PR Newswire
SAN DIEGO, Feb. 8, 2013
SAN DIEGO, Feb. 8, 2013 /PRNewswire/ -- Medical Marijuana, Inc. (OTC: MJNA), a leading cannabis and hemp industry innovator, today announced the release of its audited fourth quarter financial statements. The Company earned net income of approximately $3.2 million on record gross revenues of $5.2 million for the quarter ended December 31, 2012. This represents a gross revenue increase of over 1100 percent quarter-over-quarter when compared to revenue of $430,140 for the quarter ended December 31, 2011. Additionally, confirming the strong growth of the Company's core business, revenue increased approximately $2.2 million and net income rose by over $2.0 million when compared to the most recent third quarter 2012. Revenues for 2012 totaled $12.38 million and net income was $7.1 million.
As previously announced, the Company retained the accounting firm of Anthony W. Imbimbo & Associates to perform the audit of its financial accounting records. Imbimbo & Associates focused initially on auditing the fourth quarter results to meet the filing deadline of February 15, 2013. With that completed, the firm will turn its attention to auditing each prior quarter to obtain a full 24 months of audited financial statements.
In addition to the Operational Highlights previously announced on January 22, 2012, the Company has realized a variety of significant milestones which are described in the audit report, as well as detailed below:
"2012 was an exciting and challenging year for the Company. We are especially pleased to be able to meet our earlier commitment of providing our shareholders audited financials and positioning the Company for eventual uplisting." said Michelle Sides, Chairman of Medical Marijuana, Inc. Sides went on to say, "The strength of our financial results along with the impressive achievements described above should give new and existing shareholders confidence that MJNA will be a dominant player in this fast growing industry."
Financial Tables
| Three months ended Dec. 31, 2011 | Three months ended Mar. 31, 2012 | Three months ended Jun. 30, 2012 | Three months ended Sep. 30, 2012 | Three months ended Dec. 31, 2012 |
Revenue | $430,140 | $1,788,445 | $2,403,624 | $3,001,902 | $5,193,654 |
Assets | $1,948,165 | $6,356,301 | $7,908,677 | $8,131,147 | $16,384,698 |
Debt | $26,785 | $101,778 | $156,778 | $585,437 | $84,800 |
Net Income | ($62,711) | $1,208,136 | $1,471,596 | $1,193,937 | $3,233,623 |
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FORWARD-LOOKING DISCLAIMER
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medical Marijuana, Inc. to be materially different from the statements made herein.
About Medical Marijuana, Inc.
Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally friendly, economically sustainable businesses, while increasing shareholder value. For more information, please visit the company's website at: www.MedicalMarijuanaInc.com.
Corporate Contact:
Medical Marijuana, Inc.
Toll Free: 888-OTC-MJNA (888-682-6562)
www.medicalmarijuanainc.com
www.facebook.com/mjnainc
Investor Relations Contact:
Stuart T. Smith
SmallCapVoice.Com, Inc.
P. 512-267-2430
F. 512-267-2530
Skype: SmallCapVoice.com
AIM: SmallCapVoice7
SOURCE Medical Marijuana, Inc.
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