BELLEVUE, WA - (NewMediaWire) - October 20, 2015 - CoroWare, Inc. (OTC PINK: COWI) today announced its financial results for the quarter ended June 30, 2015.
For the quarter ended June 30, 2015 ("the 2015 Period"), CoroWare reported revenues of $1,355,239, which increased 246.4% from $391,213 in Q2-2014 ("the 2014 Period"), and gross profit of $285,232, which increased 836.2% from $30,468 in the 2014 Period.
Gross revenues continued to improve during the second quarter as CoroWare further accelerated growth of its Supplier Support Desk and continued growth of its R&D Support consulting services businesses.
Gross profit percentage also improved at 21% gross margin during the 2015 Period compared with 7.8% during the 2014 Period.
Total Current Assets were $427,601 on June 30, 2015, and increased 331.2% from $99,161 on December 31, 2014), predominantly due to increased Accounts Receivable.
"The consulting services group accelerated the sales and delivery of its Supplier Support Desk and R&D Support consulting services, further improving its gross revenues, gross margins, and accounts receivable," said Lloyd Spencer, CEO of CoroWare, Inc. "Looking forward, we have laid a strong foundation for growth in this and next year by expanding our sales efforts on selling long term managed services.
Operating expenses were $515,006 during the 2015 Period, which increased 53.0% from $336,531 during the 2014 Period. General and Administrative expenses were 67% higher than in the 2014 Period due to increased administrative support, corporate governance, human resource management and financing costs in order to support the growth of the consulting services business.
Loss from continuing operations before other income was $229,774 during the 2015 Period, which decreased 24.9% from $306,063 during the 2014 Period. Net Loss was $457,461 during the 2015 Period compared to a Net Gain of $230,495 in the 2014 Period. The Net Loss in the 2015 Period was predominantly due to Derivative Expense of $78,751 and Interest Expense of $154,233.
For the six months ended June 30, 2015 ("the 2015 Six Month Period"), CoroWare reported revenues of $2,153,780, which increased 215.5% from $682,751 for the six months ended June 30, 2014 ("the 2014 Six Month Period"), and gross profit of $511,711 in the 2015 Six Month Period, which increased 472.1% from $89,450 in the 2014 Six Month Period.
Loss from continuing operations before other income was ($418,466) during the 2015 Six Month Period, which decreased 2.7% from ($429,866) during the 2014 Six Month Period. Net Loss was ($1,772,152) during the 2015 Six Month Period compared to a Net Loss of ($2,546,377) in the 2014 Six Month Period. The Net Loss in the 2015 Six Month Period was predominantly due to Derivative Expense of $840,790, Interest Expense of $301,587, and Loss on Extinguishment of Debt of $211,309.
The full 10-Q report can be accessed by going to the following link : http://www.otcmarkets.com/stock/COWI/profile
About Coroware, Inc.
CoroWare, Inc., headquartered in Bellevue, Washington, is a diversified technology and solutions company with expertise in:
- Business Consulting Services: R&D engineering services; business process workflow; software architecture, design and development; content management; console, PC and online game production; marketing coordination and management.
- Robotics and Automation: Custom engineering such as visualization, simulation and software development; and mobile robot platforms for university, government and corporate researchers
CoroWare's customers are located in North America, Europe, Asia and the Middle East, and span multiple industry sectors - including universities, software and hardware product development companies, and non-profit organizations. For more information, please visit www.coroware.com.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include among others, the inherent uncertainties associated with smaller reporting companies, including without limitation, other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.