Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - ChromaDex Corp. | cdxc8k_mar162017.htm |
Exhibit 99.1
ChromaDex Reports 2016 Record Revenue as Ingredient Sales Grew
34%
-Q4 Total Revenue Increased 29% and 2016 Total Revenue Increased
22%-
IRVINE, Calif., March 16, 2017 – ChromaDex Corp.
(NASDAQ: CDXC), an innovator of
proprietary health, wellness and nutritional ingredients, that
creates science-based solutions to dietary supplement, food and
beverage, skin care, sports nutrition, and pharmaceutical products,
announced today the financial results for the year ended Dec. 31,
2016.
“We
finished 2016 on a strong note, generating 29% year over year
revenue growth during the fourth quarter,” commented Frank
Jaksch, Jr., CEO and co-founder of ChromaDex. “We achieved
record full year revenue of $26.8 million in 2016, driven by
continued adoption of NIAGEN® branded
nicotinamide riboside (NR). While our ingredient sales continue to
grow, we are still in the early phase of our growth and only
reaching the early adopters of our platform ingredient
NR.”
Jaksch
continued, “As we enter 2017, we should benefit from business
development activity with large multi-national companies as both
preclinical and clinical research validating the health benefits of
NR continues to publish as the year progresses. NR is an
exceptional ingredient within our portfolio and we believe it
deserves a unique strategy to optimize its value within our
business.”
Results of operations for the year ended Dec. 31, 2016
For the
year ended Dec. 31, 2016 (“FY 2016”), ChromaDex
reported net sales of $26.8 million, an increase of 22% as compared
to $22.0 million for the year ended Jan. 2, 2016 (“FY
2015”). This increase was largely due to increased sales in
its ingredients business segment, led by its NIAGEN®
nicotinamide riboside (NR). The ingredients segment generated net
sales of $16.8 million for FY 2016, an increase of 34%, compared to
$12.5 million for FY 2015.
The
core standards and services segment posted an 11% growth as it
generated net sales of $9.4 million for FY 2016, compared to $8.4
million for FY 2015. Net sales for the scientific and regulatory
consulting segment decreased by 37%, from $1.1 million for FY 2015
to $0.7 million for FY 2016, primarily due to a further emphasis on
intercompany work supporting our ingredients segment.
The net
loss attributable to common stock holders for FY 2016 was $2.9
million or $0.08 per share as compared to a net loss of $2.8
million or $0.08 per share for FY 2015. Adjusted EBITDA a non-GAAP
measure, was $0.9 million for 2016, compared to adjusted EBITDA of
$0.2 million for 2015. ChromaDex defines Adjusted EBITDA as net
income (loss) adjusted for income tax, interest, depreciation,
amortization and non-cash stock compensation costs. The Basic and
Diluted Adjusted EBITDA per share for 2016 was $0.03 versus $0.00
for 2015. The decline in adjusted EBITDA and adjusted EBITDA per
share for 2016, when compared to the prior year, primarily reflects
increased expenses related to planned research and development
investment and increased legal expenses.
Results of operations for the three months ended Dec. 31,
2016
For the
three months ended Dec. 31, 2016 (“Q4 2016”), ChromaDex
reported net sales of $5.6 million, an increase of 29% as compared
to $4.4 million for the three months ended Jan. 2, 2016 (“Q4
2015”), largely due to increased sales in its ingredients
business segment, led by its NIAGEN®
nicotinamide riboside. The ingredients segment generated net sales
of $3.3 million for Q4 2016, an increase of 42%, compared to $2.3
million for Q4 2015.
The
core standards and services segment also posted a 21% growth as it
generated net sales of $2.3 million for Q4 2016, compared to $1.9
million for Q4 2015. Net sales for the scientific and regulatory
consulting segment decreased by 40%, from $0.2 million for Q4 2015
to $0.1 million for Q4 2016, primarily due to a further emphasis on
intercompany work supporting our ingredients segment.
The net
loss attributable to common stock holders for Q4 2016 was $2.1
million or ($0.06) per share as compared to a net loss of $1.4
million or ($0.04) per share for Q4 2015. Adjusted EBITDA, a
non-GAAP measure, was ($1.8 million) for Q4 2016, compared to
adjusted EBITDA of ($0.8 million) for Q4 2015. The Basic and
Diluted Adjusted EBITDA per share for Q4 2016 was ($0.05) versus
($0.02) for Q4 2015.
