Gross profit as a percentage of revenue was 49% and 32% for the years ended April 30, 2012 and 2011, respectively. The increase for the year ended April 30, 2012 was due to a greater proportion of total sales through wholesale and retail channels versus sales through distributors in the current year. We also earn revenues through a cost-reimbursement grant sponsored by the United States Army (Grant Revenue). Grant Revenue is recognized as milestones under the grant program are achieved. Grant Revenue is earned through reimbursements for the direct costs of labor, travel, and supplies, as well as the pass-through costs of subcontracts with third-party contract research organizations. For the year ended April 30, 2012, we recorded approximately $314,000 in revenue under the grant program.Total operating expenses for the year ended April 30, 2012 were $8,583,978 compared to $10,665,844 for the same period in 2011. The 20% decrease in total operating expenses was the result of reductions in marketing and sales costs, general and administrative costs, and research and development costs.
Oxygen Biotherapeutics Reports Financial Results For Fiscal Year 2012
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