IN this. Another KBIO? from the NT-Q......
(3) 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? x Yes ¨ No
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.
The Company expects to report a net loss of approximately $5.2 million for the quarter ended September 30, 2015 compared to a net loss of approximately $8.1 million for the quarter ended September 30, 2014. The Company believes that the decrease in its net loss is due primarily to lower operating expenses, particularly in compensation expense and depreciation and amortization expense, offset, in part, by a decrease in revenues. Compensation expense decreased as a result of lower overall headcount due to the Company’s reorganization of operations in July 2015 as well as lower share-based compensation expense. Depreciation and amortization expense decreased due to the full impairment of the Company’s software and trading platform in the fourth quarter of 2014 which resulted in no amortization charge for these assets during the three months ended September 30, 2015. Revenue declined significantly as a result of the Company losing its largest customer in the fourth quarter of 2014. The Company also expects to report a cash and cash equivalents balance of approximately $6.8 million as of September 30, 2015.
