STL MARKETING (OTCMKTS:STLK) released its quarterly report and submitted form 10-Q with the SEC. As per the report, the net loss in the quarter ended March 31, 2015 came at $310,988 compared to net gain of $1.62 million in same quarter, a year earlier. The change in net income was largely due to the derivative liabilities.
The performance
The operating expenses declined by almost 48% during the quarter ended March 31, 2015 compared to the quarter ended March 31, 2014. The decline in operating expenses was due to the decrease in professional fees amounting to $93,123 and decline in general and administrative expenses of $9,354. There was significant reduction in outside service expenses.
STL Marketing has no revenue to date. In the quarter, the working deficit was $5.14 million compared to $5.01 million in the comparable period. The increase in derivative liabilities resulted in a jump in working capital deficit. In addition, the Company reported an increase in liabilities associated with accrued payables and expenses, additional convertible notes, and in notes payable.
The liquidity
STL MARKETING (OTCMKTS:STLK) reported that net cash utilized in operating activities for the quarter ended March 31, 2015 came at $(55,498) compared to $(94,614) in the same quarter, a year earlier. The Net loss came at $(310,988) compared to net gain of $1.62 million in the same quarter in 2014. No net cash was offered or used for investing for the quarter ended March 31, 2015. The net cash offered by all financing activities was $57,695 compared to $96,500 in previous year comparable quarter. During the quarter, the Company sold convertible notes worth $34,000 and associated party notes for $23,695.
In last trading session, the stock price of STL Marketing declined 25% to close the trading session at $0.00030. The decline came at a share volume of 215.53 million compared to average share volume of 37.53 million.
