Snowball Effect narrows annual loss, expects growth in 2017

Mon, 15 Aug 2016

By Sophie Boot Aug. 15 (BusinessDesk) - Snowball Effect narrowed its loss in the 2016 financial year as it reaped bigger fees from its equity crowdfunding platform, but said it may have to crowdfund itself if expected growth doesn't materialise. The Auckland-based private company posted a net loss of $76,428 in the year ended March 31, 2016, from a loss of $214,720 a year earlier, on a 42 percent rise in revenue to $415,253, its financial statements show. The company also received about $30,000 in finance, referral and other income, up fr...

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