$TAPM News - Tapinator Releases 2013 and 2014 Audited Financial Statements - Company Achieves 620% Revenue Growth and Reaches Profitability in 2014

NEW YORK, - (http://www.financialnewsmedia.com News Alert) - Tapinator, Inc. (OTC: TAPM) today announced the filing of its amended Annual Report for the period ended December 31, 2014 as well as its Audited Financial Statements for the Period July 1, 2013 (Inception) thru December 31, 2014. Both the Annual Report and the Audited Financial Statements may be found by navigating to http://www.otcmarkets.com/stock/TAPM/filings.



Tapinator, Inc. recorded gross revenues of $943,449 and net income of $7,892 for the twelve-month period ended December 31, 2014. This compares to revenue of $130,980 and a net loss of ($17,807) for the six-month period from July 1 (Inception) to December 31, 2013. These audited results reflect an increase in gross revenue of 620% in 2014 over 2013, and a swing to profitability for Tapinator in its first complete calendar year of operations.



For the twelve-month period ended December 31, 2014, the Company achieved Adjusted EBITDA (a non-GAAP measure of earnings before interest, taxes, depreciation, amortization, stock-based compensation and non-cash financing charges) of $63,342, as compared to Adjusted EBITDA of $2,320 for the six-month period from July 1 (Inception) to December 31, 2013.



The Company\'s previously filed Annual Report has been amended to reflect changes in the accounting treatment of certain transactions that were implemented pursuant to the Company\'s recent completed audit process. This restatement resulted in changes to the Company\'s previously reported statements of operations, balance sheets and statements of cash flows for the twelve-month period ended December 31, 2014.



\"We are vey proud of reaching the milestone of having completed two years of audited financial statements. This will allow the Company to pursue an up listing to a higher tier exchange, as well as provide independent verification of our revenues and earnings growth. Further, we believe that this validation paves the way for future M&A activity, and provides Tapinator with improved access to institutional funding in the future. Finally, we believe that this added transparency will enable greater liquidity for our existing shareholders,\" stated Tapinator CEO, Ilya Nikolayev.