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Isodiol International Inc. Reports Fiscal Year 2019 Audited Financial Results
Isodiol International Inc. Reports Fiscal Year 2019 Audited Financial Results.
About this update from Isodiol International Inc
[{"type":"text","content":"\nVANCOUVER, British Columbia, Aug. 16, 2019 (GLOBE NEWSWIRE) -- Isodiol International Inc. (CSE: ISOL) (OTCQB: ISOLF) (FSE: LB6B.F) (the “Company” or “Isodiol”), announces that it has filed its audited consolidated financial statements and MD&A for the year ended March 31, 2019.\n Highlights of Fiscal Year 2019 include: Total revenues of $22,248,171, an increase of 16.26% over the prior year, and which figure does not include revenues from divested companies Azure, Kure or BSPG, as had previously been included in the consolidated statement of loss for the FY2019 Q1, Q2 and Q3 periods;Gross profits of $7,378,194, realizing gross margins of 33.16%;Total Q4 revenue of $9,089,401; a historic number for the Company.  The Company is especially pleased with this number, as this figure does not include the activities of the recently divested assets of Azure, Kure, or BSPG;Total operating expenses decreased by $3,283,658. Breakdown of Significant Other Expenses: Loss on the sale of business of $35M is primarily non-cash and is attributable to the divestitures of Azure, Kure and BSPG; The primary reason for divesting Kure was to prevent significant shareholder dilution. Given the current share price, the Company believed that future acquisition payments of USD$35M couldn’t be justified given the risks associated with uncertainty surrounding the pending FDA regulations on the vape industry;The sale of BSPG was due to the significant financial requirements needed for expansion. The Company sold BSPG for a sale price of USD$14M, of which, USD$9.75M has been received to date, with USD$4.5M of such amount paid to complete the final obligation towards the original acquisition, and the remainder used for general working capital. The divestment terms included an off-take right in favour of the Company, giving the Company access to the API required for Purodiol, Isodiolex and Isoderm in the Brazil Pharma market;The Company moved away from manufacturing and is now focusing on high margin consumer goods; with that, the Company divested Azure for sale price of USD$1M. Asset impairment of $38,877,626 can be broken down into two primary categories:  Terminations and divestitures: $14.6M of the balance relates to the carrying values associated with the divestiture of certain operations, in...