IDenta Corp Reports 2021 First Quarter Financial Results and Shows a 54% Increase in Sales

Rhea-AI Summary

IDenta Corp. (OTCQB: IDTA), a leader in detection kits for drugs and explosives, reported a strong first quarter of 2021. Revenue reached $352,247, a 54% increase from $227,571 in Q1 2020. Gross profit rose to $260,739, a 33% increase year-over-year. Although net profit decreased to $69,134 from $72,471, the company maintained profitability while investing $70,000 in equipment. Cash reserves increased 160% to $369,892. CEO Amichai Glattstein emphasized ongoing investments to boost production capacity and expand sales channels.

Positive

• Revenue increased by 54% year-over-year, reaching $352,247.
• Gross profit grew by 33%, totaling $260,739.
• Cash and cash equivalents rose by 160% to $369,892.

Negative

• Net profit decreased to $69,134 from $72,471 in the prior year.

HOLLYWOOD, Fla., May 14, 2021 /PRNewswire/ -- IDenta Corp. (OTCQB: IDTA) is a worldwide leader in the development of Detection Kits to identify Drugs and Explosives and Unique Forensic Products in the Homeland Security Market and Consumer Market. Today IDenta Corp reported its 2021 first quarter financial statement. The revenue was $352,247 for the first quarter of 2021 compared to $227,571 for the same period of 2020. This is a 54% increase in sales.

Mr. Amichai Glattstein, Chief Executive Officer, commented: "We are pleased to announce a strong start to 2021 with revenue growth of 54% over the prior year quarter. The company continues to show an increase in sales and invests resources to increase production capacity to keep pace with orders. In addition, the company is investing in building a new infrastructure to create a platform of additional sales channels that it has not yet had in order to reach new target audiences easily and quickly. Global demand for the company's products is constantly rising and the company makes sure to always be one step ahead in terms of its technological advantages."

Highlights of the First Quarter of 2021 compared to the First Quarter of 2020:

• Revenues for the first quarter of 2021 were $352,247 compared to revenues of $227,571 in the first quarter of 2020. This is a 54% increase in sales. 
• Gross profit increase to $260,739 in the first quarter of 2021 compared to gross profit of $195,882 in the first quarter of 2020. This is a 33% increase.
• Operating profit increased to $73,854 in the first quarter of 2021 compared to $72,247 in the first quarter of 2020. There is a small increase compared to the same period last year considering the purchase of $70,000 of equipment and machinery in favor of improving production capacity.
• Net profit for the first quarter of 2021 was to $69,134 compared to net profit of $72,471 in the first quarter of 2020. Profitability was maintained although machines were purchased during the quarter to improve production output for a total of $70,000.
• Cash and cash equivalents increase to $369,892 for the first quarter of 2021 compared to $140,453 for the first quarter of 2020. This is a 160% increase.    

About IDenta Corp.

IDenta Corp. is a global leader in the development and supply of Field Detection and Home Diagnostics Testing Kits for Drugs & Explosives and Unique Forensic Products in the Homeland Security and Consumer Markets. IDenta develops, manufactures and distributes revolutionary products for both the professional Law and Retail markets which consistently pass the highest qualifications and testing procedures of law enforcement and security agencies around the world.

Safe Harbor Statement 

Certain of the statements contained herein may be, within the meaning of the federal securities laws, "forward-looking statements" that are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on management's expectations as of the date hereof, and the company does not undertake any responsibility to update any of these statements in the future.

Company Contact Information:
Public Relations
Tel: 240.545.6646
E: pr@identa-corp.com

 

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SOURCE IDenta Corp.

FAQ

What were IDenta Corp.'s earnings results for the first quarter of 2021?

IDenta Corp. reported revenues of $352,247, a 54% increase from the previous year.

How much did IDenta invest in production improvements in Q1 2021?

IDenta invested $70,000 in equipment and machinery to enhance production capacity.

What was the net profit for IDenta Corp. in the first quarter of 2021?

The net profit for Q1 2021 was $69,134, down from $72,471 in Q1 2020.

What is IDenta Corp.'s cash position as of Q1 2021?

IDenta Corp. reported cash and cash equivalents of $369,892, marking a 160% increase.