Hamilton, Bermuda 28 September 2018 - In a filing with the Bermuda Stock Exchange (“BSX”), Apollo Enterprise Solutions, Ltd. (“AES” or “The Company”; Tickers: AES.BH & OAL.GR), released their results for the quarter ending June 30, 2018. The full filing stated:
AES was incorporated on 26 September 2012 in Bermuda with the primary objective of offering investors a high growth technology investment opportunity. The Company’s primary listing is on the Bermuda Stock Exchange (AES:BH). It has a secondary listing on the Frankfurt Stock Exchange (OAL:GR) and also listed on the XETRA trading platform (OAL:GY).
Reporting Currency
The Company’s results are reported in US Dollars.
Business Review
AES Revenue and financial results were less than budgeted expectations during the 2nd Quarter of 2018 as the Company did not bring on budgeted clients. Revenue for the 2nd Quarter of 2018 were 0, compared to revenue in the 2nd Quarter of 2017 of $19,000. The net loss for the 2nd Quarter of 2018 was ($483,453), a decrease of ($1,167,969) compared to the ($1,651,422) loss from the 2nd Quarter of 2017. The Company has no minority interests, and there were no other unusual items in the 2nd Quarter of 2018. Earnings Gain/(Loss) per Common Share for the 2nd Quarter of 2018 were ($0.01) which was an improvement over the ($0.04) of the 2nd Quarter of 2017.
Dividends
The Company has declared no Common Share dividend for the period under review. The small number of remaining Preferred Class A and Preferred Class A-2 are subject to 6% cumulative dividends. No Preferred Dividends are payable until the Company has achieved three consecutive quarters of profitability and receives Board of Directors approval to pay such dividends.
Basis of Presentation
The unaudited consolidated results for the three months ended 30 June 2018 and for the three months ended 30 June 2017 have been prepared in accordance with US Generally Accepted Accounting Principles (USGAAP).
Accounting Policies
The quarterly results have not been audited by the Company’s external auditors. The accounting policies adopted are consistent with those published in the Audited Annual Financial Statements for the period ended 31 December 2017.
Changes to the Board
There were no changes to the Board during the 2nd Quarter of 2018.
APOLLO ENTERPRISE SOLUTIONS LIMITED
(Incorporated in Bermuda with registration number 46931)
BSX share code: AES:BH
FWB share code: OAL:GR or OAL:GF
XETRA share code: OAL:GY
ISIN: BMG0410V2071
(“the Company”)
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