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GlobalTel IP fiscal Q1 loss widens 15.7% YOY

Cleartronic Inc. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, was a loss of $54,760, compared with a loss of $47,310 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to negative 60.2% from negative 65.6% in the year-earlier period.

Total revenue rose 26.2% year over year to $90,990 from $72,080, and total operating expenses increased 9.5% on an annual basis to $141,090 from $128,810.

Reported net income came to a loss of $87,610, or a loss of 0 cents per share, compared to a loss of $75,690, or a loss of 0 cents per share, in the year-earlier period.