C2W Music Limited records (MUSIC) a loss of US$6,610 for the first quarter ended March 31, 2017.
Three months Results as at March 31, 2017:-
C2W did not record any revenue over the first quarter ended March 31, 2017 compared to the US$239 for the same period last year.
C2W spent US$6,394 on total expenses compared to US$15,176 last year, a 58% decline, this as administrative expenses totaled US$6,394 compared to US$7,415 reported for March 2016. C2W reported no ‘Song Writing Camps & Development Expense’ (2016: 7,761).
Operating Loss for the first quarter amounted to US$6,394 relative to US$14,937 recorded for the prior year’s corresponding period.
The company booked Finance Cost of US$1,716 for the first quarter relative to US$1,589 the for the prior year’s corresponding period.
The company booked no Sponsorship Income (2016: US$3,000) for the three months ended March 31, 2017. The company, however booked US$1,500 for management and consulting fee (2016: Nil).
Loss for the period was US$6,610, this compares with the US$13,526 loss booked for the same period the year prior. No taxes were recorded for the period.
Loss per share amounted to US0.0017 cents with the J$ equivalent of J0.21 cents for the period, compared to the 2016 loss per share of US0.0034 cents (J0.41 cents) for the comparable period of 2016. The number of shares used in our calculations is 400,000,000.
Balance sheet
As March 31, 2017, assets totalled US$280,121, 10% more than the US$255,393 recorded last year. The increase was mainly due to C2W recording US$1,500 for Receivables and US$5,998 compared to Nil and US$1,082 recorded as at March 31, 2016.
Shareholder’s equity closed at US$60,504 up from US$11,015 the prior year’s period. This resulted in a book value per share of US0.015 cents (J1.94 cents).
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