Business
Everlert Inc. Reports Significant Highlights of Quarterly Report for the Second Quarter 2014
Everlert Inc. Reports Significant Highlights of Quarterly Report for the Second Quarter 2014.
About this update from Everlert, Inc.
[{"type":"text","content":"\nMONROVIA, Calif., Aug. 20, 2014 (GLOBE NEWSWIRE) -- Everlert, Inc. (the \"Company\") (OTC:EVLI), reported its unaudited financial results for the quarter ended June 30, 2014. Below are just a few of the notable highlights reflected in the filing:\n\n\tHighlights for the Quarter Ended June 30, 2014 vs December 31, 2013 & June 30, 2013\n\n\t\n\t\tThe Company's gross margin percentage increased by 6% from 47% for Q2 2013 to 53% for Q2 2014. This is primarily due to the Company achieving a reduction in the cost of its inventory.\n\t\n\t\tThe Company's cash position at June 30, 2014 was $40.4K, which was $6.2K greater than the $34.2K balance at December 31, 2013.\n\t\n\t\tThe Company's Accounts Receivables balance increased by $13.2K, from $1.6K in FYE 2013 to $14.8K as of Q2 2014, due to an increase in sales for customers with credit terms.\n\t\n\t\tTotal Long Term Liabilities decreased by $110K from $1.4M at December 31, 2013 to $1.3M at June 30, 2014, as a result of Management's focus on strengthening the Company's balance sheet and overall solvency.\n\t\n\t\tThe Company was able to secure $435,000 in cash proceeds from the issuance of various financial instruments to accredited investors during Q1 and Q2 of 2014. These funds have been helpful in assisting the Company in achieving its aggressive growth targets.\n\t\n\t\tOf the Company's $6.2M Accumulated deficit, $4.1M (66% of total deficit) was attributable and separately classified in the balance sheet as being related to discontinued operations that occurred prior to the Totalpost merger in 2012, meaning the current operations only resulted in a $2M accumulated deficit since the merger.\n\t\n\t\tThe Company was able to restructure a sizeable portion of its capital structure by working with its largest shareholder to exchange 550M shares of common stock for 100M shares of Preferred, Class \"D\" stock.\n\t\n\t\tThe Company has had the wherewithal to invest approximately $94K during the first two quarters of 2014 to develop its new product line relating to Forensic X-Ray Scanners (i.e., Flatscan).\n\t\n\t\tThe Company has hired three new senior members of the management team during the first two quarters of 2014, including a new CEO, VP of Mergers and Acquisitions, and a Director of Compliance.\n\t\n\t\tThe Company covered the costs of preparing for three high-profile indust...