IDenta Corp Reports Annual Financial 2021 Results and Continues to Maintain Profitability

Rhea-AI Summary

IDenta Corp. (OTCQB: IDTA) reported its 2021 annual financial results, showing profitability amidst global challenges from the COVID pandemic. Revenue decreased by 4% to $1,392,136, while gross profit rose 12% to $1,065,965. Operating profit fell 39% to $214,151 due to new operations in the US and increased labor costs. Net profit also declined by 80% to $69,183, impacted by currency exchange rates and unforeseen tax payments. Cash and equivalents decreased to $347,151. Despite challenges, the company seeks new sales avenues and market entry.

Positive

• Gross profit increased by 12% to $1,065,965 due to a profitable new product line.
• Maintained overall profitability despite significant market challenges.

Negative

• Revenue decreased by 4% to $1,392,136.
• Operating profit declined by 39% to $214,151 due to new office and labor costs.
• Net profit fell by 80% to $69,183, affected by currency fluctuations and unforeseen taxes.
• Cash and cash equivalents decreased to $347,151.

WASHINGTON, March 31, 2022 /PRNewswire/ -- IDenta Corp. (OTCQB: IDTA) is a worldwide leader in the development of Field Detection and Home Diagnostic Testing Kits for Narcotics, Explosives and Unique Forensic Products in the Homeland Security and Consumer Markets. Today IDenta Corp reported its 2021 annual financial statements. It shows profitability despite a particularly challenging global period as a result of the COVID pandemic. 

Mr. Amichai Glattstein, Chief Executive Officer, commented: "During 2021 we had several ongoing contracts which were put on hold or were postponed as a result of the COVID pandemic. With all the challenges, including a significant drop in global currency exchange rates and a rise in the price of raw materials, the company has opened new avenues for sales and entry into new markets. In spite of all the challenges, the company has managed to maintain profitability. The company also took advantage of the period to significantly increase product inventory for faster deliveries. IDenta entered stronger and better positioned to continue to deliver value to all customers as we continue our journey to be a top performing company."

Highlights of the Annual Report of 2021 compared to Annual Report of 2020:

• Revenue for 2021 was $1,392,136 compared to revenues of $1,449,899 in 2020. This is a 4% decrease in sales; 
• Gross profit increased to $1,065,965 in 2021 compared to gross profit of $953,181 in 2020, reflecting a 12% increase as a result of high profitability for new product line;
• Operating profit decreased to $214,151 for 2021 compared to operating profit of $355,573 in 2020. This is a 39% decrease as a result of opening a new office for the company in the US, a front US warehouse for fast delivery of products and hiring additional employees for management and research;
• Net profit decreased to $69,183 in 2021 compared to $354,449 in 2020. This is after a reduction of $111,354 in the final profit as a result of the fall in currency exchange rates and $33,615 for unforeseen tax payments for a new company's tax law;
• Cash and cash equivalents decrease to $347,151 for 2021 compared to $541,092 in 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.

FAQ

What were IDenta Corp.'s 2021 revenues and how do they compare to 2020?

IDenta Corp. reported revenues of $1,392,136 for 2021, a decrease of 4% compared to $1,449,899 in 2020.

How did IDenta Corp.'s gross profit change in 2021?

The gross profit increased by 12% to $1,065,965 in 2021, compared to $953,181 in 2020.

What was the operating profit for IDenta Corp. in 2021?

IDenta Corp.'s operating profit for 2021 was $214,151, down 39% from $355,573 in 2020.

What factors contributed to the decrease in net profit for IDenta Corp. in 2021?

Net profit decreased to $69,183, impacted by currency exchange rate drops and unforeseen tax payments.

What is the current cash position of IDenta Corp. as of 2021?

As of 2021, IDenta Corp. reported cash and cash equivalents of $347,151, down from $541,092 in 2020.