Shares of Reliabrand Inc (OTCMKTS:RLIA) gained a staggering 450%+ on a heavy volume in today’s morning session. The stock opened at $0.01 and soon went on to make a high of $0.0175. So far more than 12.66 million shares have exchanged hands. There is no evident reason behind the sharp gains except that a investors awareness program was launched by ActiveMarketInsider.com. In fact, the company’s last report was published back in May, which highlighted Reliabrand’s financial performance for the quarter ended March 31, 2015.
In the Form 10-Q/A, Reliabrand disclosed that the revenue for the quarter completed March 31, 2015 came at $43,461 against revenue of $77,401 for the same period, a year earlier. The decline in the quarterly revenue was due to delay in obtaining product as the company changed its product manufacturer. Reliabrand management reported that sales are expected to surge in the coming period as they continue to advance additional sales of product line and pursue the designed business plan.
Reliabrand reported that as of March 31, 2015, the company had total liabilities of $1.18 million and total assets of $1.99 million compared to total liabilities of $908,050 and total assets of $2.50 million as of June 30, 2014. The prime changes in company’s balance sheet items can be attributed to increase in sums and accounts payable following some advances made in the reported period.
Let’s take a look at the chart:
During the quarter completed March 31, 2015. Reliabrand recorded operating expenses of $133,481. These expenses constituted of consulting contract benefits, consulting payment to related parties, accounting, S,G&A expenses, consulting fees, auditing and legal fees, amortization and depreciation and rent expenses against operating expenses of $244,507 for the comparable quarter, a year ago. The decline in expenses can be attributed to the ceased payments to certain consultants. In the reported quarter, the company recorded consulting fees of $44,341 versus $100,245 for the quarter ended March 31, 2014.