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TrustBIX Inc. Announces March 31, 2023 Second Quarter Financial Results
May 25, 2023 6:15 PM EDT | Source: TrustBIX Inc.
Edmonton, Alberta--(Newsfile Corp. - May 25, 2023) - TrustBIX Inc. (TSXV: TBIX) (OTCQB: TBIXF) ("TrustBIX" or the "Company") announced today financial results for the second quarter ended March 31, 2023, and the related Management's Discussion and Analysis (MD&A).
For the three months ended March 31, 2023, compared to 2022, the Company posted:
- Revenue of $678,559, up $266,833 or 64.8%;
- Operating expenses of $1,317,429, down $99,393 or 7.0%;
- Non-cash operating expenses related to stock-based compensation to incentivize our team and amortization and depreciation expense, increased to $218,460, up $4,998 or 2.3%;
- Excluding these non-cash items, operating expenses decreased by $104,391 or 7.4%.
For the six months ended March 31, 2023, compared to 2022, the Company posted:
- Revenue of $1,097,383, up $263,396 or 31.6%;
- Operating expenses of $2,552,335, up $136,413 or 5.6%;
- Non-cash operating expenses related to stock-based compensation to incentivize our team and amortization and depreciation expense, increased to $530,255, up $301,327 or 131.6%;
- Excluding these non-cash items, operating expenses decreased by $164,914 or 6.8%.
"I want to congratulate our ViewTrak team for a very good quarter. Our results reflect the hard work of our team and exceptional service to our customers, along with the success of our recent announcements of three new reseller partners," said Hubert Lau, TrustBIX CEO.
The Company's financial results for the second quarter ended March 31, 2023, and the related MD&A, have been filed and are available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
About TrustBIX
The vision is to create a world where we trust more and waste less by leveraging BIX and the use of its technology solutions. TrustBIX delivers independent validation of provenance and sustainable practices within multiple supply chains and industries.
BIX Location Services offer solutions to supply chains that bring asset situational awareness for high value assets.
ViewTrak Technologies Inc., a wholly owned subsidiary, provides a suite of hardware and software solutions to the livestock industry in North America and China.
FOR MORE INFORMATION CONTACT:
Mr. Hubert Lau
President and CEO
Telephone: (780) 456-2207
Email: info@trustbix.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/167580