[August 10, 2017] |
|
Applied DNA Reports Fiscal Third Quarter 2017 Financial Results
Applied DNA Sciences, Inc. (NASDAQ:APDN) ("Applied DNA", or "the
Company"), announced financial results for the fiscal 2017 third quarter
ended June 30, 2017.
"We continued to make excellent progress in driving market adoption of
our DNA technology platform in the fiscal third quarter while generating
strong sales growth from our most established revenue-generating
vertical from an initial cotton order for the upcoming ginning season,"
said Dr. James A. Hayward, president and CEO of Applied DNA Sciences.
"In textiles, we see evidence that our technology platform is gaining
momentum as brands and retailers find it increasingly advantageous to
provide assurances that the products on their shelves meet their product
quality claims. Our recently announced, more favorable licensing
agreement with key cotton partner Himatsingka America, Inc.
("Himatsingka") illustrates the increasingly strategic role our
molecular tag technology is playing in supporting manufacturers'
business goals. In addition, product and customer reviews of Bed, Bath
and Beyond®'s Wamsutta® PimaCott® home fashions - manufactured by
Himatsingka and incorporating our SigNature® T technology - demonstrate
that authenticity is good for business. Beyond textiles, we also secured
new revenue-generating awards in government/military and diagnostics
verticals that broaden our opportunities for revenue growth."
Third Quarter Financial Highlights:
-
Revenues increased 175% for the third quarter of fiscal 2017 to $1.8
million, compared with $653 thousand reported in the third quarter of
fiscal 2016, and increased 99% compared with revenues of $905 thousand
reported in the second fiscal quarter ended March 31, 2017. The
increase in revenue is primarily attributable to an increase in
textile revenues.
-
Total operating expenses were $4.2 million, compared with $3.9 million
in the prior year's quarter, an increase of approximately 7%. The
increase in total operating expenses is primarily attributable to an
increase associated with the write-off of an account receivable
balance.
-
Net loss for the quarter ended June 30, 2017 was $2.6 million, or
$0.10 per share, compared with a net loss of $3.4 million, or $0.14
per share for the quarter ended June 30, 2016 and a net loss of $3.4
million, or $0.13 per share for the quarter ended March 31, 2017.
-
Excluding non-cash expenses, Adjusted EBITDA for the quarter ended
June 30, 2017 was negative $1.5 million, compared to negative Adjusted
EBITDA of $2.5 million for the same quarter last fiscal year and
negative Adjusted EBITDA of $2.7 million in the prior fiscal quarter.
See below for information regarding non-GAAP measures.
-
Net cash used in operating activities in the third quarter of fiscal
2017 was $1.9 million. This compares with $2.2 million in the
corresponding prior-year period.
Continued Dr. Hayward, "Business development activity during the quarter
was strong with pre-commercial opportunities growing to 14 active
engagements at present from nine last quarter," continued Dr. Hayward.
"Recently concluded pilot projects, such as in Aloe vera, touch
upon multiple markets, from food and supplements to pharmaceuticals and
personal care. As announced earlier this week, large-scale fertilizer
tagging, offers the opportunity for large-scale deployments that address
entire commercial ecosystems, as we do in cotton. While the timing of
conversion from pilot to commercial contract is uncertain, we remain
focused on expanding the basket of opportunities and on shortening sales
cycles.
"As we look ahead, we see several areas of revenue growth. We believe
that the start of the cotton ginning season and the growing "pull" we
have experienced from brands and from new categories in our existing
retail channels will help catalyze sales and improve working-capital to
cash conversion. Business activity in non-cotton textile markets is also
increasing as manufacturers of products utilizing synthetic fibers move
to our technology platform to their sales advantage. Lastly, through our
success in cotton we have been able to secure annual minimum revenue
commitments from customers such as Loftex Home, LLC and GHCL Limited as
licensees of CertainT™, our program that integrates our commercial
platforms into a licensable strategy to generate royalty fees, in
addition to revenues from the sale of DNA taggant and testing services.
CertainT is today a cornerstone of our go-to-market strategy and a key
component to building a diverse, recurring revenue base. With CertainT,
we can participate not only at the front-end of the supply chain with
the application of our molecular tags, but at the back-end of the value
chain where the cumulative value-add is the highest and we can share in
the economics with brands and retailers."
Concluded Dr. Hayward, "We have been moving aggressively to build the
market for our technology platform and continue to expand our pipeline
of opportunities. To help ensure that we have the financial flexibility
to capture the opportunities before us today, we have entered into
binding private placement subscription agreements with a key customer,
as well as all executive officers and members of the board of directors.
