Harborside Says Revenue Is Increasing
The company had $10.9 million in cash at the end of the quarter
Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) delivered its interim financial statements for the first quarter ending March 31. Harborside said that year over year net revenues increased 38.8% to $17.2 million, including one month contribution from Urbn Leaf and no contribution from Loudpack. The company also reported a net loss in the quarter of $10.4 million versus last year’s net loss of $2.9 million.
Even though the company is considered a “going concern”, management said in its filing that it believes there is sufficient capital to meet the company’s business obligations for at least the next twelve months, after considering expected cash flows and the company’s cash position at period-end. The company had $10.9 million in cash at the end of the quarter.
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