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Isodiol International Inc. Reports First Quarter 2020 Financial Results
Isodiol International Inc. Reports First Quarter 2020 Financial Results.
About this update from Isodiol International Inc
[{"type":"text","content":"\n VANCOUVER, British Columbia, Aug. 30, 2019 (GLOBE NEWSWIRE) -- Isodiol International Inc. (CSE: ISOL) (OTCQB: ISOLF) (FSE: LB6B.F) (the “Company” or “Isodiol”), announces that it has filed its consolidated financial statements and MD&A for the three months ended June 30, 2019. Highlights of the first quarter of fiscal 2020 include: The Company reports first quarter revenues of $4.2M, a significant reduction in operating expenses and near profitable operations with a net loss of $2.8M.  The Company has reduced its operational expenditures by $3M compared to the three months ended June 30, 2018 and by $13M compared to the most recently completed three months ended March 31, 2019. The reductions in spending have been described in the MD&A for the three months ended June 30, 2019, with highlights below:    % QOQ % YOY Q1 2020Q4 2019ChangeQ1 2019ChangeConsulting49,17810,460,986-99.53%921,641-94.66%Wages816,2381,663,192-50.92%1,871,219-56.38%Acquisition and advisory-236,024-100.00%210,000-100.00%Total operating expenses3,362,091.0016,419,559-79.52%6,384,479-47.34%Net loss2,825,092.0095,895,783-97.05%3,824,576-26.13% Liquidity Positive working capital of $4.8M and includes the following current assets: Cash balance of $3M;Prepaid expenses of $2.7M;Inventory of $1M;Receivables of $4.7M;Investments and loans receivables expected to bring an additional $1.6M of cash before December 2019; Not included in working capital is the long-term receivables from the final BSPG payments of USD$2M expected to be received by September 2020; Operational highlights: On April 11, 2019, the Company announced the commencement of its Vending Machine Program for Iso-Sport products with the initial launch in 20 Powerhouse Gym locations in the United States;On May 1, 2019, the Company continued its fiscal 2020 Trade Show Program at the ECRM Pet EPPs Trade Conference and showcases its all-natural CBD pet supplement line, Pawceuticals;On July 18, 2019, the Company announced that the asset purchase agreements among the Company, ISO International LLC, and Carlsbad Naturals LLC (both the New Mexico and Wyoming limited companies) have been terminated as a result of Carlsbad New Mexico and Carlsbad Wyoming’s failure to perform their respective obligations under the agreements. ...