CALIFORNIA NANOTECHNOLOGIES REPORTS FIRST QUARTER FINANCIAL RESULTS
Created at :
Aug 4, 2015
CNO – TSX VENTURE
CERRITOS, CALIFORNIA, August 4, 2015 ‐ California Nanotechnologies Corp. (“Cal Nano” or the “Company”) is pleased to report financial results for the three months ended May 31, 2015. In the March to May period, revenues were $95,913 US compared to $159,198 US in 2014. This decrease in overall revenue was primarily due to decreased revenue in the oil and gas division. Revenues increased in most other divisions. The Company’s cash utilized for operations(1) was $50,785 US compared with $8,711 US during the prior year period.
Cal Nano’s net loss for the period was $68,490 US or $0.002 per share, compared to a loss of $54,218 US or $0.002 per share in the prior period. Overall operating expenses of $136,552 US were lower by 25% when compared to the prior period. These reduced expenses are primarily related to the reduction in labour, benefits, and consulting costs necessitated by the decrease in activities in the oil and gas division of the Company.
"In the first three months of fiscal 2016, the cash utilized for operations was less than $17,000 US per month versus approximately $29,000 US in fiscal 2015," stated Christopher Melnyk, Chief Executive Officer. “This reflects the Company’s continued path towards sustainable growth and demonstrates the benefit of a broad diversification of revenues.”