Flasr Inc (OTCMKTS:FLSR) Files Form 10-Q
Flasr Inc (OTCMKTS:FLSR) submitted Form 10-Q wherein it stated that revenue for the quarter closed December 2015 came at $6,255 against the revenue of $11,331 in the preceding corresponding period. This decline in revenue can be attributed to drop in sales in the reported quarter.
For the quarter closed December 2015, total operating expenses came at ($112,442) against operating expenses of over $3.151 million. General and administrative costs came at ($121,344), amortization expense was $85 and product advertising expenses stood at $8,818. In the previous expenses general and administrative expenses came over $3 million, preproduction costs were $4,819 and product marketing costs stood $138,922.
Operating expenses declined mainly due to lower consulting, preproduction and product advertising expenses. The decline is due to an overall drop in spending and releasing stock for services. For the quarter closed December 2015, interest expense came at $63,786 as against $7,395 in the preceding corresponding period. The jump is primarily linked to the increased amount of due short-term debt and amortization of linked debt issuance costs.
Flasr reported that for the quarter closed December 2015, unrealized loss on derivatives for exchangeable debt came at $230,436 compared to $0 for the preceding corresponding period. This is mainly due to the stock value dropping to $.0001, seeking a reversal of the profit posted in the prior quarter.
Flasr posted that for the quarter ended December 2015 expenses linked to the cost of debt came at $13,750 against $0 in the preceding period. This is due to costs linked to short term notes in the quarter closed December 2015.
There were no stock purchase agreement expenses for the quarter closed December 2015 or for the previous corresponding period. For the quarter closed December 2015, the firm posted a net loss of $185,649, against net loss for the quarter closed December 2014 of over $3.156 million.© Copyright 2016 OTC News Magazine. All rights reserved.