Business
mCig(R), Inc. to Report 1,500% Increase in Quarterly Revenue Over 2013
mCig(R), Inc. to Report 1,500% Increase in Quarterly Revenue Over 2013.
About this update from Bots Inc.
[{"type":"text","content":"\nBELLEVUE, Wash., Sept. 19, 2014 (GLOBE NEWSWIRE) -- mCig®, Inc. (OTCQB:MCIG) (\"mCig\"), a technology company that owns, manufactures, and distributes the mCig®, VitaCig®, and Vapolution products, is pleased to announce that the Company expects to report its quarterly results for the period ended July 31, 2014 after the closing bell today. The highlights of mCig's impressive quarter are reviewed below:\n\n\tThe company expects to report Revenue for the three months ended July 31, 2014 of $195,565, which represents a 1,500% increase when compared with revenue of $12,500 over the same period in 2013. This figure excludes revenue associated with operating subsidiaries that are still being integrated pursuant to the framework previously discussed by management and in fillings with the Securities and Exchange Commission.\n\n\tThe company expects to report total stockholders' equity of $2,793,513 for the quarter ended July 31, 2014. This increase stems from a significant increase in inventory and prepaid expenses associated with the Master Consulting and Royalty Agreement signed with Hip Hop Mogul \"Rick Ross\". This figure excludes any value for operating subsidiaries or recently announced registered trademarks.\n\n\tThe company expects to report Gross Profit Margin of 50.18% for the quarter ended July 31, 2014 maintaining its gross profitability in line with prior quarters. This figure does not reflect the recent price increase of both the mCig® and VitaCig® which the company believes will contribute to an increase in Gross Profit Margin in subsequent quarters.\n\n\tThe company expects to report a significant decrease in accounts payable and total liabilities. For the quarter ended July 31, 2014 these stood at only $6,943 while the share count remained the same at 270,135,000. The company continues to grow its operations without incurring any dilution or toxic debt.\n\n\tDue to one-time non-cash stock-based compensation charges (for consultants, employees, and celebrity brand ambassadors) the company will not be reporting an adjusted net profit. However, on a cash basis the company remains profitable while increasing its inventory, distribution, and employee count in a disciplined manner.\n\n\t\"mCig®, VitaCig®, and Vapolution continue grow and maintain their brand momentum. Each and every day, t...