As we continue to build our business, we believe our successes today
will be the foundation for our sustained growth tomorrow."
Nine-Month Financial Highlights:
-
Revenues for the first nine months of fiscal 2017 totaled $3.6
million, an increase of 41% from the same period in the prior
year. This increase was the result of an increase in product revenues
of $1.7 million, or 147%, primarily as a result of increased textile
market sales. This increase was offset by a decrease in service
revenues from two government contract awards, both of which expired
during the fourth quarter of the prior fiscal year.
-
Operating expenses for the nine months ended June 30, 2017 increased
by $1.2 million or 10% for the same period last fiscal year. The
increase is primarily attributable to an increase in stock-based
compensation and bad debt expense, offset by a decrease in R&D due to
the expiration of the two government contract awards.
-
Net loss for the nine months ended June 30, 2017 was $10.0 million or
$0.38 per share, compared with a net loss of $9.8 million or $0.41 per
share for the nine months ended June 30, 2016.
-
Excluding non-cash expenses and interest, Adjusted EBITDA improved for
the nine months ended June 30, 2017 at a negative $6.6 million
compared with an Adjusted EBITDA of negative $7.6 million for the same
period last fiscal year. See below for information regarding non-GAAP
measures.
Recent Business and Operational Highlights:
-
On August 10, 2017, Applied DNA announced the start of
production-scale tagging of bearings with a global manufacturer. The
work will be performed under the newly awarded Rapid Innovation Fund
(RIF) contract issued by the Office of the Secretary of Defense (OSD)
on behalf of the Defense Logistics Agency (DLA). This production-scale
project is a follow-up to a successful pilot conducted under Applied
DNA's prior OSD RIF contract, completed in August of 2016, and
reflects the Company's ongoing efforts to commercialize processes and
methodologies developed for Department of Defense (DoD) applications
and apply them to commercial OEMs.
-
On August 8, 2017, the Company announced that it had completed a pilot
project for the large-scale molecular tagging of a fertilizer that was
successfully tracked through the West African supply chain of the
Rosier Group, SA, Belgium. The Company expects to begin shipments of
fertilizer with molecular tags in early 2018.
-
On July 18, 2017, Applied DNA announced that it had signed a new
multi-year, exclusive CertainT platform license agreement with Loftex
Home, LLC, a well-respected manufacturer of high-quality towels
and home textiles, in connection with source verified recycled
polyethylene terephthalate (PET). An expansion of the Company's
existing agreement with Loftex signed in March of this year, the new
multi-year agreement is now exclusive for bath and beach towels in the
United States, non-exclusive for plush throws and bath rugs and
provides for long term minimum annual revenues as well as trademark
licensing royalties to Applied DNA.
-
On July 11, 2017 as evidence of the Company's continuing penetration
of the non-cotton textile market, Applied DNA announced that it had
signed a multi-year CertainT Platform license agreement with GHCL Limited,
a global manufacturer of home textiles. The agreement provides for CertainT platform services
in connection with source-verifiedPET and recycled PET (post consumer)
in blended bed sheets, pillowcases, and shams sold in-store or online
in the United States. GHCL has also licensed Applied DNA's CertainT
trademark for use on its products, as well as for promotional,
marketing and sales materials. The agreement provides for minimum
annual revenues as well as trademark licensing royalties to Applied
DNA.
-
On July 5, 2017, Applied DNA announced the addition of two sponsors to
the Company's leather traceability project with BLC
Leather Technology Centre (BLC): Scottish Leather Group Ltd and
Tong Hong Tannery. With these new additions, the research project now
totals seven sponsors, including C&J Clark International and PUMA SE,
among other global brands. The Research Project, initiated following
the signing of a Research Agreement between the two companies, seeks
to develop and validate a robust SigNature® T-based system to provide
comprehensive and verifiable leather traceability, from farm to
finished products.
-
On June 28, 2017, the Company announced that it entered into
subscription agreements for a private placement of its Common Stock
with a group of investors, including a key customer and all of the
Company's Executive Officers and members of the Board of Directors. No
discounts or warrants were given to the investors. As a result of the
private placement, the Company agreed to issue 1,025,574 shares of
common stock at a price of $1.76 per share for total expected gross
proceeds of $1,805,000.
-
On June 27, 2017, Applied DNA announced the signing of a new,
exclusive licensing agreement with Himatsingka America, Inc. with
improved financial terms: 60-day payment terms, and discontinuation of
revenue-sharing to its partners, yielding enhanced margins to Applied
DNA.