-1-
2016 and recent 2017 Company highlights include:
●
In February 2017,
the Company announced that University of Iowa
researchers published a study in the prestigious Journal of the
International Association for the Study of Pain (PAIN) showing that
NIAGEN®
nicotinamide riboside
ameliorates chemotherapy-induced peripheral neuropathy (CIPN) in an
animal model. Results from this study suggest that NR may be
an effective therapy in relieving CIPN in humans.
●
In January 2017,
the Company opened a new
state-of-the-art research and development center in Longmont,
Colorado. The 10,000-square-foot research and development
center is an important milestone for ChromaDex to continue its
global leadership in the identification and development of NAD+
metabolites.
●
In November 2016,
the Company announced the results of the
Pre-IND meeting with the U.S. Food and Drug Administration (FDA)
for nicotinamide riboside for Cockayne Syndrome. During the meeting, ChromaDex and the
FDA discussed the development plan for nicotinamide riboside for
Cockayne Syndrome, which is a rare pediatric orphan disease that
results in a significantly shortened lifespan in affected
children.
●
In November 2016,
the Company named Dr. Matthew Roberts as
a new scientific advisory board member. Dr. Roberts is an accomplished
innovation executive with over 25 years of success at the
industry’s major companies.
●
In October 2016,
the Company appointed Kurt Gustafson to the
Company’s board of directors bringing over 25 years of
diverse experience in corporate finance.
●
In October 2016,
the Company announced that nicotinamide riboside plays a critical
role in the most efficient path to cellular energy production.
An
additional study published in the prestigious journal, Nature
Communications, explains why NAD+ precursors (boosters), NR and
nicotinamide mononucleotide (NMN) demonstrate similar metabolic
benefits in mammals. The study conducted by a team including
leading NAD+ researcher, Dr. Charles Brenner, found that effective
supplementation with NMN depends on conversion to NR.
●
In October 2016,
the Company added its new
AnthOrigin™
naturally
extracted anthocyanins (≥15%) product to its portfolio of
industry-leading health and wellness
ingredients. Implied
by its name, AnthOrigin™
delivers high-content anthocyanins and
other healthy polyphenols, from US origin, non-gmo purple corn husk
that has been extracted using a proprietary, solvent-free, water
extraction technology.
●
In October 2016,
the Company announced that published studies in
humans and mice reveal how a superior vitamin B3 may play an
important role in helping humans enjoy longer, healthier
lives. Results from three studies, including its first human
clinical trial, have been collectively published in the prestigious
journal, Nature Communications. The team of researchers headed by
Charles Brenner, PhD, the Roy J. Carver Chair of Biochemistry at
the University of Iowa Carver College of Medicine, demonstrated
that NIAGEN® nicotinamide
riboside increases production of a metabolite responsible for
cellular energy production called NAD+ in mice and
humans.
●
In September 2016,
the Company announced that leading supplement
retailer, Vitamin Shoppe, featured NIAGEN®
NR in
their Hot Ingredient Spotlight section in the Fall 2016 print
edition of their Amazing Wellness magazine.
●
In August 2016, the
Company announced that the FDA issued a generally
recognized as safe (GRAS) No Objection Letter, in response to
the NIAGEN®
NR GRAS
filing.
●
In August 2016, the Company announced that
scientists
found an important clue to restoring muscle function that is lost
as we age. Results of the study
were published as the cover story of Cell Metabolism. The
researchers describe how NR helps to reactivate a protective
metabolic process in muscle that tends to be lost as aging
occurs.
●
In July 2016, the
Company announced that its human clinical
trial of NIAGEN®
NR is well
underway having achieved 50% enrollment of its 140 total
participants. This
trial is examining the effective dose range of
NIAGEN®
to increase NAD+ and NAD+ metabolite
concentrations in the body with consistent use over
time.
●
In June 2016, the
Company announced that researchers from the
University of Iowa showed vitamin nicotinamide riboside is an
effective tool for managing the negative effects of obesity and
diabetes. The
results of this study, published in the journal Scientific Reports,
demonstrate that NR was successful at reducing fasting and
non-fasting blood glucose levels, as well as weight gain, and was
protective against sensory neuropathy in these groups.
