Last week had not been so great for Quantumsphere Inc (OTCMKTS:QSIM) as the stock declined from over $0.0100 to around $0.0050. For the quarter closed September 30, 2016, net sales in the United States amounted to 83% while net sales in South Korea formed 17% of total sales. This equaled to the 48% of net sales in the United States and 28% of net sales in South Korea in the previous year comparable period.
The details
For the quarter closed September 2016, 88% of total net sales were to 4 clients compared to 94% of net sales to four customers in the same period, a year ago. Gross profit surged by $16,810 in the quarter closed September 2016 compared to the quarter closed September 2015. The increase led from a jump of $18,242 in sales and decline in sales costs of $52,194 in manufacturing salaries and linked costs, $10,721 in utilities, $6,401 in maintenance and repairs, $1,937 in miscellaneous costs and $6,964 in depreciation, offset by $79,649 minus allocation of nano iron assessment costs to R&D.
Research and development expenses dropped by $108,879 in the quarter closed September 2016 against the quarter ended September 2015. The decrease came from decline in nano iron analysis costs, salaries and related costs due to less employees, and also there was drop of $7,283 in ammonia research, partially offset by a jump of $1,168 in miscellaneous costs.
Selling, marketing and advertising costs decreased by $3,928 in the reported period as against the same period of 2015. The decrease resulted from drop of $1,989 in outside consultants, $524 in miscellaneous costs and $1,415 in marketing expense.
Quantumsphere reported that G&A costs decreased by $594,556 in the quarter closed September 2016 compared to the quarter closed September 2015. The decrease led from drop of $440,820 in outside services and consultants, $63,871 in payroll and linked expenses $40,796 in board compensation $23,180 in audit expense, $6,994 in business insurance, $10,069 in miscellaneous costs and $8,826 in travel linked expenses.
