- Total revenues generated from the sales of Edible Garden and IVXX for the quarter ended June 30, 2015 totaled $5,024,290, an increase of 35% from the quarter ended June 30, 2014.
- Gross profit for the quarter amounted to $262,614. Gross profit increased $362,251 for the quarter ended June 30, 2015 compared to a negative gross margin of ($99,637) for the quarter ended June 30, 2014.
- Selling, general and administrative expenses for the quarter ending June 30, 2015 were $3,361,846, compared to $3,892,077 for the second quarter 2014 or a decrease of $530,231.
- After selling, general and administrative expenses of $3,361,846, an operating loss of $3,099,232 was realized for the quarter. Operating losses decreased $892,482 or 22.3% compared to the second quarter of 2014 operating loss of $3,991,714.
- The net result for the quarter ended June 30, 2015 was a loss of $2,756,576 or $0.01 per share compared to a loss of $4,555,077 or $0.03 per share for the second quarter of 2014. The net loss for the second quarter of 2015 decreased by $1,798,501 or 39.4% as compared to the second quarter of 2014.
Key developments in the quarter:
- IVXX added 6 new retail dispensaries in California.
- The Company applied for a $300,000 Clean Energy Grant that was subsequently awarded in the first part of Q3, 2015.
- Edible Garden expanded their line of living herbs to 5 Walmart distribution centers.
- MediFarm began construction on their Western Ave dispensary location.
Bill ClaytonIndependence Financial Ltd.Toll-Free: (888) 603-2896Email: firstname.lastname@example.org