Published On: Tue, Mar 7th, 2017

Elray Resources Inc (OTCMKTS:ELRA) Files Form 10-Q

Elray Resources Inc (OTCMKTS:ELRA) has advanced and acquired innovative valuable technology that offers advanced turnkey, CRM systems and marketing tools for web gaming operators. The major competition is anticipated from overseas based web gaming technology firms.

With few exceptions, considerable listed gaming firms, many of which are trading on the London Stock Exchange, operate utilizing their own software. As an exclusive web gaming technology provider firm, they consider that they retain the ability to offer the best turnkey solutions permitting operators to select the best of breed and most lucrative content available. Moreover, by ensuring that they operate in acquiescence with U.S. laws, they consider that in the event of permitted gaming in the United States, they would not be excluded from taking benefit of U.S.-based gaming.

 The performance

Elray Resources recorded revenue of $676,923 during the quarter closed September compared to over $1.301 million for the three months closed September 2015. Revenues for the quarter closed September 2016 was linked to the CRM systems and marketing tools offered to clients. Software usage expenses were $526,887 and over $1.238 million respectively, for quarter ended September 2016 and 2015.

Software usage expenses exhibit cost paid through their related firm to a web game provider. Effective August 2016, Elray Resources terminated its original deal with UTI and turn an agent that gets net commission. There were no software usage expenses for August and September 2016.

In the reported period, general and administrative expenses came at $338,649 compared to $361,699 in the comparable period, a year earlier.

During the quarter closed September 2016 amortization expense came at $0 compared to $288,978 in the same quarter, a year ago. The decline was due to the indeterminate recoverability of intangible properties bought in 2014; management assessed the carrying worth on the intangible and logged an impairment of over $1.252 million in 2015.

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