Tuesday, May 23, 2017 8:21:38 AM
Meanwhile, the Research and Development (R&D) is a completely different story. In 2015, R&D spending was $271,394. In 2016, this number shrunk to $141,858. Of this number, the 2016 Q1 number was $37,043. 2017 Q1 R&D = $34,016. The research and development is the amount spent on growing the company and the administrative expenses are the salaries of the top administration. It is evident that the salaries are getting higher and the healthy spending is diminishing. For whatever reason, OWCP does not plan to grow the company anymore.
Please refer to the following:
From the 10-Q:
“Results of Operations during the three months ended March 31, 2017 as compared to the three months ended March 31, 2016
We have not generated any revenue during the three months ended March 31, 2017 and 2016. We have operating expenses related to general and administrative expenses and research and development expenses. During the three months ended March 31, 2017, we incurred a net loss of $1,435,365 due to general and administrative expenses of $1,401,349, and research and development expenses of $34,016. During the three months ended March 31, 2016, we incurred a net loss of $314,388 due to general and administrative expenses of $221,556, research and development expenses of $37,043.
Our general and administrative expenses increased by $1,179,793 or 532% during the three months ended March 31, 2017 as compared to the same period in the prior year due to an increase in non-cash stock-based compensation expense. During the three months ended March 31, 2017, our research and development expenses decreased by $3,027 or 8% as compared to the same period in the prior year.”
From the 10-K:
“We have not generated significant revenue during the years ended December 31, 2016 and 2015. We have operating expenses related to general and administrative expenses and research and development expenses. During the year ended December 31, 2016, we incurred a net loss of $2,287,329 due principally to general and administrative expenses of $ 2,006,216 and research and development expenses of $141,858, adjusted for convertible loans of $180,340, exchange differences on principal of long-term loan of $16,972, other finance income of $8,057 compared to a net loss of $1,654,988 due to general and administrative expenses of $1,380,029, research and development expenses of $271,394, and financing expenses of $3,565 in the prior year.”
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