Yesterday evening, Golden Leaf Holdings Ltd. (CSE:GLH)(OTC:GLDFF) released and filed their first quarter 2017 financial results. Midway through today's trading, shares of Golden Leaf are mixed (down on the CSE, up on the OTC Markets) on higher than average volume. There are a few highlights of the financials worth noting:
Revenues for Q1 2017 were $2,259,094 compared to $2,316,688 in Q1 2016.
Cost of Sales rose 11.38% from the year ago quarter to $2,020,695. This was attributable to lower margins on both flower and oil and costs related to relaunching the company's oil processing functions.
Total expenses declined 24.88% from the year ago quarter to $2,155,139. This decrease in total expenses was attributable to decreased general and administrative expenses, an elimination of R&D expense, and lower professional fees.
Comprehensive losses for Q1 2017 amounted to $2,289,730, versus $372,165 in the first quarter a year ago.
Accumulated deficits for the company have risen to $43,800,202 as of March 31, 2017.
Basic and diluted loss per share was $0.02, compared to $0.01 in Q1 2016.
Weighted average common shares outstanding increased to 118,346,097 in Q1 2017 compared to 68,976,253 for Q1 2016.
In addition to the financial highlights, Golden Leaf had some notable operating developments in the quarter.
As previously mentioned, shares are currently mixed (down on the CSE, up on the OTC Markets) at the time of writing as markets digest the recent financial results. We'll be watching for any additional color on these results out of the conference call this afternoon and for further developments as Golden Leaf works towards conquering Oregon's extracts market and parts beyond.
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