ATLANTA, Aug. 20, 2020 (GLOBE NEWSWIRE) — Edge Data Solutions, Inc. (OTC:EDGS) (“EDSI” or the “Company”) a leading-edge datacenter and cloud infrastructure company provided a business update on the second quarter ended June 30, 2020, showing impressive increases in total assets and fresh revenue during the past quarter. During the quarter, Edge Data Solutions, Inc.’s computing assets continued to expand since March 31, 2020, as it focused on building out datacenter infrastructure to facilitate customer computing demands through developing, deploying, configuring, and leasing of state-of-the-art data processing and networking equipment.
In addition to expanding its computing assets, EDSI celebrated its first revenue-generating quarter after successfully implementing part of its Edge Performance Platform – EDGE Render. The Company designs, owns and operates its high-performance servers (HPS) to provide hardware acceleration for video rendering, wholesale rendering for large farms, 3D processing, and gaming. Our Edge HPS are capable of producing multiple streams of revenue including enterprise blockchain mining. EDSI’s Edge Performance Platform allows servers we host to achieve an almost 100% hardware utilization, ensuring they are always generating cashflow.
“I couldn’t be prouder of our team to achieve so much in a short period of time. The expansion of the Edge Performance Platform – EDGE Render was no small feat and our team executed under great pressure due to Covid-19. Covid-19 has undoubtably accelerated our timeline and confirmed we are in the right market at the right time,” said CEO Delray Wannemacher.
If you would like to know more about our Edge Render platform or other GPU as a Service packages please contact us at [email protected]
Second Quarter Financial Results
For the three months ended June 30, 2020, the Company generated revenues of $6,307 from operations, compared to $0 for the three months ended June 30, 2019, an increase of $6,307 or 100%. This increase is a result of EDSI’s EPP Pilot program for a select few customers for use of the Company’s computing equipment and platform. The Company anticipates future revenue from its current efforts, but there can be no assurances that such efforts will be successful.
As of December 31, 2019, the Company held $14, 453 in equipment and cash assets. During those six months ended June 30, 2020 the Company had increased its assets to a total of $172,478, or 1093%. The increase includes over $60,000 in state-of-the-art data processing and networking equipment as well as an increase in cash assets. The increase in the equipment will allow the Company to expand the EDSI Edge Performance Platform to more users during the third quarter and beyond.
For the three months ended June 30, 2020, selling, general and administrative expenses were $55,788, compared to $71,193 during the three months ended June 30, 2019, a decrease of $15,405, or 22%. The decrease in these expenses are attributable to decreased legal, accounting and other professional fees and no advertising and marketing spend during the 2020 period.
Aside from interest expense, during the three months ended June 30, 2020 and 2019, the Company recognized net other expense of $9,750 and $0, respectively, for a change of $9,750 or 100%. The change was a result of $23,000 of acquisition deposits written off after termination of a prospective acquisition, $12,250 of debt forgiveness from a vendor, and a $1,000 grant from the United States Small Business Administration.
About Edge Data Solutions, Inc.
Is an industry-leading edge datacenter and cloud infrastructure provider. EDSI’s proprietary Edge Performance Platform (EPP) allows us to deploy next generation edge datacenters where they are needed most. EDSI’s datacenters provide next-generation immersion cooling technology that improves performance, reduces energy costs and latency. Key industries we serve more computing power to are fintech, cloud gaming, telecom 5G, 3D/video/AI rendering, video streaming, remote desktop, IoT, autonomous vehicles. https://EdgeDataSolutions.io/
This press release contains “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 statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements, including those risks and uncertainties described in our filings with the U.S. Securities and Exchange Commission, including our most recent reports on Forms 10-K, 10-Q and 8-K, and any amendments thereto. Therefore, current and prospective security holders are cautioned that there also can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation or warranty by Edge Data Solutions or any other person that the objectives and plans of Edge Data Solutions will be achieved in any specified time frame, if at all. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” or “continue” or the negative of such terms and other comparable terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. In evaluating these statements, you should specifically consider various factors. These and other factors may cause our actual results to differ materially from any forward-looking statement. We undertake no obligation to update any of the forward-looking statements after the date of this press release to conform those statements to reflect the occurrence of unanticipated events, except as required by applicable law.
Levi Volk Edge Data Solutions, Inc.