MOJO Organics Inc. Reports 2020 Second Quarter Results.
JERSEY CITY, N.J., July 4, 2020// -- MOJO Organics, Inc. (OTC: MOJO) reports its results of operations for the quarter ended June 30, 2020. The Form 10-Q is expected to be filed timely with the United States Securities and Exchange Commission.
Highlights include:·
Q 2 2020 Net Revenue was $437,878 up from $434,738 for the same period last year·
Operating Margin was 52% compared to 47% for 2019·
Net Income was $6,609 compared to a net loss of $97,437 for Q 2 2019
During the second quarter of 2020 we focused on mitigating the negative impact of the coronavirus on our business. Due to the closure of hotels and corporate offices in the tristate area, we shifted our sales efforts to the grocery channel and online sales, and will continue to do so through December 31, 2020.
We continued to simplify our capital structure and financial reporting to provide investors a simple and easy to understand financial structure and financial reporting, in an effort to provide a uncomplicated investment decision. The company now has one class of stock and no convertible debt. As of July 4, 2020, the company had 1.5 million warrants outstanding with an exercise price of 40 cents per share. The warrants expire August 19, 2020. There were also 505,608 options outstanding with an exercise price of 16 cents per share that expire on April 6, 2022. This is down significantly from prior years. We also expect to continue the repurchase of shares during the remainder of 2020.
For additional information contact Glenn Simpson CEO MOJO Organics, Inc. at 929 264 7944 Stock Symbol: MOJO
