OriginOil: Second quarter update
Ken Nagy, CFA
On August 20, 2012 OriginOil (OOIL) filed the 10-Q for the quarter ending in June 31, 2012. Revenue was negligible and the GAAP loss was $3.3 million and $0.33 a share.
On a pro-forma basis, adding back in non-cash items such as stock compensation expenses, the amortization of debt discount and the loss on the conversion of the debentures, the pro-forma loss was $0.80 or $0.08 a share as compared to our estimates of a loss of $0.11 a share.
We expect revenue to remain at a low level for the second half of 2012 and to show significant growth in 2013.
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