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Marijuana Company of America Reports hempSMART™ Product Sales and Financial Highlights for Q2 2020
Marijuana Company of America Reports hempSMART™ Product Sales and Financial Highlights for Q2 2020.
About this update from Marijuana Company Of America, Inc.
[{"type":"text","content":"\n\n\n\nMarijuana Company of America Reports hempSMART™ Product Sales and Financial Highlights for Q2 2020\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\nMarijuana Company of America Reports hempSMART™ Product Sales and Financial Highlights for Q2 2020\nPR Newswire\nESCONDIDO, Calif., Aug. 25, 2020\n\n\n\nESCONDIDO, Calif., Aug. 25, 2020 /PRNewswire/ -- MARIJUANA COMPANY OF AMERICA INC. (\"MCOA\" or the \"Company\") (OTCQB: MCOA), an innovative hemp and cannabis corporation, is pleased to announce today its hempSMART™ product sales and other financial highlights for the second quarter and six months ending June 30, 2020.\n\n \n \n \n \n \n \n\n \nTotal revenues of hempSMART™ products were $82,958 for the second quarter ended June 30, 2020 as compared to $208,580 for the second quarter ended June 30, 2019. The decrease is due primarily to the COVID pandemic. The Company anticipates increases in revenue during the remainder of the year due to international expansion, additional financing for product and marketing from the recently effective S-1 registration statement, and an expanded sales model. International revenues represented 43% and 36% of total revenues for the second quarter ended June 30, 2020 and 2019, respectively. Gross profit for Q2 2020 decreased to $43,771 generating 52.8% in gross margin, compared to a gross profit of $179,441 for the same period ended June 30, 2019, representing 86.0% in gross margin. Operating expense for Q2 2020 decreased to $919,006 as compared to $1,479,110 for Q2 2019, representing a 60.9% reduction in operating expenses This resulted in an improvement to operating loss to $875,235 for Q2 2020 as compared to $1,299,669 for Q2 2019, representing a 48.5% improvement. Net loss decreased substantially to $186,819 for the three months ended June 30, 2020 compared to $419,624 for the three months period ended June 30, 2019, representing a decrease of $232,805. This is a direct result of management drastically reducing expenses, increasing efficiency and changing management earlier this year. Total yea...