MAGOR CORPORATION MGORF

Magor loses $1.31-million in Q2 fiscal 2016

[Hereforthemoney]

Watch 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.

[shawshank]

H4THoney-your obviously unaware that the company recently transferred its business model to concentrating it from a hardware to a software supply and service recurrning revenue model and in essence the hardware only becomes the vehicle in the storefront window...this was always in the cards but the proof of product phase had to be completed...and when i say was always in the cards I say this

[pocotrader]

geeze! shawshank that was a great post :)