Hybrid Coating Technologies Inc (OTCMKTS:HCTI) Files Form 10-Q/A
Hybrid Coating Technologies Inc (OTCMKTS:HCTI) submitted Form 10-Q/A wherein it stated that the revenue for quarter closed September 2016 came at $0 compared to revenue of $1,712 for the same period, a year earlier. The firm is not at the commercial phase yet where it has steady repeating orders from clients.
Hybrid Coating reported that G&A expenses came at $347,993 for the quarter closed September 2016, as against G&A expenses of $283,099 for the quarter closed September 2015, registering a 23% jump from the previous corresponding period.
Professional fees came at $196,366 for the quarter closed September 2016, a 94% jump as against $101,280 for the quarter closed September 2015 as a result of almost $95,000 more in expenses from a professionals used for sales, marketing and financing purposes.
Payroll came at $11,066 and $27,128 for the quarter closed September 2016 and 2015, respectively. Hybrid Coating reported that there was one member charged to this account in 2016 as well as 2015. The decline from 2015 was an outcome of expenses charged to the account and then reversed in 2015.
Stock-based compensation came at $59,000 for the reported period as against stock-based compensation of $34,542 for the quarter closed September 2015, a jump of almost 25,000 due to increased compensation arrangement in 2016.
Rent, supplies and general office expenses came at $36,529 for the quarter closed September 2016, a drop of 44% from the $65,558 recorded in the same period, a year earlier. This increase can be attributed to higher corporate filing costs and office expenses in 2015.
For the quarter closed September 2016, tradeshows and travel were $45,032 compared to $54,591 for the equivalent prior year’s quarter. There was a strong impact to raise financing and promote the product in 2015.
In the last trading session, the stock price of Hybrid Coating gained 100% to close at $0.00020.© Copyright 2016 OTC News Magazine. All rights reserved.