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Critical Outcome Technologies reported Q1 loss

Staff writer ▼ | October 7, 2013
Critical Outcome Technologies reported its financial and operating results for the three months ended July 31, 2013. The company reported a quarterly net loss of $500,052, or $0.01 per share, in the first quarter of fiscal 2014.
Critical Outcome
Critical OutcomeCritical Outcome Technologies reported its financial and operating results for the three months ended July 31, 2013. The company reported a quarterly net loss of $500,052, or $0.01 per share, in the first quarter of fiscal 2014.


This compares to a net loss of $722,769, or $0.01 per share, for the first quarter a year earlier. The improvement of $222,717 related to a decrease in costs in all functional areas. R&D expenditures decreased $133,851 primarily reflecting a decrease in the testing related to COTI-2 compared to the first quarter in fiscal 2013.

General and administration expenditures decreased $69,412 related primarily to a decline in professional fees, lower salaries and benefits due to a staffing reduction, a decrease in corporate governance costs related to the timing of the annual general meeting, and a decrease in share-based compensation.

Sales and marketing expenditures decreased primarily due to lower salaries and benefits and a reduction in consulting expense. A decline in other income sources of $39,128 offset some of the expenditure savings and related primarily to a decrease in investment tax credits of $28,639 due to the lower R&D expenditure levels and reductions to the amount of eligible expenses as set out in the federal budget of March 2012.


 

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