CITY OF INDUSTRY, Calif., June 11, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE--Sugarmade, Inc. (OTC:SGMD), one of the largest publicly traded cannabis-related hydroponics supply companies today informs its investors concerning the filing of financial results for the quarter ending September 30, 2017 and provides an update concerning additional filings and the direction of the Company.
Mr. Jimmy Chan, CEO of Sugarmade commented, "The filing of our financial results has been delayed as we revamped our financial team and systems in order to manage the strong growth we are currently realizing and to prepare for the growth we are forecasting for future periods. While we have experienced growing pains, the good news is we have implemented some strong systems and augmented our financial staffs, which will allow us to be more timely in future reporting. We will be back on track with our reporting very soon. We continue to believe our future is very bright, as we expand our operations and rapidly expand our revenue base."
Financial Reporting - Sugarmade has now filed its results for the quarter ending September 30, 2018 and is in process of finalizing reports for the quarters ending December 31, 2017 and March 30, 2018. Much of the delay in reporting was caused by personnel augmentations relating to the significant expansion of revenues and operations that is occurring. Sugarmade expects to return the Company to fully reporting status over the short term and sees no major issues moving forward relative to timely financial reporting.
Financial Staff and Functions - The accounting and financial staffs at Sugarmade have been significantly expanded with these new individuals mainly concentrating on integrating new revenues streams into the previously existing and newly installed financial management systems. These integrations have largely been completed, significantly streamlining the overall reporting function.
Revenue Growth - Sugarmade's revenues continue to grow at a rapid pace and will begin to be reflected in future financial filings and reports. Most of this revenue growth is being generated from online revenues directly related to the hydroponic cultivation sector. Management sees additional revenue streams being developed over the coming quarters.
Future Direction - Sugarmade plans to continue to expand aggressively within the hydroponic cultivation sector via its currently operating business arrangements. Additionally, the Company has continued its acquisition related activities, which management believes will likely lead to additional revenue growth, particularly relating to hydroponic market retail operations. Management is currently engaged in multiple discussions concerning acquisition within these market sectors.
About Sugarmade, Inc. (OTC:SGMD):
Sugarmade, Inc. is a product and brand marketing company investing in products and brands with disruptive potential. Sugarmade's brands include ZenHydro.com, CarryOutSupplies.com, BudLife Cannabis Storage Solutions, CaliGrownSupplies.com, and Sriracha Seasoning Stix, a revolutionary culinary seasoning product. For more information on the Company's products, please visit http://www.Sugarmade.com.
For inquiries please contact Jimmy Chan at (888) 982-1628 or info@Sugarmade.com.
FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward looking statements.
Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.