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Surna Inc (OTCMKTS:SRNA) Continues to Trade Below $0.09 Mark

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Surna Inc

Surna Inc (OTCMKTS:SRNA) has been trading below the $0.09 per share mark, after a spike on April 24, 2016, which was short lived. The majority of the hype around the stock was the result of more states legalizing marijuana. Since, SRNA does not produce or sell marijuana itself, its progress is closely linked with the growth of the industry as a whole. Surna Inc. is the provider of technologies, used in the monitoring and control of indoor marijuana cultivation.

Unfortunately, much like many other cannabis companies, SRNA is not profitable as yet. However, the FY2015 results, filed last month, revealed strong growth. During the conference call, SRNA CEO, Stephen Keen, had revealed that the company would be focusing on the commercialization of its technologies, during FY2016. He also recalled that the company has installed a new management team, in a bid to become profitable.

For the FY2015, SRNA recorded a revenue growth of 328%, which was a result of focusing efforts in all aspects of the business. The increased efforts also led to a $0.6 million increase in operating expenses. However, operating expenses as a percentage of revenue declined, from 190% to 52%, reflecting on SRNA becoming more efficient. The net loss for the year stood at $0.04 per share, compared to $0.03 in FY2014. Moreover, majority of the operating expenses were used in marketing of company products and attracting media attention.

A recent form 8-K further reaffirmed the management’s commitment to the progress of the company. The filing revealed that two SRNA executives, Stephen and Brandy Keen, had agreed to postpone the deadline for the payment of their promissory notes. Furthermore, the amendment also allowed the company to pay the Keens in installments. As such, SRNA has sufficient capital at its disposal, for possible expansion.

Surna Inc (OTCMKTS:SRNA) did not report a change in its share value, despite having a trade volume of 703,515, to close at $0.008 per share, at the end of May 9.

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