Hybrid Coating Technologies Inc (OTCMKTS:HCTI) Files Form 10Q/A
Hybrid Coating Technologies Inc (OTCMKTS:HCTI) submitted form 10Q/A wherein it stated that for the quarter closed September 2016 the revenue came at $0 compared to revenue for $1,712 for the same quarter, a year earlier. The firm is not at the commercial phase yet it receives regular repeating orders from clients.
Hybrid Coating reported that General and administrative expenses came at $347,993 for the quarter closed September 2016, as against $283,099 for the quarter closed September 2015, indicating 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 an outcome of almost $95,000 more in expenses from a professionals used for sales, marketing and financing purposes.
Payroll came at $11,066 in the reported period compared to $27,128 for the three months closed September 2015. There was 1 worker charged to this account in both FY2016 to FY2015. The decline from FY2015 was a result of costs charged to account and later reversed in FY2015.
Hybrid Coating reported that stock-based compensation stood at $59,000 for the quarter closed September 2016 compared to $34,542 for the quarter ended September 2015 a jump of almost 25,000 due to higher compensation in 2016.
Rent, general office and supplies costs were $36,529 in the reported period, a drop of 44% from the $65,558 recorded in the corresponding year’s period due to increased office and corporate filing costs in FY2015. For the quarter closed September 2016, tradeshows and travel were $45,032 dropping from $54,591 for the equivalent prior year’s quarter. There was a strong plan to promote the product and get financing in 2015.
In the last trading session, the stock price of Hybrid Coating traded in a narrow range and closed flat at $0.00010. The traded share volume was 145.60 million compared to average share volume of 195.10 million.© Copyright 2016 OTC News Magazine. All rights reserved.