Quadron Cannatech (CSE:QCC) shared with investors its financial and operating results for the its 2018 Q1, which ended on July 31.
As quoted in the press release:
First quarter financial highlights (unaudited):
- Revenue of $968,783, an 87.7 [percent] increase over Q1 July 31, 2017 and a 282 [percent] increase over Q4 2017;
- Gross margin of $285,530 or 29 [percent] vs 26 [percent] in Q1 July 31, 2017. Gross margins fluctuate dependent upon product mix;
- Loss of $1,137,597 compared to $416,820 for Q1 July 31, 2017. The increased loss for the quarter includes stock based compensation of $265,129, an increase in development and research of approximately $185,404, and increases in staffing and infrastructure relating to the Company’s further development of its extraction equipment and processes; and
- Cash of $2,981,444 and working capital of $5,075,413 at quarter end.
“We have devoted a significant amount of resources toward the research and development of our automated extraction and processing equipment, in preparation for the legalization of the recreational market and the eventual inclusion of extract derived products,” states Rosy Mondin, CEO.