$SRNA Breaking News - Surna Reports 2015 First Quarter Results

BOULDER, Col., - (http://www.financialnewsmedia.com News Alert) - Surna Inc. (OTCQB: SRNA), a technology company that engineers, manufactures, and distributes state-of-the art equipment and systems for controlled environment agriculture (\"CEA\") currently specializing in commercial indoor cannabis cultivation, has announced financial results for the first quarter.



For the first quarter ending March 31st, the Company had gross revenues of $870,895 compared to $0 for the first quarter of 2014 and $632,865 for the preceding quarter. First quarter revenues represented 47% of total revenues for 2014 and 35% of the proforma revenues for 2014, respectively. The net loss for the quarter was $1.42 million which is $0.01 loss per share.



The sales activity of the Company is also reflected in the increased level of deferred revenue. Deferred revenue increased from $408,199 at year end to $786,987, a 93% increase. Deferred revenue represents contracts that are in progress pending completion. The Company does not recognize revenue from a contract until it is completed.



Surna continued to expand its technology foundation in the first quarter by investing $180,989 on research and development for new technology and products.



The Company also believes brand awareness is important to building a successful company in a nascent industry. Surna spent $82,974 for advertising and marketing in the first quarter to advance its products and brand recognition. Its general and administrative expenses were $803,742.



The Company finished the first quarter with a balance sheet that included liquid assets (cash, accounts receivable, inventory and prepaid assets) of $1,846,580, an increase of 23% over last year end. Current liabilities payable in cash total $695,884, of which $303,298 is payable to shareholders.



\"We view these results as just the tip of the iceberg for Surna. This quarterly report is a reflection of the continued expansion of the Surna brand and the significant impact our disruptive technologies are having on the sector. We see this market growing exponentially and we intend to continue to execute on being the preeminent source for technology in cannabis and the CEA space,\" said Tae Darnell, Principal Executive Officer and General Counsel.