- Cash in the bank grew substantially from $157,363 to $1.68 million;
- Total Assets doubled from approximately $3.6 million to $7.1 million;
- Non-GAAP gaming turnover reached $24.93 million for the three months ended September 30, 2016, an increase of 42.58% compared to the same period in 2015;
- GAAP revenue reached $2.6 million for the three months ended September 30, 2016, compared to $1.1 million for the same period in 2015, an increase of 133%.
NEW YORK, Nov. 28, 2016 (GLOBE NEWSWIRE) -- Newgioco Group, Inc. (OTCQB:EMGL) a company providing regulated online and offline gaming and wagering through licensed subsidiaries in Italy, announced today that it has filed its 2016 third quarter results with the U.S. Securities and Exchange Commission. For Q3 2016, the company reports income before tax of $267,125 and after tax income of $36,115, representing a profit of $0.001 per share, compared to losses reported over each prior period during the 2-year development phase. The net result for the quarter also includes a non-cash interest charge of $168,890 as well as an income tax provision of $220,275. A marked improvement in non-GAAP Gaming Turnover from approximately $50 million to $80 million for the nine months ended September 30, 2016, compared to the previous year, sets a pace to exceed $100 million in annual betting turnover for the first time in company history. Additional report highlights include: