From April Press Release... still waiting for that May 10Q as we approach October.
No money. No peace. No money - no 10Q
Pacific Sands, Inc. Fiscal 3rd Quarter Earnings Preview
KENOSHA, WI -- (Marketwired) -- 04/11/16 -- Pacific Sands, Inc.
(OTCQB: PFSD) (www.oxyboost.com) - Pacific Sands, Inc. would like to
report that for the 3 months ending March 31, 2016, based on
preliminary results not yet reviewed by our outside CPA firm, the
company experienced a very modest operating loss. Sales were up
significantly from the prior quarter, yet declined from the prior
year quarter.
Had the working capital received late in the quarter been available
earlier, to allow the shipment of over $100,000 of open orders at
quarter end, the company would have had an operating profit for the
quarter. Much of that order backlog has been shipped, with the
balance to be completed before the end of April.
The sales decline is also part of a policy to not deploy working
capital to support low margin private label business. As a result of
this, gross profit margins have expanded by more than 10 percentage
points over last year's comparable quarter.
Well in excess of $100,000 of noncash gains were realized in the
quarter from our enterprise wide reorganization. Still larger noncash
expenses for interest and the costs related to the complex accounting
for the issuance and exercise of convertible debt resulted in a net
loss for the quarter.
While we have no prior notice of, or control over, the exercise of
convertible debt we believe that the final conversion will be
completed in the coming few weeks.
Our authorized common share limit is still 400 million and we have no
plans to increase that or engage in any equity based financing. The
final debt conversion will not exceed that limit.
Final quarterly results will be released on our 10Q sometime in the
month of May.
