Notis Global Inc (OTCMKTS:NGBL) Submits Form 10-Q
Notis Global Inc (OTCMKTS:NGBL) stated that its consolidated net income came at roughly $6.549 million for the quarterly period closed June 30, 2016 while loss came at around $11.395 million for the quarterly period completed June 30, 2015. This deviation in the reported numbers can largely be attributed to the difference in derivative liability fair value amounting to $9.940 million. As a result, amortization of debt dropped by roughly $3.485 million, G&A costs by almost $2.753 million while financing cost of almost $1.230 million.
Notis Global stated that total revenue contained revenue from CBD oil sales from distribution contract with whole Hemp, postponed sales which was listed in the present period for consulting contracts, sale of territory rights to a linked party, rental income, dispensary revenue and in FY2015 the vaporizers revenue.
In 1Q2016, Notis introduced its CBD oil sales strategy under the Grower’s Distribution contract. This deal was completed earlier in this year. The jump by almost $187,000 in revenue accounted from the jump in CBD oil sales of around $107,000 recorded from Grower’s Distribution contract.
It was further supported by the jump in of rental income of nearly $92,000 and also from dispensary sales earned from its businesses in Washington and Oregon against rental income of $16,000 in the equivalent period in FY2015. This jump was counterbalanced by a lower accessories and vaporizer sales subsequent to the exiting of firm from the operations, as of March 31, 2016.
Costs of revenues plunged by almost $673,000 for the quarter completed June 30, 2016 versus the same period in FY2015. In the quarter completed June 30, 3015, the manufacturing associate of Notis submitted for court protection and reorganization under Chapter 11.
Notis Global stock is edging lower even as other cannabis shares continue to gains on reinvigorated growth prospects in the respective industry. Failure of the firm to reiterate its program at the back of the recent development of the cannabis target industry, all but continues to harm the stock’s sentiments on the street.© Copyright 2016 OTC News Magazine. All rights reserved.