October 26, 2017 06:30 ET
Freedom Leaf Successfully Presents Plans To Alternative Asset Summit; Results for Fiscal Year 2017: Annual Sales Up 580% to $817,457
This Press Release Includes Financial Information from the Freedom Leaf 10-K dated June 30, 2017
LAS VEGAS, NV–(Marketwired – Oct 26, 2017) – Freedom Leaf, Inc. (OTCQB: FRLF), “The Marijuana Legalization Company”™, presented its plans for the coming years at the Alternative Asset Summit and ReLeaf seminar that took place at the Encore at Wynn Hotel and Conference Center in Las Vegas, Monday and Tuesday.
Freedom Leaf Co-Founders, Richard C. Cowan and CEO Clifford J. Perry, along with EVP and Director Raymond P. Medeiros, spoke about the founding of Freedom Leaf and the company’s mission of Marijuana Legalization as the basis for their plans for the future.
The event was produced by Victor Park, the Principal and Founder of Alternative Assets, a fully integrated hedge fund capital firm with three offices in the United States. In addition, Mr. Park is a Founding Partner of the SALT conference. Anthony Scaramucci, another SALT co-founder, who was briefly President Trump’s Communication Director, also spoke at the event.
Richard Cowan, who has been involved in the Legalization Movement over the past forty five years, took the opportunity to ask Mr. Scaramucci what he thought Trump’s marijuana policies might be, to which Scaramucci replied, “That train has left the station.” And he said that the President has “no interest” in trying to re-impose prohibition.
Alan Stone, Managing Director of Wall Street Research, which has released a report on FRLF, stated, “As the Chair of the ReLeaf Summit portion of the conference, I was impressed with the caliber of the companies attending and presenting at the Cannabis section. Freedom Leaf, Inc. participated and was of keen interest to many of the investors attending.”
“This summit provided an opportunity to meet a lot of influencers who will play an important role in the economic future of the Cannabis/Hemp industry,” stated Clifford J. Perry, CEO of Freedom Leaf Inc. “I look forward to working with many of these people in the near future.”
The Alternative Asset Summit is unique in that it brings together the highest concentration of leading hedge fund managers, institutional investors and high net worth individuals to one venue. Given the smaller and selective attendance comprised largely of friends and friends of friends, the Summit generates 3 days of hyper-networking and concentrated open and insightful discussions. Topics of discussion covered Market Projections, Benchmark Data & Industry Outlook, Following the Money in Cannabis: Where and how to Invest in the Cannabis Industry and Raise Capital for Your Cannabis Business, Investment insights, What’s New in CBD, Real Estate, Mid Tech, Banking and Upcoming proposed Cannabis legislation.
Projected Sales for Fiscal Year Ending June 30, 2018
Management projects that sales for Fiscal Year ending June 30, 2018 will be $2,950,000 compared with the June 30, 2017 fiscal year of $817,457 with a projected net profit for the first time in the company’s history. For a breakdown by category please go here.
Financial Information from the Freedom Leaf 10-K dated June 30, 2017
GAAP From Form 10-K dated June 30, 2017
The Company had sales of $817,457, a 580% increase over the last fiscal year, with net losses of $910,650 for the year ended June 30, 2017, compared to sales of $118,473 with net losses of $3,011,220 for the year ended June 30, 2016. For the complete GAAP information taken from the 10-K go here.
Adjusted Net Loss
In addition to reporting net loss from operations as defined under generally accepted accounting principles (“GAAP”), the Company presents adjusted net earnings from operations (adjusted net earnings), which is a non-GAAP performance measure. Adjusted net earnings consist of net loss from operations after adjustment for those items shown in the table below. Adjusted net earnings does not represent, and should not be considered an alternative to, GAAP measurements such as net loss from operations (its most comparable GAAP financial measure), and the Company’s calculations thereof may not be comparable to similarly titled measures reported by other companies. By eliminating the items shown below, the Company believes that the measure is useful to investors because similar measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies. The Company’s management does not view adjusted net earnings in isolation and also uses other measurements, such as net loss from operation and revenues to measure operating performance. The following table provides a reconciliation of net loss from operations, the most directly comparable GAAP measure, to adjusted net earnings for the periods presented.
The Adjusted Net Loss for 2016 was ($2,721,046) while for 2017 it was ($809,988). For the complete Adjusted Net Loss information taken from the 10-K go here.
In addition to reporting net loss from operations as defined under GAAP, the Company also presents adjusted net earnings before interest, income taxes, depreciation, depletion, and amortization from operations (adjusted EBITDA), which is a non-GAAP performance measure. Adjusted EBITDA consists of net loss from operations after adjustment for those items shown in the table below. Adjusted EBITDA does not represent, and should not be considered an alternative to, GAAP measurements such as net loss from operations (its most comparable GAAP financial measure), and the Company’s calculations thereof may not be comparable to similarly titled measures reported by other companies.
By eliminating the items shown below, the Company believes the measure is useful in evaluating its fundamental core operating performance. The Company also believes that adjusted EBITDA is useful to investors because similar measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies. The Company’s management uses adjusted EBITDA to manage its business, including in preparing its annual operating budget and financial projections. The Company’s management does not view adjusted EBITDA in isolation and also uses other measurements, such as net loss from operations and revenues to measure operating performance. The following table provides a reconciliation of net loss from operations, the most directly comparable GAAP measure, to adjusted EBITDA for the periods presented.
The Adjusted EBITDA for 2016 was ($457,889) while the Adjusted EBITDA for 2017 was ($18,038). For the complete Adjusted EBITDA information taken from the 10-K go here.
About Freedom Leaf
Freedom Leaf, Inc., The Marijuana Legalization Company™, is a fully reporting and audited, publicly traded company trading under the symbol (OTCQB: FRLF). Freedom Leaf, Inc. is a leading go-to resource in the cannabis, medical marijuana, and industrial hemp industry. It is involved in mergers and acquisitions and business consulting in the marijuana industry, including incubation/acceleration and spin offs of new marijuana/hemp related companies.
Freedom Leaf, Inc.’s flagship publication is Freedom Leaf Magazine, “The Good News in Marijuana Reform”. The company produces a portfolio of news, print and digital multi-media verticals, websites, blogs and web advertising, for the ever-changing emerging cannabis, medical marijuana and industrial hemp industry.
Freedom Leaf, Inc. does not handle, grow, sell, or dispense marijuana.
All of our European activities are in full compliance with relevant EU laws.
Investor relations information can be found on the FreedomLeafInc.com company website.
Safe Harbor Statement
Statements in this press release that are not strictly historical are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, including any financial projections above, generally can be identified by phrases such as Freedom Leaf, Inc. or its management “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” “projections” or other words or phrases of similar import. Similarly, statements herein that describe the Company’s business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company’s products and services, changes in relationships with third parties, and other factors described in the Company’s most recent periodic filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K dated June 30, 2017 and quarterly reports on Form 10-Q.