Featured BnSellit Technology Inc. Announces Results for the Period ended September 30, 2021

Published on November 20th, 2021 📆 | 5705 Views ⚑

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BnSellit Technology Inc. Announces Results for the Period ended September 30, 2021

CALGARY, AB, Nov. 19, 2021 /CNW/ – BnSellit Technology Inc. (“BnSellit” or the “Corporation”) (CSE: BNSL) today announced its consolidated results for the three months and period ended September 30, 2021.

Q3 Highlights

BnSellit was listed on the CSE on September 29, 2021, during the third quarter it also completed one private financing for proceeds of $78,500.22, converted 15,700 Class B shares to 157,000 Class A shares and redeemed 62,800 Class B shares for $62,800. During the three months the Corporation concentrated on gaining its listing, enhancing the BnSellit Platform and building market awareness of the product in its key US and Canadian target markets via a social media marketing campaign.

The campaign led to BnSellit signing several partnership agreements. These agreements give BnSellit access to over 200,000 Hosts.

Enhancements to the Platform included adding functionality to the app as follows:

Make an Offer, a feature that allows the Guest to submit an offer to the Host for an item, for example a piece of art or an antique. In this scenario the Host and Guest can exchange offers through the communications feature of the platform in real-time until the final price is agreed to. Once the final price is agreed to the Guest can complete the purchase of the item and take the item home with them.

MarketPlace Kit, working with various supply partners, the Host can subscribe to pre-configured items delivered to their locations and ready for sale. The images, descriptions and suggested selling prices of the items are all pre-loaded. The Host can use the platform to change the details including selling price of the items in the Marketplace Kit. The Marketplace kit allows the Host to establish their on-site marketplace quickly. In addition, Hosts can add their own items to the Marketplace kits to expand their offering.

Partner Referral System, the Partner Referral System was activated allowing Referral Codes to be registered with distribution partners for enrolment tracking. Once A referral partner is added to the back office and their referral code assigned, the referral partner can promote the BnSellit Platform to their hosts using their unique referral code. This will ensure the partner receives the negotiated revenue share and can track activity in the back office. The Referral System includes a modification to the BnSellit app to accept referral codes on Host registration as well as the Referral code registration parameters in the back office management.

The Property Management Tracking System, a feature was added to the sign up process of the BnSellit App to track which, if any, property management software the host is using. This will be valuable in determining future add on and integration options with various Property Management software companies.

General User Interface improvements to both the BnSellit and BnBuyit app as result of user feedback.

Year to Date Highlights

The Corporation was incorporated on February 4, 2021 pursuant to the Business Corporations Act (Alberta).

The Board and senior management team were appointed on March 24, 2021.

On April 29, 2021 BnSellit entered into an asset purchase agreement with BnSellit Canada Inc., a wholly owned subsidiary of RT7 Inc., to purchase all assets required in connection with the BnSellit Platforms.

The Corporation also completed several private placements between February 4 and June 30, 2021, raising a total of $1,480,231,66.

Q4 and Future Outlook

BnSellit will concentrate on onboarding Hosts to the Platform and will continue its education and awareness campaign by attending trade shows in its key markets of Florida, Texas, the Carolinas and Georgia. It will also continue to build out distribution channels and sign additional partnership agreements.

The STR market is strongly rebounding from COVID and is entering its next phase of expansion in the US and BnSellit is positioning itself to be ready for the expected surge in Hosts and transactions as more Hosts are onboarded.

Summary Financials

The following selected financial data is derived from the financial statements dated September 30, 2021 of the Corporation prepared in accordance with International Financial Reporting Standards.

As at September 30, 2021

Net working capital

$778,753

Total current assets

$829,227

Total assets

$2,141,825

Total current liabilities

$50,474

Total shareholders’ equity

$2,091,351

Period from July 1, 2021 to September 30, 2021

Revenue

$0

Expenses

$277,007

Net and comprehensive loss

$(277,007)

Income per share basic and diluted

$(0.01)

Period from February 4, 2021
(date of incorporation) to September 30, 2021

Revenue

$0

Expenses

$542,863

Net and comprehensive loss

$(542,863)

Income per share basic and diluted

$(0.01)

No prior period comparison activity has been provided as the Corporation was not in existence during the reported period in the prior year.

About BnSellit Technology Inc.

BnSellit Technology Inc. is a technology company that connects guests staying in Short-Term Rental (‘STR’) properties with items offered for sale or rent by STR owners and managers (‘Hosts’). With the BnSellit app, Hosts can quickly and easily post and manage items located on site for sale or rent. Items which can significantly increase revenue per stay. These items can include local souvenirs, decor, essential items, snacks, toiletries, art, antiques and activity kits. Using the BnSellit app, Hosts can also rent bicycles, golf clubs or sell access to hi-speed internet for even more revenue. When guests arrive at a BnSellit Host location, they are presented with simple instructions on how to view, purchase or rent available items. Once the payment transaction is complete, the guest can use the item during their stay or take it with them when they leave.

Forward Looking Information Disclaimer

The information in this news release contains certain forward-looking statements. These statements relate to future events or the Corporations future performance. All statements other than statements of historical fact may be forward-looking statements. These statements involve substantial known and unknown risks and uncertainties, many of which are beyond the Corporation’s control. The forward-looking statements in this news release are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

SOURCE BnSellit Technology Inc.

Cision

View original content: http://www.newswire.ca/en/releases/archive/November2021/19/c1313.html

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