DENVER, Dec. 17, 2013 (GLOBE NEWSWIRE) -- Marley Coffee (OTC:JAMN) (www.marleycoffee.com), the sustainably grown, ethically farmed and artisan-roasted gourmet coffee company, reports financial results for the three and nine months ended October 31, 2013 and 2012, including increases in revenue, gross profit and gross profit margins, for the year-over-year periods.
Highlights of the third fiscal quarter and nine months include:
Rohan Marley, Founder and Chairman of Marley Coffee, said, "The progress during this quarter was a result of our company's dedication and vision for Marley Coffee. As we continue to grow our business and introduce more and more customers to our unique blends, we also intend to remain true to our ideals—including sustainability, environmental awareness and community-based responsibility—that truly sets Marley Coffee apart as a coffee company."
Brent Toevs, Chief Executive Officer of Marley Coffee, added, "As we increase our presence in traditional retail markets, we also continue to concentrate on expanding our domestic and international distribution channels. We believe there are many exciting opportunities for us to increase sales of our products, and the recognition of the Marley Coffee brand."
About Jammin Java Corp., d/b/a Marley Coffee
Marley Coffee (corporate name Jammin Java Corp.) is a US-based company that provides premium, artisan roasted coffee to the grocery, retail, online, service, hospitality, office coffee service and big box store industry. Under its exclusive licensing agreement with 56 Hope Road, the company continues to develop its coffee lines under the Marley Coffee brand. The company is a fully reporting company quoted on the OTCQB under the symbol "JAMN". Learn more at www.MarleyCoffee.com or visit the corporate website at www.JamminJavaCorp.com.
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Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Acts"). In particular, the words "believe," "may," "could," "should," "expect," "anticipate," "estimate," "project," "propose," "plan," "intend," and similar conditional words and expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. These risks and others are included from time to time in documents we file with the Securities and Exchange Commission ("SEC"), including but not limited to, our Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on our future results. Accordingly, you should not place undue reliance on these forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the company. The company's SEC filings are available at http://www.sec.gov.
JAMMIN JAVA CORP. | ||||
STATEMENTS OF OPERATIONS | ||||
Three Months Ended October 31, | Nine Months Ended October 31, | |||
2013 | 2012 | 2013 | 2012 | |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Revenue | $ 2,193,118 | $ 536,055 | $ 4,615,605 | $ 1,405,154 |
Cost of sales: | ||||
Cost of sales products | 1,382,067 | 382,741 | 2,833,587 | 1,110,002 |
Total cost of sales | 1,382,067 | 382,741 | 2,833,587 | 1,110,002 |
Gross Profit | $ 811,051 | $ 153,314 | $ 1,782,018 | $ 295,152 |
Operating Expenses: | ||||
Compensation and benefits | 686,241 | 567,668 | 1,373,394 | 1,778,397 |
Selling and marketing | 15,777 | 191,566 | 139,709 | 494,338 |
General and administrative | 758,635 | 237,774 | 1,627,383 | 731,546 |
Impairment of license | -- | 36,000 | -- | 36,000 |
Total operating expenses | 1,460,653 | 1,033,008 | 3,140,486 | 3,040,281 |
Other income (expense): | ||||
Other expense (Including loss on extinguishment of liabilities of $1,120,593) | (728,705) | (11,200) | (1,044,891) | (11,200) |
Interest income | -- | 48 | -- | 461 |
Interest (expense) | (244) | (53,896) | (108,918) | (69,285) |
Total other income (expense) | (728,949) | (65,048) | (1,153,809) | (80,024) |
Net Loss | $ (1,378,551) | $ (944,742) | $ (2,512,277) | $ (2,825,153) |
Net loss per share: | ||||
Basic and diluted loss per share | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.04) |
Weighted average common shares outstanding - basic and diluted | 96,466,602 | 77,618,723 | 90,255,429 | 77,037,802 |
See accompanying notes to financial statements |
JAMMIN JAVA CORP. | ||
BALANCE SHEETS | ||
October 31, | January 31, | |
2013 | 2013 | |
(Unaudited) | ||
Assets | ||
Current Assets: | ||
Cash | $ 806,414 | $ -- |
Restricted cash | -- | 65,382 |
Accounts receivable | 2,661,906 | 415,721 |
Notes receivable - related party | 2,724 | -- |
Inventory | 2,249,684 | -- |
Prepaid expenses | 217,979 | 173,264 |
Other current assets | 26,160 | 24,387 |
Total Current Assets | 5,964,867 | 678,754 |
Property and equipment, net | 182,668 | 19,705 |
License agreement | 669,167 | 705,667 |
Deferred financing costs | -- | 43,490 |
Other assets | 15,716 | -- |
Total Assets | $ 6,832,418 | $ 1,447,616 |
Liabilities and Stockholders' Equity | ||
Current Liabilities: | ||
Accounts payable | $ 1,201,255 | $ 762,663 |
Common shares due to Ironridge | 1,395,025 | -- |
Accounts payable - related party | -- | 2,258 |
Accrued royalty - related party | 162,245 | -- |
Accrued expenses | 137,352 | 92,586 |
Accrued expenses - related party | 21,000 | 30,073 |
Bank Overdraft | -- | 8,931 |
Notes payable - Related party | -- | 9,454 |
Secured promissory note - net of discount of $-0- and $29,925, respectively | -- | 320,075 |
Notes payable | 4,965 | -- |
Derivative liability | -- | 120,006 |
Total Current Liabilities | 2,921,842 | 1,346,046 |
Total Liabilities | 2,921,842 | 1,346,046 |
Stockholders' Equity: | ||
Common stock, $.001 par value, 5,112,861,525 shares authorized; 95,388,136 and 79,373,546 shares issued and outstanding, as of October 31, 2013 and January 31, 2013, respectively | 95,388 | 79,377 |
Additional paid-in-capital | 13,386,283 | 7,081,011 |
Accumulated deficit | (9,571,095) | (7,058,818) |
Total Stockholders' Equity | 3,910,576 | 101,570 |
Total Liabilities and Stockholders' Equity | $ 6,832,418 | $ 1,447,616 |
See accompanying notes to financial statements |