Business
Marijuana Company of America Announces Q3 Financial Results
Marijuana Company of America Announces Q3 Financial Results.
About this update from Marijuana Company Of America, Inc.
[{"type":"text","content":"\nRevenue up 2984% from Q3 2017 to Q3 2018 Company achieved a 1057% decrease in net loss from operations from Q3 2017 to Q3 2018SG&A expenses decreased by 1007% from Q3 2017 to Q3 2018.Total assets increased by 42% from Q3 2017 to Q3 2018.Total liabilities decreased by 259% from Q3 2017 to Q3 2018. ESCONDIDO, Calif., Nov. 20, 2018 (GLOBE NEWSWIRE) -- via NetworkWire – MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (OTC: MCOA), an innovative hemp and cannabis corporation, is pleased to announce the financial results for the three and nine months ended September 30, 2018. Here are some of the notable highlights for the third quarter of FY2018:\n Total revenues were $90,276 for the three quarters ended September 30, 2018, as compared to $2,927 for the three quarters ended September 30, 2017, representing a 2984% increase quarter to quarter.The net loss from operations decreased by 1057% from $19,047,499 for the three quarters ended September 30, 2017, to $1,801,387 for the three quarters ended September 30, 2018.Gross profit for the third quarter of 2018 increased to $61,839 on gross sales of $90,276 (6.5% gross margin), compared to a gross margin for the third quarter of 2017 of $986.Including non-cash items and one-time transactional expenses, SG&A expenses for the third quarter of 2018 decreased substantially by $17,160,679 or 1007%  to $1.89 million, compared to $17.2 million for the fourth quarter of 2017.For the third quarter ending September 30, 2018, the Company realized the following other one-time income items: Gain cancellation of debt of $1,500,000 and a gain of $1,175,000 from the change in value of its trading securities investment in Global Payout.Total assets increased by 42% from $1,129,958 for the three quarters ended September 30, 2017 to $2,694,929 for the three quarters ended September 30, 2018.  This increase is due primarily to the increase in value of the Company’s investment in Global Payout’s stock, which is accounted for using the trading security method of accounting as well as an increase in inventory.Total liabilities decreased by 259% from $11,447,710 for the three quarters ended September 30, 2018 to $4,414,752 for the three quarters ended September 30, 2018.  This decrease was largely due to the decrease in liabilitie...