Kaya Holdings Inc (OTCMKTS:KAYS) filed its financial results for the 3Q2016, yesterday, recording a gain of 700% in terms of revenue, on a year-over-year basis. The company noted that all of its revenues for the quarter were generated by its cannabis business, rather than other non-cannabis related endeavors. Moreover, the management claimed that it was on track to reach its target of $1 million sales, for the FY2016.
In the accompanying update, the company provided details about the progress of two new Kaya Shack marijuana superstores, being developed by the company. Moreover, Kaya also announced that it has acquired the services of David Kotler, a former prosecutor, with experience in helping companies in their initial phase of medical marijuana licensing. He also has extensive contacts across the marijuana industry, across the nation. Kaya has announced that Mr. Kotler would be responsible for leading the company’s expansion plans, nationwide. Added to this, with the passing of the proposition 64, the company has decided to construct a broad and well rounded executive team, to head out expansion plans in the new and emerging markets.
Kaya Holdings’ CEO, Craig Frank, revealed that the management thought that it was the right time to explore other opportunities, other than their continued expansion in Oregon. He also expressed confidence in the appointment of Mr. Kotler, as the head of national expansion. Commenting on his appointment, Mr. Kotler stated that he believed his job at Kaya was to provide sound guidance on matters relating to licensing and advise connecting where needed.
For its 3Q2016, Kaya recorded revenues of over $263,000 and a gross profit of over $137,000, as compared to a gross loss of $831, in the previous year. However, KAYS also experienced a surge in operating expenses, which increased by approximately three folds, on a year-over-year basis. The majority of this surge was attributable to professional fees. As such, net loss for the 3Q2016 was over $1.12 million, as compared to $1.11 million, in the previous year.
Kaya Holdings Inc (OTCMKTS:KAYS) had a trade volume of 1.09 million and gained 3.7% in terms of its share value, during the November 22 trading session, to reach a close at $0.084 per share.