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Press Release: Starco Brands Reports First Quarter 2018 Financial Results


SANTA MONICA, Calif., May 18, 2018 (GLOBE NEWSWIRE) -- Starco Brands (OTC:STCB), a creator of innovative and disruptive consumer products, reported financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Highlights:Formally introduced the Brand Advisory Board consisting of veteral sales, marketing and media professionals to guide the Company’s strategy of introducing a diverse range of innovative, behavior-changing products and brands;Executed a 1-for-30 reverse split to give the Company greater flexibility to take advantage of corporate opportunities and/or potential financings, should the opportunities arise;BreatheTM, the Company’s debut product, a line of aerosol household cleaning line received multiple prestigious industry awards from organizations and outlets that promote family- and environmentally-friendly products;Continued to expand the distribution of Breathe to additional retailers;Issuance of 117.3 million shares to officers and directors, and 30.3 million shares to various service providers for services rendered.              Management Commentary
“During the first quarter of 2018, we continued to take steps to build a world-class platform for the design, development and distribution of truly innovative and disruptive consumer products,” said Starco Brands’ CEO Ross Sklar.
First Quarter 2018 Financial Results
Net revenues were $763, bringing total net revenues booked since the Company’s strategic pivot in mid-2017 to $8,948. (Comparisons to 2016 results are not relevant, as the Company was inactive and restructuring prior to mid- 2017. Revenues under the new business model did not begin until the second half of 2017.) Net revenues consisted of royalties from The Starco Group’s sales of Breathe products.
Starco Brands’ revenues are derived from royalties received from its production partner The Starco Group (TSG) on products whose brands are owned by Starco Brands. Starco Brands books the revenue upon receipt of the royalties related to such sales, typically within 60-90 days after the products are shipped to retailers. During the first quarter of 2018, the aggregate wholesale shipments of such products was approximately $29,000. During the first quarter of 2018, these sales were exclusively in the Breathe product line, and more than doubled sequentially each month of the quarter. Because this business model was not adopted until the third quarter of 2017, there were no such revenues booked in the first half of 2017.Operating expens...


Posted: 2018-05-18 10:00:00

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