Cabinet Grow Inc. (OTCMKTS:CBNT) filed Form 10-Q, wherein it stated that revenues, related party for the quarter closed March 31, 2017 was $3,000 with no change from the prior year period. These revenues, related party were pursuant to a lease, which was effective from December 31, 2015 that the company’s subsidiary firm Quasar LLC finalized with renewal clauses with an associated party tenant. Following to the lease the associated tenant will compensate $1,000 per month to Quasar.
Cabinet Grow reported that for the quarter closed March 31, 2017 came at $34,309 as against a credit of $2,599 for the quarter closed March 31, 2016. Other expense for the same quarter came at around $7.201 million compared to approximately $1.226 million for the quarter closed March 31, 2016. Included in other costs for the quarter closed March 31, 2017 was a cost of around $7.093 million for the variation in the fair value of derivative liabilities, as against $611,902 for the quarter closed March 31, 2016.
Net loss for the quarter closed March 31, 2017 came at around $7.232 million compared to around $1.245 million, in the same period, a year earlier. It was mainly an outcome of increase in the fair value of derivative liabilities for the quarter closed March 31, 2017. There was a decline in interest expense for the reported period over the same quarter of 2016.
As of close of March 31, 2017, Cabinet Grow posted cash/cash equivalents of $2,582 and current liabilities of around $10.148 million. The current liabilities are constituted mainly of accounts payable, convertible note payable, derivative liabilities, liabilities of discontinued operations and accrued expenses.
In the last trading session, the stock price of Cabinet Grow closed absolutely flat with no gain/decline at $0.700. After, the last session, the market cap of firm was noted at $840,000.
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