ChineseInvestors.com, Inc. (OTCQB: CIIX) filed form 10Q with the SEC on January 23, 2017, stating that it had sharply higher revenues in both the quarter and six months ended November 30, 2016, as compared to the same periods of the prior year. In this filing for its second quarter in fiscal year 2017, it also revised its financials for the year ended May 31, 2016, terming that refiling an immaterial correction.
The company reported revenues of $510,944 for the three months ended November 30, 2016. That marked a 133% jump compared to revenues of $219,263 for the same period of the prior year. For the six months ended November 30, 2016, its revenues were $852,268, a 121% increase compared to $385,592 from the same period of the prior year. In the filing, CIIX attributed the gains to more advertising, additional personnel in the U.S. and China, sophisticated new promotions such as multi-media and roadshows, and greater servicing of a larger base of clients.
ChineseInvestors.com, Inc., a financial consulting company, operates a website for Chinese speaking investors located in China and the U.S. It offers consulting, educational products and other services. Its primary revenue streams had been subscriptions and investor relations. It announced plans to open, in January 2017, a retail store in Shanghai and distribute Cannabidiol (CBD) products online on the ChineseCBDoil.com site. The site went live in January 2017, giving CIIX an important marketing opportunity in China and Asia.
Marijuana is not legal in China, but oils that are cannabis-based are. ChineseInvestors.com, Inc., will market health oil products to the Chinese people, it said. The company has attracted significant interest from the financial markets due to these cannabis marketing plans and presented on January 31, 2017, at the NobleCon13 Investor Conference in Florida.
On January 19, 2017, the company filed a Form D Notice to the SEC, disclosing that, through a private placement, it was offering five million shares of its Series C preferred stock at $1 per share. ChineseInvestors.com Inc., said funds raised will be used for operating activities and to retire a $660,000 loan, which has a maturity due date of February 28, 2017. As of January 23, 2017, the company said it had raised $4.7 million in cash from various individuals.
In the 10Q, it said it under reported its revenue by $42,500 for the year ended May 31, 2016. On its balance sheet, as of May 31, 2016, total assets were under reported by $171,600, total liabilities were understated by $2,575, and total shareholders’ equity was understated by $169,025. It said it plans to revise its financial statements for some quarterly periods through subsequent filings.
For more information, visit the company’s website at www.ChineseInvestors.com