Boulder cannabis-tech company Surna reports $1.4M first-quarter loss
BOULDER — Surna Inc. (OTCQB: SRNA), a Boulder-based tech company that provides equipment to control the environment for indoor cannabis grow operations, reported a loss of $1.4 million, or one cent per share, for its first quarter that ended March 31.
Surna posted revenue of $870,895 for the first quarter compared with no revenue for the first quarter of 2014, and $632,865 for the fourth quarter of 2014.
Surna invested $180,989 during the first quarter on research and development for new technology and products. The company engineers, manufactures and distributes its products. It spent $82,974 for advertising and marketing, and its general and administrative expenses were $803,742.
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The company finished the first quarter with liquid assets (cash, accounts receivable, inventory and prepaid assets) of $1,846,580, an increase of 23 percent compared with the end of 2014. Current liabilities payable in cash total $695,884, of which $303,298 is payable to shareholders.
“We view these results as just the tip of the iceberg for Surna,” Tae Darnell, principal executive officer and general counsel, said in a prepared statement. “We see this market growing exponentially.”
The board of directors is searching for a new chief executive to replace Tom Bollich who departed the company April 17. Darnell will serve as principle executive officer until a new CEO is appointed.
Surna, which began operations in April 2014, does not produce or sell marijuana.
BOULDER — Surna Inc. (OTCQB: SRNA), a Boulder-based tech company that provides equipment to control the environment for indoor cannabis grow operations, reported a loss of $1.4 million, or one cent per share, for its first quarter that ended March 31.
Surna posted revenue of $870,895 for the first quarter compared with no revenue for the first quarter of 2014, and $632,865 for the fourth quarter of 2014.
Surna invested $180,989 during the first quarter on research and development for new technology and products. The company engineers, manufactures and distributes its products. It spent $82,974 for advertising and marketing, and its general and administrative expenses were $803,742.
The…
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