Global Future City Holding Inc. is pleased to announce its financial results for the second quarter
OREANDA-NEWS. Global Future City Holding Inc. (OTCQB:FTCY), (the “Company”) is pleased to announce its financial results for the second quarter ended June 30, 2016.
For the three months ended June 30, 2016, the Company generated net revenues of $3,164,159, and recognized gross profit of $3,161,148. Even after deducting related expenses such as marketing, administrative, and cost of product sales, the Company was able to realize $1,488,267 in net income, compared to a net loss of $192,096 for the three months ended June 30, 2015. This increase is directly related to members joining GX-Life Global, Inc.’s (“GX-Life”), the Company’s wholly-owned subsidiary, direct selling program and paying their respective deposits, membership fees, and starter kit fees. The Company attributes this increase to $3,153,134 of related party commissions that was earned when members converted their respective deposits into GX Coins.
For the six months ended June 30, 2016, the Company generated net revenues of $3,412,318, and recognized gross profit of $3,408,057. After deducting related expenses such as marketing, administrative, and cost of product sales, the Company was able to realize $232,247 in net income, compared to a net loss of $84,090 for the six months ended June 30, 2015.
The Company also had cash outflows from operating activities of $744,593, and $409,748 from investing activities that were related to purchasing inventory, property, and equipment in order to expand GX-Life’s direct selling program.
Michael Dunn, CFO of FTCY, stated, “We are so pleased to announce that we achieved over $3,000,000 in revenue in the second quarter of 2016. We believe that the increase in revenue recorded is just the beginning, and we expect to increase performance in the next fiscal quarter by actively engaging new members in GX-Life’s direct selling program.”
About Global Future City Holding Inc.
Global Future City Holding Inc. is a holding company that’s engaged in consumer product sales through the GX-Life Direct Selling Program offered by its wholly-owned subsidiary, GX-Life Global, Inc.
About GX-Life Global, Inc.
GX-Life Global, Inc. sells high quality consumer products such as personal care, wellness, and quality-of-life products under the brand, “GX-Life” via direct sales to consumers and e-commerce channels on an international basis. GX-Life utilizes “GX-Coins”, which is a cryptocurrency that functions as a store of value and a medium of exchange, in its Direct Selling Program where GX-Life Members are able to redeem their commissions into GX-Coins.