$SRNA News - Surna Reports 2015 Second Quarter Results

BOULDER, Colorado, - (http://www.financialnewsmedia.com News Alert) - Surna Inc. (OTCQB: SRNA), a technology company that engineers state-of-the art equipment for controlled environment agriculture (\"CEA\") with special expertise in cannabis cultivation, has announced financial results for the three and six months ended June 30, 2015. - For the six months ended June 30, 2015, the Company reported gross revenues of $2,548,845 compared to $346,559 for the same period in 2014, an increase of 635%. Revenues for the three months ended June 30, 2015 were $1,677,950, up from $870,895 in the previous quarter, and more than quadruple the $346,559 in revenue during the same period in 2014.



Similarly, deferred revenue increased to $1,423,321 from $408,199 at year end, a 249% increase. Deferred revenue represents contracts that are in progress, as the Company does not recognize revenue until the contract is completed.



Surna continues to move toward profitability. The net loss for the three and six months ended June 30, 2015 was $976,610 and $2,395,053, respectively compared to $2,121,567 and $2,175,174, respectively for 2014.



In the first six months of 2015, Surna continued to expand its technology portfolio by investing $309,443 in research and development, up from $7,768 in 2014.



The Company also believes brand awareness is important to build a company in a nascent industry. Surna spent $175,454 for advertising and marketing in the six months ended June 30, 2015 compared to $78,351 in 2014 to advance its products and brand recognition.



General and administrative expenses were relatively flat from Q1 of $803,742 to Q2 of $821,030 while increasing revenues 93% quarter over quarter.



The Company finished the second quarter with a balance sheet that included liquid assets (cash, accounts receivable, inventory and prepaid assets) of $1,890,048, an increase of 33% over last year end of $1,405,913.



\"We are very excited about the strong revenue numbers which demonstrate our ability to execute and deliver valuable products to a rapidly expanding industry,\" said Doug McKinnon, Surna\'s CFO. \"By continuing to meet demand with our current product offerings and expanding our opportunities with new products, we are...