VANCOUVER, WA / ACCESSWIRE / November 19, 2020 / Adaptive Ad Systems, Inc. (OTC:AATV), today issued a correction regarding references to the number of profitable quarters 'in a row' for 24 quarters. Adaptive and its subsidiary companies provide Dynamic Digital Ad Insertion (DDAI) via its streaming media hardware and proprietary processing software for all U.S. cable TV markets and High Speed Fixed Wireless Internet Service (WISP) via a network of Hybrid Access Points and Micro POPs.
In its press release of November 19, as well as some releases since May of this year, the Company has stated the number of profitable quarters 'in a row,' varying with each additional quarter. The number of profitable quarters is actually 22 instead of 24, as reported. While quarterly financial reports always identify results of the quarter being reported, that is not the case of annual reports which only report results for the entire year, without singling out the fourth quarter. It has come to management's attention that there were two instances of losses in the fourth quarter, which does not change the financial numbers reported, but does affect phraseology of press releases.
As far back as in the year 2015, the Company experienced a fourth quarter loss of $20,793. Nevertheless, for that year, the Company generated gross revenue of 2,591,812 and net income before taxes of $140,098. Within the results for the entire year 2019, the Company experienced a loss of $197,784 during the fourth quarter. For that year, the Company generated gross revenue of $4,377,317 and net income before taxes of $255,107.
Because of the foregoing, references outside of the financial statements (which were reported correctly) using phrasing for the number of profitable quarters 'in a row' is not correct. The correct phraseology would be, using this press release as an example, 'The Company has been profitable 22 of the last 24 quarters.'
While in some analysts' opinion this non-financial statement correction may not be material to overall operations of the Company, management deems such corrections important to the Company's transparency with its shareholders and prospective shareholders. Since responsible correctness of our reporting is of crucial importance to the Company, management has reviewed a break-out of all fourth quarters going back to 2014 and generated this correcting release.
Adaptive Ad Systems Inc. is a digital media and video communications company. Together with its subsidiaries and manufacturing suppliers, the Company provides Dynamic Digital Ad Insertion (DDAI) services and develops and deploys streaming media hardware and proprietary processing software for the Cable TV, Satellite, IPTV markets. Via its subsidiary Adaptive Broadband (ABB), the Company provides High Speed Fixed Wireless Internet Service (WISP) to residences and small offices via a network of Hybrid Access Points and Micro POPs. The Company's DDAI and WISP services target the often-over-looked 2nd and 3rd Tier cable TV and rural WIFI markets and now also Tier 1 markets across the US. Adaptive's proprietary software and hardware, installed in scores of cable television systems across the United States, creates a 'network' of linked cable tv system. This allows advertisers to purchase ads across the nationwide Adaptive network, generating significantly more ad impressions than through traditional ad insertion technologies in individual systems. Adaptive Ad Systems has established an innovative revenue share agreement with each individual cable tv system and manages all ad-related activities. Currently, the Company serves over 75 designated marketing areas in over 40 states. The Company's Adaptive Broadband network system provides services . For additional information, please visit: www.aatv.co.
Any statements contained in this press release that do not describe historical facts constitute forward-looking statements. Forward-looking statements may include, without limitation, financial projections, statements regarding the plans and objectives of management for current and future operations, the development, regulatory approvals and commercialization of the Company's products, or any of the Company's proposed services, systems, services, licensing arrangements, joint ventures, partnerships or acquisitions. Such forward-looking statements are not meant to predict or guarantee actual results or performance and actual events or results may differ considerably. Factors that may cause actual results to differ materially from any projections may include, without limitation, delays in the Company's development of its products and services, the inability to obtain requisite financing, the impact of significant new or changing government regulations on the industry, existing or increased competition, results of arbitration or litigation, stock volatility and illiquidity, and possible general failure to effectively implement the Company's business plans or strategies. The Company assumes no obligation to update any forward-looking statements to reflect any change in events or circumstances that may arise after the date of this release.
Adaptive Ad Systems, Inc.
SOURCE: Adaptive Ad Systems, Inc.
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