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This excerpt taken from the MSHL 10-Q filed May 5, 2009. Selling, General and Administrative:
Selling, general and administrative expenses decreased by $232,000 to
$388,000 for the three months ended March 31, 2009 compared to $620,000 for the
three months ended March 31, 2008. The decrease was due to net foreign exchange
gains (described below), reduced spending on public relations, reduced travel
expenses and reduced service fees charged by Novogen in $A, as a result of
falling $A compared to the $US.
Foreign
exchange gains/(losses) are included in selling, general and administrative
expenses and occur when revaluing cash denominated in foreign currencies and
upon consolidation of our wholly owned subsidiary Marshall Edwards Pty Ltd
(“MEPL”). MEPL uses U.S. dollars as its functional currency and also engages in
transactions in foreign currencies. Further, MEPL’s accounts and financial
statements are denominated in Australian dollars. Translation of MEPL’s
financial statements into U.S. dollars did not have a material impact on our
financial position. However, exchange rates are volatile in the current market
resulting from the global financial crisis and there is a possibility that
foreign exchange gains/losses may have a material impact in future periods. At
March 31, 2009, we had not established a foreign currency hedging program. Net
foreign exchange gains during the three months ended March 31, 2009 were $1,000
compared with foreign exchange losses of $61,000 during the three months ended
March 31, 2008.
Nine
months Ended March 31, 2009 and 2008
We
recorded a consolidated loss of $5,755,000 and $9,009,000 for the nine months
ended March 31, 2009 and 2008, respectively.
24
This excerpt taken from the MSHL 10-Q filed Feb 11, 2009. Selling, General and Administrative:
Selling, general and administrative expenses decreased by $350,000 to
$310,000 for the three months ended December 31, 2008 compared to $660,000 for
the three months ended December 31, 2007. The decrease was primarily due to net
foreign exchange gains, as described below, and reduced spending on public
relations and reduced travel expenses.
Foreign
exchange gains/(losses) are included in selling, general and administrative
expenses and occur when revaluing cash denominated in foreign currencies and
upon consolidation of our wholly owned subsidiary Marshall Edwards Pty Ltd
(“MEPL”). MEPL uses U.S. dollars as its functional currency and also engages in
transactions in foreign currencies. Further, MEPL’s accounts and financial
statements are denominated in Australian dollars. Translation of MEPL’s
financial statements into U.S. dollars did not have a material impact on our
financial position. However, exchange rates are volatile in the current market
resulting from the global financial crisis and there is a possibility that
foreign exchange gains/losses may have a material impact in future periods. At
December 31, 2008, we had not established a foreign currency hedging program.
Net foreign exchange gains during the three months ended December 31, 2008 were
$150,000 compared with foreign exchange gains of $5,000 during the three months
ended December 31, 2007.
Six
Months Ended December 31, 2008 and 2007
We
recorded a consolidated loss of $3,851,000 and $5,677,000 for the six months
ended December 31, 2008 and 2007, respectively.
These excerpts taken from the MSHL 10-K filed Sep 15, 2008. Selling, General
and Administrative: Selling, general and
administrative expenses decreased by $947,000 to $2,756,000 for the year ended
June 30, 2008 compared to $3,703,000 for the year ended June 30, 2007. The
decrease was due primarily to the cost of the share-based payment valued at
$1,642,000 in fiscal 2007 for a commitment fee paid to YA Global Investments, LP
(YA Global Investments formerly Cornell Capital Partners, LP) in connection with
a Standby Equity Distribution Agreement (”SEDA”) entered into by us and YA
Global Investments as of July 11, 2006. These savings were partially off set by
increased costs for general corporate expenses including an increase in legal
compliance costs, travel expenses, public relations and service fees paid to
Novogen reflecting an increase in corporate and accounting services and
insurance.
Foreign
exchange gains/(losses) are included in selling, general and administrative
expenses and occur when revaluing cash denominated in foreign currencies and
upon consolidation of our wholly owned subsidiary MEPL. MEPL uses U.S. dollars
as its functional currency and also engages in transactions in foreign
currencies. Further, MEPL’s accounts and financial statements are denominated in
Australian dollars. Translation of MEPL’s financial statements into U.S. dollars
did not have a material impact on our financial position. At June 30, 2008, we
had not established a foreign currency hedging program. Net foreign exchange
losses during the twelve months ended June 30, 2008 were $255,000 compared with
net exchange losses of $98,000 during the twelve months ended June 30,
2007.
