Mr. Marcos Agramont reports
ISODIOL INTERNATIONAL INC. REPORTS SECOND QUARTER 2020 FINANCIAL RESULTS
Isodiol International Inc. has filed its consolidated financial statements and MD&A (management's discussion and analysis) for the three months ended Sept. 30, 2019, and has issued shares to settle debt.
Significant second quarter results include:
- The company has reported revenues of $1,878,000 for its second quarter. The company attributes the decrease in revenue primarily to management restructuring and the continued focus on long-term, higher-margin growth. The company is in the process of adapting to the volatile market through a focus on rebranding strategies and restructuring its product line to better address changing market needs.
- The company has reduced its operational expenditures by $5.1-million compared with the three months ended Sept. 30, 2018, and by $300,000 compared with the most recently completed three months ended June 30, 2019. The reductions in spending have been described in the MD&A for the three months ended June 30, 2019.
- Positive working capital of $1.8-million and includes the following current assets:
- Cash balance of $303,000;
- Prepaid expenses of $2.5-million;
- Inventory of $1-million;
- Receivables of $5.1-million.
- Investments and loans receivables expected to bring an additional $1.2-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.), which are expected to be received by September, 2020.
- On Oct. 9, 2019, the company announced the appointment of Andrew Alvis as the company's president.
- The company has launched a cananbidiol pet product line, Pawceuticals.
- The company has entered into a strategic relationship with Vitamin Shoppe Inc. for the launch of the company's Iso-Sport products available for their distribution.
The company will issue 245,905 shares to settle $83,923 in liabilities at a weighted average price of 34 cents per share.
"The company's primary objective in Q1 and Q2 of fiscal year 2020 was to reduce our operating expenses and move towards profitability through a focus on higher-margin sales," commented Isodiol's chief executive officer, Marcos Agramont. "We've been successful in pairing down expenses and are now laser focused on re-establishing our name brands and product lines to meet the changing needs of the current and future CBD/hemp market."
About Isodiol International Inc.
Isodiol International 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.
We seek Safe Harbor.
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