-
On June 27, 2017, the Company announced it had completed initial work
under a funded contract with Lily
of the Desert, a leading US-based producer of Aloe vera products,
whose offerings include nutritional drinks, topical crèmes and gels.
The pilot studies defined by the agreement are designed to demonstrate
the feasibility of molecular tagging to create the industry's first
traceable and authenticated Aloe vera juices, from raw
material to the manufacture of nutritional drinks and topical consumer
products.
-
On June 23, 2017, Applied DNA announced that it received an initial
order to tag 27.5 million pounds of cotton to kick off the 2017/2018
ginning season, composed of three US cotton varietals. The three
varietals are Pima, Delta and Acala, which fall under the Pimacott®,
HomeGrown™ LoneStar™ and HomeGrown Acala™ programs. We believe the
order demonstrates Applied DNA's success in further entrenching
SigNature T DNA in an established revenue-generating vertical and in
extending the adoption of its proven technology platform.
-
On June 6, 2017, the Company announced that it has been awarded a
two-year, approximately $1.5 million competitive-bid development
contract funded by the Office of the Secretary of Defense on behalf of
the Defense Logistics Agency (DLA). The award expands current
platforms to improve DoD counterfeit risk mitigation, and was granted
via a Rapid Innovation Fund (RIF) that provides DLA with innovative
technologies that can be rapidly inserted into acquisition programs to
meet specific defense needs.
-
On May 15, 2017, Applied DNA announced that it appointed Elizabeth M.
Schmalz Ferguson to its Board of Directors. Ms. Ferguson was selected
to serve based on her sterling track record of accomplishments as a
strategist and product leader within the personal care industry. This
appointment increased the total number of Board members to eight.
-
On May 1, 2017, the Company announced the debut of its textile
molecular tag technology, SigNature® T,
in Bed Bath & Beyond®'s Wamsutta® line, featuring PimaCott®, at
locations nationwide and online. SigNature T verifies that the
Wamsutta home fashions products sold to consumers are pure Pima
cotton, grown in the San Joaquin Valley, California. Products include
comforters, pillow cases and shams.
Fiscal 2017 Third Quarter Conference Call Information
The Company will hold a conference call and webcast to discuss its
fiscal 2017 third-quarter results on Thursday August 10, 2017 at 4:30 PM
EST. To participate on the conference call, please follow the
instructions below. While every attempt will be made to answer
investors' questions on the Q&A portion of the call, due to the large
number of expected participants, not all questions may be answered.
To Participate:
Dial-in and ask to be joined to the Applied DNA Sciences earnings call.
Replay (available 1 hour following the conclusion of the live call):
Information about Non-GAAP Financial Measures
As used herein, "GAAP" refers to accounting principles generally
accepted in the United States of America. To supplement our condensed
consolidated financial statements prepared and presented in accordance
with GAAP, this earnings release includes Adjusted EBITDA, which is a
non-GAAP financial measure as defined in Rule 101 of Regulation G
promulgated by the Securities and Exchange Commission. Generally, a
non-GAAP financial measure is a numerical measure of a company's
historical or future performance, financial position, or cash flows that
either excludes or includes amounts that are not normally excluded or
included in the most directly comparable measure calculated and
presented in accordance with GAAP. The presentation of this non-GAAP
financial information is not intended to be considered in isolation or
as a substitute for, or superior to, the financial information prepared
and presented in accordance with GAAP. We use this non-GAAP financial
measure for internal financial and operational decision making purposes
and as a means to evaluate period-to-period comparisons of the
performance and results of operations of our core business. Our
management believes that these non-GAAP financial measures provide
meaningful supplemental information regarding the performance of our
business by excluding non-cash expenses that may not be indicative of
our recurring operating results. We believe this non-GAAP financial
measure is useful to investors as it allows for greater transparency
with respect to key metrics used by management in its financial and
operational decision making.
"EBITDA"- is defined as earnings (loss) before interest expense, income
tax expense and depreciation and amortization expense.
"Adjusted EBITDA"- is defined as EBITDA adjusted to exclude (i)
stock-based compensation and (ii) other non-cash expenses.
About Applied DNA Sciences
Applied DNA Sciences makes life real and safe by providing innovative,
molecular-based technology solutions and services that can help protect
products, brands, entire supply chains, and intellectual property of
companies, governments and consumers from theft, counterfeiting, fraud
and diversion. The proprietary DNA-based "CertainTTM" Platform
can be used to identify, tag, track, and trace products, to help assure
authenticity, origin, traceability and quality of products. SigNature® DNA
describes the core technology ingredient that is at the heart of a
family of uncopyable, security and authentication solutions such as
SigNature® T and fiberTyping®, targeted
toward textiles and apparel, BackTrac™ and DNAnet®, for
anti-theft and loss prevention, and digitalDNA®, providing
powerful track- and-trace. All provide a forensic chain of evidence, and
can be used to prosecute perpetrators. Applied DNA Sciences is also
engaged in the large-scale production of specific DNA sequences using
the polymerase chain reaction.