Year
Ended June 30, 2007 Compared to the Year Ended June 30, 2006
We
recorded a consolidated loss of $13,820,000 and $7,386,000 for the years ended
June 30, 2007 and 2006, respectively.
Selling, General and Administrative: Selling, general and administrative expenses decreased by $947,000 to $2,756,000 for the year ended June 30, 2008 compared to $3,703,000 for the year ended June 30, 2007. The decrease was due primarily to the cost of the share-based payment valued at $1,642,000 in fiscal 2007 for a commitment fee paid to YA Global Investments, LP (YA Global Investments formerly Cornell Capital Partners, LP) in connection with a Standby Equity Distribution Agreement (”SEDA”) entered into by us and YA Global Investments as of July 11, 2006. These savings were partially off set by increased costs for general corporate expenses including an increase in legal compliance costs, travel expenses, public relations and service fees paid to Novogen reflecting an increase in corporate and accounting services and insurance. Foreign exchange gains/(losses) are included in selling, general and administrative expenses and occur when revaluing cash denominated in foreign currencies and upon consolidation of our wholly owned subsidiary MEPL. MEPL uses U.S. dollars as its functional currency and also engages in transactions in foreign currencies. Further, MEPL’s accounts and financial statements are denominated in Australian dollars. Translation of MEPL’s financial statements into U.S. dollars did not have a material impact on our financial position. At June 30, 2008, we had not established a foreign currency hedging program. Net foreign exchange losses during the twelve months ended June 30, 2008 were $255,000 compared with net exchange losses of $98,000 during the twelve months ended June 30, 2007. Year Ended June 30, 2007 Compared to the Year Ended June 30, 2006 We recorded a consolidated loss of $13,820,000 and $7,386,000 for the years ended June 30, 2007 and 2006, respectively. This excerpt taken from the MSHL 10-Q filed May 7, 2008. Selling, General and Administrative:
Selling, general and administrative expenses increased by $173,000 to
$620,000 for the three months ended March 31, 2008 compared to $447,000 for the
three months ended March 31, 2007. The increase was due to increased investor
and public relation costs, increased travel costs and additional director
fees.
Foreign
exchange gains/(losses) are included in selling, general and administrative
expenses and occur when revaluing cash denominated in foreign currencies and
upon consolidation of our wholly owned subsidiary Marshall Edwards Pty Ltd
(“MEPL”). MEPL uses U.S. dollars as its functional currency and also engages in
transactions in foreign currencies. Further, MEPL’s accounts and financial
statements are denominated in Australian dollars. Translation of MEPL’s
financial statements into U.S. dollars did not have a material impact on our
financial position. At March 31, 2008, we had not established a foreign currency
hedging program. Net foreign exchange losses during the three months ended March
31, 2008 were $61,000 compared with $14,000 during the three months ended March
31, 2007.
27
Nine
Months Ended March 31, 2008 and 2007
We
recorded a consolidated loss of $9,009,000 and $11,778,000 for the nine months
ended March 31, 2008 and 2007, respectively.
This excerpt taken from the MSHL 10-Q filed Feb 8, 2008. Selling, General and Administrative:
Selling, general and administrative expenses increased by $108,000 to
$660,000 for the three months ended December 31, 2007 compared to $552,000 for
the three months ended December 31, 2006. The increase was due to increased
investor and public relation costs, increased travel costs and additional
director fees.
Foreign
exchange gains/(losses) are included in selling, general and administrative
expenses and occur when revaluing cash denominated in foreign currencies and
upon consolidation of our wholly owned subsidiary Marshall Edwards Pty Ltd
(“MEPL”). MEPL uses U.S. dollars as its functional currency and also engages in
transactions in foreign currencies. Further, MEPL’s accounts and financial
statements are denominated in Australian dollars. Translation of MEPL’s
financial statements into U.S. dollars did not have a material impact on our
financial position. At December 31, 2007, we had not established a foreign
currency hedging program. Net foreign exchange gains during the three months
ended December 31, 2007 were $5,000 compared with net foreign exchange losses of
$44,000 during the three months ended December 31, 2006.
25
Six
Months Ended December 31, 2007 and 2006
We
recorded a consolidated loss of $5,677,000 and $10,055,000 for the six months
ended December 31, 2007 and 2006, respectively.
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