually no sales, the filing then reported that SHRG’s “quarterly net sales have increased, and gross margin has expanded each quarter since the December 2017 launch of its Elevate health and wellness product line. For the full fiscal year ended April 30, 2019, cash provided by operations was $6.0 million on annual sales of $85.9 million. In addition, for the six months ended October 31, 2019, cash provided by operations was $12.1 million on sales of $74.3 million, while operating earnings were $3.9 million. As of October 31, 2019, cash and cash equivalents were $12.8 million.”
In the filing, company officials reported that they believe SHRG will be able to fund working capital needs for the next year with existing cash and cash equivalents, with cash provided through operations and secured and unsecured debt, including through the issuance of convertible notes and short-term borrowings under financing arrangements and capital transactions from time to time. “The company believes there is no longer reasonable doubt as to [its] ability to continue as a going concern in the foreseeable future,” the filing noted.
“SHRG will continue its efforts to expand revenues through its subsidiaries by added support, expansion efforts and by bringing on additional experienced industry talent to help these efforts on a large scale,” Thatch stated in a news release. “The company will continue to evaluate its expansion plans, products and strategies to continue its success as we enter into 2020.”
Sharing Services Global Corporation is a diversified company, with Elepreneurs Holdings and Elevacity Holdings being its primary operating subsidiaries. SHRG markets and distributes health and wellness products that are sold under the Elevate brand through an independent sales force of distributors, or Elepreneurs, using the direct-selling business model. Sharing Service’s current product offerings include its Elevate health and wellness product line, launched in December 2017. The company’s Elevate product line consists of nutraceutical products referred to as D.O.S.E., which refers to the key hormones dopamine, oxytocin, serotonin, and endorphins.
Sharing Services is dedicated to maximizing shareholder value through the acquisition and development of innovative companies, products and technologies in the direct-selling industry. The Sharing Services combined platform leverages the capabilities and expertise of various companies that market and sell products direct to the consumer through independent contractors.
For more information, visit the company’s website at www.SHRGInc.com
NOTE TO INVESTORS: The latest news and updates relating to SHRG are available in the company’s newsroom at http://nnw.fm/SHRG
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