BioExx Specialty Proteins, focused on the separation of oil and high-value proteins from oilseeds for global food, beverage and other markets, has reported $60,575 of revenue from canola oil and canola meal sales at its Saskatoon plant during Q2 2013, versus revenue of $136,008 in Q2 2012.
The company ran its crush operations only to support the development and piloting activity required for the completion of its detailed engineering scale-up and strategic partner mandates.
This resulted in low processing volumes and revenue earned during the quarter. On 24 May 2013, BioExx ceased production at the plant.
Cost of goods sold for the quarter decreased due to the low processing volumes and reduced scope of operations.
Gross loss for the quarter was $47,771, versus $466,603 for the comparable prior year period.
Net loss for the quarter was $8,479,078, versus $3,856,763 in Q2 2012, reflecting primarily the impairment provisions taken during the quarter, as well as the cumulative impact of BioExx's ongoing cost reduction efforts and reduced scale of interim operations.
Subsequent to 30 June 2013, BioExx announced that it engaged a firm to undertake a process to explore a sale of the company, and if feasible and subject to shareholder approval.