Upstryve Inc, formerly ProBility Media Corp, Announces Third Quarter Financial Results

Apr 15, 2022

Upstryve Inc. ("Upstryve" or the "Company"), formerly ProBility Media Corp. ("ProBility") (OTCPK: PBYA), an international education, training and career advancement company with a focus on vocational and skilled trades, today announces its Third Quarter results for the period ended February 28th, 2022.

Company's Revenue jumps by 57%, an Increase of $736,000, and Gross Profit climbs by 43% as Compared to the Same Reporting Period Last Year

COCONUT CREEK, Fla., April 15, 2022 /PRNewswire/ - Upstryve Inc. ("Upstryve" or the "Company"), formerly ProBility Media Corp. ("ProBility") (OTCPK: PBYA), an international education, training and career advancement company with a focus on vocational and skilled trades, today announces its Third Quarter results for the period ended February 28th, 2022.

Highlights and Accomplishments from Recent Quarter End February 28, 2022

  • Upstryve Connect Conference hosted industry leading skilled trades speakers as a rollout to its new skilled trade career advancement platform: Upstryve Connect.
  • The Company launched Upstryve Premium, a subscription-based version of their career advancement platform that offers resume building optimization, exclusive webinars, and licensing/test prep to people pursuing a career in the trades.
  • Upstryve, Inc. retained RBSM, LLP as auditors to assist in Upstryve's filing of audited financial statements and a S-1 registration statement to become a SEC fully reporting company.
  • The Company closed on an initial round of bridge financing in order to provide additional resources towards the preparation of the required financial statements for an audit on those reporting periods.

On February 24th, 2022, the Company closed on a $250,000 note from Mast Hill Fund LP.  In addition, the Company issued 131 million warrants to purchase stock to Mast Hill.  Additional details about the terms are included in the OTC Disclosure Filing.  The Company is in the process of looking to secure additional capital from other investors.  The purpose of the capital raised is to help pay for audit related expenses, legal and bringing the Company current with the SEC.  The Company intends to use excess capital to increase marketing and look at potential acquisition targets.

"We are excited to share this development with our shareholders as it announces the next step in our ongoing rebranding and absorption of ProBility," Noah Davis, President, Upstryve, Inc. "

"Several investors have shown interest in backing Upstryve during this process of announcing our intention to uplist and to become a fully reporting SEC company.  These investors have expressed interest in additional capital following the completion of an audit and the filing of a S-1 registration statement."

From September through December of 2022, NFPA will be releasing its 2023 National Electrical Code, a triennial occurrence.  This code book is the most important code update for electricians around the United States. The prior release in 2020, resulted in a revenue increase of over $900,000 in 2019 as compared to years without this triennial release.  The Company is already starting to receive pre-orders for this code release.

The quarter concluded with President Noah Davis collaborating with NEST Integrated Facilities Management on a panel held in Q3. The panel focused on the importance of retaining great talent as a company and what it means to be a good corporate citizen.

A reconciliation of the net gain for the quarter ending February 28, 2022, to adjusted EBITDA is below:

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)



Three Months Ended
February 28, 2022

Nine Months Ended
February 28, 2022


(in $)

2022

2021

2022

2021

GAAP - Figures





REVENUE

$

2,018,967

$

1,282,711

$

5,935,410

$

4,909,804

GROSS PROFIT

$

1,270,352

$

842,802

$

3,749,297

$

3,231,561

INCOME (LOSS) FROM OPERATIONS

$

(125,752)

$

(39,586)

$

48,640

$

42,995

NET INCOME (LOSS)

$

(27,269)

$

(320,777)

$

526,912

$

(393,194)

Non-GAAP Figures (*)





ADJUSTED EBITDA

$

96,634

$

(436,245)

$

879,518

$

(299,818)

ADJUSTED NET INCOME (LOSS)

$

96,634

$

(436,245)

$

879,518

$

(322,478)

(*) See "Definitions of Non-GAAP Measures" and "Reconciliation of Non-GAAP Measures" sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release

Definitions of Non-GAAP Measures

We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. In addition to Revenue, Income (Loss) from Operations and Net Income (Loss) under GAAP, we use: EBITDA, Adjusted EBITDA, and Adjusted Net Income (Loss). We have included these non-GAAP financial measures because they are key measures used by our management to evaluate our operating performance. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. Our calculation of these non-GAAP financial measures may differ from similarly titled non-GAAP measures, if any, reported by our peer companies. These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP

Adjusted EBITDA

We define Adjusted EBITDA as Income (Loss) before Income Taxes, excluding (i) depreciation and amortization expense, (ii) interest expense, net, (iii) non-cash interest expense, (iv) stock-based compensation expense, (v) non-recurring and extraordinary items (vi) other income (expense), net, (vii) gain (loss) on equity investments, net, (viii) gain on extinguishment of debt, (ix) change in fair value of derivative liability and * foreign currency transaction, net.

