BELLEVUE, WA--(NewMediaWire - Oct 20, 2015)
- CoroWare, Inc. (OTC
PINK: COWI) today announced its financial results for the
quarter ended March 31, 2015.
For the quarter ended March 31, 2015 ("the 2015 Period"),
CoroWare reported revenues of $798,541, which increased 173.9% from
$291,538 in Q1-2014 ("the 2014 Period"), and gross profit of
$226,479, which increased 284.0% from $58,982 in the 2014
Period.
Gross revenues improved during the quarter as CoroWare continued
to grow its R&D Support and Supplier Support Desk consulting
services businesses.
Gross profit percentage also improved at 28.4% gross margin
during the 2015 Period compared with 20.2% during the 2014
Period.
Total Current Assets were $188,408 at the end of the 2015
Period, and increased 90% from $99,161 at the end of the 2014
Period, predominantly due to increased Accounts Receivable.
"By focusing the company's sales efforts on our core consulting
services business, CoroWare was able to improve its gross revenues,
gross margins, and accounts receivable," said Lloyd Spencer, CEO of
CoroWare, Inc. "Our long-term consulting services agreements show
that customers are responding positively to the innovative, capable
and affordable consulting services that CoroWare offers."
Operating expenses were $415,171 during the 2015 Period, which
increased 127.1% from $182,785 during the 2014 Period. General
and Administrative expenses were 137.2% higher than in the 2014
Period due to increased corporate governance, human resource
management and financing costs.
Loss from Operations before other income was $188.692 during the
2015 Period, which increased 52.4% from $123,803 during the 2014
Period. Net Loss applicable to common shareholders was
$1,134,691 during the 2015 Period compared to a Net Loss of
$2,779,665 in the 2014 Period. The Net Loss in the 2015 Period
was predominantly due to Derivative Expense of $762,039, Interest
Expense of $147,354, and Loss on Extinguishment of Debt of
$216,606.
The full 10-Q report can be accessed by going to the following
link : http://www.otcmarkets.com/stock/COWI/profile
About Coroware, Inc.
CoroWare, Inc., headquartered in Bellevue, Washington, is a
diversified technology and solutions company with expertise in:
- Business Consulting Services: R&D engineering services;
business process workflow; software architecture, design and
development; content management; console, PC and online game
production; marketing coordination and management.
Robotics and Automation: Custom engineering such as visualization,
simulation and software development; and mobile robot platforms for
university, government and corporate researchers.
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CoroWare's customers are located in North America, Europe, Asia
and the Middle East, and span multiple industry sectors --
including universities, software and hardware product development
companies, and non-profit organizations. For more information,
please visit www.coroware.com.
Forward-Looking Statement
This press release may contain certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Investors are cautioned that such
forward-looking statements involve risks and uncertainties, which
include among others, the inherent uncertainties associated with
smaller reporting companies, including without limitation, other
risks detailed from time to time in the Company's periodic reports
filed with the Securities and Exchange Commission.