Minerco Resources Inc (OTCMKTS:MINE) the parent firm of Level 5 Beverage Company, Inc. issued a letter to its shareholders addressed from CEO and Chairman, V. Scott Vanis. The CEO said that the recent quarterly report was a mixed report with equal hits and misses.
The trajectory of achievement and progress in last one year is impressive. The overall growth strategy of creating increased value for shareholders and accumulating more equity holdings is the right course and is directing the company to its objective of up grading to a reputed listed exchange.
Talking about the progress, Mr. Vanis said that assets are $3.5 million up almost $800,000 from January 31, 2015. This increase can be attributed to Minerco’s acquisition of cash flowing assets, like increased stake in Avanzar Sales & Distribution, the product VitaminFIZZ, and also to interest accruing notes receivable.
The derivative liabilities declined almost $700,000 from previous quarter. The company is consistently working to minimize overall debt burden. It is essential for company to emerge from a small cap platform to a listed exchange.
Minerco is fully divested of its remaining clean energy projects. The acquisition price was in the form of the allocation of more than $32,000 of Minerco debt, and obtaining an interest accruing ‘Note’ receivable of over $680,000. This deal adds over $700,000 in gross assets to company’s balance sheet.
Minerco Resources Inc (OTCMKTS:MINE) has completely closed former line of operations and are now just focused on the beverage industry and expanding flagship beverage, VitaminFIZZ, to all markets across the U.S. The company’s incremental revenues surged $33,000 year-over-year, with over $600,000 in sales in 3Q2015.
The increase in incremental revenues can be attributed to increased VitaminFIZZ sales partially offset by lower sales of other Avanzar products affected by seasonality. The lead product, VitaminFIZZ is consistently recording increased sales momentum in domestic test markets.