Globalink Ltd (OTC:GOBK)

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GLOBALINK, LTD. And Subsidiaries Consolidated Statements of Operations For the year ended December 31, 2015 and 2014 (Expressed in U.S. Dollars)...
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GLOBALINK, LTD.

Condensed Consolidated Statements of Comprehensive Loss

(Expressed in U.S. Dollars)

(Unaudited)

 

   

Three months ended September 30,

2015

  Three months ended September 30,
2014
 

Nine months ended September 30,

2015

  Nine months ended September 30,
2014
    $   $   $   $
                 
Revenue (note 9)     102,790       97,008       259,534       269,546  
General and administrative expenses                                
Accounting and legal     36,696       7,106       39,304       39,224  
Management fees (note 7)     15,000             45,000        
Foreign exchange (gain) loss     (887 )     (6,329 )     (10,463 )     182  
Rent     5,917       5,120       17,055       13,711  
Salaries and benefits     59,290       66,596       169,872       182,213  
Stock-based compensation (note 8)     35,761             35,761        
Telephone     1,650       1,678       5,065       4,863  
Transfer agent and filing fees     1,025       1,885       17,875       20,333  
Travel     9,146       5,809       17,122       8,024  
Other general and administrative expenses     10,381       6,783       22,946       21,867  
Total general and administrative expenses     (173,979 )     (88,648 )     (359,537 )     (290,417 )
                                 
Net income (loss) for the period     (71,189 )     8,360       (100,003 )     (20,871 )
                                 
Other comprehensive income (loss)                                
Exchange difference on translating foreign operations     (1,664 )     (571 )     116       (75 )
  Comprehensive income (loss)     (72,853 )     7,789       (99,887 )     (20,946 )
Basic and diluted weighted average number of common shares outstanding     42,915,315       37,609,415       42,630,055       29,785,733  
Basic and diluted earnings (loss) per common share     (0.00 )     0.00       (0.00 )     (0.00 )

Management Discussion and Analysis

For the three months ended September 30, 2015, we earned revenues of $102,790. We paid accounting and legal expenses of $36,696 and management fees of $15,000. We had a foreign exchange gain of $887 and paid rent of $5,917. We paid salaries and benefits of $59,290 and stock based compensation of $35,761. We paid telephone expenses of $1,650 and transfer agent and filing fee expenses of $1,025. We paid travel expenses of $9,146 and other general and administrative expenses of $10,381. We paid total general and administrative expenses of $173,979, resulting in a net loss of $71,189. We had a negative exchange difference on translating foreign operations of $1,664, resulting in a comprehensive loss of $72,853 for the three months ended September 30, 2015.

The $79,549 increase in net loss between the three months ended September 30, 2015 compared to the three months ended September 30, 2014 is due to an increase in management fees and stock based compensation during the three months ended September 30, 2015. In addition, we had an 80.63% increase in accounting and legal fees during the three months ended September 30, 2015 as a result of audit fees of the comparative period being recorded in second quarter instead of third quarter. As such, the accounting and legal fees for nine months ended September 30, 2015 and 2014 are comparable. We earned $5,782, or 5.62%, more in revenues and paid $7,306, or 10.97%, less in salaries and benefits during the three months ended September 30, 2015.

Last updated November 13, 2015