GREY:MGORF - Post by User
Post by
Hereforthemoneyon Dec 30, 2015 10:02am
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Post# 24418957
Magor loses $1.31-million in Q2 fiscal 2016
Magor loses $1.31-million in Q2 fiscal 2016Watch the hype , read the facts . Sales were actually down 40% in 2016 from 2015 . Order backlog was miniscule and they lost 1.3 mil$ in last quarter. Overhype P&D imho. Were down to $50k cash and had to borrow $350K at 12% interest from the Chairman. Not exactly the picture of a thriving business. Financial highlights:
- Recurring revenue grew by 113 per cent to $133,612 for second quarter 2016, compared with $62,779 in second quarter 2015.
- Total revenue was $340,790 for second quarter 2016, compared with $563,171 in second quarter 2015.
- Total operating expenses decreased by 24.6 per cent to $1,093,719 for second quarter 2016, compared with $1,450,610 for second quarter 2015.
- Net loss and comprehensive loss decreased by 3.5 per cent to $1,314,168 for second quarter 2016, compared with net loss and comprehensive loss of $1,362,482 for second quarter 2015.
- Order backlog increased to $514,460 as at Oct. 31, 2015, compared with $509,846 as at July 31, 2015.
- As at Oct. 31, 2015, the company had cash on hand of $50,969 compared with $201,086 as at April 30, 2015.
Magor entered into agreements with a company controlled by the chairman of the company, to borrow $350,000 by way of promissory notes bearing interest at 12 per cent per annum.