Mr. Andrew Alvis reports
ISODIOL INTERNATIONAL INC. REPORTS THIRD QUARTER 2020 FINANCIAL RESULTS
On March 3,
Isodiol International Inc.
financial statements and management's discussion and analysis for the nine months ended Dec. 31,
Highlights of the third quarter of fiscal 2020 include:
$1.3M and gross margins of $489k,
the comparative period of the prior fiscal year generated revenues of $7.95M and $4.1M. The decline is primarily a result of changing market trends and a shift in Company focus from international expansion to restructuring our domestic platform with a strategic focus on brand recognition across our entire portfolio.
- Operating expenditures of $1.87M have reduced by $13.4M compared to the prior year of $13.4M. The reductions in spending have been described in the MD&A for the three months ended June 30, 2019, with highlights
% QOQ % YOY
Q3 2020 Q2 2020 ChangeQ3 2019 Change
Consulting 90,233 52,185 73% 294,595 (69%)
Wages 406,918 848,034 (86%) 2,884,270 (86%)
Acquisition and advisory- - 0% 422,000 (100%)
Total operating expenses1,867,9933,061,382(39%) 9,256,665 (80%)
Net loss 970,022 3,241,110(70%) 18,160,037(95%)
- Positive working capital of $950K and includes the following current
- Cash balance of
- Prepaid expenses of
- Inventory of
- Receivables of
- Investments and loans receivables expected to bring an additional $1.27M of cash;
- Not included in working capital is the long-term receivables from the final BSPG payments of USD$2M expected to be received by September
"The Company's primary objective was to reduce operating expenses and move towards profitability," said President of Isodiol, Andrew S. Alvis. "We have reduced our expenses by $13M from fourth quarter 2019 and have now shifted our focus on deepening our customer relationships while streamlining our marketing and advertising efforts." Andrew went on to say, "We are currently cash positive and the Company is in a strong position to increase revenues while continuing to implement expense reduction strategies heading into the remainder of FY2020."
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 (CPG) and solutions. Isodiol has commercialized a 99%+ pure, naturally isolated CBD, including micro-encapsulations, and nano-technology for quality consumable and topical skin care products. Isodiol's growth strategy includes the development of over-the-counter and pharmaceutical drugs and continued international expansion into Latin America, Asia, and Europe.
We seek Safe Harbor.
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