For those who didn't catch the Tweed news…
REVENUES
The Company reported initial sales of $188,736, coming from the last two months of the quarter.
OPERATING EXPENSES
Operating expenses for the quarter ended June 30, 2014 was $1,134,427 as compared to $1,194,591 for the quarter ended March 31, 2014. These expenses have been incurred as the Company hired employees in the areas of operations, production and administration, pursued and invested in specific educational and outreach initiatives as well as the required government permits, engaged expertise in developing its business and production strategies, and incurred costs of implementing and expanding the growing operations.
Share-based compensation expenses of $147,797 in Q2 and $306,223 for the six months ended June 30, 2014 relate to the expense associated with the stock options granted to employees and consultants during fiscal 2013 and the two quarters of 2014.
Amortization of intangible assets for the first quarter ending June 30, 2014 amounted to $5,755, and for the six months ended June 20 2014, to $8,222. These relate to the amortization of the cost associated with the acquisition of the tweed.com domain name, which is being amortized over a five-year period.
Amortization of property, plant and equipment for the first quarter ending June 30, 2014 amounted to $43,734. Assets in leasehold construction in progress totaling $5,309,951 have been transferred to property, plant and equipment on June 30, 2014 as construction was complete and the leasehold was available for use. Amortization on these assets will commence July 1, 2014.
NET LOSS
The net loss for the quarter ending June 30, 2014 was $1,160,317 and for the six month period ended June 30, 2014 was $3,778,197.
[….]
The build-out program, production process, and active medical education program have provided some insight to the market and potential offering. Tweed believes the facilities constructed and licensed by the end of 2014 will have the production potential of approximately 7,000,000 grams on an annualized basis. The price range for the product is forecast to be an average of $7 per gram in 2015. The target margin at the 2014 run rate of production is estimated to be approximately seventy percent. Tweed is on schedule to have an on-site lab operational by early Q4, which is expected to reduce time to market, lower testing costs, and facilitate further research and development.
The Board recognizes the opportunity for Tweed to continue to accelerate. Tweed is now a multi-license, multi-site company that has established a platform that could produce significant growth. Chuck Rifici has made key contributions to date as the CEO and Co-Founder. Having led Tweed through its startup phase, Chuck is stepping down as CEO to help the company recruit a CEO with the skills and experience to take Tweed to the next level of expected high-volume and rapid growth in this aggressive market segment.
Effective immediately the Chairman and Co-Founder, Bruce Linton will act as the interim CEO. The Board looks forward to Chuck's continued involvement on the Board.
Not enough production capability yet for positive net income, CEO leaving, reports of low quality medicine, looks like some may move positions from Tweed to CEN. GLTA.
Source: http://www.newswire.ca/en/story/1403658/tweed...des-update
REVENUES
The Company reported initial sales of $188,736, coming from the last two months of the quarter.
OPERATING EXPENSES
Operating expenses for the quarter ended June 30, 2014 was $1,134,427 as compared to $1,194,591 for the quarter ended March 31, 2014. These expenses have been incurred as the Company hired employees in the areas of operations, production and administration, pursued and invested in specific educational and outreach initiatives as well as the required government permits, engaged expertise in developing its business and production strategies, and incurred costs of implementing and expanding the growing operations.
Share-based compensation expenses of $147,797 in Q2 and $306,223 for the six months ended June 30, 2014 relate to the expense associated with the stock options granted to employees and consultants during fiscal 2013 and the two quarters of 2014.
Amortization of intangible assets for the first quarter ending June 30, 2014 amounted to $5,755, and for the six months ended June 20 2014, to $8,222. These relate to the amortization of the cost associated with the acquisition of the tweed.com domain name, which is being amortized over a five-year period.
Amortization of property, plant and equipment for the first quarter ending June 30, 2014 amounted to $43,734. Assets in leasehold construction in progress totaling $5,309,951 have been transferred to property, plant and equipment on June 30, 2014 as construction was complete and the leasehold was available for use. Amortization on these assets will commence July 1, 2014.
NET LOSS
The net loss for the quarter ending June 30, 2014 was $1,160,317 and for the six month period ended June 30, 2014 was $3,778,197.
[….]
The build-out program, production process, and active medical education program have provided some insight to the market and potential offering. Tweed believes the facilities constructed and licensed by the end of 2014 will have the production potential of approximately 7,000,000 grams on an annualized basis. The price range for the product is forecast to be an average of $7 per gram in 2015. The target margin at the 2014 run rate of production is estimated to be approximately seventy percent. Tweed is on schedule to have an on-site lab operational by early Q4, which is expected to reduce time to market, lower testing costs, and facilitate further research and development.
The Board recognizes the opportunity for Tweed to continue to accelerate. Tweed is now a multi-license, multi-site company that has established a platform that could produce significant growth. Chuck Rifici has made key contributions to date as the CEO and Co-Founder. Having led Tweed through its startup phase, Chuck is stepping down as CEO to help the company recruit a CEO with the skills and experience to take Tweed to the next level of expected high-volume and rapid growth in this aggressive market segment.
Effective immediately the Chairman and Co-Founder, Bruce Linton will act as the interim CEO. The Board looks forward to Chuck's continued involvement on the Board.
Not enough production capability yet for positive net income, CEO leaving, reports of low quality medicine, looks like some may move positions from Tweed to CEN. GLTA.
Source: http://www.newswire.ca/en/story/1403658/tweed...des-update
