News
announces second quarter financial results on March 31, 2024
Edmonton, Alberta–(Newsfile Corp. – May 27, 2024) – TrustBIX Inc. (“TrustBIX” or the “Company”) today announced financial results for the second quarter ended March 31, 2024, and the related Management’s Discussion and Analysis (MD&A).
“We continue to focus on ViewTrak and Alberta Food Security (“AFSI”). The ViewTrak team has been very busy helping customers convert to Auction Master Pro. The AFSI team has signed our first indoor farming technology orders and received We successfully controlled our operating expenses and improved our operating cash flow During the second quarter of 2024, operating expenses were reduced by 61% and operating cash flow improved by 98%, with cash used in operations decreasing. from $582,571 to just $13,046,” Hubert said. Lau, CEO of TrustBIX.
In the three-month period ended March 31, 2024, compared to 2023, the Company disclosed:
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Revenue of $343,406, down $335,153 or 49.4%;
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Operating expenses of $513,370, down $804,059 or 61.0%;
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Non-cash operating expenses (recovery) related to stock-based compensation to incentivize our team and amortization and depreciation expenses decreased to $25,363, a decrease of $193,087 or 88.4%; It is
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Excluding these non-cash items, operating expenses decreased by $610,962 or 55.6%.
In the semester ended March 31, 2024, compared to 2023, the Company disclosed:
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Revenue of $637,960, down $459,420 or 41.9%;
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Operating expenses of $1,039,235, down $1,513,100 or 59.3%;
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Non-cash operating expenses (recovery) related to stock-based compensation to incentivize our team and amortization and depreciation expenses decreased to $48,867, a decrease of $481,388 or 90.8%; It is
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Excluding these non-cash items, operating expenses decreased by $1,031,712 or 51.0%.
The Company’s financial results for the second quarter ended March 31, 2024, and the respective performance analysis and analysis report, were archived and are available in the Electronic Document Analysis and Retrieval System (SEDAR+) at www.sedarplus.ca.
About TrustBIX (TSXV:TBIX)
TrustBIX is an agricultural technology company providing Gate to Plate® solutions to create a world where we trust more, waste less and reward sustainable practices. Our award-winning technologies offer practical tools that local and international agri-food organizations trust.
FOR MORE INFORMATION CONTACT US:
Mr.
President and CEO
Phone: (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 or accuracy of this release.
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To view the original version of this press release, please visit https://www.newsfilecorp.com/release/210734