IRVINE, CA, April 01, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Signature Devices, Inc. (OTC PINK: SDVI), and its subsidiary Nano 101, today announced the release of its annual financials and report for 2018. Included in the report are financials that incorporate Q4 data from the Nano 101 Technology acquisition and detailed view of the Nano 101 business model and technology.
The merger with Nano 101 provided a boost in revenue for Signature Devices compared to 2017. Gross revenue jumped from $140,281 to $372,121 in 2018. This represents a 165% increase in revenue primarily driven by the Q4 sales from Nano 101 Technology.
Even with higher revenue, Signature Devices did also incur a higher cost of goods thereby dropping gross profit to $66,162 in 2018 down which is a 20% drop in profit from the previous year.
After adjusting for operating and other expenses Signature Devices showed a remarkable reversal in net income with a loss of $17,443 in 2017 to a net gain in income of $14,451.
The merger with Nano 101 also brought with it an increase of the company’s assets primarily in the form of 60000 CBD topical patches in inventory worth $450,000. Total assets climbed to $1,662,235 from the $1,325,216 reported in 2017.
Taking into account net cash flows from financing, operating, and investing, Signature Devices was left with $47,149 in cash reserves by December 31, 2018
About Nano 101
Based in Irvine, California, Nano 101, Inc. (www.nano101.io) was founded by a diverse set of individuals, including physicians, clinical researchers, naturopaths and botanists, who all have had a strong history and interest in hemp-based therapeutics. The goal of the company has been to combine the latest hemp-based therapeutics with the latest topical delivery systems.
About Signature Devices, Inc.
Based in Sheridan, Wyoming, Signature Devices, Inc. (www.signaturedevices.com) (OTC PINK: SDVI) is a holding company with various subsidiaries that develop Internet of Things (IOT) products through its subsidiary Innovo Technologies, Inc., and publishes diverse media products including video games and mobile applications through its subsidiary Graffiti Entertainment, Inc.
Forward-Looking Statements:
The information in this press release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.