The Filing of Q1 2021 Financial Statements, is the Final Step to Achieve the Milestone of Obtaining Pink Current Information on the OTC Markets.
WESTBURY, NY / ACCESSWIRE / June 10, 2021 / The Company (OTC PINK:FAVO) is pleased to provide the following highlights of its first full quarter of business in its newly formed Alternative Business Funding and Finance Division.
FAVO Capital 1 st Quarter 2021 Business Highlights:
- Originated over 650 new Merchant Cash Advances (MCA's) in the first quarter (Q1) of 2021
- Partnered and participated in approximately $80,000,000 of Business Funding
- Advance receivables have increased Quarter over Quarter (QoQ) from $496k in Q4/2020 to $2.2M in Q1/2021
- Average Factor: 1.39x during the quarter
- Average Term: 6.6 Months
- Loss reserves: 8.3% with actual losses running under 2.0% for the Quarter
- EBITDA Adjustments totaled $516,900 which includes a $336,000 Initial Start Up Cost making the adjusted EBITDA ($95,800)
Vincent Napolitano, CEO, stated, "I am very pleased with the performance, the diversity across industry and the momentum of the portfolio during Q1. In such a short period since inception I believe we have exceeded all my expectations."
You can view "Favo Capital Quarterly Financial Statements March 31, 2021.pdf" at: https://documentcloud.adobe.com/link/track?uri=urn:aaid:scds:US:cd5dd6ea-6ce3-4f6f-ad3a-312cfe106419
Or visit our Investor Relation Page: https://irdirect.net/FAVO/corporate_document/3083
More About FAVO Capital Inc.:
FAVO CAPITAL is a Direct Funding Company, which provides customized, short-term funding to small and mid-sized businesses nationwide. FAVO Realty is a Real Estate Investment Company which invests in a diversified portfolio of quality commercial real estate properties throughout the United States. "FAVO" is "Honeycomb" in Latin - The Honeycomb (Hexagon) is the most efficient shape in the universe. FAVO Realty Inc. intends to be Efficient, Flexible & Durable.
More About FAVO Group, LLC:
FAVO GROUP, LLC is the External Manager of FAVO Capital, Inc. (OTC PINK:FAVO). They were founded by a Group of Capital Market, Finance, Real Estate and Business professionals with over 100 years of collective experience and have transacted in over $6 billion of related transactions.
CONTACT:
Email: info@favocap.com
Tel: (833) 328-6477
Safe Harbor/Forward-Looking Statements
This press release contains certain forward-looking statements including, but not limited to, statements, estimates, and projections of future trends and of the anticipated future performance constitute "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, as amended, including, without limitation, statements regarding the Series' expectations, beliefs, or future strategies that are signified by the words "expects," "anticipates," "intends," "believes," or similar language. These forward-looking statements concern the Company's operations, economic performance and financial condition and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual results may differ materially from expected results. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of this press release FAVO Capital, Inc and its Management Team expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements, unless specifically required by law or regulation
SOURCE: Favo Capital, Inc.
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