Mr. Marcos Agramont reports
ISODIOL INTERNATIONAL INC. REPORTS FIRST QUARTER 2020 FINANCIAL RESULTS
Isodiol International Inc. has filed its consolidated financial statements and management's discussion and analysis for the three months ended June 30, 2019.
Highlights of the first quarter of fiscal 2020 include:
The company reports first quarter revenues of $4.2-million, a significant reduction in operating expenses and near-profitable operations with a net loss of $2.8-million.
The company has reduced its operational expenditures by $3-million, compared with the three months ended June 30, 2018, and by $13-million, compared with the most recently completed three months ended March 31, 2019. The reductions in spending have been described in the management's discussion and analysis for the three months ended June 30, 2019, with highlights shown in the attached table.
- Cash balance of $3-million;
- Prepaid expenses of $2.7-million;
- Inventory of $1-million;
- Receivables of $4.7-million;
- Investments and loans receivables expected to bring an additional $1.6-million of cash before December, 2019.
- Not included in working capital is the long-term receivables from the final BSPG payments of $2-million (U.S.) expected to be received by September, 2020.
Q1 2020 Q4 2019 Q1 2019
Consulting $49,178 $10,460,986 $921,641
Wages 816,238 1,663,192 1,871,219
Acquisition and advisory -- 236,024 210,000
Total operating expenses 3,362,091 16,419,559 6,384,479
Net (loss) (2,825,092) (95,895,783) (3,824,576)
On April 11, 2019, the company announced the commencement of its vending machine program for Iso-Sport products, with the initial launch in 20 Powerhouse Gym locations in the United States.
On May 1, 2019, the company continued its fiscal 2020 trade show program at the ECRM Pet EPPs Trade Conference and showcased its all-natural cannabidiol (CBD) pet supplement line, Pawceuticals.
On July 18, 2019, the company announced that the asset purchase agreements among the company, ISO International LLC and Carlsbad Naturals LLC (both the New Mexico and Wyoming limited companies) have been terminated as a result of Carlsbad New Mexico and Carlsbad Wyoming's failure to perform their respective obligations under the agreements. The transactions relating to these asset purchase agreements were announced and described in the company's news release dated Feb. 14, 2019. The company has terminated this acquisition and is in the process of cancelling the previously issued shares.
"The company's primary objective was to reduce our operating expenses and move towards profitability, of which we came very close in this first quarter of FY2020," said CEO of Isodiol, Marcos Agramont. "We have reduced our expenses by $13M from fourth quarter 2019 and have now turned our focus on building our brands globally with spending concentrated on marketing and advertising." Marcos went on to say, "We are currently cash positive and the Company is in a strong position to improve revenues and continue cash reduction strategies heading into the remainder of FY 2020."
About Isodiol International Inc.
is focused on the nutritional health benefits that are derived from hemp and is a product development, sales, marketing and distribution company of hemp-based consumer packaged goods and solutions.
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