Revenue for the current quarter is $404,182 down from the same period in the previous year of $496,144. Our Net Income (loss) for the quarter was ($35,730) an improvement from ($148,548) the year before.
Spain was profitable for the current quarter, business is brisk and we expect that Spain will continue to do well.
Software revenue and related consulting for the current quarter was $93,177 an increase over the previous year's total of $90,731, petrochemical continues to be a drag.
Technology licensing has declined due to losses in the petrochemical sector, revenue is down to $311,005 from $405,413 in the same period last year. Some of our technology licensing agreements are due to start expiring over the next couple of years and will produce some headwinds for revenue growth.
Our cloud based services are now generating recurring revenue in a SaaS model. Deployments include cloud based monitoring of data centers, boilers and generators. The system is also being used for building automation for monitoring temperature and water detection. Another project that may come on line soon will be monitoring steam traps and man holes.
Our line of wireless sensors was to move into manufacturing, with a target completion date of March 31. Testing of the units and feedback from our system integrators indicated that the current range of the units (100-400ft) may not be adequate for many applications. The communications of the units are now being reworked to more powerful chips which will increase the range. These more powerful chips will result in the units requiring FCC testing and certification. The shipping dates of the sensors is expected to slip by 8-10 weeks. Our plans now are for a formal launch to be done at the national Sensors Expo and Conference June 21-23, 2016 at the McEnery Convention Center, San Jose, CA. We do not yet know how much of a boost our new line of sensors and related monitoring services will add to our annual revenue.
Due to the low price of oil, revenue from the petrochemical sector has completely disappeared. This revenue accounted for more than 50% of our revenue in fiscal 2013-2014. The disappearance of this revenue resulted in the company making some substantial reductions in expenditures to bring our expenses in line with our new revenue reality. Staff cuts have been done and marketing budgets reduced. Our efforts have been extensive, expenditures for the current quarter were just $453,794 a considerable drop from $710,174 for the same period the previous year. Despite our efforts our burn rate still exceeds our current revenue. The only place left for significantly reducing expenditures is in our costs of being a public reporting company. SEC reporting related expenses are almost 10% of our current revenue and over the past several years have cost the company approximately $1,000,000, money that could have been used for growth. In addition, we believe the transparency of being a public company may be discouraging some companies with larger projects from doing business with us, adversely affecting revenue and opportunity.
It is an exciting time for the company. We are moving from strictly a SCADA software company (Supervisory Control and Data Acquisition) to a broader business with cloud based services, integrated hardware and a global presence. As the IoT (Internet of Things), IIoT (Industrial Internet of Things), and Smart City efforts gain momentum, B-Scada will be very well positioned for growth and opportunity. We would like to thank Yorkmont Capital Partners, LP and our current investors for their support.
B-Scada provides software and hardware solutions for the monitoring and analysis of real time data in the SCADA (Supervisory Control and Data Acquisition), IoT (Internet of Things) and Smart City domains. B-Scada systems are sold worldwide in various verticals including building automation, transportation, smart grid, manufacturing, agriculture and commerce. B-Scada solutions are deployed onsite and as cloud-hosted solutions in a SaaS (Software as a Service) model.