For the Three Months Ended June 30, 2017 Compared to the Three Months Ended June 30, 2016
The Company generated $208,716 in revenue for the three month period ended June 30, 2017, which compares to revenue of $330,013 for the three month period ended June 30, 2016. Our revenues decreased during the three month period ended June 30, 2017 due to decreased sales of our services to our current customers during this period.
Cost of sales for the three month period ended June 30, 2017 was $86,389, which compares to cost of sales of $268,777 for the three month period ended June 30, 2016. Our revenues decreased during the three months ended June 30, 2017, and as our sales revenue decreased, our cost of sales correspondingly decreased.
Operating expenses, which consisted solely of general and administrative expenses, and consulting and professional fees for the three month period ended June 30, 2017, were $99,250. This compares with operating expenses for the three month period ended June 30, 2015 of $180,488. The major components of general and administrative expenses include accounting fees, legal and professional fees.
Other expenses for the three month period ended June 30, 2017 totaled $165,262, which compares to $4,269 for the three month period ended June 30, 2016. Other expenses for the three month period ended June 30, 2017 comprise interest expense ($4,162), penalties accrued for late repayment of a convertible note ($64,000), and losses on derivative liabilities ($97,100). Other expenses for the three month period ended June 30, 2016 comprised of interest expense only.
As a result of the foregoing, we had a net loss of $142,635 for the three month period ended June 30, 2017. This compares with net loss for the three month period ended June 30, 2016 of $123,521.
For the Six Months Ended June 30, 2017 Compared to the Six Months Ended June 30, 2016
The Company generated $447,835 in revenue for the six month period ended June 30, 2017, which compares to revenue of $697,850 for the six month period ended June 30, 2016. Our revenues decreased during the six month period ended June 30, 2017 due to decreased sales of our services to our current customers during this period.
Cost of sales for the six month period ended June 30, 2017 was $205,776, which compares to cost of sales of $395,907 for the six month period ended June 30, 2016. Our revenues decreased during the six months ended June 30, 2017, and as our sales revenue decreased, our cost of sales correspondingly decreased.
Operating expenses, which consisted solely of general and administrative expenses, and consulting and professional fees for the six month period ended June 30, 2017, were $246,728. This compares with operating expenses for the six month period ended June 30, 2016 of $333,014. The major components of general and administrative expenses include accounting fees, legal and professional fees.
As a result of the foregoing, we had a net loss from operations of $4,669 for the six month period ended June 30, 2017. This compares with net loss from operations for the six month period ended June 30, 2016 of $31,071.
Other expenses for the six month period ended June 30, 2017 totaled $347,556, which compares to $7,670 for the six month period ended June 30, 2016. Other expenses for the six month period ended June 30, 2017 comprise interest expense ($18,078), penalties accrued for late repayment of a convertible note ($173,000), and losses on derivative liabilities ($156,478). Other expenses for the six month period ended June 30, 2016 comprised interest expense only.
In its audited financial statements as of December 31, 2016, the Company was issued an opinion by its auditors that raised substantial doubt about the ability to continue as a going concern based on the Company's current financial position. Our ability to achieve and maintain profitability and positive cash flow is dependent upon our ability to successfully develop and market our products and our ability to generate revenues.