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Upside down financials will burn up the cash,

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Drugdoctor Member Level  Saturday, 10/24/15 07:58:57 AM
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Post # of 2115 
Upside down financials will burn up the cash, probably by year end..

The margins are terrible...




Year ended
June 30, 2015


Revenues $2,207,450

Cost of goods sold 1,998,856

Gross profit $208,594

Operating expenses

General and administrative $3,401,598

Professional fees $1,783,529

Impairment of UPM assets acquired $1,722,408


Total operating expenses $6,907,535

Loss from operations ($6,698,941)



During the year ended June 30, 2015, the Company received total proceeds of $8,876,966 from investments by Shenzhen and other accredited investors, as well as from the exercise of outstanding warrants.

Revenues

We recorded revenue of $2,207,450 during fiscal 2015, an increase of $2,057,304 as compared to $150,146 during fiscal 2014. The increase was primarily a result of the addition of revenues from the acquisition of Blended Schools in May 2014, generating an entire year of revenue during fiscal 2015 compared to fiscal 2014.

Operating Expenses

Total operating expenses during fiscal 2015 were $6,907,535, consisting of salaries of our management and staff, as well as technology expenses, consulting expenses, professional fees, and the impairment of the Urban Planet assets. This is compared to total operating expenses during fiscal 2014, of $1,862,307, consisting mainly of consulting expenses and professional fees. The increase in operating expenses is a result of the addition of management and staff in fiscal 2015, an increase in business activity since the acquisition of Blended Schools in May 2012, and the impairment of the Urban Planet assets.

Net Loss

Net loss for fiscal 2015 was $7,020,035 as compared to $1,795,233 during fiscal 2014. The increase in net loss resulted from having an entire year of operations from Blended Schools, increased operating expenses and the loss from the impairment of the Urban Planet assets in the amount of $1,722,408.



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