BioLargo reports Q3 revenue $500,000, up 88% over 3Q18
BioLargo announced that in the third quarter of 2019 it has grown its revenues and paid off a series of variable-rate debt instruments, improving its financial condition. Combined revenues from BioLargo's operating units during the third quarter of 2019 were approximately $500,000. These results represent an increase of 88% over the third quarter of 2018, and an increase of 23% over last quarter. Both of the company's commercially active operating units showed increases. Odor-No-More increased revenues by 61% over third-quarter 2018, and 25% over last quarter. The engineering division increased revenues by 300% over third-quarter 2018, and 15% over last quarter. Odor-No-More has shown a steady revenue increase since 2017. BioLargo also announced that it has eliminated all of the variable-priced convertible instruments that were eligible for prepayment from its balance sheet, retiring approximately $730,000 in principal through the payment of $630,000 cash and conversion to stock of an additional $220,000. The company also paid $302,928 in other debt instruments, and another $210,000 in convertible debt will automatically convert to stock in the coming weeks, bringing the total debt reduction to approximately $1,250,000.