●
In May 2016,
Will Black
joined the Company as Vice President of Sales and Marketing.
Black has held multiple leadership positions in the nutrition and
health industry over the last 25 years, including global head of
marketing and VP of marketing and communications at DSM Nutritional
Products.
-2-
●
In April 2016,
the
Company’s common stock began trading on the NASDAQ Capital
Market.
●
In April 2016,
Thorne Research and the Company announced a clinical study to
assess nicotinamide riboside on brain NAD+ in college football
players. The primary outcome of the study is to measure the
change in brain NAD+ levels over 3 months.
●
In March 2016, the
Company initiated the second
human clinical trial for its patented ingredient, NIAGEN®
nicotinamide riboside. The second human clinical trial will
build upon the results of the
Company’s first human clinical trial announced
in February 2015 which demonstrated that a single
oral dose of NIAGEN® is a safe,
effective nicotinamide adenine dinucleotide (NAD+) precursor in
humans.
●
In February 2016,
the Company announced the enrollment of the
first patients for a collaborative human clinical study of
NIAGEN® nicotinamide riboside at the University of
Copenhagen. Dr. Jonas
Treebak, a researcher with the Novo Nordisk Foundation Center for
Basic Metabolic Research (University of Copenhagen, Denmark) will,
in collaboration with researchers at Aarhus University, investigate
the metabolic and insulin sensitizing effects of NIAGEN® in obese,
healthy adults aged 40-70 years.
Investor Conference Call
ChromaDex
management will host an investor conference call to discuss the
year end results and provide a general business update on Friday,
March 17, at 1 p.m. ET.
Participants
should call in at least 10 minutes prior to the call. The dial-in
information is as follows:
|
U.S. Toll-Free
Number:
|
(866)
327-8118
|
|
International
Dial-In Number:
|
(678)
509-7526
|
|
Conference
ID:
|
86597553
|
|
Webcast
link:
|
http://edge.media-server.com/m/p/y5kgkhmd/lan/en
|
The
webcast replay will be available after the completion of the call
on the Investor Relations section of the Company website,
www.chromadex.com.
The
earnings press release, and its accompanying financial exhibits,
will be available on the Investor Relations section of the Company
website, www.chromadex.com.
About Non-GAAP Financial Measures
ChromaDex’s
non-GAAP financial measures exclude interest, tax, depreciation,
amortization and share-based compensation. ChromaDex used
these non-GAAP measures when evaluating its financial results as
well as for internal resource management, planning and forecasting
purposes. These non-GAAP measures should not be viewed in isolation
from or as a substitute for ChromaDex’s financial results in
accordance with GAAP. A reconciliation of GAAP to non-GAAP measures
is attached to this press release.
About ChromaDex:
ChromaDex leverages
its complementary business units to discover, acquire, develop and
commercialize patented and proprietary ingredient technologies that
address the dietary supplement, food, beverage, skin care and
pharmaceutical markets. In addition to our ingredient technologies
unit, we also have business units focused on natural product fine
chemicals (known as "phytochemicals"), chemistry and analytical
testing services, and product regulatory and safety consulting
(known as Spherix Consulting). As a result of our
relationships with leading universities and research institutions,
we are able to discover and license early stage, IP-backed
ingredient technologies. We then utilize our in-house chemistry,
regulatory and safety consulting business units to develop
commercially viable ingredients. Our ingredient portfolio is backed
with clinical and scientific research, as well as extensive IP
protection. Our portfolio of patented ingredient technologies
includes NIAGEN® nicotinamide
riboside; pTeroPure® pterostilbene;
PURENERGY®,
a caffeine-pTeroPure® co-crystal;
IMMULINA™,
a spirulina extract; and AnthOrigin™,
anthocyanins derived from a domestically-produced, water-extracted
purple corn. To learn more about ChromaDex, please
visit www.ChromaDex.com.
