Endexx Announces Fiscal Third Quarter 2022
CAVE CREEK, AZ, Aug. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Endexx Corporation (OTC: EDXC), a provider of innovative plant based and sustainable health and skincare products now available in 8,000 Mass Retail and Pharmacy stores nationwide, today announced its Form 10Q, third quarter ending June 30, 2022. Endexx continues to rebound and show growth in mass retail sales. The 8000 mass retail stores are in the early stages of growth and are anticipated to fluctuate and grow over the remainder of fiscal 2022 and accelerate in 2023 and 2024 respectively. Endexx reported $418,151 in revenues in its third quarter of fiscal 2022 versus $120,801 in the third quarter of fiscal 2021, a 246% increase. Additionally, nine-month numbers showed an increase of 127% with $947,428 in the first 3 fiscal quarters of 2022 over $416,094 in the same period of fiscal 2021.
“The third quarter showed continued expansion in revenues in Mass Retail stores. We currently are in the top two National Pharmacies and the largest premium Mass Retailer in the US,” stated CEO Todd Davis. Davis added, “Opening orders in mass retail is the beginning of long-term sales cycles, expansion requires investment and Endexx has managed the challenges of this growth cycle as efficiently as possible given the current financial markets.” Davis concluded, “With ongoing anticipation of Federal Regulatory advances, we believe this industry is still in its infancy and has the potential to become a leading multi-billion dollar growth industry in the next few years. According to Nielsen Ratings, Endexx's topical balm and topical cream are the Top Two selling CBD topical products in the pain aisle in Nationwide Pharmacies.”
Recorded in Q3 financials is an extraordinary non-cash derivative liability. This is due to the Double Diamond trading in April that allowed below market trading prices to be posted in time and sales records in quotation services. Endexx is working to correct the condition that created the non-cash derivative loss.
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About Endexx Corporation
Endexx Corporation, develops and distributes all-natural plant-derived topical skincare products. Its products vary from balms, creams, lotions, butters, masks, scrubs and oils all with the shared purpose of healthy skin and grooming wellness. The science behind these products involves a decade of clinical research in the field and lab work to provide functional formulation with ingredients for optimal absorption and the support of skin health.
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This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the company’s business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The company undertakes no obligation to update any forward-looking statements.
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