In the last trading session, the stock price of Kallo, Inc. (OTCMKTS:KALO) traded in a narrow range and closed flat at $0.00010. The decline came at a share volume of 202.87 million compared to average share volume of 5.54 million.
The financial performance
Kallo released its last financial update in May, wherein it stated that the company didn’t generate any revenue in the first quarter closed March 31, 2016 compared to $0 in the same period, a year earlier. For the quarter closed March 31, 2016, the total expenses came at $807,632, comprising $441,998 in compensation, payroll expenses and salaries, $55,571 in professional fees, $15,767 in depreciation, $408 in marketing and selling costs, $65,414 in financing and interest costs, other expenses amounting to $186,045 and $42,429 in derivative liabilities fair value change.
In the comparable period, the total expenses came at $1.531 million, comprising $440,734 in compensation and salaries, $503,814 in professional fees, $8,654 in depreciation, $45,114 in marketing and selling costs, $173,609 in finance and interest costs, other expenses amounting to $67,480 and $292,010 in derivative liabilities fair value change. The professional fees comprised of consulting, accounting, auditing and legal fees.
The decline in total expenses for the quarter closed March 31, 2016 as compared to the same period in FY2015 is primarily due to the decline in professional fees, selling and marketing expenses, and interest and financing expenses of $108,195. Kallo reported that with the limited capital that they have obtained, a cost containment plan has been implemented throughout the quarter.
During the quarter closed March 31, 2016 they did not post any revenue and recorded a net loss of $807,632 as against net loss of over $1.531 million during the same period in FY2015.
As at March 31, 2016, the firm reported current liabilities of over $2.676 million and current assets of $124,415. The total assets in cash, prepaid expenses, other receivables, equipment, long term deposit and deferred project costs came at $244,200 while total liabilities came at over $2.717 million.
