Delta-8-THC and CBD Brand Consolidator Acquired Sales Corp. (OTCQX: AQSP) Announces Quarter Over Quarter Revenue Growth of 53% and Net Income Growth of 13% During the First Quarter of 2021

Rhea-AI Summary

Acquired Sales Corp. (AQSP) reported significant growth for Q1 2021, achieving a 53% increase in revenue from $2,196,518 to $3,353,270 and a 13% rise in net income from $549,531 to $618,359. Basic earnings per share grew by 36%, from $0.06 to $0.08, largely driven by its subsidiary Lifted Made's strong performance in hemp-derived products. Consolidated cash on hand exceeded $1.5 million, allowing Lifted Made to boost its inventory amid rising demand. The company is also exploring merger opportunities to diversify revenue sources.

Positive

• 53% revenue growth to $3,353,270 in Q1 2021
• 13% increase in net income to $618,359
• 36% rise in basic earnings per share to $0.08
• Consolidated cash on hand exceeds $1.5 million
• Exploring mergers to diversify revenue sources

Negative

• None.

JACKSONVILLE, Fla., May 18, 2021 (GLOBE NEWSWIRE) -- Acquired Sales Corp. (OTCQX: AQSP) (www.AcquiredSalesCorp.com), today announced that during the first quarter of 2021 it achieved quarter over quarter growth in revenue of 53%, from $2,196,518 to $3,353,270, quarter over quarter growth in net income of 13%, from $549,531 to $618,359, and quarter over quarter growth in basic earnings per share of 36%, from $0.06 to $0.08, driven by the growth of its wholly-owned subsidiary Lifted Made (www.LiftedMade.com), maker of the award-winning Urb Finest Flowers brand of hemp-derived delta-8-THC and CBD products.

Nicholas S. Warrender, Vice Chairman and COO of AQSP, and founder and CEO of Lifted Made, said: “Last quarter was very strong, and so far this quarter, Lifted Made’s rapid sales growth is continuing. Our consolidated cash on hand has grown organically to over $1.5 million, which is allowing Lifted Made to increase its inventory of raw materials to keep pace with demand for our products.”

William C. “Jake” Jacobs, President and CFO of both AQSP and Lifted Made, said: “This is our third straight quarter of growth in revenue, net income, and basic earnings per share. We are also actively exploring several merger opportunities that have the potential to significantly expand and diversify our revenue sources.”

About Acquired Sales Corp.
Acquired Sales Corp. (AQSP) is focused upon consolidating rapidly growing companies that make hemp-derived, cannabinoid-infused products such beverages, lotions, oils, dabs, saucy dmnds, flower, cartridges, disposable vapes, hemp cigarettes, tinctures, bath bombs, balms, body washes, and gummies. In February, 2020, AQSP acquired 100% of Warrender Enterprise Inc. d/b/a Lifted Made (formerly d/b/a Lifted Liquids) (www.LiftedMade.com), now located in Kenosha, Wisconsin. Lifted Made has a 50% membership interest in SmplyLifted LLC, which sells tobacco-free nicotine pouches under the brand name FR3SH (www.GETFR3SH.com) and a 50% membership interest in LftdXSvg LLC, which plans to sell hemp-derived THCV products. AQSP also owns 4.99% of CBD-infused beverage and products maker Ablis Holding Company (www.AblisBev.com), and of craft distillers Bendistillery Inc. d/b/a Crater Lake Spirits (www.CraterLakeSpirits.com) and Bend Spirits, Inc. (www.Bendistillery.com), all located in Bend, Oregon. Please read AQSP's filings with the U.S. SEC which fully describe our business and the Risk Factors associated therewith. Learn more by subscribing to our newsletters at www.LiftedMade.com and www.AcquiredSalesCorp.com.

CONTACTS:

Lifted Made
Attn: Nicholas S. Warrender, Founder and CEO
Phone: 224-577-8148
Email: ceo@LiftedMade.com
Website: www.LiftedMade.com

Acquired Sales Corp.
Attn: William C. “Jake” Jacobs, President and CFO
Phone: 847-400-7660
Email: JakeJacobs@AcquiredSalesCorp.com
Website: www.AcquiredSalesCorp.com

FAQ

What was Acquired Sales Corp.'s revenue for Q1 2021?

Acquired Sales Corp. reported revenue of $3,353,270 for Q1 2021, which is a 53% increase from the previous quarter.

Did Acquired Sales Corp. experience growth in net income during Q1 2021?

Yes, Acquired Sales Corp. experienced a 13% growth in net income, reaching $618,359 in Q1 2021.

How much did Acquired Sales Corp. increase its basic earnings per share in Q1 2021?

The basic earnings per share increased by 36%, from $0.06 to $0.08 in Q1 2021.

What strategies is Acquired Sales Corp. implementing to enhance its business growth?

Acquired Sales Corp. is exploring several merger opportunities to significantly expand and diversify its revenue sources.

What significant financial metric did Acquired Sales Corp. achieve regarding cash?

Acquired Sales Corp. reported that its consolidated cash on hand has grown to over $1.5 million.