-3-
Forward-Looking Statements:
This
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities and Exchange Act of 1934, as
amended, including statements related
to financial representations, future results of animal and human
studies of NIAGEN®, the likelihood of studies to result in positive
results, publication or new business development with large
multi-national companies, whether NR may be an effective therapy in
relieving CIPN in humans, whether vitamin B3 may play an important
role in helping humans enjoy longer and healthier lives, whether
vitamin nicotinamide riboside can help manage the negative effects
of obesity and diabetes and the potential metabolic and insulin
sensitizing effects of NIAGEN®. Statements
that are not a description of historical facts constitute
forward-looking statements and may often, but not always, be
identified by the use of such words as "expects", "anticipates",
"intends", "estimates", "plans", "potential", "possible",
"probable", "believes", "seeks", "may", "will", "should", "could"
or the negative of such terms or other similar expressions. More
detailed information about ChromaDex and the risk factors
that may affect the realization of forward-looking statements is
set forth in ChromaDex's Annual Report on Form 10-K for
the fiscal year ended December 31,
2016, ChromaDex's Quarterly Reports on Form 10-Q and
other filings submitted by ChromaDex to the SEC,
copies of which may be obtained from the SEC's website
at www.sec.gov.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof,
and actual results may differ materially from those suggested by
these forward-looking statements. All forward-looking statements
are qualified in their entirety by this cautionary statement and
ChromaDex undertakes no obligation to revise or update this release
to reflect events or circumstances after the date
hereof.
ChromaDex Public Relations Contact:
Breah
Ostendorf, Director of Marketing
949-537-4103
breaho@chromadex.com
ChromaDex Investor Relations Contact:
Andrew
Johnson, Director of Investor Relations
949-419-0288
andrewj@chromadex.com
END
###
-4-
|
ChromaDex Corporation and Subsidiaries
|
|
|
|
Consolidated Statements of Operations
|
|
Years Ended December 31, 2016 and January 2, 2016
|
|
|
2016
|
2015
|
|
|
|
|
|
Sales,
net
|
$26,811,086
|
$22,014,140
|
|
Cost of
sales
|
14,889,954
|
13,533,132
|
|
|
|
|
|
Gross
profit
|
11,921,132
|
8,481,008
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
Sales and
marketing
|
2,250,589
|
2,326,788
|
|
Research and
development
|
2,522,768
|
891,601
|
|
General and
administrative
|
9,393,209
|
7,416,451
|
|
Operating
expenses
|
14,166,566
|
10,634,840
|
|
|
|
|
|
Operating
loss
|
(2,245,434)
|
(2,153,832)
|
|
|
|
|
|
Nonoperating income
(expense):
|
|
|
|
Interest
income
|
2,247
|
3,325
|
|
Interest
expense
|
(371,899)
|
(616,033)
|
|
Loss on debt
extinguishment
|
(313,099)
|
-
|
|
Nonoperating
expenses
|
(682,751)
|
(612,708)
|
|
|
|
|
|
Loss before income
taxes
|
(2,928,185)
|
(2,766,540)
|
|
Provision for
income taxes
|
-
|
(4,527)
|
|
|
|
|
|
Net
loss
|
$(2,928,185)
|
$(2,771,067)
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
loss per common share
|
$(0.08)
|
$(0.08)
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
weighted average common shares outstanding
|
37,294,321
|
35,877,341
|
See Notes to
Consolidated Financial Statements in Item 8 of Chromadex's Annual
Report on Form 10-K filed with Securities and Exchanges Commission
on March 16, 2017.
