Fresh Promise Foods Inc (OTCMKTS:FPFI) announced its results for the quarter ended March 31, 2015. The total revenue came at $7,180 in the quarter compared to $0 for the same quarter in 2014.The revenues were generated from the products sold through the Harvest Soul e-commerce site to the UNFI distribution.
Fresh Promise reported gross margin in the quarter came at ($3,203) due to surge in expenses. The company witnessed slow production and reduced selling operations due to decline in working capital. The operating expenses came higher at $227,353 compared to $172,580 recorded in the same period in 2014.
Loss from operations
Of this increase, $51,080, were due to rise in general and administrative expenses. The loss from operations for the quarter ended March 31, 2015 came at $230,556 a jump of $172,580 for the same quarter in FY2014. The increased loss from operations was due to lack of revenue. Inflation did not resulted in a material impact on the operations in the quarter.
Plan of Operations
Under the guidance of the CEO Kevin Quirk, Fresh Promise’s primary objective remains leveraging of management’s knowledge and experience of the natural food and beverage market. The efforts need to be taken to better deploy the “Natural plus Energy” product line. The focus will to get enhanced distribution network and retail positioning.
Fresh Promise intends to continue to kick off growth initiatives for the Harvest Soul brand by launching two new tastes of Harvest Soul chewable juices in the coming quarter. Apart from the planned launch of new products, the Company intends to expand its productivity by shifting into a new production facility based in the metro-Atlanta area. It is expected to enhance the production capacity and this measure is extremely vital to fulfill increased demand for company’s product.
In last trading session, the stock price of Fresh Promise Foods Inc (OTCMKTS:FPFI) declined more than 3% to close the trading session at $0.00160.