Go to adnas.com
for more information, events and to learn more about how Applied DNA
Sciences makes life real and safe. Applied DNA's Common stock is quoted
on NASDAQ under the symbol APDN, and its warrants are quoted under the
symbol APDNW.
Forward-Looking Statements
The statements made by APDN in this press release may be
"forward-looking" in nature within the meaning of the Private Securities
Litigation Act of 1995. Forward-looking statements describe APDN's
future plans, projections, strategies and expectations, and are based on
assumptions and involve a number of risks and uncertainties, many of
which are beyond the control of APDN. Actual results could differ
materially from those projected due to our short operating history,
limited financial resources, limited market acceptance, market
competition and various other factors detailed from time to time in
APDN's SEC reports and filings, including our Annual Report on Form 10-K
filed on December 6, 2016, and our quarterly reports on Form 10-Q filed
on February 9, 2017, May 11, 2017, and August 10, 2017, which are or
will be available at www.sec.gov.
APDN undertakes no obligation to update publicly any forward-looking
statements to reflect new information, events or circumstances after the
date hereof to reflect the occurrence of unanticipated events, unless
otherwise required by law.
Financial Tables Follow
APPLIED DNA SCIENCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
June 30, 2017
|
|
|
September 30, 2016
|
|
|
|
(unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
2,402,809
|
|
|
|
$
|
4,479,274
|
|
Accounts receivable, net of allowance of $37,773 and $32,965 at June
30, 2017 and September 30, 2016, respectively
|
|
|
4,746,010
|
|
|
|
|
6,374,895
|
|
|
|
|
|
|
|
|
|
|
Stock subscriptions receivable
|
|
|
505,000
|
|
|
|
|
-
|
|
Inventories
|
|
|
376,520
|
|
|
|
|
297,759
|
|
Prepaid expenses and other current assets
|
|
|
113,234
|
|
|
|
|
200,006
|
|
Total current assets
|
|
|
8,143,573
|
|
|
|
|
11,351,934
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net of accumulated depreciation of
$1,565,153 at June 30, 2017 and $1,263,200 at September 30, 2016
|
|
|
589,656
|
|
|
|
|
792,499
|
|
|
|
|
|
|
|
|
|
|
Other assets:
|
|
|
|
|
|
|
|
|
Long term accounts receivables
|
|
|
-
|
|
|
|
|
1,535,000
|
|
Deposits
|
|
|
61,626
|
|
|
|
|
61,126
|
|
|
|
|
|
|
|
|
|
|
Deferred offering costs
|
|
|
-
|
|
|
|
|
13,986
|
|
Goodwill
|
|
|
285,386
|
|
|
|
|
285,386
|
|
Intangible assets, net of accumulated amortization of $607,047 and
$423,649 at June 30, 2017 and September 30, 2016, respectively
|
|
|
1,342,502
|
|
|
|
|
1,525,900
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
10,422,743
|
|
|
|
$
|
15,565,831
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
1,730,560
|
|
|
|
$
|
2,247,341
|
|
Deferred revenue
|
|
|
674,429
|
|
|
|
|
1,837,588
|
|
Total current liabilities
|
|
|
2,404,989
|
|
|
|
|
4,084,929
|
|
|
|
|
|
|
|
|
|
|
Long term accounts payable
|
|
|
-
|
|
|
|
|
215,500
|
|
Long term deferred revenue
|
|
|
-
|
|
|
|
|
900,000
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
2,404,989
|
|
|
|
|
5,200,429
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
|
|
Preferred stock, par value $0.001 per share; 10,000,000 shares
authorized; -0- shares issued and outstanding as of June 30, 2017
and September 30, 2016
|
|
|
-
|
|
|
|
|
-
|
|
Series A Preferred stock, par value $0.001 per share, 10,000,000
shares authorized; -0- issued and outstanding as of June 30, 2017
and September 30, 2016
|
|
|
-
|
|
|
|
|
-
|
|
Series B Preferred stock, par value $0.001 per share, 10,000,000
shares authorized; -0- issued and outstanding as of June 30, 2017
