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Perk Labs reports fiscal 1Q results showing substantial investments in R&D as it scales up its Perk Hero mobile commerce platform

Perk Labs Inc. (CSE:PERK, OTCQB:PKLBF) told investors that it is at a critical inflection period as it scales up its Perk Hero mobile commerce platform.  Reporting its fiscal 1Q 2022 results that showed an increase in R&D spending, the company said it has improved its technology and built the operational infrastructure to scale its restaurant solution and digital franchise program. “I believe our company is at an inflection point in terms of its ability to generate revenue as we ramp up sales and marketing of our digital dine-in and custom branded app solutions,” CFO Norman Tan said in a statement.  READ: Perk Labs says it is seeing ‘significant demand’ for both its franchise program and restaurant offering “Not only does our solution for restaurants provide immense value to an industry facing a unique set of challenges, but there are also government programs in place to help these businesses with the costs of adopting digital tools.” The Vancouver-based firm increased its research and development spending by 20% to $203,000 over its fiscal first quarter ended February 28, 2022. Meanwhile, sales and marketing expenses decreased 35% to $106,000 in 1Q as Perk refocused marketing efforts on businesses and franchisees instead of end-user customers. The group reported a net loss of $406,000 for the quarter, compared to net income of $1.6 million in the same year-ago quarter. Technology investments are paying off The investment in technology is starting to bear fruit, with several new launches coming subsequent to quarter end. Perk has since launched its ‘Order Now, Pay Later’ feature for restaurants and its downloadable merchant application. The group told shareholders that it is continuing to develop integrations with restaurant point-of-sale systems and expanding the utility of its crypto rewards, and plans to launch a special rewards zone that will include NFTs. “Our new custom branding solution solves a real problem for restaurants and we are excited to see it launching with customers in these coming quarters,” said Gary Zhang, Perk’s chief technology officer.  “We have a truly multi-channel solution that works at the table, with servers and the kitchen. With our upcoming point of sale integration, it will be the most complete solution on the marketplace.” Perk Labs is the owner of Perk Hero, the mobile commerce platform that gives business owners the digital tools to provide their customers with experiences that are more engaging, convenient and rewarding.  Perk Hero is growing through a unique community-driven digital franchise business for entrepreneurs. Contact Angela at angela@proactiveinvestors.com Follow her on Twitter @AHarmantas