Ecosphere Technologies showed a net loss decrease of $2,948,651 during the three months ending September 30, 2009 when compared to the three months ended September 30, 2008. The key reasons for this increase was the adoption of ASC 815-40 in January 2009 which resulted in other income of $2.2 million for the three months ended September 30, 2009, due to the decrease in the fair value of the liability for derivative instruments, caused by the decrease in the market price of ESPH’s common stock from $0.49 per share at June 30, 2009 to $0.43 per share at September 30, 2009. In addition, there was a decrease of $1.1 million in interest expense resulting from the conversion of debentures and notes payable, in the amounts of $735,000 and $2,505,000, into common stock during the three months ended September 30, 2009. Gross profit for the three months ended September 30, 2009 increased $125,641 as compared to the same period in the prior year as a result of higher service revenues. Losses on conversion of amounts payable to common stock were $182,535 less than the prior year, All of these positive developments were partially offset by an increase in selling general and administrative expense of $890,682.
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About Ecosphere Technologies:
Ecosphere Technologies, Inc. (OTC Bulletin Board:
ESPH) is a diversified water engineering and environmental services company primarily focused on the natural gas industry. The Company provides water-recycling services to provide clean water for energy companies to extract natural gas from unconventional shale plays. Ecosphere's mission is to identify, create and produce clean technologies that solve a significant industry challenge, improve the quality of life and the environment, and are economically viable. Ecosphere has an extensive portfolio of patented clean technologies that can be purchased and licensed for use in large-scale and sustainable applications across industries, nations and ecosystems.
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