- Total revenues of hempSMART™ products were $208,580 for the second quarter ended June 30, 2019, as compared to $28,435 from the prior year, representing a significant 633.5% increase year-over-year.
- Gross profit for Q2 2019 increased to $179,441, generating 86% in gross margin, compared to a gross profit of $24,271 for the same period prior year, representing 78% in gross margin.
- International sales accounted for 33.5% of Q2 revenue.
- Total year to date, gross sales for the six-month period ended June 30, 2019 were $323,390 with a $254,373 gross margin compared to $47,455 in sales and a $32,835 gross margin in 2018.
- Net loss decreased substantially to $419,624 for the three month period ended June 30, 2019 compared to a net loss of $7,645,404 for Q2 2018.
- Total assets increased by $2,536,495 from $1,919,782 as of June 30, 2018 to $4,456,277 as of June 30, 2019.
- Total outstanding common shares were reduced to 47,314,625 as a result of the 60:1 reverse stock split that was recently approved.
“Our second quarter of 2019 has been our most successful quarter to date at hempSMART. We continue to generate strong sales and momentum in Q3 with over $100K in gross sales for just the month of July,” said CEO of MCOA Donald Steinberg. “We expect to see sustainable demand for our uniquely formulated hempSMART™ CBD product brand in the coming quarters. MCOA will continue to expand our hempSMART brand in the United States as well as internationally in the European Market.”
