Santo Mining Corp (OTCMKTS:SANP) also named as Cathay Lifestyle Group Inc. released financial report for 1H2016 in February. Sales for the six months closing January 31, 2016 came at $127,545 compared to $0 for the same period, a year ago. The half-year sales included direct sales to stores, consumers, and sales through internet.
As of January 31, 2016, the accounts receivable stood at $86,955, out of which account receivables of $3,590 are more than 90 days old. Therefore, the firm has decided to create a bad debt reserve of $3,590, and post a corresponding entry of same amount as bad debt expense.
The highlights
Santo Mining posted inventory of $42,755 in 1H2016, which was derived applying FIFO method. Cost of Goods Sold came at $51,430 in the reported semester compared to $0 in the same period, a year earlier. Operating expenses came at $61,392 against operating expenses of $402,000 in the comparable period last year.
Frank Yglesias, the CEO of Santo Mining, said that the firm has recorded sales for the first time since 2012. The plan for coming quarters is to continue to generate revenue, lower the company liabilities, grow the firm via acquisitions and sales, and to reduce cost. Yglesias further added that the company’s Board of Directors has taken unanimous decision to dismiss the services of corporate SEC lawyer.
They are currently interviewing different Law entities to represent the firm and to finish the many pending work such as the change in company name, symbol and commission change in file number.
The profile
Santo Mining is a lifestyle brand integration, design, marketing, education, development and consultant for premium sales channel of high quality luxury lifestyle goods in the entertainment and leisure industry. The company has a diverse portfolio of many licensed brands and a wide range of product types. Its associates include golf clubs, membership clubs, financial services groups, restaurants, nightclubs, sports bars, lounges, Duty Free Stores, KTV’s and e-commerce channels.
Lotus Bio-Technology Development Corp (OTCMKTS:LBTD) Banking on China’s Organic Food Market For Growth
Lotus Bio-Technology Development Corp (OTCMKTS:LBTD) has set its eyes on China’s organic food market, which is experiencing exponential growth. The growth in popularity for organic food in China according to the company offers great opportunities for growth, especially on the sales front.
Establishing strategic alliances with other biological and medical distributors across the country has been the company’s big play as it looks to ramp up sales for its products. Lotus is also relying on the collaborations to come up with new products that it believes will post impressive sales given the growing demand for organic food.
The company has already teamed up with Hunan Cangshi Biotechnology Company as it also eyes growth opportunities on the international scene. The company is known for sustainable organic products that Lotus Bio-Technology Development Corp (OTCMKTS:LBTD) believes will offer further growth opportunities going forward. Through the partnership, the biotechnology company is also planning to come up with sustainable organic products that are of the best quality and affordable.
