10Q out. Not good.
We had net loss of $802,846 for the three months ended March 31, 2015, compared to net income of $114,711 for the three months ended March 31, 2014. The net loss during the first quarter of 2015 was due to insufficient gross profit to cover increasing operating expenses. Due to the decrease in revenues from oversea markets, the revenues in the first quarter of 2015 dropped approximately 27% compared to the same period in 2014. On the other hand, the operating expenses increased by approximately 50% compared to the same period in 2014 due to the sales networks expansion. Comparatively, the net income during the first quarter of 2014 was due primarily to the decrease in operating loss resulting from the increase in gross profit. In addition, we received the grants from government in amount $239,132, which was to encourage our contribution in modern agriculture. We had loss from operation without the government grant.
