After the bell, VIASPACE announced its first quarter financial results for the quarter ended March 31, 2007.
VIASPACE reported $239,000 in revenue for this quarter compared to last year’s $113,000; a 212% increase. Gross profit also increased from last year. In 2006 it was $8,000 compared to $36,000 this year.
Operating expenses were increased $634,000. $391,000 of the operating expenses was accounted for in research and development expenses.
In March, the convertible debenture transaction was restructured by converting existing convertible debentures into common stock, allowing the company to receive $910,800 in additional cash proceeds. As a result of the restructuring, the Company stockholders’ equity increased about $8,078,000 during the first quarter of 2007.
Dr. Carl Kukkonen, CEO of VIASPACE stated that the recent restructuring of the convertible debenture was favorable to the company as it converts the debt on the balance sheet into shareholder equity.
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