- On February 10, 2012 the Company closed on the sale of its direct selling subsidiary, GeneWize Life Sciences, Inc., consummating a transaction entered into in October 2011. The sale price was $500,000 plus a monthly earn-out provision over five years which is to total between $1,500,000 and $4,500,000 (dependent upon GeneWize revenues). Accompanying the sale was a licensing and distribution agreement which provided an additional $1,500,000 to GeneLink in licensing and other fees.
- Quarterly net sales were $771,664, including GeneWize retail revenues through February 10, 2012.
- The net loss for the quarter was $105,673, which included a book gain of $ 759,054 from the sale of GeneWize. The net operating loss was $788,468.
- Net cash used in operating activities was $464,468
GeneLink Reports First Quarter 2012 Financial Results
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