Auri Inc. reported a loss to shareholders in its first quarter as a public company.
For the three months ended March 31, 2011, the firm’s net loss was $329,000, compared to a net loss of $207,000 in the previous corresponding period.
Loss per share was zero cents.
Auri, which became public upon completing a reverse takeover of Auri Design Group by Wellstone Filter Sciences Inc. in February, said net revenue more than doubled to $304,000.
The sales increase was largely due to the surge in women’s footwear sales, which grew more than sevenfold to $173,000.
Meanwhile, operating expenses increased 60 percent to $398,000, largely due to accounting and legal fees associated with the firm’s audit before going public.
Ori Rosenbaum, CEO of Auri Inc., said in a statement that the “numbers are already showing an exciting trajectory of growth.”
“As we continue to forge new alliances with both retail and strategic partners, we will increase the brand’s visibility and distribution with an eye [toward] making Auri into a globally recognized brand and one that owns a unique and distinctly ownable place in the consumer mindset,” he added.
As of March 31, 2011, Auri had $210,000 in cash and cash equivalents, down from $406,000, and $119,000 in long-term debt. The firm also expects negative cash flows from operations “for the foreseeable future” as it continues to invest in product design, development and the launch of its products.