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Verity Corp Files 10-Q for First Quarter, 2014
SIOUX FALLS, SD--(Marketwired - Feb 21, 2014) - Verity Corp (OTCQB: VRTY) (BERLIN: A2Q) (www.veritycorp.com/), a vertically integrated sustainable agriculture company incorporating natural production technologies and non-GMO standards for the efficient production of healthy food, filed its 10-Q for the first quarter ended December 31, 2013.
Consolidated revenues were $324,299 for the first quarter ended December 31, 2013, an increase of $228,178 or approximately 237% over consolidated revenues for the quarter ended December 31, 2012. Along with the increased revenue, the Company's gross profit increased $82,853 for the quarter ended December 31, 2013, an increase of 99% over consolidated gross profit for the quarter ended December 31, 2012. All comparisons include revenues from the acquisition of Aqualiv Technologies.
Consolidated net loss for the quarter ended December 31, 2013 was $422,815 compared to $273,389 for the quarter ended December 31, 2012.
Loss from operations was $353,878, which includes approximately $53,000 in non-recurring expenses associated with the share exchange agreement between Aqualiv and Verity Farms. The Company continues to look for ways to improve its revenue stream at the same time reducing operating expenses.
Richard Kamolvathin, President and CEO of Verity Corp, said, "Verity has made a number of investments necessary for the future growth of the company. To smooth out our revenue over the four quarters of the year, we have introduced new products for the aquaculture and hog production industries. Our sales force is rolling out new proprietary products to incorporate in our comprehensive and customized sustainable agriculture regimen for farmers. Our newest facility, the Pelham, Georgia location, has begun to hit its stride with a stellar first two months in revenue. And our South Dakota and Iowa locations have been expanding their farmer base through well-attended Field Days, Unit meetings and presentations that are resulting in more revenue from more accounts."
Kamolvathin continued, "On the financial side, we have an audit team in place under Ken Wright, our CFO, and we are developing those financial relationships to provide the financial flexibility necessary to maximize our cash flows to fund our rapid revenue growth. Our distribution network is expanding with new business relationships with more to be announced soon."