Nano Labs Corp (OTCMKTS:CTLE) reported that net loss in the three quarters completed March 31, 2015 came at $666,106 against a net loss of $21.52 million during the same period last year. The company generated no revenue during the nine month period completed March 31, 2015.
The highlights
In the first three quarters completed March 31, 2015, Nano Labs recorded operating expenses of $184,147 versus $450,668 recorded in the same period last year. The General and administrative expenses came at $77,615 compared to $151,512 in same period in last year. The consulting fees surged to $65,325 from $162,395 for the nine-months ending March 31, 2015.
The professional fees declined to $33,451 from $72,909 while travel expenses dropped to $7,756 from $33,238. Nano Labs reported $0 as wages in the first nine months of FY2015 compared to $30,614 in first three quarters of FY2014. G&A expenses included corporate overhead, administrative and financial contracted services, auditor, marketing, legal, and transfer agent fees.
The financials
Nano Labs Corp (OTCMKTS:CTLE) reported loss from operations at $184,147 in the first nine month period ending March 31, 2015 against loss from operations of $450,668 during the comparable period. The company stated that they are still in development phase and have not posted any revenue till this time. They have recorded recurring losses to date.
The financial statements are prepared considering that Nano Labs will continue to work as a going concern and, therefore do not cover adjustments pertaining to the realization and recoverability of assets and liabilities classification. However, the company would require additional funds to fulfil long term operating needs. For the purpose, the company can opt for sale of debt or equity securities.
In last trading session, the stock price of Nano Labs declined more than 11% to close the trading session at $0.00320. The decline came at a share volume of 5.37 million compared to average share volume of 1.51 million.
