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Alias Born | 03/29/2003 |
Wednesday, May 22, 2019 12:54:15 PM
https://apnews.com/Globe%20Newswire/d85b9831a17026f92065e35fa0f0122a
Three months ended March 31, 2019 compared to three months ended March 31, 2018:
Revenues
We had revenues of $263,758 for the three months ended March 31, 2019 as compared to revenues of $255,365 for the three months ended March 31, 2018. The increase in revenue is due to the normal fluctuation in the market.
Cost of Goods Sold
Our cost of goods sold for the three months ended March 31, 2019 was $145,512 compared to cost of goods sold of $102,591 for the three months ended March 31, 2018. The increase in cost of goods sold was due to normal fluctuation in the wholesale cannabis market.
Salaries and Wages
Salaries and Wages increased to $146,455 for the three months ended March 31, 2019 as compared to $133,440 for the three months ended March 31, 2018. The increase in salaries and wages was due to normal increase in labor cost.
Selling, General and Administrative Expenses
Selling, general and administrative increased to $243,030 for the three months ended March 31, 2019 as compared to $164,088 for the three months ended March 31, 2018. This increase reflects the fact that some of the expenses associated with this category have decreased over time.
Professional Fees
Professional fees were $45,850 for the three months ended March 31, 2019, as compared to $1,185,727 for the three months ended March 31, 2018. The decrease in professional fees was a result of stock issuance in exchange for professional services and the shares were valued at market price on issuance date.
Interest Expense
Interest expense and debt amortization expense decreased to $473,811 for the three months ended March 31, 2019 from $725,789 for the three months ended March 31, 2018. These decreases were due to lesser debt incurred over the past 12 months to acquire land and fund expansion of our operations.
Derivative Liabilities Expense
Derivative liabilities expense decreased to $446,894 for the three months ended March 31, 2019 from $1,557,197 for the three months ended March 31, 2018. These decreases were due to change in stock price as well as the volatility factors used in the derivative calculations.
Loss on extinguishment of debt
Loss on extinguishment of debt was $25,000 for the three months ended March 31, 2019 as compared to $-0- for the three months ended March 31, 2018. The loss was due to ratchet provision, which is change in conversion price on one of the convertible notes issued in 2018.
Change in Fair Value of Embedded Derivative Liabilities
Change in fair value of embedded derivative liabilities decreased to $5,404,936 for the three months ended March 31, 2019 from $16,361,519 for the three months ended March 31, 2018. These decreases were due to change in stock price as well as the volatility factors used in the derivative calculations.
Recent KAYS News
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