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SLNR > SEC Filings for SLNR > Form 10-Q on 22-Apr-2013All Recent SEC Filings

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Form 10-Q for SEALAND NATURAL RESOURCES INC


22-Apr-2013

Quarterly Report


Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation

The following plan of operation provides information which management believes is relevant to an assessment and understanding of our results of operations and financial condition. The discussion should be read along with our financial statements and notes thereto. The following discussion and analysis contains forward-looking statements, which involve risks and uncertainties. Our actual results may differ significantly from the results, expectations and plans discussed in these forward-looking statements.

Overview

Sealand Natural Resources Inc.,(SLNR) is a research and new product development company that manufactures, markets and sells "new age functional beverages" organic nutriceuticals, health supplements, medicinal raw materials and health food. Our mission is to become a leader in this category and we see the future as a growing market segment which fits our mission. We aim to supply the highest quality ingredients and raw materials within our product offerings. The company has taken time and consideration in developing long term resources and quality supply chains to ensure the quality of our products. Sealand Natural Resources Inc. delivers Ecocert organic certified products by the Finnish Ministry of Agriculture and Forestry, Finnish Food Safety Authority (F1-EKO-201) we manage over 60 acres of organic forest where we harvest our raw materials. The company recognizes our organic forest certification and harvesting processes as a milestone in the control and management of our supply chain.

Our core product Sealand Birk derived from our organic birch harvest is selling at the most economical cost to distributors servicing the retail industry and directly to consumers through our website. Our service-oriented approach integrates the elements of research, development, product quality assurance, packaging/distribution efficiency, and advanced management systems to maintain our profit margin as a company and to generate higher profit margins for our retailers.

We also intend to develop additional beverages in various categories as well as other new and unique organic/natural products to provide consumers with an array of fresh and unique healthy products.

In the third quarter, management attended trade show events and negotiated distribution and license agreements in territories that include United Kingdom, Ireland, and Korea and have continued selling Sealand BIRK to retail locations in international markets including Denmark, Norway, Sweden and Austria.

The Company's product offerings, specifically Sealand BIRK is currently sold through our global internet website store and domestically on a regional basis through distributors and to small retailers who order directly from the Company. Collaboration with our distributors and retailers carrying our product is expected to build long-term relationships and help us manage our strategic planned growth.

Results of Operations

Comparison for the three and nine months ended February 28, 2013 and 2012

Revenues

For the three months ended February 28, 2013, we generated revenues of $244,765, as compared to $223 for the same period in 2012. For the nine months ended February 28, 2013, we generated revenues of $245,317, as compared to $223 for the same period in 2012. We have recognized an increase in revenue through our sales efforts and increased our demand for future orders for our products due to industry acceptance and sales focus. We anticipate sustained and increasing revenue growth as our operations develop in fulfilling our increasing orders.
Orders have increased due to our expanded presence at tradeshows and our products performance in initial sales testing with distributors and potential volume customers. We are experiencing increased interest from new and existing customers and we believe that our orders will increase significantly as exposure to our product grows.

Operating Expenses

Operating costs for the three months ended February 28, 2013 were $129,022, as compared to $69,273 for the same period in 2012. Operating costs for the nine months ended February 28, 2013 were $292,461, as compared to $122,329 for the same period in 2012. The increase in operating expenditures was primarily attributable to increases in: (a) tradeshow and advertising efforts; (b) employee compensation; and (c) research and development efforts. Additional expenses were incurred in the acquisition of new and larger office/storage space. During the course of the last year we have executed our operating plan which included the hiring of personnel, primarily technical persons, thereby certain expenses are not comparable to prior year expenses, specifically expenses for technical professionals.

Net Loss

Our net loss for the three months ended February 28, 2013 was ($16,867) as compared to ($90,104) for the same period in 2012. Our net loss for the nine months ended February 28, 2013 was ($188,771) as compared to ($147,985) for the same period in 2012. The decrease in the short term comparison loss is attributable to increased sales as a result of the product going to market and enhanced marketing activities.

Liquidity and Capital Resources

As of February 28, 2013, we had cash of $239. As a result, we will need additional capital to continue operations for the next twelve months. We intend to rely upon the issuance of common stock and loans to fund operations. However, we cannot make any assurance that we will be successful in issuing more stock or obtain loans.

As reflected in the accompanying financial statements, the Company has a net loss of $495,194 from inception and a working capital and stockholders' deficiency of $495,194 at February 28, 2013, and used $495,194 cash in operations from inception. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company's ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

In the nine months ended February 28, 2013 and 2012 we received investments of $$126,070 and $130,055, respectively. Management plans to increase revenue to sustain future operational growth, however additional investments are expected

Completion of our business plan is subject to attaining adequate and continued revenue. We cannot assure investors that adequate revenues will be generated.
In the absence of our projected revenues, we believe that we will be able to proceed with limited plan of operations through the acquisition of additional capital from investments.

Off Balance Sheet Transactions

None.

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