Business
DigiPath, Inc. Announces First Fiscal Quarter 2016 Results
DigiPath, Inc. Announces First Fiscal Quarter 2016 Results.
About this update from Hypha Labs, Inc.
[{"type":"text","content":"\n\n\n\nDigiPath, Inc. Announces First Fiscal Quarter 2016 Results\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\nDigiPath, Inc. Announces First Fiscal Quarter 2016 Results\nPR Newswire\nLAS VEGAS, Feb. 20, 2016\n\n\n\nLAS VEGAS, Feb. 20, 2016 /PRNewswire/ -- DigiPath, Inc. (OTCBB and OTCQB: DIGP), a growth oriented independent testing laboratory and media firm focused on the developing cannabis market, today announced financial and operating results for the three months ended December 31, 2015.\n\n\nFirst Fiscal Quarter 2016 Company Highlights\n\n\nEnded quarter with $98,363 of net sales through its state-of-the-art Nevada cannabis testing lab, a quarter over quarter growth rate of over 2,000% \nSigned four new customers to exclusive laboratory testing contracts \nDivested its digital pathology business to conserve resources and focus on its core lab testing business \nEngaged Joseph Bianco to serve as Chairman of the Board and spearhead the Company's efforts to expand its lab testing services to new markets \nDecreased its net cash used in operating and investing activities in the aggregate by approximately $989,000, or 68%, from the comparative quarter ended December 31, 2014 \nRecorded GAAP net loss for the quarter of $0.12 per share, which includes one-time non-cash charges of approximately $0.09 per share, compared to a net loss of $0.30 for the comparative quarter in the prior year. \nLiquidity Position\n\nThe Company needs additional capital to fund its short-term operations and is currently exploring potential financing opportunities and will seek to further reduce its costs.  There can be no assurance that the Company will be successful in these efforts.\n\nManagement Comment\n\n\"Our first fiscal quarter of 2016 was our first real quarter of continuous operations for our cannabis testing lab in Las Vegas. While we are nowhere near full capacity, we are extremely pleased with our increasing revenues and implementation of our plan of operations. We have gained more market share than we had conservatively estimated by this time and are pleased to ...