Business
mCig(R), Inc. Reports an Increase in Revenue of 1200% to $885,556 for the Most Recent Quarter Compared to Last Year
mCig(R), Inc. Reports an Increase in Revenue of 1200% to $885,556 for the Most Recent Quarter Compared to Last Year.
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[{"type":"text","content":"\n \n \n mCig(R), Inc. Reports an Increase in Revenue of 1200% to $885,556 for the Most Recent Quarter Compared to Last Year\n \n \nmCig(R), Inc. Reports an Increase in Revenue of 1200% to $885,556 for the Most Recent Quarter Compared to Last Year\n \n BEVERLY HILLS, CA--(Marketwired - Dec 17, 2015) - mCig, Inc. (the \"Company\") (OTCQB: MCIG), a leading distributor of innovative products, technologies, and services for the global medical and legal recreational cannabis industry, updates investors on financial results.\n Here is Quarter Two Highlights:\n \n \n Revenue increased 1200% to $885,556 for the three months ended October 31, 2015 compared to $73,814 for the three months ended October 31, 2014.\n \n \n Gross profit increased 266% to $101,676 for the three months ended October 31, 2015 compared to $38,205 for the three months ended October 31, 2014.\n \n \n Expenses decreased 36% to $522,325 for the three months ended October 31, 2015 compared to $818,833 for the three months ended October 31, 2014.\n \n \n Net loss decreased 46% to $420,649 for the three months ended October 31, 2015 compared to $780,628 for the three months ended October 31, 2014.\n \n \n \n \n For the three months ended October 31, 2015 compared to the three months ended July 31, 2015\n \n \n Revenue increased 240% to $885,556 for the three months ended October 31, 2015 compared to $369,093 for the three months ended July 31, 2015.\n \n \n Expenses decreased 34% to $522,325 for the three months ended October 31, 2015 compared to $790,092 for the three months ended July 31, 2015.\n \n \n Net loss decreased 37% to $420,649 for the three months ended October 31, 2015 compared to $663,148 for the three months ended July 31, 2015.\n \n \n \n \n \"Over the course of the past few months, I have spent ample time speaking and listening to our shareholders, as they expressed their concerns over mCig's future, direction of the company, and ability to execute on our business plan. I hope the results of this Quarterly report adequately demonstrates our commitment toward business execution, driving revenues, fiscal responsibility, and building shareholder value,\" said mCig CEO Paul Rosenberg.\n \"With three straight Quarters of revenue growth our new business model is indeed working. Our new employee compensation model is now results driven. The Company's expense r...