IRVINE, Calif., Aug. 31, 2016 (GLOBE NEWSWIRE) -- 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.
Additional information on the Company may be viewed at http://www.gf.city.
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.
Additional information on GX-Life may be viewed at http://www.gx-life.com/
Information about Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the Company utilizing cryptocurrency, which could have fluctuations in demand and pricing, the introduction and impact of new competitive products or cryptocurrency, the Company's ability to acquire and maintain customer strategic business relationships, growth in targeted markets, and other information that may be detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting the Company, please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.