Posted On: 12/02/2013 11:32:25 AM
Post# of 1149
THe wait is inevitable. But, the financiing is in place. Much needed
Although PHOT have still quite a way to go before turning into a profitable business their revenues have been constantly increasing and have broken through the $1 million mark. For the quarter ending September 30 they disclosed the following financial results:
Although PHOT have still quite a way to go before turning into a profitable business their revenues have been constantly increasing and have broken through the $1 million mark. For the quarter ending September 30 they disclosed the following financial results:
- $190 thousand cash
- $1.2 million total current assets
- $1.5 million total current liabilities
- $1.3 million revenues
- $1.8 million net loss
The reason why PHOT have been gathering moment may have something to do with the fact that they have quite diverse operations. In addition to the core hydroponic growing technologies they are developing software for the marijuana dispensaries through their GrowLife Financial brand and just last week announced the creation of a joint venture with CANX USA LLC (CANX). Under the terms of the agreement the two companies are going to form Organic Growth International, LLC with the funding provided by CANX going as high as $40 million if certain criteria is met.
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