We have included Adjusted EBITDA because it is a key measure used by our management team to evaluate our operating performance, generate future operating plans, and make strategic decisions. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. In addition, it provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain non-cash expenses and non-recurring and extraordinary items.

Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with GAAP.

Adjusted Net Income (Loss)

We define Adjusted Net Income (Loss) as Adjusted EBITDA (see above), excluding (i) benefit from (provision for) income taxes.

Adjusted Net Income has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with GAAP.

Reconciliation of Non-GAAP Measures

Adjusted EBITDA & Adjusted Net Income (Loss)

The following table presents reconciliations of Adjusted EBITDA & Adjusted Net Income (Loss) to the most directly comparable GAAP financial measure for each of the periods indicated.


Three Months Ended
February 28, 2022

Nine Months Ended
February 28, 2022

(in $)

2022

2021

2022

2021

 NET GAIN / (LOSS) 

$

(27,269)

$

(320,777)

$

526,912

$

(393,194)

Adjustments (add back):





Interest expense, net

$

37,869

$

82,862

$

140,818

$

253,453

Other income (expense), net

$

86,034


(198,330)

$

211,788

$

(160,077)

 ADJUSTED EBITDA 

$

96,634

$

(436,245)

$

879,518

$

(299,818)

Benefit from (provision for) income tax

$

-

$

-

$

-

$

(22,660)

 ADJUSTED NET INCOME (LOSS) 

$

96,634

$

(436,245)

$

879,518

$

(322,478)

Financial Highlights

  • As of February 28, 2022, the Company's current assets were $711,865, total assets were $2,620,576 total liabilities were $5,236,368 and stockholders' equity was a deficit of $2,615,793
  • Revenues for the quarter ended February 28 2022, were $2,018,967 representing an increase of $736,000, from the same period in 2021.
  • Adjusted EBITDA for the quarter ending February 28, 2022, was $96,634 compared to ($436,245) from the same period in 2021.
  • The Company reduced total liabilities by $1,659,969 or 24.10% for the quarter ending February 28, 2022, compared to its fiscal year end on May 31, 2021.
  • Convertible notes were reduced from $2,769,407 to $1,700,032 during the nine months from May 31, 2021 to February 28, 2022.

Test Preparation and Career Advancement Related Financial Highlights

  • Test Preparation and Career Advancement Related Sales were $1,193,399 for the quarter ending February 28, 2022 representing an increase of $252,828 compared to the same period in 2021.

Corporate Training and Certification Related Financial Highlights

  • Upstryve's corporate training, certification and related sales resulted in a gross profit of $424,291 for the quarter ending February 28, 2022, compared to $230,895 for the same period in 2021. This represented an increase of 83% compared to the same period in 2021.
  • Total Revenue increased by $170,539 or 38% for the period ending February 28, 2022 compared to the same period in 2021.
  • Certification and Testing Revenue, a key indicator for the restart of corporate customers increasing capacity, and new corporate accounts increased by 198% for the quarter ending February 28, 2022, compared to the same period in 2021.

About Upstryve Inc., formerly ProBility Media Corp

Upstryve is an international education, training, and career advancement company with a focus on vocational and skilled trades headquartered in southern Florida. Upstryve operates through its four brands including Upstryve, One Exam Prep, North American Crane Bureau Group and Disco Learning Media.

Upstryve is the only tutoring platform dedicated to providing aspiring trade professionals an affordable all-encompassing learning experience.  Upstryve provides 1 on 1 contractor license exam preparation for professionals to confidently pass their state or national exams and obtain their contractor license.  One Exam Prep provides licensing assistance and online test preparation for contractors throughout the United States. North American Crane Bureau Group (NACB) conducts over 400 safety programs each year all over the world for safety, rigging and crane training.  NACB holds a federal accreditation under 29CFR part 1919, Cal/OSHA accreditation under Title 8, and is recognized by several states entities as being qualified to conduct lift equipment inspection / certification and / or operator training.  Disco Learning Media specializes in eCourse development, program management, and consulting for learning experiences.  For more information, visit www.upstryve.com/investors

Forward-Looking Statements

This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance, or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information included in this Press Release including such forward-looking statements, except as required by federal securities laws.

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SOURCE Probility Media Corp.