NEW YORK, NY -- (Marketwired) -- 05/19/14 -- Eyes on the Go, Inc. (OTCQB: AXCG) ("Eyes"), a virtual broadcasting company providing live and recorded streaming video content from top New York City nightlife venues, reported 1st quarter results today.
The company reported revenue for the 1st quarter of $91,649, which was an increase of 2900% over last year's 1st quarter of $3,131. In comparison to the 4th quarter of 2013, the revenue grew from $19,967, which is an increase of 460%. The gross profit margin increased from 75% in the 1st quarter last year to 91% this quarter.
The company launched a video production department which contributed to an increase in selling, general and administrative expense from $188,366 to $297,471 from the 1st quarter 2013 to 2014. The company continues to have an operating loss, which in the 1st quarter of 2014 was $214,015 which compares to $186,001 last year. In addition, there was a non-cash charge relating to the accounting treatment of derivative liabilities of $405,166 for this period.
The company continues to add venues and streamed broadcasts which led to an increase in traffic to over 7 million visitors in March with over 14 million page views. The new video production group has produced a series of what and who is Gander.tv (see: http://www.gander.tv/event/all-about-gander). Traffic is growing from a world-wide audience being introduced to unique New York City performances in all forms of music, comedy, spoken word, performance arts, etc.
According to Arty Shepherd, Owner, Saint Vitus in Brooklyn, "Essentially, we want to make our brand go beyond our brick and mortar. We have a massive local scene, but streaming is a good way of reaching people who don't live near here, and give them a chance to feel they are participating. We tried another well-known service, but GANDER is far better at understanding the internet limitations involved and provide streams that work consistently."
"Our strategy for monetization is starting to work, with a significant increase in revenue for this last quarter. We are very pleased with the varied advertisers and the placement of both display and video ads on our web pages. Our demographic is very appealing, and should continue to drive ad placement in the future," remarked Chris Carey, the Eyes CEO.
About Eyes on the Go, Inc. and GANDER.tv
GANDER.tv streams live and recorded video from nightlife venues and events providing entertainment, exposure and revenue opportunities that are all leveraged with digital marketing and social media support. GANDER.tv works collaboratively with clients to promote awareness, interest and attendance at venues, shows and events. We drive incremental revenue through pay-per-view, advertising and sponsorships. The GANDER.tv mission is to provide unique, authentic content to the world.
Statements not based on historical fact are forward-looking statements. Although such statements are based on management's current estimates and expectations, and currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements.
For a description of some factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our Annual Report Form 10-K and other Company reports. We caution readers that we do not undertake to update any forward-looking statements.