Technology

Facedrive Inc (OTCMKTS: FDVRF) Announces Second Quarter Results

Facedrive Inc (OTCMKTS: FDVRF) has announced its results for the second quarter ended on June 30, 2021. The company is a tech ecosystem in Canada.

Facedrive Foods
Facedrive Foods’ food delivery business made $4,973,100 in revenues for the company in Q2 2021. This was in comparison to $Nil in Q2 2020. Facedrive Foods began as a project within the company in April 2020. It benefited from Facedrive’s partial acquisition of Foodora Canada Inc in July 2020 and Food Hwy Inc in October 2020. It also benefited from the stay-at-home orders caused by COVID-19.

Facedrive Foods made an average of 4700 orders in a day in 19 cities in Canada for the six months ended June 30, 2021. By June 30, 2021, Facedrive Foods had registered 303,025 end-users and had 5312 restaurant partners.
The revenues Facedrive Foods made include revenues from merchandise sales, food delivery services and restaurant commission. Merchandise is produced and stored in warehouses by Food Hwy. It also delivers the merchandise. About $2,207,042 in revenues was made from the sale of merchandise in Q2 2020.

Facedrive Health’s Back-to- Business kit
Facedrive Health launched Back-to-Business to help businesses reopen safely in the later stages of COVID-19. The tool, launched in August 2021, includes a Back-to-Business kit with contact tracing, screening, health wallet solutions and rapid testing kits.

SafeCheckTM, an application of the kit, enables businesses to conduct contact tracing and digital screening on their customers. Since it was launched, 1500 business customers have made commitments to adapt it. About 30% of business visitors have agreed to share their details and receive feedback from Facedrive.

In the last few months, Facedrive has experienced significant stock price volatility. It has also gone through unexpected shareholder activities and market events. As a result, it has temporarily postponed the pursuing of a prospective private placement. It has also stopped an acquisition it had been pursuing. Although the company is committed to long-term growth opportunities, the market has to stabilise before it can complete such a transaction.
After the selling activity of a significant non-Board member and non-management shareholder, Facedrive has begun to consider the feedback of other early investors to establish fairness for its shareholders.