Alumifuel Power Corp (OTCMKTS:AFPW) reported that its staffing subsidiary units added a combined 30 new clients in Q2 2017. This marks the first complete quarter with CEO Ryan Schadel at the lookout of company.
Mr. Schadel reported that while they are thrilled by some of their second quarter figures, especially average billing per customer and the number of new customers, this is just the surface of what they can scale into. Presently, they have a small service area in their staffing operations. With a minor investment of talent and time, Schadel consider they can organically improve topline revenues beyond preliminary target of $10 million annually, with company’s staffing division alone.
The CEO of Alumifuel reported that as a whole, they would like to see their staffing division account for no more than 50% of revenues as they establish other business prospects, so they have some work to do in other segments to achieve that balance. Alumifuel previously announced topline revenue of around $425,000 for the second quarter closed June 30, 2017.
For Q1 2017, Alumifuel recorded total topline sales of around $302,000. In the subsequent quarter, the company posted total topline revenue of nearly $425,000, exhibiting a quarter to quarter revenue growth of nearly 40.7%. The firm also validated that it has obtained the required shareholder votes to change to its Articles of Incorporation, decreasing its authorized shares as earlier disclosed. Said amendment was given to the State of Wyoming in the last month.
Alumifuel also confirmed its strategy of becoming current with none other than OTC marketplace. The firm anticipates to disclose its financial report for all unreleased quarters in the imminent 90 days and then will look for an official name change to Phoenix Equity Holdings Corporation. As it is known, the company comes in the list of voluntary SEC filer and looks to embrace the Alternative Reporting Standard with the OTC Marketplace.