Financials out. 2Q/17 Rev $439.0K. $647.7K Loss
BIEL's second quarter 2017 revenues of $439.0K were down 36% from 2Q/16 and the company showed a net operating loss of $483.4K. The net loss was $647.7K.
Gross margins fell to 27.1% in 2Q/17 from 67.9% in the prior quarter. Not sure why this happened, but the decline was similar to the drop from 3Q/16 to 4Q/16 (68% falling to 32%,) before rising back to 67.9%.
First half 2017 revenues were down 28% from 1H/16.
Only $17.2K in cash on balance sheet at end of the quarter. They will have been borrowing more cash in 3Q/17.
OS stands at 18.08B, up nearly 736M shares from the end of 1Q/17. The conversion of shares from notes issued at least six months ago was lower than I expected.
Revenues were lower than I thought they would be, considering the sales through Amazon and the BIEL's Actipatch website. (And yes, I undertand that BIEL now uses a distribution model).
BIEL borrowed another $744K by selling notes during the quarter, but spent all of it, as cash at the end of the quarter was only $17K.
Here's the report: http://www.otcmarkets.com/financialReportViewer?symbol=BIEL&id=177529