IDenta Corp Reports 2021 Third Quarter Financial Results and Shows Growth in the Online Market Sales into the US Market
IDenta Corp. (OTCQB: IDTA) reported a decline in its third quarter 2021 financial results, with revenues of $335,121, down from $496,108 in Q3 2020. Gross profit decreased to $219,286 versus $392,596 last year. Operating loss stood at $(12,177), contrasting with an operating profit of $283,232 in Q3 2020. The net loss was $(45,792), compared to net profit of $282,232 in the same period last year. Factors impacting results included project freezes due to COVID-19, new tax payments, and unfavorable exchange rates. However, the launch of online sales in the US market is expected to support future revenue growth.
- Launch of online products in the US market indicates potential for future revenue growth.
- Revenue decreased by 32.4% from Q3 2020.
- Gross profit fell by 44.1% compared to Q3 2020.
- Operating loss of $(12,177) compared to a profit of $283,232 in Q3 2020.
- Net loss of $(45,792) compared to a net profit of $282,232 last year.
- Cash and cash equivalents decreased to $399,905 from $541,092 in Q3 2020.
HOLLYWOOD, Fla., Nov. 15, 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 third quarter financial statement. The revenue was decreased compared to the same period of 2020 as a result of the freezing of several projects in different countries as a result of the COVID epidemic.
Mr. Amichai Glattstein, Chief Executive Officer, commented: "This quarter the company is showing lower results compared to the same period last year. The company fell into the category of new tax payments as a result of new laws by US President Trump and paid tax money for previous year, there was a significant drop in the exchange rate against other currencies in the world in which the company operates and several security force projects in various countries were frozen as a result of the COVID virus. The company has suffered and been hit by a wide range of these fronts but the company will come out stronger from this period. In addition, the company has launched a line of products for sale through an online platform in the US market which are starting to give a positive and future basis for the company's revenues."
Highlights of the Third Quarter of 2021 compared to the Third Quarter of 2020:
- Revenues for the third quarter of 2021 were
$335,121 compared to revenues of$496,108 in the third quarter of 2020. - Gross profit decrease to
$219,286 in the third quarter of 2021 compared to gross profit of$392,596 in the third quarter of 2020. - Operating profit decrease to
$(12,177) in the third quarter of 2021 compared to$283,232 in the third quarter of 2020. - Net profit for the third quarter of 2021 was to
$(45,792) compared to net profit of$282,232 in the third quarter of 2020. The company had to pay tax payments on the past because of new laws of the previous president that came into effect and in addition there was a significant erosion in the currency compared to other currencies in the world in which the company operates. - Cash and cash equivalents decrease to
$399,905 for the third quarter of 2021 compared to$541,092 for the third quarter of 2020.
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.
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