OCEANSIDE, Calif. -- Greenland Corporation (OTC Bulletin Board: GLCP) reported revenues of $86,000 for the quarter ended and $561,000 for the nine-month period ended Sept. 30, 2000 versus revenues of $223,000 and $225,000, respectively, for the comparative prior year periods.
During the three and nine month periods ended Sept. 30, the company incurred net losses of $1.5 million and $5.7 million, respectively, versus losses of $1.1 million and $5.2 million, respectively, for the comparative prior year periods.
According to Greenland CEO Dr. Louis T. Montulli, a dispute between Greenland Corporation and Seren Systems, Inc. regarding ownership of software technology resulted in a delay in delivery of several purchase orders, which negatively impacted third quarter revenues. "However, we have now stabilized our operations and are once again filling machine orders," Montulli said.
Current assets at Sept. 30, 2000 were $1 million compared to $792,000 at Dec. 31, 1999. Total assets at Sept. 30 were $5.6 million compared with $4.8 million at Dec. 31. This $799,000 increase in total assets was attributable to increases in receivables and property and equipment.
Stockholders' equity at Sept. 30 was $4 million compared with $3.4 million at Dec. 31, 1999. According to Greenland, the 18 percent increase was due largely to additional funds provided to the company from its private placement, which closed in February 2000. The company is pursuing additional funding for operations and future growth.
