mCig, Inc., Announces First Quarter 2017 Financial
Post# of 2155
Posted On: 09/21/2016 8:40:03 AM
mCig, Inc., Announces First Quarter 2017 Financial Results (Unaudited)
mCig Inc., Generates Positive Cash Flow
HENDERSON, NV--(Marketwired - Sep 21, 2016) - mCig, Inc. (OTCQB: MCIG), a diversified company servicing the legal cannabis, hemp, and CBD markets announced today its summarized unaudited financial results for its
first quarter of the 2017 Fiscal Year.
First-Quarter 2017 Highlights:
-The total recognized and unrecognized sales for the first quarter of 2017 was $340,404 that includes $47,870 in deferred revenue and $37,832 in construction revenue in excess of costs. The net sale for the quarter, was $254,702. The deferred revenue and construction revenue in excess of costs will be recognized in the second quarter.
-During the quarter MCIG increased its cash position by 178% bringing its total cash available to $224,435. The Company generated a 105% increase in cash through its operations, with the remainder coming in its investing and financing activities.
-This quarter marks the first time that mCig begins reporting segments within its operations. During this initial reporting period, two of the segments, online sales and wholesale, were profitable.
-The Company decreased its burn rate by 75% or $500,000 through acquisitions, improving efficiencies, and expanding operations. Last year we had a net loss of $663,128, while this year we had a net loss of $161,977.
Michael Hawkins, Chief Financial Officer, stated, "The cash generated through operations and the VitaCig acquisition has had a positive effect on the cash position of the company allowing us to expand our asset base and grow the business." He went on to say, "The Company has significantly reduced its overhead cost, and the business continues to trend in the right direction. During this quarterly report the company begins tracking three segments of its business."
The scheduled shareholder call will be held on September 26, 2016 at 4:00 PM EST. The company anticipates the release of its Form 10Q for the first quarter of its fiscal year during this week.
To participate by telephone, the domestic dial-in number is (712)451-0011. The access code is 889964.
http://www.marketwired.com/press-release/mcig...160226.htm
mCig Inc., Generates Positive Cash Flow
HENDERSON, NV--(Marketwired - Sep 21, 2016) - mCig, Inc. (OTCQB: MCIG), a diversified company servicing the legal cannabis, hemp, and CBD markets announced today its summarized unaudited financial results for its
first quarter of the 2017 Fiscal Year.
First-Quarter 2017 Highlights:
-The total recognized and unrecognized sales for the first quarter of 2017 was $340,404 that includes $47,870 in deferred revenue and $37,832 in construction revenue in excess of costs. The net sale for the quarter, was $254,702. The deferred revenue and construction revenue in excess of costs will be recognized in the second quarter.
-During the quarter MCIG increased its cash position by 178% bringing its total cash available to $224,435. The Company generated a 105% increase in cash through its operations, with the remainder coming in its investing and financing activities.
-This quarter marks the first time that mCig begins reporting segments within its operations. During this initial reporting period, two of the segments, online sales and wholesale, were profitable.
-The Company decreased its burn rate by 75% or $500,000 through acquisitions, improving efficiencies, and expanding operations. Last year we had a net loss of $663,128, while this year we had a net loss of $161,977.
Michael Hawkins, Chief Financial Officer, stated, "The cash generated through operations and the VitaCig acquisition has had a positive effect on the cash position of the company allowing us to expand our asset base and grow the business." He went on to say, "The Company has significantly reduced its overhead cost, and the business continues to trend in the right direction. During this quarterly report the company begins tracking three segments of its business."
The scheduled shareholder call will be held on September 26, 2016 at 4:00 PM EST. The company anticipates the release of its Form 10Q for the first quarter of its fiscal year during this week.
To participate by telephone, the domestic dial-in number is (712)451-0011. The access code is 889964.
http://www.marketwired.com/press-release/mcig...160226.htm
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