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Tuesday, September 30, 2014 9:53:38 PM
MJNA filed the report late this afternoon/early evening PDT.
Consolidated revenue was 4.822M, up from the $4.017M reported in 1Q/14.
Gross margin appears to be lower, about 37%, compared to 53% in 1Q/14.
Expenses increased a lot, because the consolidated net loss was nearly $1.08M.
After factoring out ownership shares, the net loss for 2Q/14 was $921K, compared to a $24K profit in 1Q/14.
HempMeds revenue was $3.43M, a less than $400K increase from 1Q/14's $3.06M, and HempMeds had a consolidated net loss of $565K.
There is a lot of "weirdness" in the report, including more notes that aren't described and a large increase in the "Investments" holdings on the balance sheet, probably due to KannaWay and Axim.
One potentially ominous thing for shareholders is that management has deleted the text about "capping" the issued shares at 950M, while on page 30, in the section describing the holdings of beneficial shareholders, the following note has been added: [Emphasis Added]
I think that this statement is why they held the report until today, and expect we'll see significant dilution in the 3Q/14 report.
The report is at the following link:
http://www.otcmarkets.com/financialReportViewer?symbol=MJNA&id=127115
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