Wolfgang Barnikol Resigns From Executive Positions
WITTEN, Germany, April 8 /PRNewswire-FirstCall/ -- Sangui BioTech International, Inc. (OTC: SGBI), published its financial statements for its fiscal year ended June 30, 2006, on April 3, 2008. According to the report on form 10-KSB as filed with the SEC the company almost tripled its sales of cosmetics and wound management products, although from a low level. In FY 2006, Sangui yielded sales of approximately USD 137,000 and a Gross Profit of approximately USD 19,000. Due to the ongoing cost containment program operating expenses were down 25% to approximately USD 758,000. The company reports a net loss for the year of approximately USD 743,000. The resulting accumulated deficit amounts to approximately USD 21.8 million. Total shareholders' deficit as of June 30, 2006 stands at approximately USD 384,000. Net cash used in operating activities of approximately USD 283,000 was partially offset by cash inflows from financing activities in the amount of approximately USD 235,000.
According to the 10-KSB report these conditions raise substantial doubt about the Company's ability to continue as a going concern. In order for the Company to continue its operations at its existing levels, the Company will require significant additional funds. Therefore, the Company is dependent on funds raised through equity or debt offerings.
Preliminary unaudited figures for Sangui's fiscal year ended June 30, 2007, indicate that Sangui yielded sales in this period of approximately USD 373,000. An increase in operating expenses which is attributable to increased marketing and sales efforts is the main factor for the resulting net loss of approximately USD 704,000. The company strives to file its pending quarterly and annual reports for its 2007 and 2008 fiscal years over the next couple of months.
Cornerstones of Sangui's current business include sales of cosmetics
and wound management products thr
|SOURCE Sangui BioTech International, Inc.|
Copyright©2008 PR Newswire.
All rights reserved