Business
Indoor Harvest Corp Announces Second Quarter Results and Provides Business Update
Indoor Harvest Corp Announces Second Quarter Results and Provides Business Update.
About this update from Indoor Harvest Corp.
[{"type":"text","content":"\nHOUSTON, Aug. 24, 2018 (GLOBE NEWSWIRE) -- Indoor Harvest Corp. (OTCQB: INQD) (“Indoor Harvest”), a precision agriculture technology company focused on delivering pharmaceutical grade cannabis for researchers, and the development of next generation personalized medicines, is pleased to announce its financial results for the three and six months ended June 30, 2018, and to provide a business update.\n Financial Results Summary Some highlights from Indoor Harvest’s financial results for the six months ended June 30, 2018 are as follows: 34% reduction in net loss from $1,780,636 at June 30, 2017 to $1,180,541.49% reduction in total operating expenses from $1,147,284 at June 30, 2017 to $584,125.38% decrease in general and administrative expenses from $752,497 at June 30, 2017 to $465,031.69% reduction in professional fees from $366,908 at June 30, 2017 to $113,039.27% increase in total liabilities from $1,132,644 at December 31, 2017 to $1,437,778. For our complete second quarter 2018, please review our Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission, available by clicking on the following link: https://www.sec.gov/Archives/edgar/data/1572565/000149315218012366/form10-q.htm. Letter to Stockholders In connection with the release of Indoor Harvest’s second quarter 2018 financial results, Dan Weadock, Indoor Harvest’s Chief Executive Officer, today issued a letter to Indoor Harvest’s shareholders. A copy of the letter is included below. To our Valued Shareholders, It has been my great pleasure to assume leadership of Indoor Harvest Corp as we seek to prepare the company for short- and long-term success in the rapidly evolving legal cannabis industry.  I am writing to you to share some of the strategic relationships we’ve recently forged and those that are on the horizon that we believe are exciting.  The potential “legalization” of cannabis (which includes a substantial number of political, social and scientific developments) has created what we believe to be unprecedented opportunities.  I am pleased to report that Indoor Harvest is seeking to take advantage of the latest technological and scientific developments and what we anticipate will represent value in the current market and beyond. Importantly, I am not undertaking this ...