Wow. 10-Q is out and it's a doozy (and not in a good way!)
Selling, General and Administrative Expenses
Selling, general and administrative expenses were $487,000 and $135,000 for the three months ended September 30, 2015 and 2014, respectively, an increase of $352,000. Stock option compensation expense increased $239,000 in 2015 as compared with 2014 due to new stock option grants in 2015. Accounting fees increased $9,000 in 2015 as compared with 2014 due to the timing of audit invoices received in 2015 versus 2014. Overall audit costs remained the same in 2015 compared with 2014. Legal fees increased $15,000 in 2015 as the Company incurred more legal costs to review agreements. Consulting fees increased $67,000 in 2015 as the Company hired a consultant to assist management and the board of directors in corporate planning and also a hired a lobbyist to assist the Company in obtaining government contracts. Travel costs increased $7,000 in 2015 as compared with the same period of 2014, due to additional travel associated with conferences and new business travel costs. Other selling, general and administrative expenses, net, increased $15,000 for the three months ended September 30, 2015 compared with the same period in 2014.
Loss from Operations
For the three months ended September 30, 2015, the Company had a loss from operations of $473,000 compared with a loss from operations of $100,000 for the three months ended September 30, 2014, an increase of $373,000.
As for the Schewe "Loan" Program:
As of November 16, 2015, the Company had remaining availability under the note of $63,000. The Company anticipates that it will enter into a new note with Dr. Schewe after the conclusion of the current note, but negotiations have not been concluded yet. Based upon our cash requirements for our plan of operations and our current dividend policy of investing any available cash back into our operations, we do not plan to distribute any cash to our shareholders.
Gotta sell those other 2 billion shares!
Carl loves shareholder money!
Rule #1 is never lose money.
Rule #2 is never forget Rule #1.
My posts are my opinions only. Do you your own due diligence.
