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scio diamond technology corp (SCIO) Key Developments

Scio Diamond Technology Corporation Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2014

Scio Diamond Technology Corporation reported unaudited earnings results for the third quarter and nine months ended December 31, 2014. For the quarter, the company reported revenue, net of $109,358 against $343,915 a year ago. Loss from operations was $1,259,266 against $809,479 a year ago. Net loss was $1,319,291 against $865,235 a year ago. Basic and diluted loss per share was $0.02 against $0.02 a year ago. The decrease in total revenue is due to the company recognizing no licensing revenue during third quarter fiscal year 2015, while it recognized $250,000 of licensing revenue during the same quarter the previous year. For the nine months, the company reported revenue, net of $667,672 against $839,129 a year ago. Loss from operations was $2,883,821 against $3,647,304 a year ago. Net loss was $3,076,011 against $3,750,006 a year ago. Basic and diluted loss per share was $0.06 against $0.08 a year ago. Net cash used in operating activities was $1,518,062 against $1,123,889 a year ago. Purchase of property, plant and equipment was $26,007 against $30,486 a year ago.

Scio Diamond Technology Corporation Appoints Jonathan M. Pfohl, 48, as the Chief Financial Officer

On October 29, 2014 the Board of Directors of Scio Diamond Technology Corporation appointed Jonathan M. Pfohl, 48, as the Chief Financial Officer of the Company. Mr. Pfohl was appointed as the Company's Chief Financial Officer on March 4, 2013, was terminated on June 11, 2014, and returned to the Company on June 25, 2014 as Acting Chief Financial Officer. Mr. Pfohl served as Interim Chief Financial Officer of the Company from January 16, 2013 to March 4, 2013 and before that served since December 19, 2012 as an independent contractor providing accounting, finance and related services to the Company through his consulting company Rose Creek Associates LLC. Mr. Pfohl has more than 25 years of financial and management experience. Before joining the Company, he served as CEO of Wireless Express LLC.

Scio Diamond Technology Corporation and Renaissance Diamonds Inc. Launch Joint Venture to Deliver Fancy-Colored Diamonds

Scio Diamond Technology Corporation and Renaissance Diamonds Inc. announced that they have signed a memo of understanding for a joint venture to develop and deliver high-quality, lab-grown, fancy-colored diamonds to the gem stone and jewelry market. The two companies will bring their respective expertise together to deliver the high-quality, certified, fancy-colored, lab-grown gems in the industry. Renaissance has developed an in-store distribution program that will launch in first quarter of 2015 at one of the country's prominent retailers. Additionally, Renaissance has sent initial shipments of their fancy-colored diamonds to independent retailers, who have reported robust sales.

Scio Diamond Technology Corporation, Annual General Meeting, Oct 29, 2014

Scio Diamond Technology Corporation, Annual General Meeting, Oct 29, 2014., at 16:00 US Eastern Standard Time. Location: the Triple Tree Aerodrome. Agenda: To elect seven directors to the board of directors to serve for a one-year term expiring at the 2015 annual stockholder meeting; to approve the amendment and restatement of the company's bylaws; to approve the compensation of named executive officers; to approve the executive compensation; and to ratify the appointment of Cherry Bekaert LLP as independent registered public accountant for the fiscal year ending March 31, 2015.

Scio Diamond Technology Corporation announced delayed 10-Q filing

On 08/14/2014, Scio Diamond Technology Corporation announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

 

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