Earlier this year, Pacific Sands, Inc. (OTCMKTS:PFSD) submitted form 10-Q wherein it stated that for the quarter ended December 31, 2015, the net sales came at $166,430 compared to net sales of $831,677 in the same period, a year ago. This decline was due to the shift in advancing the company’s brand and not developing for a large private label client that is a prospective competitor of the company product line.
For the quarter ended December 31, 2015, the costs of sales amounted to $95,176 over $500,173 for the same quarter in the previous fiscal year. Pacific Sands’ gross margin jumped to 43% in reported quarter from 39% for the quarter ended December 31, 2014. This increase in gross margin can be attributed to better sales of high margin goods.
G&A expenses came at $234,474 in the reported quarter compared to $447,623 in the previous year quarter. This 48% decline in operating expenses was result of reduced overhead costs and labor force as the company restructured its operations.
Pacific Sands reported that interest expense for the quarter ended December 31, 2015 came at $184,833 compared to $90,167 recorded in the previous year quarter. The jump in interest expense covers amortization of debt discount and short-term debt secured to fund current operations.
Net loss came at $270,058 in reported period against a net loss of $218,335 for the quarter ended December 31, 2014. Pacific Sands has been working with a professional full time consultant. It has been reorganizing its businesses and restructuring its debt. At the end of reported quarter, the company worked on its debt restructuring plans by opting for longer term payment schemes and lower interest rates. Moreover, it has reduced overall expenses to less than $200,000 in a quarter, which clearly indicates the output of strategic plans.
Progressive Care Inc (OTCMKTS:RXMD) Heading Lower In The Market
Days after issuing positive news on building permits as well as the expansion of operations in New Jersey and Pennsylvania, Progressive Care Inc (OTCMKTS:RXMD) is back to square one as it continues to tank. The stock is now trading at the lower end of its trading range of $0.03-0.05 a share, threatening to close in on its 52-week low.
The mounting pressure on the downside comes as a surprise given that the company is fresh from posting record sales for the month of June. It appears the street has already priced in the recent wave of positive news as the stock has resorted to tanking in the market.
The only way out of the current bearish sentiment is Progressive Care Inc (OTCMKTS:RXMD) reiterating its long-term prospects especially in the business of dispensing drugs. Expansion of warehouse space as well as expanding into new states is some of the factors that could help bolster the stocks sentiments on the street.