SOLOS ENDOSCOPY INC. (OTCMKTS:SNDY) traded flat yesterday after surging by nearly 125% a day earlier. The company recently updated its shareholders with its quarterly results.
Financial position
For the period ended on March 31, 2015, the company reported total revenue at $78,000, higher than what it had reported in the December 2014 quarter. The net loss of the company came in at $58,000, which seemed to have narrowed from $108,000 of net loss in the previous quarter. Lower Selling, General, and Administrative expenses helped the company to trim down its net loss during the quarter.
Capital restructuring efforts concluded
Earlier in 2015, the company had completed its capital restructuring initiative, which came in line with its earlier recapitalisation plan. The company stated that the conclusion of restructuring plan will position it to maximize growth over a course of next one year.
A part of the restructuring efforts included common stock consolidation, which was implemented on September 23, 2015. The efforts led to change in the stock symbol of the company on OTC exchange to SNDYD for a period of 20 trading days.
The company’s President, Robert Segersten, noted during the press release that the recapitalisation process was undertaken with the objective of encouraging the market to evaluate the true value of the company, which will boost the shareholder value. Segersten went on to state that the company has received its fair share of recognition from the Physicians, who extensively use its equipment through the region. Segersten anticipated earning the same degree of recognition in the market during the ensuing months.
During the announcement, the company reiterated that all of its instruments are approved by FDA. The company is also aiming to earn the CEO Mark for its complete range of MammoView(R) instruments. The company has already put the details of its Certification from TUV America on the website.
The stock price of the company closed at $0.9000 during the previous trading session.