and September 30, 2016
|
|
|
-
|
|
|
|
|
-
|
|
Common stock, par value $0.001 per share; 500,000,000 shares
authorized at June 30, 2017 and September 30, 2016; 27,377,057 and
24,078,756 shares issued and outstanding as of June 30, 2017 and
September 30, 2016, respectively
|
|
|
27,377
|
|
|
|
|
24,079
|
|
Additional paid in capital
|
|
|
242,808,854
|
|
|
|
|
234,158,711
|
|
Stock subscription receivable
|
|
|
(1,000,000
|
)
|
|
|
|
-
|
|
Accumulated deficit
|
|
|
(233,818,477
|
|
)
|
|
|
(223,817,388
|
)
|
Total stockholders' equity
|
|
|
8,017,754
|
|
|
|
|
10,365,402
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity
|
|
$
|
10,422,743
|
|
|
|
$
|
15,565,831
|
|
APPLIED DNA SCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
|
Three Months Ended June 30,
|
|
|
Nine Months Ended June 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues
|
|
$
|
1,493,449
|
|
|
$
|
295,867
|
|
|
$
|
2,887,054
|
|
|
$
|
1,167,452
|
|
Service revenues
|
|
|
303,933
|
|
|
|
357,029
|
|
|
|
718,709
|
|
|
|
1,382,880
|
|
Total revenues
|
|
|
1,797,382
|
|
|
|
652,896
|
|
|
|
3,605,763
|
|
|
|
2,550,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
232,348
|
|
|
|
180,559
|
|
|
|
804,552
|
|
|
|
735,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
3,402,817
|
|
|
|
2,576,891
|
|
|
|
10,534,105
|
|
|
|
8,185,149
|
|
Research and development
|
|
|
603,095
|
|
|
|
1,149,146
|
|
|
|
1,757,616
|
|
|
|
2,861,599
|
|
Depreciation and amortization
|
|
|
161,441
|
|
|
|
168,641
|
|
|
|
486,786
|
|
|
|
557,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
4,167,353
|
|
|
|
3,894,678
|
|
|
|
12,778,507
|
|
|
|
11,604,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM OPERATIONS
|
|
|
(2,602,319
|
)
|
|
|
(3,422,341
|
)
|
|
|
(9,977,296
|
)
|
|
|
(9,790,076
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net
|
|
|
228
|
|
|
|
2,660
|
|
|
|
2,763
|
|
|
|
9,567
|
|
Other (expense) income , net
|
|
|
(8,758
|
)
|
|
|
52,670
|
|
|
|
(26,556
|
)
|
|
|
19,606
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss before provision for income taxes
|
|
|
(2,610,849
|
)
|
|
|
(3,367,011
|
)
|
|
|
(10,001,089
|
)
|
|
|
(9,760,903
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
$
|
(2,610,849
|
)
|
|
$
|
(3,367,011
|
)
|
|
$
|
(10,001,089
|
)
|
|
$
|
(9,760,903
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share-basic and diluted
|
|
$
|
(0.10
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(0.38
|
)
|
|
$
|
(0.41
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
26,374,023
|
|
|
|
24,075,225
|
|
|
|
26,049,866
|
|
|
|
23,563,164
|
|
APPLIED DNA SCIENCES, INC.
CALCULATION AND RECONCILIATION OF ADJUSTED EBITDA
(Unaudited)
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
|
|
2017
|
|
|
|
2016
|
|
|
2017
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
|
$ (2,610,849
|
)
|
|
$
|
(3,367,011
|
)
|
|
$ (10,001,089
|
)
|
|
$
|
(9,760,903
|
)
|
Interest (income) expense, net
|
|
(228
|
)
|
|
|
(2,660
|
)
|
|
(2,763
|
)
|
|
|
(9,567
|
)
|
Depreciation and amortization
|
|
161,441
|
|
|
|
168,641
|
|
|
486,786
|
|
|
|
557,968
|
|
Stock based compensation expense
|
|
566,377
|
|
|
|
567,523
|
|
|
2,562,300
|
|
|
|
1,522,304
|
|
Bad debt expense
|
|
346,921
|
|
|
|
83,934
|
|
|
368,168
|
|
|
|
106,247
|
|
|
|
|
|
|
|
|
|
|
Total non-cash items
|
|
1,074,511
|
|
|
|
817,438
|
|
|
3,414,491
|
|
|
|
2,176,952
|
|
|
|
|
|
|
|
|
|
|
Consolidated Adjusted EBITDA (loss)
|
|
(1,536,338
|
)
|
|
|
(2,549,573
|
)
|
|
(6,586,598
|
)
|
|
|
(7,583,951
|
)
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170810005990/en/
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