Byrna Technologies Inc. Reports Record Quarterly Revenue Of $1,190,404 And Adjusted Loss From Operations Of $858,489

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[{"type":"text","content":"ANDOVER, Mass., July 20, 2020 /PRNewswire/ -- Byrna Technologies Inc. (OTCQB: BYRN) (CSE: BYRN). For its second quarter ended May 31, 2020, Byrna Technologies Inc. (the \"Company\") reported record revenues of $1,190,404, up from $105,769 in the same period last year. Gross profit margins were 43%, up from 28% for the prior year period. It is expected that margins will continue to improve as sales volumes increase.\n\n \n \n \n \n \n \n\n \nOperating expenses for the three-month period totaled $1,374,715, up from $709,315 for the same period last year. Operating expenses are expected to continue to climb as the Company invests in its infrastructure and increases sales.\nFor the three months ended May 31, 2020 the loss from operations totaled $858,489 up from $678,830 for the same period last year. Net loss was $8,061,400 which includes certain non-cash items principally associated with a debt for equity exchange completed in the quarter and warrant inducement expenses booked in connection with the inducement of early exercises of certain outstanding warrants. The Company was able to significantly reduce its debt burden by eliminating approximately $6.9 million of convertible debt and exchanging it for a new convertible Preferred Stock and raised approximately $3.2 million during the quarter through the early warrant exercises. \nThe Company booked a non-cash loss of $6,026,657 on the debt-equity exchange and a loss of $845,415 on the warrant inducements. These two book entries, along with the non-cash accretion of the Note Payable and the accrual of PIK interest added an additional $330,839 to the loss for a total non-cash loss of $7,202,911 bringing the Company's GAAP loss to $7,928,876 including the foreign translation adjustment.\nThe Company further reported that it has raised approximately $1.7 million to date since the end of the 2nd quarter through additional warrant exercises and is currently in an order backlog situation with the Company's website stating 12+ weeks for delivery of new orders. The backlog resulted from an unprecedented increase in orders following favorable mention by Sean Hannity of the Company's Byrna HD personal security device on his FOX News show. \nThe Company is working hard to ramp up its manufacturing capacity to fill all orders as soon as possible. An influx of at least an additional $1.6 milli...

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