Invesco Trust for Investment Grade Municipals VGM

ANYONE WITH HALF A BRAIN WOULDN'T GO NEAR VGM !!

[bohemian61]

But then not many people here have a brain must be the vegan diet that contributes to lack of some very important essential amino acids . Results of Operations The following discussion should be read in conjunction with the accompanying financial statements and related notes. In the year ended September 30, 2016 the Company realized a net loss of $3,339,476 (2015 - $6,917,723) $0.05 per share (2015 $0.24 per share). The greater loss in 2015 was primarily due to listing costs and stock based compensation expense which did not recur in 2016. Gross sales were $449,042 (2015 - $Nil). Sales growth has been fueled by customer demand combined with major new retailers now having ordered the Veggemo product. One time listing fees to retailers of $95,379 to secure shelf space were paid and reported as a reduction in revenue per IFRS requirements. Rebates and discounts were $122,631 (2015 - $Nil). Cost of sales was $893,848 ($2015 - $Nil) comprised of start up production costs, freight, warehousing, provision for obsolete inventory and the impact of the Canadian dollar versus the US dollar on manufacturing costs. Increased scale, manufacturing efficiencies and US dollar denominated revenue will provide an offset in the coming years. Executive salaries increased to $342,866 (2015 - $153,442) and management fees for directors and officers of the Company totaled $515,539 (2015 - $199,500). The increase is due to the reinstatement of management compensation in May 2015 upon completion of the private placement financing and RTO. Consulting fees increased to $148,474 (2015 $99,658) due to corporate finance consulting costs. The Company incurred stock based compensation expense of $126,349 (2015 - $741,295) in relation to the granting of stock options to directors, consultants and advisors of the Company. Professional fees incurred were $220,415 (2015 $164,663) including accounting fees, audit fees, and legal fees related to trademarks, agreements and proposed financings. The increase was due to additional activity related to commencement of production and to corporate finance activities. Travel expenses for customer and investor presentations and trade shows were $113,592 (2015 - $72,434). Regulatory and filing remained stable at $25,298 (2015 - $25,016). Costs in 2015 included one-time costs related to going public.

[Tesla77]

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