BELLEVUE, WA - (NewMediaWire) - October 20, 2015 - CoroWare, Inc. (OTC PINK: COWI) today announced its financial results for the quarter ended March 31, 2015.
For the quarter ended March 31, 2015 ("the 2015 Period"), CoroWare reported revenues of $798,541, which increased 173.9% from $291,538 in Q1-2014 ("the 2014 Period"), and gross profit of $226,479, which increased 284.0% from $58,982 in the 2014 Period.
Gross revenues improved during the quarter as CoroWare continued to grow its R&D Support and Supplier Support Desk consulting services businesses.
Gross profit percentage also improved at 28.4% gross margin during the 2015 Period compared with 20.2% during the 2014 Period.
Total Current Assets were $188,408 at the end of the 2015 Period, and increased 90% from $99,161 at the end of the 2014 Period, predominantly due to increased Accounts Receivable.
"By focusing the company's sales efforts on our core consulting services business, CoroWare was able to improve its gross revenues, gross margins, and accounts receivable," said Lloyd Spencer, CEO of CoroWare, Inc. "Our long-term consulting services agreements show that customers are responding positively to the innovative, capable and affordable consulting services that CoroWare offers."
Operating expenses were $415,171 during the 2015 Period, which increased 127.1% from $182,785 during the 2014 Period. General and Administrative expenses were 137.2% higher than in the 2014 Period due to increased corporate governance, human resource management and financing costs.
Loss from Operations before other income was $188.692 during the 2015 Period, which increased 52.4% from $123,803 during the 2014 Period. Net Loss applicable to common shareholders was $1,134,691 during the 2015 Period compared to a Net Loss of $2,779,665 in the 2014 Period. The Net Loss in the 2015 Period was predominantly due to Derivative Expense of $762,039, Interest Expense of $147,354, and Loss on Extinguishment of Debt of $216,606.
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.