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Surna Inc (OTCMKTS:SRNA) Plans To Expand Product Commercialization Measures

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In last trading session, the stock price of Surna Inc (OTCMKTS:SRNA) gained more than 4% to close the day at $0.0822. The gains came at a share volume of 1.25 million compared to average share volume of 1.17 million.

The management speaks

Stephen Keen, the CEO of Surna, said that last year was a transformational year for company as they built a stronger platform on which to grow their business. Focused on advancing Surna as the major supplier for cannabis growth equipment in the United States, they continue to launch ground-breaking technology including the hybrid building design and the Surna Reflector. In this year, they plan to expand product commercialization initiatives.

Keen further added that as part of their goal to position Surna for profitable growth, they have formed a new management team. Now, they are concentrating on the monetization measures of service components, commercializing research and development measures, and aided premium pricing for existing products. Additionally, they are taking measures to lower cost of capital to boost path to profitability and, eventually, enhance shareholder value.

The financial performance

For the year closed December 2015, the revenue came at $7.9 million against $1.8 million, indicating focused investment in market and sales, new product launches, improved engineering services and increased product demand as the number of legalized cannabis markets persists to grow. The operating expenses came at $4.1 million against $3.5 million in the comparable period. Although operating expenses surged 16% Y-o-Y, such costs lowered as percentage of revenue.

Advertising and marketing expenses surged to $310,000 against $241,000 in comparable period. As more states legalize cannabis, Surna can cover an extended geographic region with conferences and marketing events. For year ended December 2015, net loss was $0.04 per share compared to $0.03 per share, a year earlier. Prepaid assets, inventory, accounts receivable and cash at end of December 2015 were $2.1 million.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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