Financial results for the three months ended June 30, 2014 as compared to the three months ended June 30, 2013 were:
Total revenues increased 20.9% to $1,248,711 from $1,033,180.
Total revenue increased $215,531 as a result of a $275,000 increase in engineering and development revenues, partially offset by a $59,469 decrease in product sales as compared to the three months ended June 30, 2013.
Net loss increased to $4,176,221 compared to $3,088,356. The results of operations for the fourth quarter included a charge of approximately $1.7 million due to a product upgrade initiative established in the fourth quarter of 2014. Subsequent to commercialization, installation, and commissioning of units in the field the Company has garnered meaningful insights that have resulted in system design modifications and other general updates that have improved performance, efficiency, and reliability. In the interest of enhancing customer satisfaction, the Company launched the initiative to implement these improvements at certain locations of its installed base over fiscal 2015.
Loss per share declined to ($0.16) from ($0.17).
Fiscal Year 2014 Financial Results
Financial results for the fiscal year ended June 30, 2014 as compared to the year ended June 30, 2013 were:
Total revenues increased $127,908 to $7,851,607 from $7,723,699.
Total increase in revenues is a result of a $906,817 increase in engineering and development revenues and a $3,000,000 increase in license revenues, partially offset by a $3,778,909 decrease in product sales as compared to the year ended June 30, 2013.
Net loss decreased to $9,077,427 compared to $11,878,915. The decrease in net loss is due primarily to revenues earned under the Lotte Chemical Research and Development Agreement and the Lotte Amended License Agreement.