(3)
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Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
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Yes [X] No [ ]
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We have incurred losses since inception. We generated $219,700 in revenues from operations and $76,579 in cost of goods sold for the six months ended June 30, 2017, compared to $188,937 in revenue and $79,369 in costs of goods sold for the six month period ended June 30, 2016. We experienced growth to our Glasgow P&O clinic customer base in fiscal 2016, and again into fiscal 2017. The comparative periods ended June 30, 2017 and 2016 both include certain one time revenue transactions associated with our technology access fees. These increases period over period from fiscal 2016 to fiscal 2017 are in spite of the fact that the GBP declined substantially in value period over period, which greatly impacts our US dollar reporting results as the majority of our income is earned in GBP. Operating expenses for the six months ended June 30, 2017 were $1,186,840, compared to $1,875,433 for the six months ended June 30, 2016.
Operating expenses totaling $1,186,840 in the six months ended June 30, 2017 decreased by $688,593 or approximately 37% compared to $1,875,433 of operating expenses in 2016.
The substantial decrease period over period is predominantly attributable to the fact that certain contracts for professional and consulting services entered into during the prior six month period and settled by the issuance of shares were not recurring in the current six months ended June 30, 2017. Office expenses, travel and research and development expenses all declined in the current six month period ended June 30, 2017, as compared to the prior comparative six months.
During the six-month periods ended June 30, 2017 and 2016 we recorded losses from operations of $1,186,840 and 1,875,433, respectively.
During the six months ended June 30, 2017, the Company recorded losses from other expenses of $618 and $1,269 respectively, as a result of interest expenses incurred.
During the comparative six month periods ended June 30, 2017 and 2016 the Company recorded net losses of $1,044,337 and $1,755,497 respectively.
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