Applied DNA Sciences Inc. (OTCBB: APDN) sells patented DNA security solutions to protect products, brands and intellectual property from counterfeiting and diversion. SigNature DNA is a botanical mark used to authenticate products in a unique manner that essentially cannot be copied, and provide a forensic chain of evidence that can be used to prosecute perpetrators. Applied DNA Sciences (APDN) is the only company in the world that is making use of the complex codes embedded in botanical DNA as the ultimate solution to counterfeiting.
The Company has announced its financial results for the fiscal quarter ending December 31, 2011 generating revenues of $516,904.
For the quarters ended December 31, 2011 and 2010, the company generated $516,904 and $317,817 in revenues from operations, respectively. The sixty-three percent (63%) increase in revenues was substantially generated from sales of our SigNature DNA and BioMaterial GenoTyping products. The Company's revenues earned from sale of products and services for the three months ended December 31, 2011 and 2010 included an aggregate of 75% and 52% from four customers of the Company's total revenues, respectively. Three and four customers accounted for 71% and 77% of the Company's total accounts receivable at December 31, 2011 and September 30, 2011, respectively. In fiscal 2011, we increased our customer base by 40%.
The company increased its revenues eighty-four percent (84%) quarter over quarter, from $280,678 for the last quarter of FY'11 ending September 30, 2011 to $516,904 for the first quarter of FY'12 ending December 31, 2011.
Selling, general and administrative expenses increased from $1,329,209 for the three months ended December 31, 2010 to $2,152,428 for the three months ended December 31, 2011. The increase of $823,219, or 61.9%, is primarily attributable to the cost of stock based compensation incurred in the current period compared to the same period last year.