How SpectraScience Inc (OTCMKTS:SCIE) Performed In Last Quarter?
In the last submitted Form 10-Q, SpectraScience Inc (OTCMKTS:SCIE) reported that they recorded minimal revenue during the quarter closed September 2016 and $0 during the quarter closed September 2015. They expect that revenue will surge as a result of their distribution deal with PENTAX and ongoing direct sales initiatives in certain sites once sufficient info has been accumulated from MORDIS studies in Europe.
SpectraScience reported that there was negligible cost of revenue during the quarter closed September 2016 and $0 cost of sales during the quarter closed September 2015. They expect as revenue grows as a result of their distribution deal with PENTAX and ongoing direct sales measures in certain locations after sufficient information has been collected from MORDIS trials in Europe.
R&D expenses dropped 26.1%, to $127,428 for the three-months period closed September 2016 from $172,405 for the quarter closed September 2015. This decline was due to a drop in clinical costs. They project that clinical expenses will increase as they proceed with their launch of the WaveSTAT4 in Europe.
G&A costs came at $281,993 in the reported period as against $284,724 for the period closed September 2015. They project that general and administrative costs will rise as they grow activity in Europe.
Sales and marketing costs increased 78.1% to $90,303 for the reported three-months period from $54,700 for the period closed September 2015. The main reason for the jump was a rise in payroll costs linked to the variance in foreign currency values. They expect that marketing and sales costs will increase as they surge their activity in Europe.
SpectraScience reported that other income for the quarter closed September 2016 was expense of $279,476 as against income of $298,670 for the three-months closed September 2015. This decline in other income was mainly due to a change in assessment of derivative liabilities.© Copyright 2016 OTC News Magazine. All rights reserved.