Acology Inc (OTCMKTS:ACOL) reported that revenues for the quarter ended March 31, 2015 came at $299,675 against $73,919 for the quarter ended March 31, 2014. The gross profit came at $202,317 compared to $53,575 in the same quarter, a year earlier. The increase in gross profits and revenues can be attributed to increased sales.
Acology stated that operating expenses for the quarter ended March 31, 2015 came at $251,426 much higher than $52,768 for the quarter ended March 31, 2014. The increase in operating expenses was due to increased general and administrative expenses, mainly due to salaries and other related costs with increased staffing. The company also recorded higher advertising and marketing costs during this period.
The loss from operations surged to $49,109 in the quarter ended March 31, 2015 from a profit from operations of $807 in the comparable period. The interest expense was $14,014, compared to $0 for the three-month period ended March 31, 2014.
As of March 31, 2015 and December 31, 2014, Acology reported cash of $162,802 and $261,233, respectively. The company financed operations from January 19, 2013, to December 31, 2014, through capital infusion of $141,986 made by company’s founders in year 2013. The operations were also funded via loans of $759,847 and $40,000 private placement during the year ended December 31, 2014. In the recent quarter, the company received $3,500 through a stockholder loan.
During the fiscal ended December 31, 2014, Acology Inc (OTCMKTS:ACOL) reported average sales of 15,000 units per month. The total sale in FY2014 was almost 180,000 units. In the first three-months of 2015, the company sold almost average of almost 23,000 units per month.
In last trading session, the stock price of ACOL declined more than 14% to close the trading session at $0.00060. The decline came at a share volume of 28.29 million compared to average share volume of 6.55 million.