-5-
|
ChromaDex Corporation and Subsidiaries
|
|
|
|
|
|
Consolidated Statements of Operations (Unaudited)
|
|
|
Three Months Ended December 31, 2016 and January 2,
2016
|
|
|
|
Q4 2016
|
Q4
2015
|
|
|
|
|
|
Sales,
net
|
$5,642,112
|
$4,364,480
|
|
Cost of
sales
|
3,342,316
|
2,763,418
|
|
|
|
|
|
Gross
profit
|
2,299,796
|
1,601,062
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
Sales and
marketing
|
559,851
|
550,385
|
|
Research and
development
|
534,171
|
406,406
|
|
General and
administrative
|
3,329,689
|
1,885,089
|
|
Operating
expenses
|
4,423,711
|
2,841,880
|
|
|
|
|
|
Operating
loss
|
(2,123,915)
|
(1,240,818)
|
|
|
|
|
|
Nonoperating income
(expense):
|
|
|
|
Interest
income
|
250
|
986
|
|
Interest
expense
|
(26,588)
|
(182,285)
|
|
Nonoperating
expenses
|
(26,338)
|
(181,299)
|
|
|
|
|
|
Loss before income
taxes
|
(2,150,253)
|
(1,422,117)
|
|
Provision for
income taxes
|
3,500
|
(4,527)
|
|
|
|
|
|
Net
loss
|
$(2,146,753)
|
$(1,426,644)
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
loss per common share
|
$(0.06)
|
$(0.04)
|
|
|
|
|
|
|
|
|
|
Basic and Diluted
weighted average common shares outstanding
|
37,904,534
|
36,158,895
|
-6-
|
Consolidated
Statements of Operations
(US GAAP)
|
|
Effects of Charges associated with Interest, Tax,
Depreciation,
Amortization and Share-based Compensation
Expense
|
Consolidated Statements of Operations, Adjusted EBITDA
Excluding Interest, Tax, Depreciation, Amortization
and
Share-based Compensation (Non-GAAP
Presentation)
|
|||||
|
Years
Ended December 31, 2016 and January 2,
2016
|
Years
Ended December 31, 2016 and January 2,
2016
|
Years
Ended December 31, 2016 and January 2,
2016
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
2015
|
|
2016
|
2015
|
|
2016
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
$26,811,086
|
$22,014,140
|
Sales
|
$-
|
$-
|
Sales
|
$26,811,086
|
$22,014,140
|
|
Cost
of sales
|
14,889,954
|
13,533,132
|
Cost
of sales
|
(285,515)
|
(254,000)
|
Cost
of sales
|
14,604,439
|
13,279,132
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
11,921,132
|
8,481,008
|
Gross profit
|
285,515
|
254,000
|
Gross profit
|
12,206,647
|
8,735,008
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
Operating
expenses:
|
|
|
Operating
expenses:
|
|
|
|
Sales
and marketing
|
2,250,589
|
2,326,788
|
Sales
and marketing
|
-
|
-
|
Sales
and marketing
|
2,250,589
|
2,326,788
|
|
Research
and development
|
2,522,768
|
891,601
|
Research
and development
|
-
|
-
|
Research
and development
|
2,522,768
|
891,601
|
|
General
and administrative
|
9,393,209
|
7,416,451
|
General
and administrative
|
(1,327,588)
|
(2,054,161)
|
General
and administrative
|
8,065,621
|
5,362,290
|
|
Operating expenses
|
14,166,566
|
10,634,840
|
Operating expenses
|
(1,327,588)
|
(2,054,161)
|
Operating expenses
|
12,838,978
|
8,580,679
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
(2,245,434)
|
(2,153,832)
|
Operating income
|
1,613,103
|
2,308,161
|
Operating income (loss)
|
(632,331)
|
154,329
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating
income (expense):
|
|
|
Nonoperating
income:
|
|
|
Nonoperating
income (expense):
|
|
|
|
Interest
income
|
2,247
|
3,325
|
Interest
income
|
(2,247)
|
(3,325)
|
Interest
income
|
-
|
-
|
|
Interest
expense
|
(371,899)
|
(616,033)
|
Interest
expense
|
371,899
|
616,033
|
Interest
expense
|
-
|
-
|
|
Loss
on debt extinguishment
|
(313,099)
|
-
|
Loss
on debt extinguishment
|
-
|
-
|
Loss
on debt extinguishment
|
(313,099)
|
-
|
|
Nonoperating expense
|
(682,751)
|
(612,708)
|
Nonoperating income
|
369,652
|
612,708
|
Nonoperating expense
|
(313,099)
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Loss
before taxes
|
(2,928,185)
|
(2,766,540)
|
Income
before taxes
|
1,982,755
|
2,920,869
|
Income
(loss) before taxes
|
(945,430)
|
154,329
|
|
Provision
for taxes
|
-
|
(4,527)
|
Provision
for taxes
|
-
|
4,527
|
Provision
for taxes
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$(2,928,185)
