Gourmet coffee brand, Jammin Java which trades as Marley Coffee, reported a net loss of nearly US$1 million over the three months ending July 2012, doubling the loss made a year earlier.

Staff and management compensation accounted for the bulk of the loss at $636,000 for the quarter.

The loss, however, hid the ten-fold rise in its revenues to just under US$560,000.

The company, which started generating revenues in its last financial year, continues to grow its earning streams and retail base.

Expanding

The company, chaired by Rohan Marley, son of reggae legend Bob Marley, also widened its reach by expanding into the markets of North America, South America, Europe and Asia.

However, the company ended the quarter with negative working capital of US$19,300 but also reported that it received cash and loan commitments valued at some US$4 million.

Jammin Java's chief executive officer Brent Toevs indicated that the company received a credit agreement valued up to US$2 million from TCA Global Credit Master Fund, while another agreement with Fairhills Capital Management allows the coffee distributor to sell up to US$2 million worth of its common stock to the firm.

The company, listed on the US-based Over-The-Counter exchange, has an accumulated deficit of some US$4.9 million. The company's stock price traded on Tuesday at US$0.15 compared with its 52-week high of US$0.68.

Jammin Java released its quarterly data this week to shareholders and the US Securities and Exchange Commission.

steven.jackson@gleanejm.com