VPR Brands, LP announces First Quarter 2017 Results
May 23 2017 - 8:30AM
VPR Brands, LP (OTC PINK:VPRB) has released its first quarter 2017
results of operations. Revenue for first quarter 2017 totaled
$786,535 with a gross profit of $275,014 and a gross margin of
34.96%. In comparison, the first quarter 2016 revenue and gross
profit was $-0- and $-0-, respectively. The increase is a result of
the asset acquisition from Vapor Corp. of its wholesale business.
Cost of sales for the quarter ended March 31, 2017 and 2016 was
$511,521 and $-0-, respectively. The increase is a result of the
asset acquisition from Vapor Corp. of its wholesale business.
Operating expenses for the quarter ended March 31, 2017 were
$598,556 as compared to $61,005 for the quarter ended March 31,
2016. The increase in expenses is due to increased general, selling
and administrative costs for the asset acquisition from Vapor Corp.
Payroll made up $250,482 of the difference and marketing expense
another $162,330. The rest of the difference included travel
expenses and professional fees related to the Vapor Corp. asset
acquisition.
Net loss for the quarter ended March 31, 2017 was $(292,294),
compared to a net loss of $(61,005) for the quarter ended March 31,
2016. The net loss has increased mainly as the result of the
expense related to the increased expenses and interest expense from
loans related to the acquisition.
“The Company has completely shifted its focus to service the
cannabis sector and is increasing its investment into our award
winning HONEYSTICK brand,” said Kevin Frija, CEO of VPR Brands, LP.
"We’re excited about our new trajectory and believe that our focus
on the HONEYSTICK brand will lead to increased sales of our branded
products, which should translate into increased margins and
ultimately, profitability."
"The first quarter was a true transitional quarter, where the
Company made the switch from distributing popular vaporizer brands
and liquids, to building, expanding, and focusing on the HONEYSTICK
brand and further expanding its presence in the cannabis space. I
believe this transition was in the long term best interest of VPR
Brands LP and look forward to the further emergence and expansion
of the HONEYSTICK brand as well as our portfolio of cannabis
business," said Dan Hoff, COO of VPR Brands, LP.
Although our sales are not segregated by brand or product
category, our primary revenue source is from vaporization devices
specifically created for use with medical cannabis and recreational
marijuana. These devices are specifically created for use with
extract oils and concentrates which are vaped, providing optimal
results and the best experience for patients and recreational
users. Vaporizers are far more convenient and discrete compared to
traditional cannabis use methods. These units are compact, easy to
carry and concealable. Modern cannabis vaporizers do not emit
distinct and lingering odors that are affiliated with traditional
marijuana use. We believe that portable vaporizers are the fastest
growing delivery mechanism for marijuana. Our team is currently
working with other market leaders within cannabis growth and
extraction to innovate and further educate the marketplace on its
advantages.
About VPR Brands LP:
VPR Brands is a technology company whose assets include issued
U.S. and Chinese patents for atomization related products including
technology for medical marijuana vaporizers and electronic
cigarette products and components. The Company is also engaged in
product development for the vapor or vaping market, including
e-liquids, vaporizers and electronic cigarettes (also known as
e-cigarettes) which are devices which deliver nicotine and or
cannabis through atomization or vaping, and without smoke and other
chemical constituents typically found in traditional products. For
more information about VPR Brands, please visit the Company on the
web at www.vprbrands.com.
Forward-Looking Statements: This news
release contains statements that involve expectations, plans or
intentions, and other factors discussed from time to time in the
Company's Securities and Exchange Commission filings. These
statements are forward-looking and are subject to risks and
uncertainties, so actual results may vary materially. The Company
cautions readers not to place undue reliance on any forward-looking
statements, which speak only as of the date made. The Company
disclaims any obligation subsequently to revise any forward-looking
statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or
unanticipated events.
Contact Information:
VPR Brands, LP
Kevin Frija CEO
(954) 715-7001
info@vprbrands.com
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