Car Monkeys Group (OTCMKTS:CKMY) filed Form 10-Q in month of November wherein the company reported that it expects the trend of increasing transaction to continue in coming quarters. The company posted $181,927 in net revenue in the quarter ended September 2015 with gross transactions reaching $545,101. It was an improved performance compared to net revenue of $124,069 recorded in the quarter ended September 2014 with $517,909 in gross transactions.
The details
Car Monkeys reported that gross transactions cost, including shipping cost and supplier payments stood at $363,174. The net operating loss came at $51,786 for the quarter ended September 30, 2015 against net operating loss of $53,719 recorded in the same period in FY2014. The net operating loss can be attributed to increase in operating expenses such as selling commission expenses and increased advertising from increasing gross transactions considerably from the prior year. Also, the stock-based compensation was $0 in the prior year.
The highlights
Car Monkeys transactions are from sales of transmissions, rear axle assemblies and rebuilt engines. The company plans to deploy net income to enhance search engine keyword advertising to cover smaller rebuilt components such as alternators and starters. Also, the company expects transactions to increase as it build CarMonkeys.com brand and improve search engine keyword advertising. As of now, the company is only focusing on key word advertising for transmissions, rear axle assemblies and rebuilt engines. In addition, it is looking to procure additional suppliers for parts.
The financials
As of September 2015 and June 2015 respectively, Car Monkeys recorded unrestricted capital of $30,391 and $68,373. The current liabilities in reported quarter stood at $67,925 compared to $61,012 in the quarter ended June 2015. Executive compensation came at $66,900 for the quarter ended September 2015 compared to $67,700 in the comparable period a year earlier. As per the latest statements, the company intends to utilize its net income and seek capital to enhance search engine key word advertising.