|
$(2,771,067)
|
Effects of adjusted EBITDA
|
$1,982,755
|
$2,925,396
|
Adjusted EBITDA
|
$(945,430)
|
$154,329
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted loss per common share
|
$(0.08)
|
$(0.08)
|
Effects
of adjusted EBITDA per common share
|
$0.05
|
$0.08
|
Basic
and diluted adjusted EBITDA per common share
|
$(0.03)
|
$0.00
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding
|
|
|
Weighted
average common shares outstanding
|
|
|
Weighted
average common shares outstanding
|
|
|
|
Basic
and diluted
|
37,294,321
|
35,877,341
|
Basic
and diluted
|
37,294,321
|
35,877,341
|
Basic
and diluted
|
37,294,321
|
35,877,341
|
-7-
|
Consolidated Statements of Operations, Unaudited
(US GAAP)
|
Effects of Charges associated with Interest, Tax,
Depreciation,
Amortization
and Share-based Compensation Expense
|
Consolidated Statements of Operations, Adjusted EBITDA
Excluding Interest, Tax, Depreciation, Amortization
and
Share-based Compensation (Non-GAAP Presentation)
|
||||||
|
Three
Months Ended December 31, 2016 and January 2,
2016
|
Three
Months Ended December 31, 2016 and January 2,
2016
|
Three
Months Ended December 31, 2016 and January 2,
2016
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2016
|
Q4 2015
|
|
Q4 2016
|
Q4 2015
|
|
Q4 2016
|
Q4 2015
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
$5,642,112
|
$4,364,480
|
Sales
|
$-
|
$-
|
Sales
|
$5,642,112
|
$4,364,480
|
|
Cost
of sales
|
3,342,316
|
2,763,418
|
Cost
of sales
|
(77,841)
|
(67,152)
|
Cost
of sales
|
3,264,475
|
2,696,266
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
2,299,796
|
1,601,062
|
Gross profit
|
77,841
|
67,152
|
Gross profit
|
2,377,637
|
1,668,214
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
Operating
expenses:
|
|
|
Operating
expenses:
|
|
|
|
Sales
and marketing
|
559,851
|
550,385
|
Sales
and marketing
|
-
|
-
|
Sales
and marketing
|
559,851
|
550,385
|
|
Research
and development
|
534,171
|
406,406
|
Research
and development
|
-
|
-
|
Research
and development
|
534,171
|
406,406
|
|
General
and administrative
|
3,329,689
|
1,885,089
|
General
and administrative
|
(295,780)
|
(342,517)
|
General
and administrative
|
3,033,909
|
1,542,572
|
|
Operating expenses
|
4,423,711
|
2,841,880
|
Operating expenses
|
(295,780)
|
(342,517)
|
Operating expenses
|
4,127,931
|
2,499,363
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
(2,123,915)
|
(1,240,818)
|
Operating income
|
373,621
|
409,669
|
Operating loss
|
(1,750,294)
|
(831,149)
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating
income (expense):
|
|
|
Nonoperating
income:
|
|
|
Nonoperating
income:
|
|
|
|
Interest
income
|
250
|
986
|
Interest
income
|
(250)
|
(986)
|
Interest
income
|
-
|
-
|
|
Interest
expense
|
(26,588)
|
(182,285)
|
Interest
expense
|
26,588
|
182,285
|
Interest
expense
|
-
|
-
|
|
Nonoperating expense
|
(26,338)
|
(181,299)
|
Nonoperating income
|
26,338
|
181,299
|
Nonoperating expense
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Loss
before taxes
|
(2,150,253)
|
(1,422,117)
|
Income
before taxes
|
399,959
|
590,968
|
Loss
before taxes
|
(1,750,294)
|
(831,149)
|
|
Provision
for taxes
|
3,500
|
(4,527)
|
Provision
for taxes
|
(3,500)
|
4,527
|
Provision
for taxes
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$(2,146,753)
|
$(1,426,644)
|
Effects of adjusted EBITDA
|
$396,459
|
$595,495
|
Adjusted EBITDA
|
$(1,750,294)
|
$(831,149)
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted loss per common share
|
$(0.06)
|
$(0.04)
|
Effects
of adjusted EBITDA per common share
|
$0.01
|
$0.02
|
Basic
and diluted adjusted EBITDA per common share
|
$(0.05)
|
$(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding
|
|
|
Weighted
average common shares outstanding
|
|
|
Weighted
average common shares outstanding
|
|
|
|
Basic
and diluted
|
37,904,534
|
36,158,895
|
Basic
and diluted
|
37,904,534
|
36,158,895
|
Basic
and diluted
|
37,904,534
|
36,158,895
|
|
|
|
|
|
|
|
|
|
|
-8-