VEND submitted a notice that their quarterly report for the 3 months ended Sept 30, 2015 would be submitted late. In response to one of the questions on the form they replied as follows:
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
Yes
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
Our net loss was $869,518 during the three months ended September 30, 2015 versus a net loss of $251,363 for the three months ended September 30, 2014. The increase in net loss resulted from lower revenues, gross margin percentage and increased selling, general and administrative expenses, as well as increased other expenses. Basic net loss per share during the three months ended September 30, 2015 and 2014 was $0.03 and $0.01, respectively.
