The Green Organic Dutchman (CSE: TGOD) last night reported its third quarter financial results. The firm managed to post declining sales on a quarter over quarter period, with net revenues falling to $7.3 million, while the company posted an overall net loss of $14.5 million.
Revenues for the quarter declined 23.5% on a quarter over quarter basis, falling from $9.5 million to $7.3 million. No justification for the declining quarter over quarter sales was provided by the company, with TGOD instead focusing on its “continued progress” in the sector based on its year over year results.
Cost of sales meanwhile came in at %.2 million, resulting in a gross profit before fair value changes of $2.1 million for the quarter. Operating expenses meanwhile amounted to $11.7 million, lead by general and administrative expenses of $6.4 million. Overall, the firm posted a loss from operations of $9.2 million for the quarter.
Things got no better from here, with the company recording several million in additional expenses, including $1.0 million in financing costs, and $4.4 million in impairments on the revaluation of certain assets. The company overall posted a net loss of $14.5 million, of which $0.6 million was related to discontinued operations, a reference to the firms Hempoland operation. An EBITDA figure was not provided.
The company finished the quarter with $3.9 million in cash and cash equivalents.
The Green Organic Dutchman last traded at $0.16 on the CSE.
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