STAMFORD, Conn. — Green Earth Technologies, maker of bio-based and bio-degradable performance and appearance products for the home, lawn care, automotive and marine markets, has completed its financial statement audit for the fiscal year ended June 30.
For the year ended June 30, the company reported net sales of approximately $290,000. Sales of the company’s products commenced only in April 2008 and consisted primarily of appearance products. Net loss was $16.7 million, or (42 cents) per share which includes $12.6 million, or (32 cents) per share, in non cash stock-based compensation. The common shares were issued in exchange for royalty-free licenses and exclusivity rights, patents, certain intellectual property and for services and compensation to various parties, including employees and non-employees.
At June 30, cash and cash equivalents totaled $2 million, inventory totaled $1.2 million and total stockholders’ equity was $4.3 million. During the year the company did not capitalize any costs for research and development or costs for testing its motor oils.
Jeff Marshall, CEO of Green Earth Technologies, stated: “We are creating a powerful consumer brand that we believe will become the choice of consumers seeking products that are both green and effective. We have initially focused on categories considered to be among the biggest contributors to environmental damage by launching a complete line of innovative, bio-degradable performance and appearance products. This will have an immediate positive impact by lowering carbon emissions and lessening the pollution of our land and waterways.
“We are making good progress with our marketing and product initiatives, which we believe will lead to significant revenue increases in an addressable global market that exceeds $200 billion. In August, The Home Depot started carrying our 2-cycle engine oils, as well as the bar and chain lubricants,” added Mr. Marshall. “In addition we are particularly pleased about G-OIL passing the engine tests criteria for API certification. Production of our products has been accelerating and we expect to produce predictable quarter-over-quarter revenue growth and steady progress toward profitability.”
