Business
EVIO, Inc. provides Shareholder Update
EVIO, Inc. provides Shareholder Update.
About this update from Evio, Inc.
[{"type":"text","content":"\n\n\n\nEVIO, Inc. provides Shareholder Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nEVIO, Inc. provides Shareholder Update\nPR Newswire\nHENDERSON, Nev., Oct. 15, 2021\n\n\n\nHENDERSON, Nev. , Oct. 15, 2021 /PRNewswire/ -- EVIO, Inc. (OTC: EVIO) is pleased to provide this update to shareholders. This update includes a summary of the financial results for fiscal year 2020, notification of a withdrawal of LOI, discussion of the turnaround efforts to date, and announcement of new initiatives.\nOn September 23, 2021 the company released its financial results for its fiscal year 2020.\nFinancial Highlights\nEVIO, Inc. gross margin improved to $148,927 in 2020 from ($936,040) in 2019 while revenues decreased 5% to $3.6 million from $3.8 million.  Improved margins are primarily due consolidation of labs to locations in Oregon, California, and Canada.  Revenue increased in Oregon but was offset by reduction in licensing revenue, loss of revenue due to COVID shutdowns and cost of relocation of the Berkeley laboratory.\nThe company had 23% lower cost of testing services and 30% reduction in selling, general and administrative costs year over year.  Lower cost of testing services is due to the increased scale at fewer labs.  SG&A expense reduction is largely due to lower corporate overhead by maintaining fewer locations, reducing the size of its executive team, and shifting to outsourced finance and accounting staff.\n\"Although revenue was down slightly in 2020, lab consolidation and reduced overhead put the remaining operating labs into a stronger financial position\", said Lori Glauser, CEO. \"EVIO's goal for 2021 has been to continue to reduce costs, improve its debt position, and evaluate new business opportunities to diversify its portfolio\".\nContinued cost reductions include reduction of the executive team to just a CEO and CSO with outsourced financial and accounting staff; transition the executive team from its office in Henderson, NV to remote work, and restructuring of compensation plans for certain sales and administrative ...