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Skyline Announces First Quarter 2014 Results
Key Highlights:
- Inventory is nearly three times greater than last year as production of the STREAMWAY System has been ramped up. New units have been shipping since March;
- Three enhanced STREAMWAY units were shipped in the quarter;
- Eight STREAMWAY Units were sold and shipped in April;
- Net loss and total expenses were reduced by
$500,000 ; - Twenty-two STREAMWAY trials have been scheduled through the first week in June with one already in place.
Revenues for the first quarter of 2014 were
"During the quarter, we secured approximately
Kornberg concluded, "We remain focused on expediting the adoption of our advanced state-of-the-art technology and will continue to expand our customer relationships by educating the market about the cost, hygiene and efficiency benefits of transitioning away from canisters and toward the STREAMWAY System."
About
Forward-Looking Statements
Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks to and uncertainties in the company's business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include, among other things, inability to raise sufficient additional capital to operate our business; approximately
Skyline Investor Relations Contacts:
212-896-1233 / 212-896-1203
skyline@kcsa.com
Financial Tables Below
| ||||
(A DEVELOPMENT STAGE COMPANY) | ||||
CONDENSED BALANCE SHEETS | ||||
(Unaudited) | ||||
|
| |||
ASSETS | ||||
Current Assets: |
||||
Cash |
$ 130,738 |
$ 101,953 | ||
Accounts Receivable |
63,854 |
97,245 | ||
Inventories |
391,567 |
122,175 | ||
Prepaid Expense and other assets |
122,645 |
60,588 | ||
Total Current Assets |
708,804 |
381,961 | ||
Fixed Assets, net |
221,102 |
158,110 | ||
Intangibles, net |
67,581 |
53,355 | ||
Total Assets |
$ 997,487 |
$ 593,426 | ||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||
Current Liabilities: |
||||
Accounts payable |
$ 1,102,643 |
$ 1,062,108 | ||
Accrued expenses |
1,176,277 |
2,057,957 | ||
Short-term note payable |
- |
280,000 | ||
Deferred Revenue |
69,000 |
69,000 | ||
Total Current Liabilities |
2,347,920 |
3,469,065 | ||
Accrued Expenses |
306,216 |
331,216 | ||
Liability for equity-linked financial instruments |
130 |
11,599 | ||
Total Liabilities |
$ 2,654,266 |
$ 3,811,880 | ||
Commitments and Contingencies |
- |
- | ||
Stockholders' Deficit: |
||||
Series A Convertible Preferred Stock, |
206 |
- | ||
Common stock, |
2,222,137 |
2,199,376 | ||
Additional paid-in capital |
26,454,204 |
23,279,585 | ||
Deficit accumulated during development stage |
(30,333,327) |
(28,697,415) | ||
Total Stockholders' Deficit |
(1,656,779) |
(3,218,454) | ||
Total Liabilities and Stockholders' Deficit |
$ 997,487 |
$ 593,426 |
| |||||
(A DEVELOPMENT STAGE COMPANY) | |||||
CONDENSED STATEMENTS OF OPERATIONS | |||||
(Unaudited) | |||||
Three Months Ended |
|||||
2014 |
2013 |
||||
Revenue |
$ 70,220 |
$ 127,727 |
|||
Cost of Goods Sold |
31,083 |
41,604 |
|||
Gross Margin |
39,137 |
86,123 |
|||
General and administrative expenses |
1,179,281 |
1,823,082 |
|||
Operations expense |
265,274 |
204,467 |
|||
Sales and marketing expense |
204,920 |
83,969 |
|||
Interest expense |
18,123 |
95,552 |
|||
Loss (gain) on valuation of equity-linked financial instruments |
(11,468) |
(19,422) |
|||
Total expense |
1,656,130 |
2,187,648 |
|||
Net loss available to common shareholders |
|
|
|||
Loss per common share - basic and diluted |
$ (0.01) |
$ (0.02) |
|||
Weighted average shares used in computation - basic and diluted |
221,223,793 |
107,824,939 |
SOURCE
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